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Asset Management and Custody Banks

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  • 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.

  • T. Rowe Price Group CEO James Kennedy retiring Wednesday, 6 May 2015 | 9:20 AM ET

    NEW YORK— T. Rowe Price Group Inc. CEO and President James A.C. Kennedy will step down at the end of the year and is being replaced by another veteran at the asset-management company. William J. Stromberg will replace Kennedy as CEO and president as of Jan. 1, 2016. Kennedy has been with Baltimore- based T. Rowe Price Group for 38 years and has been CEO for the last nine...

  • *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.

  • NEW HAVEN, Conn.— A man who fought drug trafficking in the Caribbean as a U.S. Navy officer before beginning a finance career in Connecticut was sentenced Tuesday to two years and nine months in prison for misleading investors about accounts in the Cayman Islands. David Bryson, who was sentenced in New Haven federal court, is among three former executives of...

  • NEW YORK, May 5- Jeffrey Gundlach, chief executive of investment firm DoubleLine Capital, said on Tuesday he believes the U.S. DoubleLine is based in Los Angeles, and had $73 billion in assets under management as of March 31. It has attracted net inflows of money for 15 straight months, becoming one of the prime beneficiaries of outflows afflicting Allianz SE's...

  • Citadel's Kenneth Griffin, who launched his trading career from his Harvard dormitory in the 1980 s, topped the list with $1.3 billion, according to Institutional Investors' Alpha's 14th annual rankings. Renaissance Technologies founder James Simons came in second with $1.2 billion, and Bridgewater Associates' Ray Dalio placed third with $1.1 billion.

  • FRANKFURT, May 5- Allianz shareholders will see new Chief Executive Oliver Baete installed on Wednesday and will be eager for any clues about his strategy for Europe's largest insurer- and how he plans to improve the prospects of its asset manager Pimco. For the wider Allianz group, meanwhile, Baete must chart a course through perils created by rock-bottom...

  • UPDATE 2-Och-Ziff forecasts rise in legal expenses Tuesday, 5 May 2015 | 10:37 AM ET

    May 5- Hedge fund Och-Ziff Capital Management Group LLC said it expects legal expenses to rise in the current quarter, after reporting a rise in revenue, driven by higher incentive income and management fees. Legal expenses would affect Och-Ziff's second-quarter earnings and dividends, RBC Capital Markets analyst Bulent Ozcan said. Increased expenses due to...

  • FRANKFURT, Germany— Swiss bank UBS Group AG says net profit almost doubled in the first quarter as money from rich clients flowed into its wealth management businesses. The company said Tuesday that its net profit rose to 1.977 billion Swiss francs in the January to March quarter from 1.054 billion francs in the same quarter a year ago. Wealth management, which...

  • May 5- Hedge fund Och-Ziff Capital Management Group LLC reported a rise in quarterly revenue, helped by higher incentive income and management fees. Incentive income jumped 9.6 percent to $57.1 million in the first quarter ended March 31 from a year earlier, said Och-Ziff, one of only a handful of publicly traded hedge fund companies. Management fees rose 4.5...

  • *Quarterly net profit 1.98 bln Sfr vs 1.1 bln Sfr in poll. ZURICH, May 5- Switzerland's UBS reported its biggest quarterly profit in nearly five years on Tuesday, justifying the bank's decision to refocus on wealth management and slim down its investment bank. Inflows of cash from rich customers in Asia and a surge in foreign exchange dealing after the Swiss...

  • Citadel's Kenneth Griffin, who launched his trading career from his Harvard dormitory in the 1980 s, topped the list with $1.3 billion, according to Institutional Investors' Alpha's 14th annual rankings. Renaissance Technologies founder James Simons came in second with $1.2 billion, and Bridgewater Associates' Ray Dalio placed third with $1.1 billion.

  • "There are some jitters," said Bill Stone, chief investment officer at PNC Asset Management Group. "Greece is definitely part of it. The price of oil jumped $1.47 to close at $60.40 a barrel, the first time crude has traded that high since early December, following reports that a Libyan oil terminal had closed.

  • NEW YORK, May 4- Jeffrey Gundlach, chief executive of investment firm DoubleLine Capital, said on Monday he recommended that investors buy Puerto Rican municipal bonds partly for their yield, despite their risk. "Puerto Rican muni bonds are my recommendation for a risky thing to buy because they have priced in a lot of problems," Gundlach said at the annual Sohn...

  • NEW YORK, May 4- Not all investors agree with hedge fund manager David Einhorn's take on Pioneer Natural Resources' Co, which he described as "A business that burns cash and doesn't grow, isn't worth anything." "He is right if oil prices remain under $60; he is dead wrong if prices go beyond $75," said Fadel Gheit, an analyst at Oppenheimer& Co.. Because oil markets may be...

  • NEW YORK, May 4- Billionaire hedge fund manager David Einhorn, who often moves a stock simply by speaking its name, on Monday kicked off the year's most prominent investment conference by laying out a case against oil frackers, arguing these companies drill "lots and lots of holes" and burn through plenty of cash. Einhorn, who often unveils so-called short-bets...