NEW YORK (Reuters) – Ryan Holmes, chief executive officer of Hootsuite, may have grown up on a farm without electricity, but this 40-year-old Canadian went on to found a social media management tool with over 11 million users. When Holmes travels from his home... More »
NEW YORK (Reuters) – It’s not all politics and no play in Washington, D.C. For business travelers like WeWork cofounder Miguel McKelvey, the nation’s capital has plenty to offer the professional-on-the-go. McKelvey frequently makes the train trip from New York... More »
WASHINGTON (Reuters) – U.S. securities regulators will release new guidance on how they decide whether a company should retain leeway in raising capital, after criticism that such waivers are too often rubber-stamped for banks that have broken the law. Elizabe... More »
NEW YORK (Reuters) – Soros Fund Management LLC took new positions in the energy sector in the fourth quarter, including stakes in Devon Energy Corp and Transocean Ltd, a regulatory filing showed Tuesday. The hedge fund firm, which manages the investments of in... More »
NEW YORK (Reuters) – Several of the biggest hedge fund managers slashed or dissolved their stake in China’s Alibaba Group Holding Ltd at the end of last year, taking a prescient bet ahead of the company’s surprise revenue miss last quarter that sent shares plu... More »
WASHINGTON (Reuters) – JPMorgan Chase & Co bears the highest potential hazard to the financial system if it were to fail, a staff study released by a U.S. government research agency showed, providing a first-of-its-kind numerical risk ranking of U.S. banks. Th... More »
BOSTON (Reuters) – Three of the top 20 investors in Herbalife Ltd (HLF.N) liquidated their positions during the fourth quarter when the nutrition and weight loss company missed Wall Street earnings estimates, but Soros Fund Management increased its holdings by... More »
NEW YORK (Reuters) – Charles Schwab Corp has agreed to settle a 2009 lawsuit in which New York’s attorney general accused the discount brokerage of fraud in the sale and marketing to investors of auction-rate securities that became illiquid. Terms were not dis... More »
WASHINGTON (Reuters) – A former UBS AG (UBSN.S) banker who helped U.S. authorities prosecute the Swiss bank in a tax fraud case has asked for permission to travel to France to comply with a subpoena in another investigation of the company, according a court do... More »
SAO PAULO (Reuters) – Brazil’s tax watchdog opened a probe on whether about a dozen people involved in the Petrobras corruption scandal also allegedly had undeclared accounts with HSBC Holdings Plc’s private bank in Switzerland, two sources with knowledge of t... More »
PALO ALTO, Calif. (Reuters) – President Barack Obama asked U.S. executives on Friday for closer cooperation in defending against hackers after high-profile attacks on companies like Sony that exposed weaknesses in America’s cyber defenses. Speaking at Stanford... More »
NEW YORK (Reuters) – U.S. stocks are poised for more upward momentum even as uncertainty over oil prices and Greek debt negotiations keeps the market on tenterhooks, analysts say. Strong fourth-quarter U.S. company earnings and signs of an overall improving ec... More »
BOSTON (Reuters) – A massive effective devaluation of Venezuela’s bolivar currency will likely badly dent 2015 earnings at a swath of major U.S. companies. The decision, announced late on Thursday, would almost wipe out the $7.1 billion of Venezuelan monet... More »
NEW YORK (Reuters) – Third Point, one of the hedge fund industry’s most closely watched funds, increased its stake in Chinese e-commerce site Alibaba during the fourth quarter, according to a regulatory filing late on Friday. Third Point, run by Daniel Loe... More »
NEW YORK (Reuters) – Third Point, one of the hedge fund industry’s most closely watched funds, increased its stake in Chinese e-commerce site Alibaba during the fourth quarter, according to a regulatory filing late on Friday. Third Point, run by Daniel Loe... More »
NEW YORK (Reuters) – Hedge fund Greenlight Capital, run by David Einhorn, cut its stake in Apple Inc by 6.2 percent to 8.6 million shares during the fourth quarter, ahead of the iPhone maker’s strong rally this year, according to a regulatory filing on Friday.... More »
DETROIT (Reuters) – An investor group demand that General Motors Co give back more of its $25 billion cash hoard confronts Chief Executive Mary Barra with a challenge to her plans for building the company and rewarding shareholders. Barra and GM’s chief financ... More »
NEW YORK (Reuters) – Parents who are about to write big checks for summer camp deposits may want to pause and consider if they’ve made the best choice of camp so their kids have a great social experience – but don’t get over-indulged.That’s one of the messages... More »
NEW YORK (Reuters) – U.S. investors spooked by wild swings in the foreign exchange market are piling into exchange-traded funds that strip out the local currency on their international equity portfolios, making them one of the most sought-after financial produ... More »
BOSTON (Reuters) – These are nervous times at the top of North America’s oil companies. Executives are trying to cope with the plunge in oil prices and are slashing costs as they watch earnings and revenue drop. Their own compensation, though, may not yet be o... More »
NEW YORK (Reuters) – The good news from Friday’s jobs report may already be reflected in the prices of the smallest U.S. stocks. With nearly all of their revenue coming from the United States, the companies in the Russell 2000 .TOY should be the most obvious b... More »
NEW YORK (Reuters) – Investing in Argentine debt, since the country’s 2002 sovereign default, has never been for the faint of heart. It’s a lesson that investors who accepted a settlement, some as many as 10 years ago, are re-learning now that they hold freshl... More »
NEW YORK (Reuters) – Undaunted by the popularity and outperformance of index-tracking investments, mutual fund companies last year rolled out 193 new actively managed stock funds, many with some highly colorful concepts. The fund companies aren’t giving up the... More »
NEW YORK (Reuters) – Wells Fargo & Co (WFC.N) has agreed to pay $4 million for violations on credit card accounts at a former affiliate, New York Governor Andrew Cuomo said. Wells Fargo will pay a $2 million penalty and $2 million in restitution to consumers a... More »
NEW YORK (Reuters) – Investors who have been piling into real estate exchange-traded funds over the past year could be in for a rocky ride if the Federal Reserve raises interest rates later this year as expected. The record $10.7 billion in new money invested ... More »
BOSTON (Reuters) – Hedge fund mogul William Ackman is ready to make a new bet, not on a stock this time but a startup hedge fund, Clearfield Capital Management. Ackman, who runs $18 billion Pershing Square Capital Management, told investors on Thursday he plan... More »
NEW YORK (Reuters) – JPMorgan Chase & Co, the largest U.S. bank, agreed to pay $99.5 million to settle its portion of an antitrust lawsuit in which investors accuse 12 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market. Made publi... More »
NEW YORK (Reuters) – Investors worldwide poured $3.8 billion into stock funds in the week ended on Wednesday, marking the first inflows in four weeks, according to data released on Friday by EPFR Global and Bank of America Merrill Lynch. Bond funds worldwide, ... More »
LONDON (Reuters) – World investors increased cash holdings in January as they braced for a choppy year with markets buffeted by conflicting forces such as diverging monetary policy and rising geopolitical risks, a Reuters poll shows. A monthly survey of fund m... More »
BOSTON (Reuters) – Hedge fund Pershing Square Capital Management is pressing for seats on animal health company Zoetis Inc’s board of directors, with an eye to pushing through cost cuts and a possible merger, according to sources familiar with the negotiations... More »
NEW YORK (Reuters) – The U.S. Treasury Department said on Thursday it will sell $26 billion of three-month bills on Monday, raising the weekly auction size of this debt maturity for the first time in half a year. The Treasury had sold $24 billion of three-mont... More »
WASHINGTON (Reuters) – Two U.S. Democratic lawmakers on Thursday asked giant banks including JPMorgan Chase & Co (JPM.N) to explain how they will manage swaps trading activities after lawmakers weakened rules for those operations at the end of 2014. The U.S. C... More »
NEW YORK (Reuters) – The U.S. Federal Reserve could wait until September to raise interest rates as it sees risk of further decline in inflation and slowing global growth, a top bond investor at the world’s biggest asset manager said on Thursday. The Federal O... More »
NEW YORK (Reuters) – Bill Gross, the closely watched bond investor, on Thursday said the Federal Reserve will begin to raise U.S. interest rates slowly this year to normalize distortions in the financial markets but that bonds and equities won’t be vulnerable ... More »
LONDON (Reuters) – The growing ranks of the super rich and their increased appetite for risk have caught the eye of investment bankers. Traditionally focused on companies and institutions, investment banks are hiring staff and reorganising teams to cater to we... More »
NEW YORK (Reuters) – Joe and Debbie Valerio, a couple in their 60s, put their Westport, Connecticut, home of more than 20 years on the market because it was getting too big for them. When they found a nearby condo they loved, they pounced. That set off a chain... More »
BOSTON (Reuters) – Janus Capital Group Inc’s (JNS.N) new star bond fund manager also turns out to be one of the fund firm’s top investors. Shares of the Denver company rose 11 percent on Thursday after fourth-quarter earnings came in above expectations with th... More »
NEW YORK (Reuters) – Calling it a play on falling U.S. gas prices, the portfolio manager of the one of the top-performing large-cap value funds over the last decade recently purchased slightly more than 1 million shares of Dunkin’ Brands Group Inc, parent comp... More »
BOSTON (Reuters) – Star bond fund manager Bill Gross has pumped more than $700 million of his own money into the Janus Global Unconstrained Bond Fund, Janus Capital Chief Executive Dick Weil said on Thursday. “At the end of 2014, Bill had invested more than $7... More »
(This Jan. 7 story was corrected to clarify that Roth IRA holders can withdraw their own contributions at any time and do not have to wait until the account is five years old in the seventh paragrap.) By Linda Stern NEW YORK (Reuters) – The most financially ch... More »
Chicago (Reuters) – Remember Mitt Romney’s huge IRA? During the 2012 campaign, we learned that the governor managed to amass $20 million to $100 million in an Individual Retirement Account, much more than anyone could accumulate under the contribution limit ru... More »
NEW YORK (Reuters) – Pacific Investment Management Co said on Tuesday it has placed an overweight position on global equities, particularly European and Japanese equities, and is underweight on global government bonds and other securities that reflect interest... More »
NEW YORK (Reuters) – Morgan Stanley is so confident in the value of advising rich people that Chief Executive James Gorman said on Tuesday pretax profit margin in the bank’s Wealth Management business could rise as much as 25 percent this year. The world’s lar... More »
NEW YORK (Reuters) – Say the words ‘Midlife Crisis’, and most people think of cringe-worthy scenes like graying men squiring around much-younger paramours in zippy sports cars. Matt Welch went in a more wholesome direction: Baseball cards. Specifically, the 46... More »
BOSTON (Reuters) – Fidelity’s $110 Billion Contrafund has trimmed a roughly $7 billion stake in Google Inc because of portfolio manager Will Danoff’s view that the stock faces a potentially choppy market over the short term. Contrafund is the largest U.S. mutu... More »
WASHINGTON (Reuters) – Credit Suisse Group AG will ask U.S. regulators at a hearing on Thursday to allow it to manage pensions following a criminal guilty plea, but will face resistance from groups determined to stop what they see as the rubber-stamping of suc... More »
NEW YORK (Reuters) – Most experts expect U.S. interest rates to rise in 2015, but no one knows when and by how much. Rate increases rarely happen with great velocity, though. The last time the Federal Reserve raised the federal funds rate, which banks use to l... More »
BOSTON (Reuters) – William Ackman is putting his money where his mouth is. Roughly two years after promising to donate his personal winnings from his controversial $1 billion bet against nutritional and weight-loss company Herbalife Ltd., the hedge fund titan ... More »
ZURICH/GENEVA (Reuters) – A hacker claiming to be behind a cyber attack on Banque Cantonale de Geneve on Friday divulged confidential client information after the Swiss bank failed to meet demands for payment. In the latest case of a breach of customer informa... More »
WASHINGTON (Reuters) – U.S. Securities and Exchange Commission economists have begun scrutinizing riskier types of exchange-traded funds as part of an effort to determine whether they may inflame already rocky market conditions. SEC Chief Economist Mark Flanne... More »
NEW YORK (Reuters) – Investors worldwide pulled $12.1 billion out of stock funds in the week ended Jan. 7 after concerns over global growth hurt risk appetite at the start of the year, data from a Bank of America Merrill Lynch Global Research report showed on ... More »
LONDON (Reuters) – The collapse in the oil price attracted bargain hunters to energy exchange-traded products (ETPs) in 2014, with inflows leaping in December even as the sell-off in oil intensified, global data from BlackRock and ETF Securities showed. Invest... More »
BOSTON (Reuters) – Big European and American banks have found a productive place to park the energy sector’s most distressed debt: the $2.7 trillion U.S. money market industry. Barclays Bank plc, Credit Suisse and Wells Fargo and others get overnight and short... More »
NEW YORK (Reuters) – Paul Tudor Jones, the founder and chief investment officer of the roughly $13 billion hedge fund firm Tudor Investment Corp, has closed his firm’s oldest fund, a source familiar with the matter said on Monday. Jones announced in a letter t... More »
NEW YORK (Reuters) – Among a handful of hires that securities brokerages made in late 2014, Wells Fargo Advisors said Monday it recruited three brokers in California away from rival firms Morgan Stanley and UBS Wealth Management Americas where the brokers had ... More »
NEW YORK (Reuters) – JPMorgan Chase & Co has become the first bank to settle a U.S. antitrust lawsuit in which investors accused 12 major banks of rigging prices in the $5 trillion-a-day foreign exchange market. The largest U.S. bank will pay about $100 millio... More »
NEW YORK (Reuters) – Investors poured $102.8 billion in new money into BlackRock Inc’s exchange-traded funds in 2014, setting a record in global flows for the iShares ETF business, the company said on Monday. The inflows into BlackRock accounted for 31 percent... More »
WASHINGTON (Reuters) – The U.S. securities investor watchdog office on Tuesday unveiled its list of the top products and practices that bedeviled mom and pop investors in 2014. In an annual report on market activities, the Securities and Exchange Commission’s ... More »
NEW YORK (Reuters) – A U.S. appeals court on Tuesday threw out most of the claims in an investor lawsuit against Bank of New York Mellon Corp as trustee for subpar mortgage-backed securities involved in an $8.5 billion settlement by Bank of America Corp. The 2... More »
NEW YORK (Reuters) – A plan by the U.S. Securities and Exchange Commission to widen the minimum trading increments of some small-cap stocks to test if that would spur more trading could end up harming mom-and-pop investors, retail brokerages said in letters to... More »
CHICAGO (Reuters) – John Turner wondered if he should roll over his federal government retirement account into an individual retirement account. So he called 15 IRA providers to get some guidance. That may sound like overkill, but Turner wasn’t really contempl... More »
NEW YORK (Reuters) – Victims of Bernard Madoff’s massive Ponzi scheme will get afresh $322 million payout if a U.S. judge approves the request by the trustee liquidating the convicted fraudster’s firm, bringing the recovery total to more than $7 billion. The t... More »
MOSCOW (Reuters) – The ambitions of Kremlin-controlled oil champion Rosneft to boost its global reach have been reined in by U.S. authorities, which torpedoed its acquisition of a Morgan Stanley oil trading business. Rosneft, headed by Igor Sechin, a long-stan... More »
SEATTLE (Reuters) – Washington state Governor Jay Inslee on Thursday proposed a new tax on capital gains to try to close a projected budget shortfall of more than $2 billion, rolling back on a no-new-taxes campaign pledge. The proposal, which Inslee said would... More »
NEW YORK (Reuters) – There are plenty of lists proclaiming “The Best Places to Retire.” But finding the place that really suits you ultimately depends on what matters most. Do you crave warm weather? Do you want to live among other retirees? Are you looking fo... More »
ZURICH (Reuters) – The Swiss private banking arm of HSBC Holdings Plc is not for sale, its head said in a newspaper interview published on Saturday. Asked whether HSBC wanted to sell its Swiss business, Franco Morra, chief executive of HSBC Private Bank (Switz... More »
PHILADELPHIA (Reuters) – A New Jersey college said on Saturday it has completed its $18 million purchase of the shuttered Showboat Atlantic City casino resort from Caesars Entertainment Corp (CZR.O ), a deal that would usher in a new dormitory and a branch cam... More »
(Reuters) – A California pension fund on Thursday said it was looking for new investment opportunities piggybacking on the recent tumble in crude oil prices to five-year lows. The Orange County Employees Retirement System issued a request for proposals “for in... More »
(Reuters) – The return of the idea of a Greek euro exit, as boogeyman or genuine threat, comes at a particularly difficult time, dangerously complicating the already fraught advent of full-scale QE in the euro zone. A parliamentary vote, set to begin next week... More »
NEW YORK (Reuters) – A former money manager to Hollywood stars who served prison time for operating a $10 million investment fraud avoided another trip to the slammer Thursday, even as a Manhattan federal judge said she was “deeply troubled” by his latest crim... More »
WASHINGTON/NEW YORK (Reuters) – The top U.S. securities regulator laid out a plan on Thursday to tighten supervision of large asset managers, saying more must be done to identify the risks the firms could pose and to protect markets in the event of a major cri... More »
(Reuters) – BlackRock’s chief executive Larry Fink said he applauds the U.S. Securities and Exchange Commission’s plans to step up scrutiny of the risks posed by large asset managers, saying it was a better step than singling out specific firms as posing syste... More »
NEW YORK (Reuters) – Merrill Lynch told its 14,000 brokers on Wednesday they will get higher bonus payments in 2015 for attracting new clients and assets but eliminated pay for servicing clients with less than $250,000. The brokerage subsidiary of Bank of Amer... More »
NEW YORK (Reuters) – If you still have Disney’s Frozen Castle and Ice Palace Playset on your holiday gift list this year, you may already be out of luck. With Christmas approaching, the $119 toy – made by Mattel Inc – is sold out. Of course, you can find it at... More »
ZURICH (Reuters) – The trial of a former Julius Baer (BAER.VX ) banker accused of breaching Swiss banking secrecy laws by handing over confidential data about offshore clients to WikiLeaks was halted on Wednesday after the defendant collapsed. Rudolf Elmer, a ... More »
NEW YORK (Reuters) – Jeffrey Gundlach, who correctly predicted government debt yields would plunge this year, said in an interview on Tuesday there is a possibility that yields on the benchmark 10-year Treasury note could drop to 1 percent in 2015. “The 10-yea... More »
NEW YORK (Reuters) – Fund managers are stampeding into shares of U.S. long-haul trucking company Swift Transportation Co as oil prices touch five-year lows, but some analysts say a shortage of drivers may slam the brakes on the rally. Portfolio managers from G... More »
(Reuters) – When it comes to changing hotel reservations, the concept of ‘last-minute’ is about to get a bit longer. As of Jan. 1, 2015, last-minute will mean by midnight the night before, or a penalty of one night’s stay at Hilton Worldwide and Marriott Inter... More »
NEW YORK (Reuters) – A fast-growing segment of U.S. retirement plans is using hedge-fund type strategies to bet a small but increasing slice of their assets. BlackRock Inc (BLK.N ), the world’s largest asset manager, and Manning & Napier are among the managers... More »
(Reuters) – Credit Suisse AG is considering scaling down its prime brokerage business as part of already announced efforts to reduce risk in its investment banking division, a person familiar with the matter told Reuters. Credit Suisse like many investment ban... More »
