Capital Markets Asset Management and Custody Banks

  • *Takes writedown of 352 mln euros on Korea unit sale. Allianz's quarterly net profit of 1.1 billion euros was below the lowest forecast of 1.4 billion euros in a Reuters poll, whose average was 1.5 billion, and down nearly half from the year-earlier quarter. The insurer's shares were down 4.2 percent at 123 euros by 1008 GMT, making it the biggest decliner in...

  • LONDON, Aug 5- Switzerland's private bankers fear cash-strapped Latin American countries pursuing billions of dollars in unpaid taxes will push the region's wealthy to pull cash from their Swiss bank accounts. For these banks, still recovering from European and U.S. clients withdrawing tens of billions of dollars following a post-financial crisis...

  • SAN FRANCISCO/ NEW YORK, Aug 4- For the second straight year, U.S. public pension funds have fallen well short of their investment targets, swelling their vast unfunded liabilities and placing a greater burden on municipalities to offset the underperformance through increased contributions, estimates show. The funds, which guarantee retirement benefits for...

  • NEW YORK, Aug 4- Hedge fund veteran Kenneth Brody has come out of retirement to launch a new money management firm, a person familiar with the situation told Reuters on Thursday. Brody, who co-founded Taconic Capital Advisors and retired in 2013, has reemerged as chief executive of Sutton Square Partners, a New York- based hedge fund manager. Investments will be led...

  • NEW YORK, Aug 4- The SPDR DoubleLine Total Return Tactical ETF posted roughly $100 million of inflows in July, gaining more ground over the Pimco Total Return Active Exchange-Traded Fund in total assets under management, according to Morningstar data on Wednesday. The Pimco Total Return Active ETF, an actively managed intermediate-term ETF intended to mimic...

  • Burgers on a grill

    One of Wall Street's biggest businesses is under growing pressure from competitors old and new.

  • The index extended gains after the Bank of England cut interest rates for the first time since 2009, while Britain's FTSE turned higher and was up 1.4 percent. "Today's BoE action is a significant step in attempting to support the UK," said Nandini Ramakrishnan, Global Market Strategist at JP Morgan Asset Management. The prospect of lower rates and more monetary...

  • LONDON, Aug 4- The Bank of England cut interest rates for the first time since 2009 on Thursday and said it would buy 60 billion pounds of government debt to ease the blow from Britain's June 23 vote to leave the European Union. -10- year UK government bond yield falls to record low. Lucy O'Carroll, chief economist at Aberdeen Asset Management:.

  • BOSTON, Aug 4- When Adam Kanzer wanted to stop the board of 3 M Co from including the lucrative impact of share buybacks in their chief executive's pay, he quoted Laurence Fink. Sitting atop the world's largest investment fund manager, BlackRock Inc, Fink is a vocal critic of companies' excessive use of share buybacks. Large asset managers like Fidelity Investments...

  • LONDON, Aug 4- British insurer Aviva posted a 13 percent rise in operating profit on Thursday, helped by a strong performance in its UK life insurance unit, although a rise in natural catastrophes led to a year-on-year rise in payouts. That rise was driven by a 7 percent rise in the value of new business at its life insurance unit, with assets under management on its UK...

  • NEW YORK, Aug 3- Billionaire hedge fund manager Seth Klarman said on Wednesday he would work to get Hillary Clinton elected president of the United States because he finds recent comments by Donald Trump "shockingly unacceptable." "His words and actions over the last several days are so shockingly unacceptable in our diverse and democratic society that it is...

  • NEW YORK, Aug 3- The SPDR DoubleLine Total Return Tactical ETF posted roughly $100 million of inflows in July, gaining more ground over the Pimco Total Return Active Exchange-Traded Fund in total assets under management, according to Morningstar data on Wednesday. The Pimco Total Return Active ETF, an actively managed intermediate-term ETF intended to mimic...

  • NEW YORK, Aug 3- Asset manager Apollo Global Management LLC posted quarterly earnings nearly five times that forecast on Wednesday, helped by a recovery in the oil market and a mark-up in the value of its insurance holding company. In its earnings release, New York- based Apollo said income earned from its private equity investments roughly quadrupled from a year...

  • NEW YORK, Aug 3- Asset manager Apollo Global Management LLC posted quarterly earnings nearly five times that forecast on Wednesday, helped by a recovery in the oil market and a mark-up in the value of its insurance holding company. In its earnings release, New York- based Apollo said income earned from its private equity investments roughly quadrupled from a year...

  • NEW YORK, Aug 3- Asset manager Apollo Global Management LLC reported much higher-than-expected quarterly earnings on Wednesday, boosted by large gains in its credit and private equity investments, and a mark-up in the value of its insurance holding company. On a per share basis, it more than doubled to 98 cents from 38 cents a year earlier. Earnings from its credit...

  • NEW YORK, Aug 3- Asset manager Apollo Global Management LLC reported much higher-than-expected quarterly earnings on Wednesday, boosted by large gains in its credit and private equity investments. Economic net income, a key metric for U.S. private equity firms that accounts for unrealized gains or losses in investments, came to $394.9 million after taxes.

  • PARIS, Aug 3- AXA, Europe's second-biggest insurer, reported a 4 percent rise in net profit for the first half of 2016, boosted by proceeds from real estate disposals but held back by natural catastrophe costs and lower asset management revenue. "We have delivered resilient underlying earnings... despite market headwinds and a higher cost of natural events,"...

  • PARIS, Aug 3- AXA, Europe's second-biggest insurer, reported a 4 percent rise in net profit for the first half of 2016, boosted by proceeds from real estate disposals but held back by natural catastrophe costs and lower asset management revenue. Net income was 3.2 billion euros in the first half of 2016, an increase of 4 percent on a reported basis and at constant...

  • PARIS, Aug 3- AXA, Europe's second-biggest insurer, reported a 4 percent rise in net profit for the first half of 2016, boosted by proceeds from real estate disposals but held back by natural catastrophe costs and lower asset management revenue. Net income was 3.2 billion euros in the first half of 2016, an increase of 3 percent at constant exchange, rates and below...

  • BOSTON, Aug 2- Marcato International, an activist hedge fund that mainly bets on U.S. equities, returned 10.4 percent in July, handily beating the broader stock market index's gain, when the fund made two new investments. Last week, Taikang Life Insurance, run by Chen Dongsheng, who founded Chinese auction house China Guardian, took a 13.5 percent stake in Sotheby's.