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Asset Management and Custody Banks

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  • European shares fall from highs on weaker autos Tuesday, 17 Mar 2015 | 10:49 AM ET

    *Peugeot falls as car sales growth lower than sector. The STOXX Europe Automobiles and Parts index fell 1.4 percent, dragged down by a 4.6 percent fall in Peugeot after the automaker's vehicle sales rose less than the sector in February. Peugeot underperformed the European auto market in February with an increase limited at 1.1 percent, "a Paris- based trader said.

  • TOKYO, March 17- The head of Japan's trillion-dollar pension fund is unlikely to see out his coming term in office, two people involved in the matter said, amid a government spat over managing the fund's increasingly risky investment portfolio. Takahiro Mitani will accept a new five-year term as head of the Government Pension Investment Fund starting next...

  • *Peugeot falls as car sales growth lower than sector. The STOXX Europe Automobiles and Parts index fell 2.7 percent, the top sectoral decliner, dragged down by a 7.8 percent fall in Peugeot after the automaker's vehicle sales rose less than the sector in February. Peugeot underperformed the European auto market in February with an increase limited at 1.1...

  • NEW YORK, March 16- Everest Capital, a hedge fund firm founded in 1990 that counted George Soros and Nelson Peltz as early backers, is closing six of its seven remaining hedge funds because of bad bets on the Swiss franc, according to CNBC, which cited a private letter sent to investors on Feb. 24. Everest, which overall managed more than $3 billion at the end of December,...

  • *Andorra says banking system under stress. MADRID, March 16- State-appointed managers at Andorra's Banca Privada d' Andorra have capped cash withdrawals in an attempt to contain the damage from U.S. allegations the bank laundered money for international criminal gangs. Andorra took control of the bank after the U.S. Department of the Treasury described it last...

  • March 16- Trian Fund Management LP said there was "strong interest" among large DuPont shareholders for a representative from the hedge fund to join the chemical conglomerate's board. "We are also pleased with the positive feedback that we have received from DuPont stockholders regarding all of Trian's nominees," the hedge fund said in a regulatory filing on...

  • *Andorra says banking system under stress. *Andorra moves to halt withdrawals from tarnished bank, BPA. MADRID, March 16- Andorran authorities have given government-appointed managers at Banca Privada d' Andorra the authority to stop fund withdrawals as the lender battles U.S. allegations it laundered money for international criminal gangs.

  • Customers of Banco Madrid, which caters for wealthy people, rushed to empty their accounts after parent group, Andorran lender Banca Privada d' Andorra, was described by the U.S. Department of the Treasury as an "easy vehicle" for criminal gangs in Russia and China to funnel their profits. Banco Madrid had 15,000 clients with assets under management of about 6...

  • SHARM EL-SHEIKH, Egypt, March 13- Qalaa Holdings, one of Egypt's largest investment companies, said on Friday its investment strategy would focus on opportunities presented by reforms in the energy sector. Speaking at an investment conference in the Red Sea resort of Sharm El-Sheikh, Qalaa chairman Ahmed Heikal said he was highly encouraged by the...

  • 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...

  • ANDORRA LA VELLA, March 12- The Andorra government dismissed the board of Banca Privada d' Andorra on Thursday, two days after taking control of the lender to investigate U.S. allegations of money laundering. Andorra, a tiny tax haven nestled in the Pyrenees mountains between France and Spain, relies on the banking sector for about 20 percent of gross domestic...

  • SYDNEY/ WILMINGTON, Del., March 12- Australian pension fund giant IFM Investors said it will buy the bankrupt operator of a large Midwest toll road for $5.7 billion including debt, its biggest acquisition and Australia's fourth largest purchase of a U.S. firm. The deal advances Australia's standing in the global race for established infrastructure as pension...

  • *Push into Asia private wealth faces challenge from incumbent UBS. HONG KONG/ LONDON, March 12- Incoming Credit Suisse boss Tidjane Thiam is expected to focus on private banking in Asia while aggressively cutting jobs at its investment bank, as he aims to repeat the success in the region of his old employer, Prudential. Thiam could slash 3,000 jobs from Credit...

  • March 12- The California Public Employees' Retirement System expects to pay 8 percent less to investment firms next year, Bloomberg reported on Wednesday. Calpers, the largest pension fund in the United States, expects to pay fees of $930.7 million to investment firms in the fiscal year beginning July 1, down from over $1 billion this year, Bloomberg said.

  • March 12- The California Public Employees' Retirement System expects to pay 8 percent less to investment firms next year, Bloomberg reported on Wednesday. Calpers, the largest pension fund in the United States, expects to pay fees of $930.7 million to investment firms in the fiscal year beginning July 1, down from over $1 billion this year, Bloomberg said.

  • *Citigroup, Morgan Stanley up after the bell following Fed review. *Shake Shack shares fall after the bell on results. I think many are holding onto the view that if the Fed raises rates, stocks stop in their tracks and reverse, and the bull market ends, "said Bruce Zaro, chief technical strategist at Bolton Global Asset Management in Boston.

  • *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...