Capital Markets Asset Management and Custody Banks

  • *Comcast falls on PT cuts from Deutsche, Barclays. Oct 27- U.S. stocks reversed course late Thursday morning as weak results from several industrial and consumer discretionary companies eclipsed gains from healthcare stocks. Still it is not very robust, "said Michael Scanlon, managing director of Manulife Asset Management.

  • Oct 27- Financial advisory and asset management firm Lazard Ltd's quarterly profit tumbled 71.8 percent as costs rose. Net income attributable to Lazard fell to $112.54 million in the third quarter ended Sept. 30 from $398.52 million a year earlier. Earnings per share fell to 85 cents from $2.99.

  • Oct 26- Morgan Stanley said on Wednesday it would allow its wealth management clients to choose the way they pay the firm for retirement accounts covered by a new fiduciary rule. The Department of Labor rule, announced in April, sets a standard for brokers who sell retirement products and requires them to put clients' best interests ahead of their own bottom line.

  • Oct 26- Morgan Stanley said on Wednesday it would retain choices in how its wealth management clients, who receive advice from financial advisers, pay for retirement accounts covered by a new fiduciary rule. The company's wealth management clients will have the choice of paying commissions or asset-based fees in retirement accounts subject to the new...

  • A long period of outperformance of shares with lower volatility has helped to give rise in recent years to what amounts to a new investment style, low volatility, with more than $15 billion flowing into this type of mutual fund and exchange-traded fund in the first seven months of the year, according to Morningstar data. A recent period of lagging returns, both in...

  • NEW YORK, Oct 26- U.S.-based stock mutual funds reported the largest outflows in five years, Investment Company Institute data showed on Wednesday, adding to a poor year of sales for the funds. Some $16.9 billion moved from stock mutual funds in the seven days through Oct. 19, more than in any other week since August 2011, the trade group's data showed. billion.

  • The influential state-run newspaper Global Times said late on Tuesday in its English-language edition that announcement from the Ministry of Human Resources and Social Security's decision to proceed with the plan has triggered concerns over the management of the pension funds. "Managing the pension could be a problem since the funds are currently in the...

  • STOCKHOLM, Oct 26- Telecoms gear maker Ericsson picked Swedish businessman and board member Borje Ekholm to take over as chief executive on Wednesday as the firm grapples with cost cuts and an industry downturn. Ekholm, 53, served for a decade as CEO of the Wallenberg family-backed investment firm Investor AB and is currently CEO of Investor AB subsidiary...

  • BOSTON, Oct 25- Nick Graziano, a former top executive at hedge fund Corvex Management, has obtained early-stage financing from Constellation Seeding, putting his new hedge fund on track to start trading on Nov. 1, a person familiar with the matter said on Tuesday. Greenwich, Connecticut- based Venetus Partners LP plans to invest in mid-sized North American...

  • BOSTON, Oct 25- Nick Graziano, a former top executive at hedge fund Corvex Management, has obtained early-stage financing from Constellation Seeding, putting his new hedge fund on track to start trading on Nov. 1, a person familiar with the matter said on Tuesday. Greenwich, Connecticut- based Venetus Partners LP plans to invest in mid-sized North American...

  • Oct 24- BlueBay Asset Management LLP named Anahita Firouzbakht as director, consultant relations. Based in London, she will report to Cenk Turkinan, partner and head of institutional sales and consultants. Previously, Firouzbakht worked at Pictet Asset Management, where she was vice president in the global consultants team.

  • BEIJING, Oct 24- China's banking regulator plans to allow local governments to set up more asset management companies as part of a broader effort to manage corporate debt and reduce the growing volume of troubled bank loans that pose a risk to the economy. The China Banking Regulatory Commission is relaxing rules that only allow one local AMC per province, three...

  • Oct 20- BNY Mellon Corp, the world's largest assets custodian, could be in the hunt for an acquisition to build its investment management arm, which analysts said could benefit from an exchange-traded fund provider to retail investors. Kyle Sanders, an equity analyst at Edward Jones, said the bank may expand its reach with ETFs, adding that there will be no shortage...

  • BOSTON, Oct 20- Investors frustrated by poor returns and high fees at hedge funds pulled out roughly 1 percent of industry capital in the third quarter, with outflows totaling $28 billion. Third-quarter redemptions nearly tripled from the $8.2 billion investors redeemed during the second quarter, raising the amount of money pulled out this year to $51.5...

  • Oct 20- BNY Mellon Corp CEO Gerald Hassell said on Thursday he expects to see more consolidation in the asset management industry and did not rule out that the world's largest custody bank could be a buyer in a market that is punishing actively managed funds. BNY Mellon's investment management business has about $1.7 trillion in assets and includes Dreyfus...

  • Train Fund Management LP, which had a 3.02 percent stake as of June 30, has praised the bank for its progress and said its leadership had demonstrated the will to improve performance. The bank said its non-interest expenses fell to $2.64 billion in the third quarter ended Sept. 30 from $2.68 billion a year earlier as the dollar's strength helped to reduce software,...

  • BOSTON, Oct 20- Investors pulled $28 billion out of hedge funds during the third quarter, the largest amount of quarterly redemptions since the end of the financial crisis, research firm Hedge Fund Research reported on Thursday. In the first nine months of the year investors instructed hedge funds to return $51.5 billion, putting the $2.9 trillion industry on...

  • Oct 20- Senior BNY Mellon Corp executives said on Thursday they expect to see more consolidation in the asset management industry and Chief Executive Gerald Hassell did not rule out that the bank could be a buyer in a market that is punishing actively managed funds. "I do think there will be further consolidation," Hassell said, when asked by an analyst if the...

  • BNY MELLON CEO HASSELL SAYS HE SEES MORE CONSOLIDATION AHEAD FOR ASSET MANAGEMENT INDUSTRY.

  • BNY MELLON INVESTMENT MANAGEMENT CHIEF MITCHELL HARRIS SAYS LOW PERFORMING ASSET MANAGERS WILL HAVE TO MERGE OR EXIT MARKET.