NEW YORK Leon Cooperman and Steven Einhorn’s Omega Advisors remains bullish on U.S. stocks and blames much of August’s market turmoil on so-called risk parity funds and momentum investors known as CTAs, according to a letter the fund sent to investors. Omega c... More »
NEW YORK Before they found fame, or found each other, what did celebrity couples like Dr Phil and Robin McGraw do in their first jobs? In the latest in Reuters’ monthly ‘First Jobs’ series, we talked to couples who work as TV personalities, actors, models or a... More »
BNY Mellon Corp (BK.N) expects to fix the computer glitch that disrupted pricing of U.S. mutual funds and exchange-traded funds before markets open on Monday, its chief executive said. The resolution of the issue, which affected the calculation of billions of ... More »
NEW YORK Citigroup plans to rebuild its long-neglected equities franchise seeking to capitalize on a retrenchment by rivals in the face of new rules designed to make the financial system less risky, according people familiar with the bank’s plans. A lack of in... More »
TORONTO Bank of Nova Scotia, which reported a quarterly profit that beat market expectations on Friday, said bad loans in the energy sector climbed as the oil price selloff took a toll. Shares of Scotiabank, Canada’s third-largest bank, were down nearly 1 perc... More »
BNY Mellon Corp’s (BK.N) computer glitch this week has disrupted pricing on nearly 5 percent of U.S. mutual funds and exchange-traded funds with about $404 billion in assets, according to data from Morningstar Inc and Lipper Inc. On Thursday, for example, 1,30... More »
Charles Schwab Corp said that customer access to online accounts was restored on Friday morning, just minutes before U.S. stock markets opened for trading. Earlier, the company said access to accounts and online trading platforms were unavailable. The problem,... More »
LONDON/BOSTON Investors are being poorly served by a haphazard approach from fund managers to the growing threat of cyber crime damaging the companies in which they invest, with a lack of clarity from the businesses themselves compounding the problem. Banks ha... More »
College and professional athletes may be clients financial advisers love to get, but many also find good homes on the other side of the desk. Penn Mutual Life Insurance Company, for example, is discovering that its three-year, $1.5 million sponsorship, through... More »
BOSTON Hedge fund mogul William Ackman’s Pershing Square Holdings portfolio fell 13.1 percent this month, leaving the fund down 4.3 percent for the year, the firm said on Thursday. The performance numbers cover returns through Tuesday, Aug. 25. On Wednesday, A... More »
LONDON The piano used to play the glissando that kicks off ABBA’s disco hit “Dancing Queen” will be one of the star attractions at a rock and pop auction at Sotheby’s next month where it is expected to sell for up to 800,000 pounds ($1.24 million). The instrum... More »
BOSTON Investors in Discovery Communications Inc, including Manning & Napier Inc and BlackRock Inc, withheld support for a member of the company’s compensation committee, recent securities filings show, after the cable network operator gave its CEO the richest... More »
TORONTO/OTTAWA Canadian banks are expected to begin feeling the impact of an extended downturn in the energy sector as they exercise caution with new and existing loans to companies and individuals. Investors will this week be poring over the balance sheets an... More »
Mac Sykes, an analyst at asset management firm Gabelli & Co, spent Sunday evening, the second night of his summer vacation in New England, watching stock prices tank. “I went to bed close to midnight and was up again around 4:30 am,” said Sykes, who works at G... More »
NEW YORK Confidence among affluent investors was already slipping before the stock market rout in China sent U.S. markets plunging last week and on Monday, according to a monthly index calculated by Spectrem Group, a Chicago-based research company. Yet when st... More »
NEW YORK/BOSTON With Chinese stocks down nearly 9 percent on Monday and Latin American countries already hurting, some top-performing emerging market fund managers are throwing in the towel when it comes to playing once-hot overseas growth stories. Instead, th... More »
NEW YORK DoubleLine Capital co-founder Jeffrey Gundlach, widely followed for his investment calls, warned on Monday that the U.S. equity markets face another round of selling pressure. “The U.S. stock market is in a mode of uncertainty, at best,” Gundlach said... More »
BlackRock Inc’s (BLK.N) chief investment officer of fundamental fixed income, Rick Rieder, believes the window for the U.S. Federal Reserve to raise interest rates is closing, he said in an interview on Monday. While Rieder hopes the Fed will still begin raisi... More »
NEW YORK Mohamed El-Erian, chief economic adviser at Allianz SE, said Monday that turmoil in stock markets was creating opportunities for investors, but could prevent the Federal Reserve from hiking interest rates next month. El-Erian also said that equity mar... More »
NEW YORK Hey, remember that newsletter that let you sign up for a free trial? Didn’t think so. How about that old domain name you registered, or your kid’s gaming membership, or the magazine subscription that was initially offered as a freebie. Forgot about th... More »
Deal makers and employees at private equity firms are expected to receive the biggest bonus increases this year on Wall Street, according to a forecast by compensation consulting firm Johnson Associates. Overall, however, year-end incentive payments on Wall St... More »
NEW YORK/BOSTON The slowdown in the Chinese economy, which prompted the Chinese government to devalue the yuan currency on Tuesday, has already hammered the shares of U.S. industrial companies. Yet some contrarian U.S. fund managers say there is still room to ... More »
NEW YORK Growing pension obligations at Precision Castparts Corp (PCP.N), which Berkshire Hathaway has agreed to buy for $32 billion, highlight an issue that large U.S. corporations still face, almost a decade into a low-interest rate environment. Berkshire’s ... More »
Australia’s Macquarie Group (MQG.AX) is entering the U.S exchange-traded fund market making business, officials told Reuters in an interview. Market makers provide ETF issuers with an array of services, including providing seed capital and distribution. They u... More »
LOS ANGELES Parent education loans can help your child attend the college of her dreams — and sink any dreams you had of ever retiring. The grim reality is that the federal PLUS loan program allows parents to borrow far more than they can comfortably, or even ... More »
Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) (BRKb.N) said on Friday its second-quarter profit fell 37 percent, reflecting a significant decline in investment gains and an underwriting loss from insurance operations, which include Geico. Net income for the... More »
LONDON The Chinese slowdown is forcing many Western companies to take a hard look at their businesses there, leading many to reduce investments, costs and product lines and to tackle increasing bad debts. Double digit growth rates during the first decade of th... More »
NEW YORK Investors worldwide pulled $1.2 billion out of precious metals funds in the week ended July 29 on expectations for higher U.S. interest rates and weakness in Chinese shares, data from a Bank of America Merrill Lynch Global Research report showed on Fr... More »
NEW YORK Fund companies and brokerage firms should be able to weather a proposal by Democratic U.S. presidential candidate Hillary Clinton that would increase capital gains taxes for some investors, but some fund holders could see higher costs, managers and an... More »
NEW YORK A couple of years ago, Emilie Hunt had to go to the emergency room with a stomach virus. The bill took a huge chunk of money out of her savings, more than $800, and kept her from saving for a couple of months. “I’m really bad at planning for unexpecte... More »
LOS ANGELES A new study by student lender Sallie Mae found the average amount spent on college education in the United States jumped for the first time in five years, thanks to greater outlays from high-income families and parental readiness to spend more. Fam... More »
NEW YORK Morningstar Inc said DoubleLine Capital’s flagship Total Return Bond Fund is “not ratable” for a second straight year, citing a lack of information about the firm’s investment process, succession planning and risk controls. The Chicago-based investmen... More »
(This column has been corrected to fix spelling of co-author’s name to Straehl in seventh paragraph) By James Saft More »
NEW YORK Which would you prefer: Naked pictures of yourself circulating on the Internet or a breach of your financial data? According to a new survey from Mastercard, 62 percent of Millennials would rather have their nude photos leaked online than have their f... More »
NEW YORK Greece’s sound rejection of a bailout at a referendum on Sunday increased the chances it may leave the euro zone, but Athens and its creditors could still reach a deal, said a top strategist for BlackRock Inc, the world’s largest asset manager. “It do... More »
ZURICH Tunisia has filed an objection to HSBC’s agreement to pay 40 million Swiss francs ($43 million) to settle a money laundering investigation at its Swiss private bank, a lawyer representing the North African country said on Monday. After four months of in... More »
ZURICH Tunisia has filed an objection to HSBC’s agreement to pay 40 million Swiss francs ($42.5 million) to settle a money laundering investigation at its Swiss private bank, Swiss newspaper SonntagsZeitung reported on Sunday. After four months of inquiries Ge... More »
ZURICH Greece has proposed a tax amnesty in an effort to collect revenue on billions of euros that its citizens are believed to have quietly stashed in Swiss bank accounts, the NZZ am Sonntag paper reported. The plan, which still needs Greek parliamentary appr... More »
SAO PAULO Swiss lender UBS AG made a whistleblower deal with Brazilian authorities investigating the suspected rigging of Brazil’s currency market and will receive no punishment in the case, a local newspaper reported on Friday. The investigation, which involv... More »
NEW YORK Investors pulled $3 billion in assets from Pacific Investment Management Co’s flagship fund in June, compared with $2.7 billion the previous month, in another sign Pimco is stabilizing since last fall’s departure of star manager Bill Gross. The Pimco ... More »
NEW YORK Jeffrey Gundlach, a widely followed investor who oversees DoubleLine Capital, said in an interview on Monday his firm had purchased “lots of Treasuries and Ginnie Maes” on Friday, ahead of new developments in the Greek and Puerto Rico crises. The U.S.... More »
NEW YORK European shares fell broadly Monday as Greece edged closer to defaulting on its debt, yet some U.S. equity fund managers said that they were waiting for further declines before they considered it a buying opportunity. “We’re not in oversold territory ... More »
CHICAGO Friday’s U.S. Supreme Court ruling on same-sex marriage will give a huge boost to the retirement security of LGBT Americans. That will be especially true in the realm of Social Security – where it pays to be married. The ruling will affect everything f... More »
NEW YORK (This version of the story corrects title of analyst in second paragraph, shows Thornburg has reduced, not eliminated currency in 10th paragraph.) The prospect of Greece defaulting on its debt has long been viewed as the recipe for a global stock mark... More »
CANNES (This version of the story corrects figures on Publicis contract wins, paragraph 13) The reluctance of big companies to spend at a time of lacklustre global growth and fewer major sporting events this year are dampening demand for advertising, said the ... More »
LONDON A Gustav Klimt portrait of a young woman that had been the subject of an ownership dispute fetched the highest price of 24.8 million pounds ($39.1 million) in an auction at Sotheby’s in London on Wednesday evening. Sales at the auction topped 178.6 mill... More »
LONDON Christie’s kept the international art auction caravan rolling with an impressionist and modern art sale that brought in $113 million on Tuesday. A Claude Monet study of mauve irises swaying against a pale blue sky in his Giverny garden was the star lot ... More »
