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Asset Management and Custody Banks

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  • BOSTON, March 5- Hedge fund manager Patrick McCormack is shutting down his roughly $1.4 billion Tiger Consumer Management, according to a letter sent to investors. Bloomberg first reported the news. When Stanley Druckenmiller and Chris Shumway announced their retirements in 2010 and 2011, their firms were liquidated.

  • NEW YORK, March 5- A New York state appeals court on Thursday approved Bank of America Corp's $8.5 billion settlement with mortgage securities investors in its entirety. Bank of America had agreed to the 2011 settlement with 22 institutional investors including BlackRock Inc, MetLife Inc and Allianz SE's Pacific Investment Management Co to resolve claims...

  • LONDON, March 5- British fund manager Schroders Plc reported a better than expected jump in profits on Thursday, as net inflows more than tripled and assets under management rose to a record level, sending its share price to a fresh life-time high. Schroders said it took in a net 24.8 billion pounds of new investments over the year and added 12.3 billion pounds from...

  • *Higher fund flows coming from eastern Europe to Dubai. Swiss-based but Abu Dhabi- owned Falcon would be open to deals covering its core target markets of the Gulf, Eastern Europe, Africa and South East Asia, according to Erich Pfister, who took up the role in January. The last major acquisition by Falcon, which manages around 16 billion francs of assets, was the...

  • LONDON, March 4- Britain agreed to sell its 40 percent stake in the Eurostar rail link for 585 million pounds to a consortium of Canadian public pension fund Caisse de Depot du Placement du Quebec and British asset manager Hermes. The government announced the deal for its stake in the high-speed rail link between Britain and continental Europe on Wednesday...

  • BOSTON, March 4- Mutual fund companies, including No. 2 Fidelity Investments, have slashed fees on their most popular funds by shifting billions of dollars into collective trusts not regulated by the U.S. Securities and Exchange Commission. "CITs are more opaque to the outside world because reporting requirements are not as stringent," said Michael Rawson,...

  • NEW YORK, March 3- Investors yanked another $8.6 billion from the Pimco Total Return Fund last month, Pimco said on Tuesday in the latest indication the firm's flagship fund is still reeling from the sudden departure of co-founder Bill Gross last September. In an interview with Reuters on Tuesday, Pimco Group Chief Investment Officer Dan Ivascyn said: "We...

  • NEW YORK, March 3- Pimco's top investment officer said on Tuesday that "late decision makers" are largely behind a rush of withdrawals from its flagship bond fund some five months after the departure of longtime manager Bill Gross, but the outflows should taper off before long. Ivasycn's comments came as the firm reported another $8.6 billion of outflows in...

  • NEW YORK, March 3- Investors yanked another $8.6 billion from the Pimco Total Return Fund last month, Pimco said on Tuesday in the latest indication the firm's flagship fund is still reeling from the sudden departure of co-founder Bill Gross last September. The fund had assets under management of $124.7 billion at the end of February, down from a peak of $292.9...

  • NEW YORK, March 3- Morgan Stanley, the biggest U.S. brokerage firm with more than 16,000 financial advisers, elevated Sara Furber to a new position as head of corporate and institutional wealth management and wealth management strategy, the company said in an internal memo on Tuesday. Morgan Stanley named Adam Kudelka to replace Furber as chief operating office...

  • Morgan Stanley realigns wealth management -memo Tuesday, 3 Mar 2015 | 2:29 PM ET

    NEW YORK, March 3- Morgan Stanley, the biggest U.S. brokerage firm with more than 16,000 financial advisers, elevated Sara Furber to a new position as head of corporate and institutional wealth management and wealth management strategy, the company said in an internal memo on Tuesday.

  • NEW YORK, March 2- DoubleLine Funds, an investment firm that has been a major competitor to bond fund Pimco, on Monday reported a net inflow of $1.59 billion in February, compared with a record net inflow in January of $3.04 billion. The Los Angeles- based firm, co-founded by Jeffrey Gundlach, said the DoubleLine Total Return Bond Fund, the firm's largest fund by total...

  • "We believe that Webster is now trading at an over $1 billion discount to fair value," the New York- based fund wrote in a letter sent to Webster Chief Executive Officer James Smith and seen by Reuters. Kerrisdale began accumulating its 2 million shares, or roughly 2 percent stake, in Webster in January, founder Sahm Adrangi told Reuters. Connecticut- based Webster...

  • JOHANNESBURG, March 2- Angola's central bank will probably have to devalue the kwanza and raise interest rates this year as a sharp drop in oil prices saps foreign exchange supply, the Angolan unit of Africa- focused investment bank Imara Securities said on Monday. Oil-dependent Angola slashed $17 billion off its budget this year due to the drop in the price of...

  • ABU DHABI, March 2- The Kuwait Investment Office, the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on U.S. assets after keeping that position for seven years, its chief executive said on Monday. Osama al-Ayoub, speaking at a business conference in Abu Dhabi, also said the KIO was going...

  • LONDON, Feb 27- Emerging market stocks dipped on Friday but were heading for their third weekly gain in the last four as investors positioned for an extended era of cheap money ahead of the European Central Bank's looming bond-buying scheme. "There a bit of market pressure on Turkey," said Aberdeen Asset Management portfolio manager Viktor Szabo.

  • LONDON, Feb 25- A portfolio manger at PIMCO, the world's biggest bond investor, said on Wednesday fewer banks would be available to execute deals for asset managers in two years times, as regulation reduces the trading capabilities of many market makers. A lot of highly professional and experienced traders are being let go, "said Alex Struc, an executive vice...

  • TOKYO, Feb 27- Japan's Nikkei share average hit a fresh 15- year high on Friday on upbeat Japanese industrial output data, while the market awaited an announcement from the country's biggest pension fund on its latest asset allocations. The Nikkei share average ended 0.1 percent higher at 18,797.94 points, its best closing level since April 2000.

  • The Voya Corporate Leaders Trust Fund, now run by a unit of Voya Financial Inc bought equal amounts of stock in 30 major U.S. corporations in 1935 and hasn't picked a new stock since. Some of its holdings are unchanged, including DuPont, General Electric, Procter& Gamble and Union Pacific. Others were spun off from or acquired from original components, including...

  • Nikkei firms as output data fans optimism for recovery Thursday, 26 Feb 2015 | 9:26 PM ET

    *Financial shares leading gains, Orix up. TOKYO, Feb 27- Tokyo share prices hit a fresh 15- year high on Friday on upbeat Japanese industrial output data, while the market awaited an announcement from the country's biggest pension fund on its latest asset allocations. "It seems like there is no reason to sell other than to take profits," said Takashi Hiroki, chief...