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Asset Management and Custody Banks

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  • Belgian judge withdraws arrest threat for HSBC directors Wednesday, 11 Feb 2015 | 12:51 PM ET

    BRUSSELS, Feb 11- HSBC has offered to co-operate with Belgian authorities and as a result a judge has withdrawn his threat to issue international arrest warrants against senior directors of its Swiss private banking arm, Brussels prosecutors said on Wednesday. The Belgian judge has charged the HSBC unit with tax fraud and money laundering, accusing it of...

  • NEW YORK, Feb 10- Pimco said on Tuesday that it has hired Joachim Fels, formerly managing director and chief economist at Morgan Stanley, as the world's biggest bond manager continues to bolster its ranks after a leadership shake-up over the last year. Fels will join as a managing director and global economic advisor, the Newport Beach, Calif.- headquartered...

  • WASHINGTON, Feb 10- The Obama administration on Tuesday set a goal of raising $2 billion in philanthropic investments to fight climate change, including technologies to slash carbon emissions. The Clean Energy Investment Initiative is seeking investments to try to bridge the "valley of death"- the gap in funding between research and development and...

  • Swiss scandal haunts HSBC's former boss Stephen Green Tuesday, 10 Feb 2015 | 12:17 PM ET

    DUBLIN, Feb 10- The scandal at HSBC's Swiss private banking arm is particularly awkward for former executive chairman Stephen Green. But the leaking of a vast array of detail about how HSBC's Swiss-based private bank allegedly helped some wealthy clients to dodge taxes has raised questions how Green apparently failed to spot serious control and compliance...

  • NEW YORK, Feb 10- Goldman Sachs Group Inc is trying to convince investors that its business model does not need to change. Those ideas run contrary to a common narrative on Wall Street about Goldman: It is good at earning money by trading and investing its own capital, but little else. "Most people will tell you Goldman makes almost all its money on trading- I hear it all...

  • Feb 10- KKR& Co LP on Tuesday reported an 89 percent drop in fourth-quarter profit, much steeper than expected, becoming the latest alternative asset manager to report lower earnings because of plunging oil prices. Peer Apollo Global Management LLC said last week its fourth-quarter profit fell by 79 percent. Adding to its woes was U.S. oil and gas producer Samson...

  • LONDON, Feb 10- British Business Secretary Vince Cable has written to HSBC questioning how quickly its Swiss private banking arm stopped practices which may have helped customers avoid tax, saying he's troubled by claims they "may have continued much more recently." In a letter to Douglas Flint, HSBC's group chairman, Cable said he was "particularly troubled" by...

  • NEW YORK, Feb 10- Goldman Sachs Group Inc is trying to convince investors its business model is more diverse than meets the eye. Those ideas run contrary to the common narrative on Wall Street that Goldman is good at earning money by trading and investing its own capital, but little else. I hear it all the time, "said Rick Scott, who trades in Goldman shares as chief...

  • Goldman: Jack of all trades, not master of one -CEO Tuesday, 10 Feb 2015 | 8:00 AM ET

    NEW YORK, Feb 10- Goldman Sachs Group Inc is trying to convince investors that its business model is more eclectic than meets the eye. Those ideas run contrary to a common narrative on Wall Street about Goldman Sachs: that it is good at earning money by trading and investing its own capital, but little else. "Most people will tell you Goldman makes almost all its money...

  • LONDON, Feb 10- The head of HSBC's private bank has told staff past practices, which may have allowed some clients to dodge taxes, are unacceptable and the bank has no appetite to deal with such customers. "The practices and the banking model of that time are no longer acceptable," Peter Boyles, chief executive of HSBC's Global Private Banking since December 2012, said...

  • EXCLUSIVE-BlackRock to ramp up impact investing Monday, 9 Feb 2015 | 7:00 AM ET

    Feb 9- BlackRock Inc is planning an array of new investment products that will allow clients to invest in addressing large societal issues, such as global hunger or poverty, an executive at the New York- based firm said. BlackRock has tapped Deborah Winshel, the former president and chief operating officer of The Robin Hood Foundation, to oversee the initiative.

  • By Hideyuki Sano and Hirotoshi Sugiyama TOKYO, Feb 9- Japanese investors bought a record amount of foreign shares in January in a sign that public institutional investors, including Japan's $1.1 trillion mammoth pension fund, are heeding Prime Minister Shinzo Abe's call to chase higher-yielding assets. Japanese institutional investors purchased 1.619...

  • BOSTON, Feb 6- Hedge fund Barington Capital said on Friday that it would nominate two independent candidates to Eastern Co's board to push the industrial hardware maker to improve its financial performance and boost its share price. Barington and other hedge funds, including Nelson Peltz's Trian Fund Management, Daniel Loeb's Third Point and William...

  • *Help to fill vacuum left by venture capital in Europe. LONDON, Feb 6- Some of Europe's wealthiest families are investing chunks of their cash in technology companies, bringing the benefits of long-term horizons to start-ups and filling a funding hole for the continent's fledgling Facebooks. "The sector is very important for them," said James Innes, a partner at...

  • BOSTON, Feb 6- Hedge fund Barington Capital said on Friday that it would nominate two independent candidates to Eastern Co's board to push the industrial hardware maker to improve its financial performance and boost its share price. Barington and other hedge funds, including Nelson Peltz's Trian Fund Management, Daniel Loeb's Third Point and William...

  • Family money puts its faith in European technology Friday, 6 Feb 2015 | 7:48 AM ET

    *Help to fill vacuum left by venture capital in Europe. LONDON, Feb 6- Some of Europe's wealthiest families are investing chunks of their cash in technology companies, bringing the benefits of long-term horizons to start-ups and filling a funding hole for the continent's fledgling Facebooks. "The sector is very important for them," said James Innes, a partner at...

  • Cash withdrawals totaled $150 billion from Pimco's U.S. open-end mutual funds in 2014. In January, investors pulled $11.6 billion from the Pimco Total Return Fund. 'said Mendel Melzer, chief investment officer for The Newport Group, a Heathrow, Florida- based consultant to institutional investors, including 400 retirement plans, with $21 billion in assets...

  • NEW YORK, Feb 5- 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. Last year, passive funds brought in $166 billion in new investor dollars, while investors pulled $98 billion out of traditional funds run by...

  • UPDATE 1-LSE puts Russell Investments up for sale Thursday, 5 Feb 2015 | 12:55 PM ET

    LONDON, Feb 5- The London Stock Exchange Group said on Thursday it would sell Russell Investments, the asset management arm of the Frank Russell Co business which it acquired for $2.7 billion last year. The exchange beat a number of interested buyers, including the Canadian Imperial Bank of Commerce and a handful of private equity firms, sources told Reuters last...

  • LSE puts Russell Investments up for sale Thursday, 5 Feb 2015 | 12:28 PM ET

    LONDON, Feb 5- The London Stock Exchange Group said on Thursday it would sell Russell Investment, the asset management arm of the Frank Russell Co which it acquired for $2.7 billion last year. LSE said in a statement on Thursday it was launching a sale process, after already having received a number of expressions of interest in the unit. Reuters reported in January...