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Asset Management and Custody Banks

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  • 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.

  • Oct 15- BlackRock Inc said on Wednesday that its assets under management had increased 10 percent in the third quarter. BlackRock ended the quarter with $4.5 trillion in assets under management. Investors pulled $80 million from BlackRock's alternative funds in the third quarter.

  • BlackRock's third-quarter profit rises 26 percent Wednesday, 15 Oct 2014 | 6:27 AM ET

    The New York- based asset manager reported net income of $917 million, or $5.37 per share, up from $730 million, or $4.21 per share, a year earlier.

  • Jury selection begins in Florida trial of UBS banker Tuesday, 14 Oct 2014 | 11:13 AM ET

    FORT LAUDERDALE, Fla., Oct 14- Jury selection began on Tuesday in the trial of a former high-ranking UBS bank executive, who is charged in South Florida with helping thousands of Americans avoid paying taxes by concealing up to $20 billion in secret Swiss bank accounts. Raoul Weil, 54, was the third-highest ranked executive at the Zurich- based wealth management...

  • European shares sink to 8-month low on growth jitters Tuesday, 14 Oct 2014 | 7:15 AM ET

    "The survey further confirmed the stagnation in Europe, which is building on a negative sentiment that has already been growing with previous data points. We are cautious on Europe and therefore very cautious on cyclicals such as banks, "said Lorne Baring, managing director of B Capital Wealth Management. "Investors are pricing in continued bad data prints...

  • NEW YORK, Oct 13- The Arkansas Teacher Retirement System terminated Pacific Investment Management Co, which managed about $475 million for its pension fund, following the departure of Bill Gross in late September, George Hopkins, executive director, said on Monday. Gross, one of the bond market's most renowned investors and the former manager of the flagship...

  • NEW YORK, Oct 13- The Arkansas Teacher Retirement System terminated Pacific Investment Management Co, which managed about $475 million for its pension fund, following the departure of Bill Gross in September, George Hopkins, executive director, said on Monday. "Under any circumstance, we were going to trim our fixed-income exposure," Hopkins told Reuters.

  • BOSTON, Oct 13- Abigail Johnson has taken another big step toward being the next leader of Fidelity Investments after the company said she will add the title of chief executive to her duties. Johnson, 52, will continue to report to her 84- year-old father, Edward C. Johnson III, Boston- based Fidelity's chairman. Fidelity is the second-largest U.S. mutual fund...

  • *Luxottica shares tumble as new CEO set to leave. Shares in German lender Commerzbank rose 2.3 percent after sources told Reuters preliminary talks with the European Central Bank have given the bank no reason to believe its capital will fall below stress test requirements. Air France-KLM gained 1.9 percent and Lufthansa climbed 1.6 percent as Brent crude...

  • LONDON, Oct 13- European stocks reversed early losses on Monday as airline shares gained after crude oil prices fell to near a four-year low, though broad dollar weakness and a jump in gold signaled investor concern over global economic health. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.5 percent. Germany's Lufthansa rose 3.3 percent...

  • *Luxottica shares tumble as new CEO set to leave. PARIS, Oct 13- European stocks paused on Monday following their steep three-week sell-off, with shares in airlines bouncing back as oil prices extended their slide on ample supply. Air France-KLM gained 3.4 percent and Lufthansa climbed 3.3 percent as Brent crude sank below $88 a barrel, its lowest level in almost...

  • *Saudi Arabia reopens after week-long holiday. DUBAI, Oct 12- Stock markets across the Middle East tumbled on Sunday, led by Dubai and Saudi Arabia where the main indexes sank 6.5 percent, as declines on global bourses and falling oil prices sparked a broad sell-off in the region. Global markets took a big hit on Friday as investors fled to the safety of government...

  • NEW YORK, Oct 12- Roger Dean Gillispie, a former General Motors security guard, spent 20 years in an Ohio prison for rape until a federal court ordered him released in 2011. Now he wants to sue GM for allegedly helping to frame him, and he's getting support from an unlikely source: hedge funds. Gillispie, who is waiting to see if he will face a new criminal trial, has...

  • *$100 bln of assets have left sector since 2012. LONDON, Oct 10- In a telling sign that commodities may struggle for several years to attract investment flows, a clutch of professionals who make their living from the asset class slammed its prospects at a recent conference. "The marginal benefit of commodities today is less than the costs of obtaining and...

  • NEW YORK, Oct 10- An index of global equities fell to a seven-month low and oil hit a two-year low on Friday, continuing a string of weakness built on worries about weak worldwide economic growth. Assets tied to expectations for improved growth have been hit by a recent raft of weak indicators from Europe at a time when other big economies, including China, Japan and...

  • Oct 9- Morgan Stanley is embracing the financial reforms intended to curb its animal spirits to generate bigger profits. Unlike most of its rivals, Morgan Stanley has been building its private equity business using structures that are subject to the Volcker rule, which restricts the amount of money a bank and its employees can contribute to such funds.