Business Digest

Avenue Capital Group, the distressed-debt firm co-founded by Marc Lasry, has raised about $2.1 billion for its second European fund, according to an investor update.

The restaurateur is linking up with Related, a real estate giant that will take his brands worldwide into stadiums, parks, and other properties

Michael J. Williams will step down as chief executive officer of Fannie Mae, the mortgage finance guarantor controlled by U.S. regulators, the company announced.

Raymond James Financial Inc., in a deal that will combine two of the U.S. Southeast’s biggest brokerages, agreed to buy Morgan Keegan & Co. from Regions Financial Corp. for $930 million.