E Fund Management has announced plans to launch what it bills as China's first officially-registered hedge fund. The firm is seeking not institutions but rather China's growing population of millionaires, which now number nearly a half milllion. The firm has already applied to the China Securities Regulatory Commission with details about the fund, which may take the form of separately managed accounts for individuals, reports FINalternatives. Article

A show of hands– how many of you think your male colleagues wear make-up? You were going to say “none,” right? Wrong, RuPaul. Statistically speaking, probably one-half to a third of your work pals are wearing some sort of lacquer right now, be it a little lip gloss or some bronzer and that doesn’t even include the transvesite beauts.

Good news and bad news in the FDIC's quarterly survey, as noted by CNNMoney. Unfortunately, the number of troubled banks continues to rise; 53 more were added to the list in the second quarter, bringing the total to 829. The total compares with 416 banks that were on the FDIC's watch list a year ago and with 775 on the list in the first quarter.

Private equity firms (private equity news) have been willing buyers of troubled banks. The likes of Stone Point Capital, Lightyear Capital and J.C. Flowers have led the surge. According to PitchBook Data, as noted by Institutional Investor, 75 commercial banks have received investments from private equity since the start of 2008. Activity has soared this year; 21 deals have been completed, with 12 deals on tap to close soon. That compares with 21 deals in 2009.

FINS.com reports that women are once again deserting Wall Street, despite the best efforts of firms to keep hold of female talent and attract in new hires.