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Diversified Financials Capital Markets

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  • *Asset managers relieved at no one size fits all. LONDON, July 23- Managers of smaller investment funds in the European Union will be exempt from new curbs on pay in their industry, the bloc's markets watchdog said on Thursday, a move welcomed by investment managers. The European Securities and Markets Authority published proposals on how the curbs could work in...

  • "We are talking to retirement-aged clients and telling them that traditional investing won't work anymore," said Mike Sorrentino, chief investment strategist at Global Financial Private Capital, a Florida- based firm that manages more than $6 billion in assets. Investors who habitually bought bonds and bank certificates of deposit have to look elsewhere for...

  • European shares fall after U.S. data, Aberdeen AM leads Thursday, 23 Jul 2015 | 10:03 AM ET

    *Aberdeen Asset Management falls after update. LONDON, July 23- European equities fell in late trading on Thursday, with disappointing updates from companies including Aberdeen Asset Management and British energy supplier SSE putting pressure on their share prices. Aberdeen Asset Management was the biggest decliner in the FTSEurofirst 300 index.

  • July 23- Investment bank and asset manager Lazard Ltd reported a quarterly profit that handily beat analysts' estimate as a jump in corporate dealmaking boosted its M&A advisory fees. M&A and other advisory fees, which account for 45 percent of Lazard's operating revenue, rose 17 percent to $273.2 million in the second quarter ended June. Some of the big deals...

  • Shares in Janus Capital Group fall as assets slip Thursday, 23 Jul 2015 | 7:09 AM ET

    DENVER— Janus Capital reported higher second-quarter net income and revenue on Thursday, helped by an increase in fees for managing investments. The Denver- based company reported net income of $43.1 million for the three months ending in June, up from $35.1 million a year ago. Investors' followed Bill Gross, the legendary bond investor, when he left Pacific...

  • Lazard adjusted profit jumps 53 pct Thursday, 23 Jul 2015 | 7:07 AM ET

    July 23- Investment bank and asset manager Lazard Ltd reported a 53 percent rise in quarterly adjusted profit as a jump in corporate dealmaking boosted M&A advisory fees. The company's adjusted net profit rose to $130.3 million, or 98 cents per share, in the second quarter ended June 30 from $85.4 million, or 64 cents per share, a year earlier. Lazard said M&A and...

  • *Accounted for 45 pct of Dubai's June trading volume. DUBAI, July 23- A surge in shares of Amlak Finance since they returned to Dubai's stock market last month has raised concerns about a new wave of unbridled speculation on one of the region's biggest exchanges. Amlak accounted for 45 percent of total traded value on Dubai's bourse in June, eclipsing much bigger...

  • HONG KONG, July 23- Credit Suisse Group's Asia chief on Thursday said the Swiss bank would consider raising headcount or buying a smaller peer to build up its private banking business, in a region where pretax profit doubled in the first half of this year. Asia is the world's fastest-growing private banking market, driven largely by China's growing economic...

  • *China stocks extend gains as market normalizes. South Korea's economy recorded its weakest expansion in six years in the second quarter, battered by a deadly virus outbreak and poor exports, while Japan reported strengthening export growth in June but concern remained over how shipments to China might be affected by its slowing economy.

  • South Korea's economy recorded its weakest expansion in six years in the second quarter, battered by a deadly virus outbreak and poor exports, while Japan reported strengthening export growth in June but concern remained about how shipments to China might be affected by its slowing economy. The MSCI's broadest index of Asia-Pacific shares outside Japan...

  • July 22- Bank of America Corp said on Wednesday it would replace its chief financial officer and its wealth management chief, a week after the bank reported its biggest quarterly profit in nearly four years. CFO Bruce Thompson, 51, will be replaced by Paul Donofrio from Aug 1. The bank also said David Darnell, the head of wealth management, would retire and be...

  • NEW YORK, July 22- A federal judge on Wednesday rejected hedge fund manager Doug Whitman's effort to throw out his insider trading conviction, and faulted the Whitman Capital LLC founder's "chutzpah" in suggesting that his conduct was not a crime. District Judge Jed Rakoff in Manhattan turned down Whitman's argument that his August 2012 conviction and two-year...

  • A total of 94 percent of plan sponsors use consultants, according to data from Pensions and Investments Magazine. Howard Jones of the Saïd Business School, University of Oxford, and Jose Vicente Martinez of the University of Connecticut delved into the data to try to determine why. Their new paper looked at 13 years of data from Greenwich Associates covering...

  • ISTANBUL, July 22- HSBC is set to agree to sell its Turkish business to Dutch lender ING Group for around $700 million- $750 million in the next few days, two people familiar with the matter told Reuters on Wednesday. Acquiring HSBC's business would allow ING to roughly double its around $15 billion of assets in Turkey, putting it on better footing in a highly...

  • NEW YORK, July 22- John McCormick has been on a mission for the past five years: to bring hedge funds to the masses. Traditional hedge funds, those lightly regulated investment pools open exclusively to large institutions and rich individuals, have been duds lately, trailing the U.S. stock market's performance every year since 2009 by an average of 10 percentage...

  • WASHINGTON— The 11 million Americans who receive Social Security disability face steep benefit cuts next year, the government said Wednesday, handing lawmakers a fiscal and political crisis in the middle of a presidential campaign. The trustees who oversee Social Security and Medicare said the disability trust fund will run out of money in late 2016. That...

  • July 21- James Rothenberg, chairman of U.S. fund manager Capital Group Cos Inc, died on Tuesday due to a heart attack, the company said in a statement. Rothenberg, who recently completed 45 years with the company, had served as vice chairman of the board and a portfolio manager of Growth Fund of America. Paul Schott Stevens, the president and chief executive of the...

  • Goldman bets on European stocks, steers clear of U.S. Tuesday, 21 Jul 2015 | 10:48 AM ET

    LONDON, July 21- With market jitters over Greece receding, Goldman Sachs is advising clients to load up on European stocks at the expense of U.S. assets. The investment bank upgraded its short-term view on European equities to "overweight" from "neutral" in a note dated July 20, which cited the recent deal to start negotiating a new Greece debt package as one of the...

  • OMAHA, Neb.— Online brokerage TD Ameritrade says its fiscal third-quarter profit rose roughly 4 percent thanks to strong trading and growth in client assets. TD Ameritrade's revenue also rose 4 percent to $794 million as the company handled an average of 433,759 trades per day and held $702.3 billion in client assets. TD Ameritrade CEO Fred Tomczyk said he...

  • July 20- Private equity firms Blackstone Group LP and Corsair Capital have agreed to acquire a majority stake in First Eagle Investment Management, valuing the company at around $4 billion including debt, First Eagle announced on Monday. Under the terms of the deal, private equity firm TA Associates is selling its entire stake in First Eagle and the family of...