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Asset Management and Custody Banks

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  • BOSTON, April 23- Liquid alternative products, the look-alike hedge funds wooing customers with promises of getting their money back more easily and paying lower fees to have it managed, now have something else to brag about: superior returns. Among so-called liquid alts funds, Daman Investments' Daman Fifth Fund was last year's best performer boasting a 232...

  • NEW YORK, April 23- Goldman Sachs Group Inc's Asset Management plans to acquire the Pacific Global Advisors solutions business from Pacific Life Insurance Co, the company said on Thursday. The business provides investment and risk management services to institutional investors and has assets under supervision of more than $18 billion.

  • CALGARY, April 23- Canadian Imperial Bank of Commerce is in talks with several U.S. companies on a potential $2 billion wealth-management and private-banking acquisition, its top executive said in an interview. But Chief Executive Victor Dodig said CIBC, which has been eyeing the U.S. wealth management space for a while, must be patient as such companies don't...

  • COMPANIES ON A POTENTIAL $2 BLN WEALTH-MANAGEMENT AND PRIVATE-BANKING ACQUISITION.

  • April 23- Investment bank and asset manager Lazard Ltd reported a better-than-expected quarterly profit as a jump in corporate dealmaking boosted its M&A advisory fees. M&A and other advisory fees for Lazard, the sole adviser to H.J. Some of the other ongoing big deals that Lazard is part of include AT&T Inc's $67.1 billion bid for DirecTV and Pfizer Inc's $17...

  • LONDON/ BOSTON, April 23- London- based Denjoy Capital Partners, backed by powerful investor Blackstone Group, is shutting down its European long-short equity hedge fund following a slump in returns, a letter to investors seen by Reuters showed. The Denjoy Integral Fund- which bets on both rising and falling shares- recorded overall returns of 13.9 percent since...

  • April 23- Investment bank and asset manager Lazard Ltd reported a better-than-expected quarterly profit as a jump in corporate dealmaking boosted its M&A advisory fees. M&A and other advisory fees for Lazard, the sole adviser for H.J. The other ongoing big deals that Lazard is part of include AT&T Inc's $67.1 billion bid for DIRECTV and Pfizer Inc's $17 billion...

  • Lazard adjusted profit rises 27 pct Thursday, 23 Apr 2015 | 7:10 AM ET

    April 23- Investment bank and asset manager Lazard Ltd reported a 27 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 $103 million, or 77 cents per share, in the first quarter ended March 31, from $81.3 million, or 61 cents per share, a year earlier. Lazard said M&A and other...

  • Vitamin Shoppe rises as Carlson Capital boosts stake Wednesday, 22 Apr 2015 | 4:11 PM ET

    NEW YORK— Shares of nutritional supplement seller Vitamin Shoppe jumped Wednesday after the asset management firm Carlson Capital said it has boosted its stake in the company. Carlson Capital LP disclosed ownership of about 1.6 million shares of Vitamin Shoppe, giving it a 5.3 percent stake in the company. In a form filed with the Securities and Exchange...

  • ON THE MOVE-RBC hires two advisers from UBS Wednesday, 22 Apr 2015 | 11:53 AM ET

    April 22- RBC Wealth Management, part of Royal Bank of Canada, hired two advisers at Naples, Florida from UBS Financial Services Inc, the wealth management unit of UBS AG. Dustin Smith and James Rubinton managed $289 million in client assets at UBS. RBC said on Monday it hired three Morgan Stanley financial advisers, Brian Friday, Richard Bondi and Eric Gregory, at a...

  • *China set to allow daily repatriation from QFII scheme- sources. HONG KONG, April 22- China is set to enhance the convertibility of its yuan currency by allowing capital to be taken out on a daily basis from the largest investment scheme open to foreign investors, people with knowledge of the plans told Reuters. Currently, foreign asset managers and banks...

  • FOREX-Euro turns up as dollar trims gains Tuesday, 21 Apr 2015 | 11:47 AM ET

    *Euro pares losses over Greece. The report aggravated worries that Greece was heading towards a cash crunch, which would force it to default on its debt and eventually exit the currency union. "We are having a bit of a flight to safety relating to Greece," said Kathy Lien, managing director at BK Asset Management in New York.

  • PARIS, April 21- Proxy advisory firms are threatening to block key financial resolutions at French aerospace group Safran, opening a second front in a battle between the French government and institutional investors over a new corporate law. Safran has been able to sidestep the row over "one share, one vote" at companies such as Renault because it already has a...

  • Midwestern firm Wealth Enhancement Group as Lightyear seeks another windfall good investment in the wealth management market. Marron said Wealth Enhancement Group has strong leaders and a team-based approach that will enable it to grow quickly to the scale of a firm like Cetera. The terms of the deal were not disclosed, but Lightyear will purchase the stake...

  • April 20- Hedge fund manager David Einhorn's Greenlight Capital has taken a new stake in General Motors Co, nearly a year after selling off it position in the automaker, the firm said in a letter to clients on Monday seen by Reuters. The $11 billion fund believes General Motors has put behind it the impact of recalling more than 2.5 million vehicles in 2014 because...

  • Einhorn's Greenlight Capital buys into GM again Monday, 20 Apr 2015 | 6:57 PM ET

    April 20- Hedge fund manager David Einhorn's Greenlight Capital has taken a fresh stake in General Motors Co, nearly a year after exiting its position in the automaker, the firm said in a letter to clients on Monday. The fund believes General Motors has put the impact of recalling more than 2.5 million vehicles in 2014 because of ignition switch issues behind it,...

  • April 20- BlackRock Inc, one of the world's largest asset managers, agreed to pay $12 million to resolve U.S. Securities and Exchange Commission charges that a unit failed to disclose a conflict of interest created by the outside business activity of a top portfolio manager. The SEC on Monday said BlackRock Advisors LLC breached its fiduciary duties to clients...

  • NEW YORK, April 20- Profit in Morgan Stanley's wealth management division rose 24.6 percent in the first quarter, but new money from clients fell by about one-third, the company said on Monday. Morgan Stanley made a big bet on that theory two years ago by completing its purchase of Citigroup Inc's Smith Barney, the industry leader in selling fee-based managed...

  • SHANGHAI, April 18- China's recent liberalisation of stock short-selling rules is not intended to encourage the practice, the China Securities Regulatory Commission said on Saturday, after overseas markets dropped sharply in response to the move. Institutional investors including mutual fund companies and asset management businesses of securities...

  • TORONTO, April 17- Two of Canada's largest pension funds, shareholders of Canadian Imperial Bank of Commerce, said on Friday they will demonstrate their unhappiness with CIBC's executive pay structure at the lender's annual meeting next week. CIBC named Victor Dodig as its chief executive last year, replacing Gerry McCaughey, who retired in September 2014.