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FRANKFURT/ZURICH (Reuters) – The Credit Suisse (CSGN.S) spying debacle risks tipping the bank into a crisis that could engulf its top executives. Switzerland’s market supervisor is scrutinizing Credit Suisse’s oversight of chief executive Tidjane Thiam and his... More »
NEW YORK (Reuters) – If you have gone to Goldman Sachs Group Inc’s (GS.N) internet home page since mid-December, it would be reasonable to wonder if you had stumbled into some kind of parallel universe. Visitors are met with a background of lush greenery, alon... More »
NEW YORK (Reuters) – Hedge funds that push for change at corporations stepped up their demands for asset spin-offs and sales last year, making them part of nearly half of all activist investor campaigns waged in 2019, according to data released on Wednesday. “... More »
NEW YORK (Reuters) – Investor Jeffrey Ubben, already betting there is money to be made from coaxing corporations into being better citizens, gained an ally on Tuesday when BlackRock Inc chief Laurence Fink told companies to tackle climate change or face his wr... More »
(Reuters) – U.S. private equity firm Blackstone Group Inc (BX.N) has secured $3.4 billion from investors for its first fund dedicated to investments in the life sciences sector, targeting $4.6 billion in total, a regulatory filing showed on Thursday. At its ta... More »
LONDON (Reuters) – Britain’s markets watchdog proposed on Thursday a single interest rate for cash savings products, a move it says would bump up interest payments to consumers by 260 million pounds ($340.96 million) a year. The Financial Conduct Authority (FC... More »
BUDAPEST/WARSAW (Reuters) – Eastern Europe is a new frontier for private medical care, and insurers and tech startups are racing to steal a march on their rivals by harnessing the region’s health data. Growing numbers of people in Eastern European states, from... More »
NEW YORK (Reuters) – Exchange-traded funds that use leverage to offer double or triple the daily return of benchmark U.S. stock indexes rank among the 10 top-performing funds of the decade, with returns that in some cases neared 2,000%, despite warnings that t... More »
TOKYO (Reuters) – SoftBank Group Corp’s talks to secure $3 billion from Japan’s three biggest banks have stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.5 billion rescue package for WeWork. The Japanese t... More »
BEIJING/SHANGHAI (Reuters) – U.S. asset manager BlackRock Inc, Singapore state investor Temasek Holdings (Pte) Ltd and China Construction Bank Corp (CCB) have agreed to set up a wealth management joint venture in China, said people with direct knowledge of the... More »
BOSTON (Reuters) – Activist hedge fund Marcato Capital Management, backed by Blackstone Group and billionaire William Ackman, is shutting down as assets have shriveled after two years of poor returns, sources said on Sunday. Richard McGuire, the firm’s founder... More »
BOSTON (Reuters) – D.E. Shaw’s Orienteer platform, the backbone of the $50 billion investment firm’s multi-asset class offerings, posted high double-digit returns this year, the best ever in its six year lifetime. The Orienteer platform’s HV variant gained 41.... More »
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Wednesday proposed changes to its decades-old definition of a professional investor in order to allow more Americans to buy shares in private companies. The agency hopes the changes will boo... More »
(Reuters) – U.S. Democratic presidential contender Pete Buttigieg released the names of his major fundraisers on Friday, bowing to growing pressure from rival Elizabeth Warren and U.S. journalists to be more transparent in his campaign. The list of 113 people ... More »
NEW YORK (Reuters) – Tax-loss harvesting is all about finding losers in your investment portfolio to offset winners so you pay less tax. That is not easy in a year when the S&P 500 is up 26%. “The best-case scenario is to capture losses when the market is down... More »
NEW YORK (Reuters) – The U.S. dollar’s next big move will be lower, which could lead to a significant fall in U.S. bond prices and a slew of downgrades, Jeffrey Gundlach, chief executive of DoubleLine Capital said on Tuesday. Gundlach, who oversees around $147... More »
LONDON (Reuters) – BlackRock Investment Institute said on Tuesday it was cautiously rotating into cyclical assets, Japanese equities and emerging markets. “We are modestly positive on risk assets,” said Scott Thiel, chief fixed income strategist for BlackRock ... More »
NEW YORK (Reuters) – The co-managers of the best stock mutual fund of this decade work out of a small office in Los Angeles, rarely talk with the financial media and have never appeared as guests on CNBC looking to raise their profile. Instead, portfolio manag... More »
LONDON (Reuters) – A wave of social unrest across developing countries this year has caught many investors off-guard and is challenging models designed to gauge political risk for investors, prompting some to pull money out. That has led to worries that a with... More »
SINGAPORE (Reuters) – The United States’ economic outperformance will wane, the dollar will probably weaken and growth next year can be expected from emerging markets, UBS Asset Management said on Monday, the latest money manager to turn bullish on the sector.... More »
(Reuters) – Billionaire investor Warren Buffett was thwarted in trying to spend some of the $128.2 billion of cash at his Berkshire Hathaway Inc, after a private equity firm outbid him to buy technology equipment distributor Tech Data Corp for $5.14 billion, C... More »
NEW YORK (Reuters) – U.S. equity stock funds saw $390 million in outflows in the week ended on Wednesday, the fourth straight week of outflows for such funds, according to data released by Lipper on Friday. U.S. taxable bond funds attracted $5.9 billion, the 1... More »
HONG KONG (Reuters) – The private banking business of HSBC Holdings PLC is aggressively pursuing double-digit growth in client assets and revenue, riffing off a surge in Asian wealth, the unit’s chief executive told Reuters. Antonio Simoes also said the London... More »
NEW YORK (Reuters) – First the bad news for your wallet: Americans are slated to spend more than they ever have this holiday season – around $730 billion in November and December, according to the National Retail Federation. Online shopping alone is expected t... More »
SINGAPORE (Reuters) – Singapore political figure Brad Bowyer on Monday corrected a Facebook post questioning the independence of state investment firms following a government request, in the first use of the country’s new “fake news” law. Bowyer used “false an... More »
(Reuters) – U.S. equity funds saw $3.6 billion in outflows in the week ended on Wednesday, according to data released on Thursday by Lipper. U.S. taxable bond funds attracted $12.4 billion, the 15th straight inflow, while U.S. money market funds shed $25.3 bil... More »
(Reuters) – Louis Moore Bacon, the billionaire hedge fund manager whose macroeconomic bets on currencies, interest rates and other securities earned his Moore Capital Management LP double-digit returns over 30 years, will stop investing for outside clients, ac... More »
NEW YORK (Reuters) – Firefly Value Partners on Thursday asked Gulfport Energy for a seat on its board and criticized the “half-measures” which the U.S. gas exploration and production company is taking to improve its financial performance. On Monday, Oklahoma C... More »
LONDON (Reuters) – Sovereign wealth funds regained their appetite for equities in the third quarter, piling into passively managed stocks in the United States and equities in mainland China and elsewhere, according to eVestment data. Passively managed S&P 500 ... More »
COLORADO SPRINGS, Colo. (Reuters) – Specialized fund managers who pioneered green investing for decades are missing out on some of the spoils as the sector goes mainstream and large firms move in. So-called sustainable funds, which pick stocks based on environ... More »
NEW YORK (Reuters) – Most people’s basic knowledge of investing is that their portfolio should be a mix of stocks and bonds. That is usually enough to get by in the stock market – pick up a popular S&P 500 index exchange-traded fund or two and you will probabl... More »
SAN FRANCISCO/TOKYO (Reuters) – Silicon Valley data analytics company Palantir Technologies Inc has established a joint venture with Japanese insurance holding company Sompo Holdings Inc that will initially focus on health and cybersecurity clients, Palantir s... More »
ZURICH (Reuters) – UBS’s (UBSG.S) Sergio Ermotti wants to remain as chief executive of Switzerland’s biggest bank until 2021, Swiss website Finews reported on Monday, citing unnamed sources. There has been speculation about the 59-year-old’s departure date aft... More »
HONG KONG (Reuters) – Swiss bank UBS (UBSG.S) was fined HK$400 million ($51.09 million) by Hong Kong’s securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday. The Hong Kong Securities and Futures Commission (... More »
(Reuters) – Blackstone Group Inc (BX.N) is taking a majority stake in MagicLab, the parent company of dating app “Bumble” and “Badoo”, valuing the company at about $3 billion, the private equity firm said in a statement on Friday. Following the deal, Andrey An... More »
ZURICH (Reuters) – The world’s richest people became a little less well off last year, according to a report by UBS (UBSG.S) and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015. Billiona... More »
NEW YORK (Reuters) – At a time when U.S. utilities face pressure to rely more on renewable energy, a well-known investor in the space said it is equally important to judge companies by their spending on less glamorous areas like power lines and grid reliabilit... More »
BOSTON (Reuters) – Fisher Investments founder Ken Fisher said there will be no lay-offs at his Washington state investment firm despite some $3 billion in withdrawals by pension funds and others over allegedly sexist remarks he made at an investor conference. ... More »
LONDON (Reuters) – British regulators should impose higher levies on banks if they need more resources to stop big IT glitches and should consider regulating cloud service providers such as Google, UK lawmakers said in a review on Monday. The review was launch... More »
BOSTON (Reuters) – A Texas retirement system and Goldman Sachs Group Inc pulled a combined $584 million from Fisher Investments on Friday, after allegations that firm founder Ken Fisher made sexist comments at a conference. The withdrawals come despite an apol... More »
BOSTON (Reuters) – The Los Angeles fire and police pension system voted to terminate Fisher Investments on Thursday over allegedly sexist comments made by founder Ken Fisher earlier this month. Five of the system’s nine commissioners voted during a webcast mee... More »
(Reuters) – U.S. equity funds shed $3.98 billion in the week ended Wednesday, according to data released by Lipper on Thursday. U.S.-based taxable bond funds attracted $6.3 billion, the eleventh straight weekly inflow, while U.S. money market funds attracted $... More »
BOSTON (Reuters) – Billionaire investor Daniel Loeb said on Thursday his hedge fund owns a $700 million stake in Ray-Ban maker EssilorLuxottica SA and is urging the company to “accelerate leadership transitions”. Loeb also said he was still speaking with Sony ... More »
HONG KONG (Reuters) – UBS (UBSG.S) will cut up to 30 jobs in the major centres of Hong Kong, Singapore, Sydney and Tokyo after combining its global markets and banking businesses, a person with knowledge of the matter said. The job cuts at the Swiss bank start... More »
NEW YORK (Reuters) – Thomson Reuters Corp (TRI.TO) is engaged in succession planning for Chief Executive Jim Smith as “a matter of good governance,” the business information company said on Sunday. The company statement BX.N) consortium last year. Earlier this... More »
BOSTON (Reuters) – Fallout from Kenneth Fisher’s alleged insensitive remarks about women escalated on Friday when a large Iowa pension plan cut ties with the money manager, whose firm has lost more than $1 billion in assets under management in the last week. T... More »
(Reuters) – A $34 billion Iowa pension plan on Friday said it will terminate an investment contract with Kenneth Fisher, whose alleged insensitive remarks about women has cost his firm more than $1 billion in assets under management. The Iowa Public Employees’... More »
(Reuters) – U.S. equity funds attracted $4 billion in the week ended Wednesday, the first inflow in four weeks, according to data release by Lipper. U.S. based taxable bond funds drew $6.3 billion, the tenth straight weekly inflow, while U.S.-based money marke... More »
BOSTON (Reuters) – Commissioners of a $23 billion Los Angeles fire and police pension fund are ready to drop the firm of money manager Kenneth Fisher, who is under fire for allegedly making insensitive remarks about women. Several members of the Los Angeles Fi... More »
LONDON (Reuters) – Britain’s vast financial services industry will lose more jobs to Europe over the coming years because of Brexit, the City of London’s policy chief told Reuters, warning people not to be duped by the low number of job moves to the continent ... More »
LONDON (Reuters) – Neil Woodford has been ousted as manager of his flagship LF Woodford Equity Income Fund, which will now be wound up to pay back investors trapped in the fund since June. The fund’s administrator, Link Fund Solutions (LFS), said on Tuesday th... More »
TOKYO (Reuters) – Private equity firm Blackstone Group (BX.N) said on Tuesday it would launch a tender offer for Japan’s Unizo Holding (3258.T) at 5,000 yen ($46) a share, firing back after its earlier bid for the hotel chain was rebuffed. Blackstone said in a... More »
LONDON (Reuters) – Fund manager Neil Woodford has criticized a fund administrator decision to close his suspended flagship fund on Tuesday, after a four-month lockdown that has seen values plunge by hundreds of millions of pounds. “This was Link’s decision and... More »
LONDON (Reuters) – From the pinnacle of the City of London’s largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit. The 76-year-old ... More »
(Reuters) – Tesco’s (TSCO.L) financial arm intends to appoint John Kingman, the businessman who oversaw Britain’s bailout of its banks during the financial crisis, as its chairman, a source with knowledge of the matter told Reuters. Tesco Bank on Monday appoin... More »
TOKYO (Reuters) – SoftBank Group (9984.T) CEO Masayoshi Son said is “embarrassed and flustered” by his track record, in comments to Nikkei Business magazine. “When I look at the growth of U.S. and Chinese companies, I feel strongly it’s not good enough,” Son s... More »
LONDON (Reuters) – London-based venture capital firm 83North said on Monday it had raised $300 million for a new fund targeting European and Israeli consumer and enterprise technology firms. 83North, former backer of food delivery company Just Eat and Swedish ... More »
(Reuters) – U.S. private equity firm KKR & Co Inc is seeking to raise $1.5 billion for its third special situations fund, people familiar with the matter said on Friday. KKR Special Situations Fund III, which was registered with regulators in June, will acquir... More »
(Reuters) – U.S. equity funds saw $7.9 billion in outflows in the last week, the second consecutive weekly drawdown, as bond and money market funds drew money, according to data released by Lipper on Thursday. U.S.-based taxable bond funds attracted $641 milli... More »
ZURICH/HONG KONG (Reuters) – The announcement by Julius Baer this week that it had hired five senior bankers from Credit Suisse underscores the challenge facing Chief Executive Tidjane Thiam as he seeks to reassure staff and investors in the wake of a spying s... More »
NEW YORK (Reuters) – Harvard Business School is known for guiding the next generation of financial leaders through compelling case studies in management, innovation and global intelligence. Now the curriculum includes impact investing, which incorporates posit... More »
ZURICH (Reuters) – Credit Suisse (CSGN.S) cleared its CEO on Tuesday of snooping on a star wealth manager in an episode that saw suicide, scandal and espionage invade the secretive world of Swiss private banking. The spying on ex-wealth management chief Iqbal ... More »
LONDON/NEW YORK (Reuters) – Global mergers and acquisitions (M&A) plunged 16% year-on-year to $729 billion in the third quarter, according to Refinitiv data, the lowest quarterly volume since 2016, as growing economic uncertainty curbed the risk appetite of co... More »
NEW YORK (Reuters) – Morgan Stanley (MS.N) and Bank of America Corp (BAC.N) are expanding the employee-benefits services they offer, hoping to gain market share in the dull-but-reliable business of managing wealth for companies and employees. The banks, which ... More »
LONDON (Reuters) – Precious metals enjoyed their second biggest inflows in the week to Wednesday, Bank of America Merrill Lynch said on Friday, as festering trade tensions and global growth woes triggered a rush for safe haven assets. A total of $2.8 billion w... More »
NEW YORK (Reuters) – The Securities and Exchange Commission on Thursday said it would adopt a new rule to modernize how exchange-traded funds (ETFs) are brought to the market and their regulation. The long-awaited Rule 6c-11 – or the ETF rule as it is more com... More »
NEW YORK (Reuters) – If you are seriously ill and homebound, or starting to be prone to forgetfulness, do you have someone you trust with your ATM code to run out and get you some cash? Are you really sure? Elder financial abuse runs the gamut from stranger da... More »
LONDON (Reuters) – Digital wealth management company Moneyfarm said on Thursday it had raised 36 million pounds ($44.4 million) from Poste Italiane and Allianz Asset Management in its latest funding round. Moneyfarm also said it plans a strategic partnership w... More »
BOSTON (Reuters) – Billionaire investor Carl Icahn, a born New Yorker who has run his business from the city for decades, is moving his office, more than half of his staff and himself to Florida early next year, people familiar with the plan said on Thursday. ... More »
(Reuters) – U.S. private equity firm Blackstone Group Inc said on Wednesday it has raised the largest ever real estate fund, amassing $20.5 billion to be invested in property assets around the world. Large buyout firms such as Blackstone have been attracting a... More »
LONDON (Reuters) – The Hong Kong Exchanges and Clearing Limited has proposed a 31.6 billion pound ($39 billion) takeover of the London Stock Exchange (LSE.L), it said on Wednesday, just weeks after the London bourse announced a plan to merge with data company ... More »
(Reuters) – Office-sharing startup WeWork is pressing ahead with plans to go public despite lukewarm interest in its shares, three sources said, leaving its largest investor, SoftBank Group (9984.T), with a stark choice: take a haircut or pony up even more cas... More »
SYDNEY (Reuters) – KKR & Co Inc (KKR.N) is preparing to list a A$500 million credit fund in November in Australia, marking the U.S. buyout firm’s first investment vehicle in the country, two people with direct knowledge of the matter told Reuters. The KKR Cred... More »
(Reuters) – Australia’s corporate regulator said on Wednesday it has been conducting long-term on-site monitoring at the offices of major banks and wealth manager AMP Ltd (AMP.AX) since October, after a probe into the sector revealed wide-ranging misconduct. T... More »
HONG KONG/BEIJING (Reuters) – China’s second-largest e-commerce firm JD.com Inc has appointed Jason Hu, a former managing director at Chinese private equity firm CDH Investments, as head of strategic investment to oversee deals both at home and overseas. Hu, w... More »
NEW YORK (Reuters) – Investment firm VanEck and financial technology company SolidX Management LLC will sell shares in their bitcoin trust to “qualified institutional buyers,” the companies said on Tuesday, in a move aimed at further attracting institutional m... More »
ZURICH (Reuters) – Group assets under custody or management at Swiss private bank and asset manager Pictet rose nearly 10% in the first half versus the end of 2018, it said on Monday. Assets advanced to 544 billion Swiss francs ($558.23 billion) as of the end ... More »
ZURICH (Reuters) – Switzerland’s biggest bank UBS on Thursday appointed former Credit Suisse manager Iqbal Khan to co-lead its flagship wealth management business, as part of a broader shake-up of its executive board. The appointment of Khan alongside two inte... More »
ZURICH (Reuters) – UBS has least three candidates from inside the biggest Swiss bank who could eventually step into the CEO role, Chief Executive Sergio Ermotti said in a newspaper interview on Thursday on the heels of a big management reshuffle. “We have at l... More »
ZURICH (Reuters) – Swiss bank UBS will appoint former Credit Suisse banker Iqbal Khan as head of its wealth management business, Swiss newspaper TagesAnzeiger reported on Wednesday, citing unnamed UBS sources. Khan will join the executive board “shortly” the n... More »
SHANGHAI (Reuters) – Contract chipmaker GlobalFoundries has sued larger rival Taiwan Semiconductor Manufacturing Co (TSMC) for patent infringement, seeking to stop the defendant’s customers including Apple from importing affected products to the United States ... More »
NEW YORK (Reuters) – Three names dominate the U.S. world of bond investing – Jeffrey Gundlach, Dan Ivascyn and Scott Minerd. But funds run by these star investors are lagging their respective benchmarks this year. The proximate cause for the underperformance o... More »
SAO PAULO/RIO DE JANEIRO (Reuters) – Brazil’s planned privatization of eight Petroleo Brasileiro SA (PETR4.SA) refineries has lured several of the world’s largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said. ... More »
(Reuters) – The bond market is in a “bubble,” particularly sovereign debt, Guggenheim Partners global chief investment officer Scott Minerd warned on Thursday, and he said that efforts by the Federal Reserve to head off a recession by cutting interest rates wi... More »
LONDON (Reuters) – Sovereign wealth funds’ distaste for equities mostly faded in the second quarter, with some investors turning to emerging- market passive equity funds, data from the research firm eVestment showed on Thursday. Passively managed equity funds ... More »
WASHINGTON (Reuters) – President Donald Trump held a conference call on Wednesday with the chief executives of the three largest Wall Street banks as financial markets were in turmoil, one source with direct knowledge of the matter said on Friday. JPMorgan (JP... More »
BOSTON (Reuters) – Hedge fund Third Point LLC said on Tuesday that it recently cut its investment in United Technologies Corp (UTX.N), becoming the second activist hedge fund to sell shares after the company announced a merger with Raytheon Co. (RTN.N) that th... More »
VIENNA (Reuters) – Austrian sensor specialist AMS (AMS.S) triggered a bidding war for Osram (OSRn.DE) on Sunday, saying it was ready to pay $3.8 billion for the German lighting group’s shares, 10% more than finance investors Bain Capital and Carlyle (CG.O) hav... More »
(Reuters) – BlackRock Inc’s (BLK.N) new private equity fund Long Term Private Capital (LTPC) has completed its maiden investment, taking up an $875 million stake in Authentic Brands Group LLC, making it the largest investor in the U.S.-based entertainment comp... More »
LONDON (Reuters) – Precious metal funds recorded the fourth-largest inflows ever in the week to Wednesday and investment-grade funds sucked in money, Bank of America Merrill Lynch said on Friday, as rising trade tensions and global growth concerns prompted a d... More »
BOSTON (Reuters) – Two new BlackRock Inc funds that exclude gun makers are off to slow starts as socially-minded investors embrace other products addressing a wide range of issues like environmental and governance concerns, according to flow data at the world’... More »
(Reuters) – U.S.-based high-yield junk bond funds posted more than $4 billion of outflows in the week ended Wednesday, the largest weekly cash withdrawals since October 2018, according to Refinitiv’s Lipper data, triggered by an escalating trade war between Ch... More »
BOSTON (Reuters) – Hedge fund Hoplite Capital is returning money to outside clients after a period of sluggish returns, the firm’s founder, John Lykouretzos, told investors in a letter on Wednesday. “I have decided to close the Hoplite managed funds and return... More »
(Reuters) – Canada’s largest insurer insurer Manulife Financial Corp on Wednesday edged past estimates for second-quarter profit, helped by strength in Asia unit, its biggest. Insurers in Canada have been increasingly pivoting toward Asia for growth, looking t... More »
JOHANNESBURG/VRYHEID, South Africa (Reuters) – Cattle have long been considered a measure of wealth across Africa – but it is not just farmers cashing in. A pioneering app in South Africa lets investors, eager to benefit from rising global beef demand, buy sha... More »
(Reuters) – U.S.-based equity funds posted more than $8.4 billion of cash withdrawals in the week ended Wednesday, following two weeks of inflows, according to Refinitiv’s Lipper. The withdrawals came ahead of next week’s Federal Reserve meeting. In the same w... More »
BOSTON (Reuters) – Proxy advisory firm Institutional Shareholder Services on Thursday urged Occidental Petroleum Corp shareholders to ask management to let them weigh in on board and governance issues as the company buys rival Anadarko Petroleum Corp.. The req... More »
NEW YORK (Reuters) – Non-residents have pulled about $1.5 billion from Indian equities so far in July, reversing a strong trend of inflows in previous months, data from the Institute of International Finance showed on Wednesday. “Unlike other episodes, which m... More »
NEW YORK (Reuters) – Investors edged into the U.S. stock market last week, as the benchmark S&P 500 index hovered near record highs, by adding $1.1 billion into mutual funds and exchange-traded funds that hold domestic stocks, according to data released Wednes... More »
LONDON (Reuters) – Britain’s major banks have seen a growing number of business customers delay decisions on investments and borrowing in recent weeks, as the probability of a disorderly exit from the European Union inches higher. Britain’s banks have largely ... More »
