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Asset Management and Custody Banks

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  • *Stock funds in Europe outnumber listed stocks. LONDON, March 11- When British investment firm Hargreaves Lansdown compiled a list of the best funds for its clients more than a decade ago, it came up with 150 names. The shrinkage of Hargreaves'' Wealth 150' list is all the more striking because assets in funds for British retail investors have grown two and a half times...

  • LONDON, March 11- Credit Suisse's next chief executive, Tidjane Thiam, could cut almost 3,000 jobs from its investment bank, or 15 percent of staff, as part of a shift of capital away from trading desks to private banking in Asia, analysts said. Credit Suisse said on Tuesday Thiam, the chief executive of UK insurer Prudential, would take over from current CEO Brady...

  • SEOUL, March 11- The second-largest shareholder in Hyundai Motor Co and its two affiliates will vote against the reappointment of some board members who last year approved buying a Seoul property for $10 billion or three times its appraised value, a person with direct knowledge of the matter said on Wednesday. Brain Asset Management, which holds 0.14 percent of...

  • China stocks rise, banks lead; HK shares mixed Wednesday, 11 Mar 2015 | 12:51 AM ET

    *China stocks up on signs of fresh money inflows. SHANGHAI, March 11- China's stock market edged up on Wednesday morning, led by financial shares on signs that fresh money is flowing into blue chips after their recent correction. In addition, the head of China's Ministry of Human Resources and Social Security told a press conference in Beijing on Tuesday that...

  • March 10- KKR& Co LP is in advanced talks to acquire Air Medical Group Holdings Inc in a deal that could value the U.S. helicopter ambulance company at around $2 billion, including debt, according to people familiar with the matter. KKR, a New York- based private equity firm, has prevailed over other buyout firms in the auction for Air Medical and is now in the final...

  • *Credit Suisse names Prudential's Tidjane Thiam as new CEO. *Credit Suisse shares rally 7.5 pct. ZURICH/ LONDON/ HONG KONG, March 10- Credit Suisse has swooped on Prudential boss Tidjane Thiam to replace chief executive Brady Dougan- seen to have failed in reforming the Swiss bank fast enough- in order to push into wealth management of a growing multi-millionaires...

  • *Credit Suisse names Prudential's Tidjane Thiam as new CEO. *Credit Suisse shares open 8.8 pct higher after news. ZURICH/ LONDON/ HONG KONG, March 10- Credit Suisse is bringing in Tidjane Thiam, the head of British insurer Prudential, as its new chief executive to help drive the Swiss bank's push into wealth management in emerging markets.

  • NEW YORK, March 9- U.S. prosecutors have concluded that a former Wyoming Retirement System chief investment officer's insider trading guilty plea is no longer valid following a major appellate ruling limiting the ability of authorities to prosecute insider trading cases. Prosecutors in a letter filed on Friday in Manhattan federal court said they believed...

  • NEW YORK, March 9- U.S. prosecutors have concluded that a former Wyoming Retirement System chief investment officer's insider trading guilty plea is no longer valid following a major appellate ruling limiting the ability of authorities to prosecute insider trading cases. Prosecutors in a letter filed on Friday in Manhattan federal court said they believed...

  • Hotel investors battle for yield as sector heats up Sunday, 8 Mar 2015 | 5:00 AM ET

    *Report predicts $68 bln in hotel real estate deals in 2015. BERLIN, March 8- Investors are expected to pump more money into buying, converting or building hotels in 2015 than in any year since the start of the global financial crisis, with a focus on budget and' buzz'. "It's not about people loving hotels, it's about investors searching for a return on their money which...

  • UPDATE 4-At long last, Dow gets a taste for Apple Friday, 6 Mar 2015 | 11:47 AM ET

    NEW YORK, March 6- Apple Inc, the largest U.S. company by market value, will join the storied Dow Jones industrial average, replacing AT&T Inc, in a change that reflects the dominant position of iPhone maker in the U.S. economy and society. "This is a sign of the times, and it might get everyone to look at the Dow more than they have been," said Richard Sichel, who oversees $2...

  • NEW YORK, March 6- Apple Inc, the largest U.S. company by market value, will join the storied Dow Jones industrial average, replacing AT&T Inc, in a change that reflects the dominant position of iPhone maker in the U.S. economy and society. "This is a sign of the times, and it might get everyone to look at the Dow more than they have been," said Richard Sichel, who oversees $2...

  • BOSTON, March 5- Hedge fund manager Patrick McCormack, a protégé of industry pioneer Julian Robertson, is shutting down his roughly $1.4 billion Tiger Consumer Management, according to a letter sent to investors. Bloomberg first reported the news. Running a hedge fund "takes a lot out of a person," said Don Steinbrugge, an industry consultant at Agecroft Partners.

  • 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...