BOSTON, Oct 18- Fallout from Kenneth Fisher's alleged insensitive remarks about women escalated on Friday when a large Iowa pension plan cut ties with the money manager, whose firm has lost more than $1 billion in assets under management in the last week. Iowa joins pension funds run for Boston, the state of Michigan and Philadelphia in cutting ties with Fisher.
Oct 18- A $34 billion Iowa pension plan on Friday said it will terminate an investment contract with Kenneth Fisher, whose alleged insensitive remarks about women has cost his firm more than $1 billion in assets under management. The Iowa Public Employees Retirement System notified Fisher Investments it will terminate its contract with the firm.
'WE ARE ENGAGED IN A DUE DILIGENCE REVIEW OF FISHER ASSET MANAGEMENT'- SEI STATEMENT.
Its overall profit rose 3%, topping Wall Street expectations by a healthy margin. However, the factors that created such a difficult operating environment during the quarter have not gone away, Chief Executive James Gorman and Chief Financial Officer Jonathan Pruzan said on a call to discuss earnings. They suggested the trade dispute between the United...
Oct 17- A year after Canada legalized use of recreational marijuana cannabis stocks have lost half their market value, and investors betting that the launch of higher-margin pot-infused drinks and other products will quickly lift shares may be in for a bumpy ride. Investment bank and advisory firm Seaport Global figures Canada needs about 1,055 stores to...
Investors are "undoubtedly" becoming shy of acting on investment plans given the current situation in Turkey, says Suma Chakrabarti of the European Bank for Reconstruction and Development. He also says the EBRD has rebooted some lending programs to help absorb refugee pressures in countries such as Turkey, Lebanon and Jordan.
On Tuesday, Bank of America reported better-than-expected quarterly results, helped by loan growth, higher equities trading revenue and bigger fees from dealmaking and wealth management. That metric had been positive at Bank of America for eighteen straight quarters, until the most recent one. Bank of America also opened a new Paris office, hired more...
Net income applicable to common shareholders fell to $1 billion in the third quarter ended Sept.30, from $1.08 billion a year earlier. On a per share basis, net income rose to $1.07 from $1.06, reflecting buybacks that have lowered the number of shares. Total revenue for the bank, which provides investment management, wealth management and investment services to...
NEW YORK, Oct 15- BlackRock Inc, the world's largest asset manager, exceeded analysts' estimates for quarterly profit on Tuesday, as investors poured money into its fixed-income funds and cash management business amid worries about global growth. The company attracted $84.25 billion in new money during the third quarter, boosting the total assets it manages to...
BRUSSELS, Oct 15- The European Investment Bank has postponed taking a decision on whether to stop financing fossil fuel projects to November, an official said on Tuesday, as the multilateral lender works out whether to keep financing gas projects for a period. But Germany, Europe's biggest economy and the EIB's biggest shareholder, wants the bank to continue...
BRUSSELS, Oct 15- The European Investment Bank, the world's biggest multilateral lender, has postponed a decision on whether to stop financing fossil fuel projects to November, a senior EIB official said on Tuesday, to work out final details of the move away from coal. But Germany, Europe's biggest economy and the EIB's biggest shareholder, wants the bank to...
Net income applicable to the bank rose to $4.91 billion, or $2.07 per share, from $4.62 billion, or $1.73 per share, a year earlier. Excluding the impact of a tax benefit, the bank earned $1.97 per share. Analysts had expected a profit of $1.95 per share and revenue of $18.55 billion, according to IBES data from Refinitiv.
The company, which manages $6.96 trillion in assets, attracted $84.25 billion in new money during the quarter, providing a peek into the risk appetite of investors amid fears of a slowing U.S. economy. BlackRock is trying to become a bigger provider of technology used by Wall Street firms to combat competitive pricing pressures in the asset management business.
Oct 15- BlackRock Inc, the world's biggest asset manager, on Tuesday posted an 8% drop in third-quarter profit, as investors put money in its fixed-income funds and accounts that typically carry lower fees. Net income fell to $1.12 billion, or $7.15 per share, in the third quarter ended Sept. 30 from $1.22 billion, or $7.54 per share, a year earlier.
LONDON, Oct 14- Climate activists targeted BlackRock, the world's biggest asset manager, in London on Monday, demanding that major financial institutions starve fossil fuel companies of the money they need to build new mines, wells and pipelines. Activists thronged the financial heart of London on Monday, unfurling banners, addressing passersby by megaphone...
LONDON, Oct 14- By early last week, hedge funds had become the most bearish towards petroleum prices since the start of the year, as traders grew increasingly pessimistic about the global economy. Hedge funds and other money managers sold the equivalent of 95 million barrels in the six most important futures and options contracts tied to petroleum prices in the...
Del Vecchio, who founded spectacles maker Luxottica in the 1960 s, told Business Insider Italia, that Mediobanca was too small, having missed out on a number of possible deals. Del Vecchio grew Luxottica via acquisitions and merged it with French lens manufacturer Essilor last year. He invited Mediobanca on Wednesday to build up its investment banking business...
SHANGHAI, Oct 11- China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, the latest step to deregulate the country's giant financial industry. The announcement by the China Securities Regulatory Commission to scrap foreign ownership restrictions in these sectors comes amid...
SHANGHAI, Oct 11- China's securities regulator on Friday announced the timetable for scrapping foreign ownership limits in futures, securities and mutual fund companies. Limits on foreign ownership of futures companies will be scrapped January. 1, 2020, the China Securities Regulatory Commission told a press conference in Beijing. Limits on foreign...
Oct 10- Fidelity Investments on Thursday eliminated commissions on online trades of U.S. stocks, exchange traded funds and options, becoming the latest brokerage to cut trading fees to compete with new entrants in the market. Newer rivals such as Menlo Park, California- based startup brokerage Robinhood have been capturing market share in recent years by...
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