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Capital Markets Asset Management and Custody Banks

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  • LONDON, May 11- Oil's sharp rally since the middle of March has been driven by a race among bearish hedge funds to cover loss-making short positions rather than any great bullishness about the outlook. Hedge fund short covering coincides almost precisely with the rise in front-month WTI prices, from a recent low of $42 per barrel on March 18 to a high of more than...

  • NEW DELHI, May 11- India has named private banker K.V. Kamath as the first head of a new development bank being set up by the BRICS group of emerging market economies, Finance Secretary Rajiv Mehrishi told reporters on Monday. The BRICS- Brazil, Russia, India, China and South Africa- agreed to set up the $100 billion development bank last July, in a step toward reshaping...

  • NEW YORK, May 8- Vadian Bank AG has become the second of what are expected to be dozens of Switzerland- based private banks to reach a deal with the U.S. Department of Justice under a voluntary disclosure program for assisting Americans in evading taxes. Gallen, in northeast Switzerland, accepted accounts that were forced out of other Swiss banks in 2008 after it...

  • *Pension fund managers expect ECB purchases to support market. LONDON, May 8- Following a recent sell-off in German bunds, pension fund managers are resisting making any major changes to their exposure to European government debt, confident that demand from the European Central Bank will stabilize markets. But portfolio managers expect continued European...

  • Citi sold its loan to Solus Alternative Asset Management, the sources said. Solus replaced Citi in an April 30 forbearance agreement with PREPA's lenders posted on the website of Puerto Rico's Government Development Bank. Citi's $146 million loan was part of a larger credit line of around $700 million, which PREPA uses to buy oil.

  • BUENOS AIRES, May 7- Hedge funds suing Argentina over its defaulted debt have had some funds in the country's Belgian diplomatic bank accounts frozen in a bid to pressure a settlement in the dispute, a move Buenos Aires described as "attempted extortion" and illegitimate. Argentina restructured most of that debt in 2005 and 2010, giving holders around 30 cents on...

  • "I don't think it is going to happen until 2016," said Anthony Scaramucci, founder of investment firm SkyBridge Capital and host of the three-day conference in Las Vegas. "I was in the camp that they would go in the first half of this year, but that has been pushed way back, back into the first half of 2016," said Lee Partridge, chief investment officer of asset management...

  • BUENOS AIRES, May 7- Hedge funds suing Argentina over its defaulted debt have had two government bank accounts frozen in a bid to pressure the country to improve the terms offered in its previous bond restructurings, a source familiar with the situation said on Thursday. Argentina restructured most of that debt in 2005 and 2010, giving holders around 30 cents on...

  • LAS VEGAS, May 6- Hedge fund mogul Daniel Loeb on Wednesday took aim at the " Oracle of Omaha," calling beloved billionaire Warren Buffett a hypocrite. He criticizes activists but he was the first activist, "Loeb, who runs $17.5 billion hedge fund Third Point, said about Buffett who has been running conglomerate Berkshire Hathaway for 50 years. Loeb, known in investment...

  • Paulson, Bernanke: What's said in Vegas stays in Vegas Wednesday, 6 May 2015 | 8:59 PM ET

    LAS VEGAS May 6- Would you like to know whether sage investor and mammoth hedge fund manager John Paulson is bullish on stocks? The SkyBridge Alternatives Conference, known as SALT, attracts 1,800 investors who pay thousands of dollars apiece to attend the annual Las Vegas event. As the head of $20 billion firm Paulson& Co., Paulson's thoughts on the markets and...

  • NEW YORK, May 6- Jeffrey Gundlach, chief executive of investment firm DoubleLine Capital, said Friday's report on U.S. nonfarm payrolls in April "feels to me that it's going to be weak." The ADP report, however, has a poor track record for predicting nonfarm payrolls, which is reported by the U.S. Department of Labor and which most economists expect to rebound from a poor...

  • May 6- A former managing partner at the failed Connecticut hedge fund firm New Stream Capital LLC was sentenced on Wednesday to 2 -1/ 2 years in prison after he admitted to being part of a scheme that prosecutors say defrauded investors out of $46 million. The sentence was announced by the U.S. Attorney's Office in Connecticut. Prosecutors said that in 2007, New...

  • *Taylor Woods, BBL Commodities among funds caught on wrong side. Those hurt by the abrupt turn included Connecticut- based Taylor Woods Capital Management and BBL Commodities in New York. Shale oil skeptic and market bull Andy Hall, however, saw his $3 billion Connecticut- based Astenbeck Capital Management rise about 10 percent through April, according to media...

  • CORRECTED-April's oil bounce trips up some hedge funds Wednesday, 6 May 2015 | 1:31 PM ET

    *Taylor Woods, BBL Commodities among funds caught on wrong side. Those hurt by the abrupt turn included Connecticut- based Taylor Woods Capital Management and BBL Commodities in New York. They contrasted with shale oil skeptic and market bull Andy Hall, who saw his $3 billion Connecticut- based Astenbeck Capital Management rise about 10 percent through April,...

  • RIYADH, May 6- Saudi investment firms are unlikely to see immediate benefits from the opening of the kingdom's stock exchange, the chief executive of Jadwa Investment told Reuters, with the company seeking business with regional institutions in the meantime. Authorities in Saudi Arabia released rules on Monday to govern qualified foreign investors wishing...

  • UPDATE 1-Pimco client outflows will hit profit - Allianz Wednesday, 6 May 2015 | 10:57 AM ET

    *Allianz says can't tell when inflows may start. *Allianz Q1 operating profit +4.8 pct, net +11 pct. FRANKFURT/ MUNICH, May 6- Outflows of customer funds from U.S. investment manager Pimco will hurt earnings this year- and it is not yet possible to predict when flows might turn positive again, owner Allianz warned on Wednesday.

  • *EU exit would be harmful for UK economy, Thiam says. LONDON, May 6- Prudential will post "very strong" first-half earnings, outgoing chief executive Tidjane Thiam said on Wednesday, as the insurer reported an 11 percent decline in new business profit in the first quarter. Thiam, who leaves at the end of the month to run Credit Suisse, said a healthy performance in...

  • JPMorgan gets SEC subpoenas over mutual fund sales Wednesday, 6 May 2015 | 5:11 AM ET

    May 6- JPMorgan Chase& Co said it has received subpoenas from the U.S. Securities and Exchange Commission over how it sells its mutual funds. Other government authorities and a self-regulatory organization, apart from the SEC, are also seeking information about the bank's use of proprietary products in its wealth-management business, JPMorgan said in a...

  • NEW YORK, May 6- A group of hedge funds that hold Puerto Rico's government debt plans to hire a litigation law firm as a financing deal that could help save the U.S. territory from a potential default looks increasingly remote. The Ad Hoc group of hedge funds, which holds $4.5 billion of Puerto Rico's debt, is planning to hire Robbins, Russell, Englert, Orseck,...

  • May 5- A former top executive of the failed Connecticut hedge fund firm New Stream Capital LLC was sentenced on Tuesday to 2-3/ 4 years in prison, after pleading guilty to conspiring to defraud clients as the 2008 financial crisis approached. Former managing partner David Bryson had pleaded guilty last May to a charge of conspiracy to commit wire fraud.