*Warren Buffett flags support for' passive' investing. LONDON, Aug 31- Warren Buffett built a fortune of nearly $60 billion from astute stock picking, but when the 83- year-old dies, the vast majority of the money he leaves his wife will be parked in a fund that simply moves in step with an index.» Read More
WASHINGTON, May 9- Swiss asset management firm, Swisspartners Group, agreed to pay $4.4 million to the United States to settle a probe over whether it helped U.S. taxpayers evade their federal income taxes, the U.S. Department of Justice announced on Friday.
BOSTON, May 9- Like father, like son. The father and son duo have been laying the groundwork for months and Carl Icahn recently mentioned it quietly to some deep-pocketed friends who may want to commit cash, said the sources, who were prohibited from discussing the plan publicly.
*Barclays pares back ambitions to be Wall Street powerhouse. *Barclays to remain largest investment bank in Europe.
NEW YORK, May 8- Investors in U.S.-based funds pulled more than $7 billion out of stock funds in the week ended May 7, more than the two previous weeks' worth of net inflows, data from Thomson Reuters' Lipper service showed on Thursday. Investors pulled $8.6 billion out of stock exchange-traded funds while committing $1.6 billion to stock mutual funds.
*Private banks beefing up Greater China, Singapore teams. SINGAPORE/ HONG KONG, May 9- Alibaba Group Holding Ltd's planned IPO is set to create a long list of multi-millionaires just from its partners in the company- music to the ears of private bankers seeking to cash in on the wealth created by China's tech sector boom.
MEDELLIN, Colombia, May 8- Colombia's capital markets have attracted investment totaling $2.8 billion in the seven weeks since J.P. Morgan said it would raise the weighting of the nation's government bonds in two of its indexes, one of the bank's strategists said on Thursday.
*Tom King to lead smaller investment bank. LONDON, May 8- Britain's Barclays reined in its ambitions to be a Wall Street powerhouse on Thursday and signalled a return to its retail roots with a plan to hive off much of its investment bank and axe one in four jobs at the division.
*Dubai Q1 earnings jump 38 percent year on year. DUBAI, May 8- Dubai's bourse has outpaced other Gulf markets by a wide margin in terms of companies' first-quarter profit growth, data show, supporting its position as the top performer in the region.
*Tom King to lead smaller investment bank. LONDON, May 8- Britain's Barclays reined in its ambitions to be a Wall Street powerhouse on Thursday and signalled a return to its retail banking roots with a plan to hive off much of its investment bank and axe one in four jobs at the division.
LONDON, May 8- Britain's Barclays will axe 19,000 jobs in the next three years and set up a "bad bank" to house much of its investment banking business and European retail operations as it strives to turn itself around in the face of a trading slump.
WASHINGTON, May 7- The U.S. financial risk council on Wednesday raised red flags about new, potentially risky practices by asset managers and nonbank mortgage servicers, which they said are not regulated as carefully as banks. The sectors were highlighted by the Financial Stability Oversight Council in a report published on Wednesday.
NEW YORK, May 7- Samuel Israel, a hedge fund manager who faked his own suicide to avoid prison after admitting to running a $450 million fraud, is trying to shorten his 22- year sentence or be set free, saying his health has worsened and authorities can't take care of him.
LONDON, May 7- Barclays Plc is set to announce plans to cut thousands of jobs and shrink its investment bank as Chief Executive Antony Jenkins tries to get his turnaround plan for the British bank back on track after a bad 10 months.
*Latin America revenue weak, Asia stronger. LONDON, May 7- HSBC's first-quarter pretax profit fell 20 percent from a year ago to just under $7 billion, as revenue dropped in Brazil and at its investment bank, while last year's earnings were swelled by asset sales.
*Customers like new Pimco leadership structure- Allianz CEO. MUNICH, May 7- Europe's biggest insurer Allianz defended its U.S. asset management business Pimco on Wednesday as it came under fire for failing to stem the flow of heavy investor withdrawals.
*Allianz posts slight fall in Q1 net income, revenue rises. But shareholders, including some of Allianz's largest, told Reuters last month that they were concerned about Pimco, the bond powerhouse that has had its reputation tarnished by a run of poor returns and the departure of CEO Mohamed El-Erian amid a row with co-founder Bill Gross.
Some of the biggest retail brokerage companies are Charles Schwab Corp., TD Ameritrade Holding, Fidelity Investments' Fidelity Brokerage Services and E* Trade Financial Corp, which can get paid $100 million a year or more for selling their orders.
*Barclays blames fall partly on strategy changes. LONDON, May 6- Barclays Plc said a collapse in investment bank revenue had hit first-quarter profit and was still hurting income in April, throwing a spotlight on an overhaul of the flagging business due to be unveiled in two days by the British bank.
NEW YORK, May 6- Hedge fund mogul David Tepper had a case of deja vu when he ranked as the best paid hedge fund manager for the second year running by earning $3.5 billion in 2013 with a savvy bet on airline stocks, according to a new ranking. Tepper, who runs Appaloosa Management, was followed in second place by Steven A. Cohen, who earned $2.4 billion.
*Barclays, Aberdeen weigh after weak updates. *DSM, Solvay boosted by brighter outlook. LONDON, May 6- European stocks were flat on Tuesday as upbeat outlook statements from chemical groups Solvay and DSM were offset by sharp falls in Barclays and Aberdeen Asset Management after weak results.