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Asset Management and Custody Banks

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  • Morgan Stanley's income nearly doubles Friday, 17 Oct 2014 | 7:49 AM ET

    NEW YORK— Morgan Stanley's third-quarter net income nearly doubled, helped by strength in its institutional securities and wealth management divisions. Morgan Stanley had a large increase in pre-tax income for its institutional securities business, which includes the firm's prime brokerage, trading and investment banking divisions.

  • Oct 17- Morgan Stanley reported an 87 percent rise in third-quarter earnings as the Wall Street bank's trading and wealth management businesses benefited from increased client activity. Morgan Stanley's shares rose 5.7 percent to $34.40 in premarket trading on Friday. The stable fee income Morgan Stanley receives for advising individuals on their...

  • Morgan Stanley profit jumps 87 pct Friday, 17 Oct 2014 | 7:21 AM ET

    Oct 17- Morgan Stanley reported an 87 percent rise in third-quarter earnings as the Wall Street bank's trading and wealth management businesses benefited from increased client activity. Net income attributable to common shareholders rose to $1.65 billion, or 84 cents per share, in the three months ended Sept.30 from $880 million, or 45 cents per share, a year...

  • Goldman Sachs in talks to buy ETF provider: Sources Thursday, 16 Oct 2014 | 11:37 PM ET

    Goldman Sachs is in discussions to acquire IndexIQ, an exchange-traded fund provider, according to three sources familiar with the situation.

  • NEW YORK, Oct 16- Russell Investments and the Fort Lauderdale Police& Fire Retirement System said on Thursday they dropped Pacific Investment Management Co as the manager of their bond portfolios following the departure of Bill Gross in late September. Gross, who managed the Pimco Total Return Fund and co-founded the firm over 40 years ago, resigned on Sept. 26 to...

  • NEW YORK, Oct 16- A former analyst at a San Francisco hedge fund who prosecutors say engaged in an "unparalleled" spree of tipping inside information he obtained from an executive at Foundry Networks Inc was sentenced on Thursday to five years in prison. District Judge Robert Patterson in Manhattan to pay $653,890 in fines and forfeitures for his role in a...

  • Oct 16- Goldman Sachs Group is in discussions to acquire IndexIQ, a Rye Brook, New York- based exchange-traded fund provider, according to three sources familiar with the situation. In September, Goldman sought permission from the U.S. Securities and Exchange Commission to introduce a series of actively managed ETFs 1/ 8 ID: nL2N0RN1N7 3/ 4. However, if Goldman were...

  • NEW YORK, Oct 16- Short seller Carson Block, the founder of research firm Muddy Waters LLC who has exposed accounting problems at a slew of Chinese companies, said on Thursday that he is seriously considering launching a hedge fund investment firm. "We are more so than ever very seriously considering becoming a fund manager, but it would not be the same sort of Muddy...

  • Firm paying $1M in SEC case on high-speed trading Thursday, 16 Oct 2014 | 2:35 PM ET

    The Securities and Exchange Commission also censured Athena Capital Research, which it said used a trading algorithm code-named "Gravy" to manipulate the closing prices of thousands of stocks on the Nasdaq market. Athena placed a large number of rapid trades in the final two seconds of nearly every trading day over six months, the SEC said Thursday.

  • *Third-quarter ENI 66 cents per share; Wall Street view 72 cents. Oct 16- Blackstone Group LP, the world's largest alternative asset manager, on Thursday reported lower-than-expected third-quarter earnings, but said it was well positioned to profit from market jitters and put more of its $42.3 billion in undrawn investor capital to work. Blackstone, whose...

  • *National Stock Exchange of India Ltd: India's biggest stock exchange is over 10 percent owned by nation's biggest lender State Bank of India. State Bank of India owns about 4.8 percent of BSE, while Central Bank of India and Bank of India also own about 1 percent each. State Bank of India, Bank of Baroda and Punjab National Bank each own 18.5 percent of the fund house.

  • MUMBAI, Oct 16- India's state-owned banks, weighed down by bad loans and lackluster profits, could within months begin the sale of billions of dollars of unwanted assets to help raise cash needed to meet tougher regulation. IDBI Bank Ltd- another state-owned lender which owns stakes in the country's top stock exchange and rating agency Credit Analysis and...

  • *Assets under management at $284 billion at end September. Third-quarter ENI 66 cents per share; Wall Street view 72 cents. Oct 16- Blackstone Group LP, the world's largest alternative asset manager, on Thursday reported lower-than-expected third-quarter earnings, but said it was well positioned to profit from market jitters and put more of its $42.3 billion in...

  • LONDON, Oct 16- Scarce resources and pollution control measures are the two environmental issues which have the most impact on the net earnings of businesses today, a private equity fund manager said on Thursday. London- based Ambienta says it is the largest European private equity fund specializing in the environmental sector, with more than 450 million euros...

  • Oct 16- Blackstone Group LP, the largest publicly listed alternative asset manager, reported an 18 percent rise in third-quarter profit on Thursday, missing many analysts' expectations. Blackstone, whose investments include the Weather Channel, shoemaker Crocs Inc and SeaWorld Entertainment Inc, said economic net income, a metric of profitability that takes...

  • FORT LAUDERDALE, Fla., Oct 15- A former top UBS executive on trial in South Florida for tax fraud was on a committee in charge of managing U.S. demands that the Swiss bank disclose secret offshore accounts, UBS's former head of cross-border business testified on Wednesday. Raoul Weil, 54, who headed wealth management at Zurich- based UBS until his indictment, is...

  • NEW YORK, Oct 15- The global wealth and investment management businesses contributed 21.7 percent of Bank of America Corp's revenue in the third quarter, the highest since the bank took over brokerage giant Merrill Lynch during the depths of the financial crisis in 2009.. Revenue from the retail brokerage, private banking and financial planning businesses...

  • Hedge funds bleed as AbbVie reconsiders Shire bid Wednesday, 15 Oct 2014 | 11:51 AM ET

    LONDON, Oct 15- Some of the world's best known hedge funds lost hundreds of millions of dollars in the value of the stock they hold as Shire plunged after AbbVie's decision to reconsider its $55 billion bid for the British healthcare group. Chicago- based AbbVie was eager to buy Shire to reduce its U.S. tax bill by moving its tax base to Britain. "It seems Abbvie is...

  • The Tehran Stock Exchange is "the last, large untapped emerging market in the world", said Ramin Rabii, managing director of Turquoise Partners, a Tehran- based investment firm with around $200 million of assets under management. Talks between Iran and world powers in Vienna this week aim to reach a deal on Tehran's disputed nuclear programme.

  • Oct 15- BlackRock Inc, the world's largest money manager, said on Wednesday that third-quarter earnings rose 26 percent, boosted by an improved performance of its fixed income funds. BlackRock ended the quarter with $4.5 trillion in assets under management, up 10 percent from a year earlier, while net inflows rose almost 4 percent to $28.7 billion.