The Securities and Exchange Commission has launched a broad examination of alternative mutual funds, the Wall Street Journal reported.» Read More
BlackRock Chief Executive Laurence Fink has long been on Wall Street's short lists to run any one of America's top investment houses. Now he may get a chance to prove that he can do the job.
Not long after the Merrill Lynch board of directors agreed to oust Stan O'Neal as the company's chief executive, the same board offered to allow O'Neal to remain in the post on an interim basis, according to a person briefed on the matter.
E. Stanley O’Neal has been ousted as chairman and chief executive officer of Merrill Lynch that much is certain as the board of directors of the nation’s largest brokerage firm gets ready to prepare an official announcement.
CNBC has learned that BlackRock Chairman and Chief Executive Laurence D. Fink met with Merrill Lynch co-president Gregory Fleming on Friday.
BlackRock, the largest publicly traded U.S. asset manager, posted on Wednesday a quarterly profit that beat Wall Street estimates, helped by benefits that kicked in from last year's acquisition of Merrill Lynch's fund management unit.
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Asset management firm BlackRock said it agreed to acquire the fund of funds business of Quellos Group for up to $1.7 billion, in a move to expand its alternative investment operations.
Bank of New York, which is buying Mellon Financial, said on Wednesday that first-quarter profit rose 3%, helped by higher fees from holding securities and processing trades for institutional investors. Meanwhile, PNC Financial, a fast-growing northeast U.S. regional bank, said first-quarter profit rose 30%, helped by acquisitions and growth in every main business line.
Apple’s Co-Founder and Chief Executive Steve Jobs is the “ultimate CEO who matters,” according to a ranking by Barron’s magazine. The annual ranking of top CEOs from around the world seeks to identify the corporate leaders who have top-notch reputations in the financial community and would be missed by investors if they unexpectedly left their jobs.
As the bulls and bears fight it out on Wall Street, analysts say investors would be wise to look for value beyond the fray.
Bank of America’s fourth quarter profits rose 47% while Wachovia’s earnings rose 35%, as acquisitions helped boost results at both Charlotte-based banks. National City and PNC Financial also reported higher profits.