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Asset Management and Custody Banks

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  • NEW YORK, April 17- Morgan Stanley's big bet on wealth management is looking strong as fees, commissions and interest collected by its more than 16,000 brokers fueled a 13 percent rise in the business's first-quarter net income from a year earlier to $423 million, the company said Thursday.

  • NEW YORK, April 17- BlackRock Inc, the world's largest money manager, said on Thursday its first-quarter profit rose 20 percent, boosted by strong performance fees and strength in its retail business as investors poured money into long-term funds.

  • Blackstone 1Q net income up 58 percent Thursday, 17 Apr 2014 | 10:42 AM ET

    An adjusted profit measure favored by the private equity industry— economic net income, which strips out charges tied to employee stock grants from Blackstone's 2007 initial public offering of stock— rose 30 percent to $813.9 million, or 70 cents per unit, from $628.3 million, or 55 cents per unit.

  • DUBAI, April 17- Amina al-Rustamani, a member of a prominent UAE family, raised eyebrows among friends and relatives when she started her career in Dubai 13 years ago as an electrical engineer, becoming one of few females in the Middle East to enter the profession.

  • NEW YORK, April 17- BlackRock Inc, the world's largest money manager, said on Thursday its first-quarter profit rose 20 percent, boosted by strong performance fees and strength in its retail business as investors poured money into long-term funds.

  • Bain Capital raises $7.3 bln for flagship fund -sources Thursday, 17 Apr 2014 | 7:30 AM ET

    April 17- Bain Capital LLC has raised $7.3 billion from investors and its dealmakers for its next flagship fund, people familiar with the matter said on Thursday, underscoring the favorable fundraising environment for established private equity firms.

  • Judge wants Detroit mayor to back bankruptcy plan Thursday, 17 Apr 2014 | 4:02 AM ET

    DETROIT— Looking years ahead, the judge overseeing Detroit's bankruptcy said Thursday he wants assurances from the mayor and other elected leaders that they'll follow a final plan that likely cuts pensions, sheds debt and plows millions into better services.

  • NEW YORK, April 16- Bank of America's wealth management businesses slowed in the first quarter, with profit at its Merrill Lynch brokerage and U.S. Trust private banking units slipping 6.5 percent to $729 million from $777 million in the last quarter of 2013..

  • BOSTON, April 16- American Funds, one of the largest U.S. mutual funds families, sent an email to 825,000 shareholders on Wednesday advising them to change user names and passwords, citing "a very narrow window of risk" related to the "Heartbleed" Internet threat.

  • April 16- London- based Armajaro Asset Management lost nearly a quarter of assets at its largest commodities fund in the first quarter, the latest sign that edgy investors have continued to withdraw cash from the sector after weak returns, documents show.

  • April 16- London- based Armajaro Asset Management lost nearly a quarter of assets at its largest commodities fund in the first quarter, the latest sign that edgy investors have continued to withdraw cash from the sector after weak returns, documents show.

  • LONDON, April 16- United Nations economists who previously called for government intervention to tame volatile swings in commodity prices say banks and hedge funds have since reduced their influence to the lowest level since 2008..

  • Credit Suisse profits down 34 percent Wednesday, 16 Apr 2014 | 1:49 AM ET

    FRANKFURT, Germany— Swiss bank Credit Suisse says its net profit fell 34 percent in the first quarter, more than expected, as bond-market woes hurt earnings at its investment banking business. Profit dropped to 859 million Swiss francs from 1.303 billion francs in the same quarter a year ago.

  • Data from industry tracker Eurekahedge showed hedge funds in Europe managed a record $476.2 billion by the end of March, surpassing the previous high of $473 billion hit in October 2007, as investors look to tap into the region's gradual recovery.

  • LONDON, Apr 15- Investors cut extreme bets against emerging markets in April as improving Chinese growth expectations and cheap valuations attracted asset managers to the riskier asset class, a survey showed on Tuesday.

  • Loeb's $14.5 billion hedge fund Third Point currently owns a 9.6 percent stake in Sotheby's and started a proxy contest earlier this year, putting Loeb and two other people forward as directors.

  • *Yangtze region powered China's growth during boom years. SUZHOU, China, April 15- Suzhou, an ancient city in Jiangsu province 100 km west of Shanghai, lives in legend as one of China's most beautiful, famous for its elegant gardens and charming canals.

  • April 14- TIAA-CREF, a retirement services provider to non-profit organizations such as universities and hospitals, said it would acquire asset manager Nuveen Investments for $6.25 billion, seeking to expand its mutual fund and municipal bond offerings. Lazard Ltd and J.P. Morgan Securities LLC advised TIAA-CREF.

  • TIAA-CREF buying Nuveen for $6.25B Monday, 14 Apr 2014 | 8:33 AM ET

    NEW YORK— Financial services provider TIAA-CREF says it's buying investment manager Nuveen Investments in a deal valued at $6.25 billion including debt. Nuveen has about $221 billion in assets under management, bringing TIAA-CREF's total to about $800 billion. Nuveen is currently owned by an investor group led by investment firm Madison Dearborn Partners.

  • April 14- Asset manager TIAA-CREF will buy rival Nuveen Investments for $6.25 billion including debt, the Wall Street Journal reported, quoting top executives from both companies. The transaction, set to be officially announced Monday, would create a firm with nearly $800 billion under management, the Journal reported.

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