Content tagged with Asset Management posted in July 2012
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Facebook Fiasco Drags UBS Profit Lower
UBS blamed its 349
million Swiss franc ($360 million)loss from Facebook's
botched U.S. market debut on exchange operator Nasdaq,
saying orders for the stock had been entered multiple times due
to a systems failure.
Recession, Libor, Facebook Punish Europe's Banks
Leading European banks
reported dismal profits on Tuesday, blaming everything from the
continent's debt crisis and Spain's property market crash to
Facebook's disastrous stock market debut.
As Deutsche Bank Cuts More Jobs, New CEO Urges Change In Compensation Model
Executive pay at banks in the U.S. and Europe are under fire, and shareholders on both sides of the Atlantic have been protesting against what they view as unjustified compensation packages.
Momentum Trading Partners Closes Shop, Shops Around
The hedge fund brokerage that kept a lid on information leakage stopped trading yesterday and is putting itself on the market. Why? Tough market realities that are claiming other struggling brokerages.
Young Investors Demand Top-Notch Brokerage Tools – Or Else
Today's wealth managers need to offer convenience and online tools to lure Gen-X and Gen-Y investors.
BlackRock Canada Debuts Minimum Volatility ETFs
The asset manager says the offering comes in response to investor demand.
Franklin Resources Profit Tops Expectations
Franklin Resources Inc posted
higher-than-expected quarterly earnings on Monday a s the money
manager maintained its steady investment performance record.
New York State Pension Fund Taps Fuller as CIO
New York has hired investment veteran Vicki Fuller as the chief investment officer overseeing the state's $150 billion pension fund, the state comptroller said.
Bernanke, Geithner Response to Libor Scandal Rings Hollow
Ben Bernanke heads the most powerful central bank in the world. Yet the Federal Reserve chairman says he was largely powerless to stop what some are calling the biggest financial fraud in history: the systematic manipulation of a key global interest rate.
Big Asset Managers Miss Wall Street Targets as Investors Flee
Four of the largest U.S. money managers reported sharp declines in second-quarter earnings, as volatile markets and fleeing customers cut into their fee income.
Are Big Banks' Glory Days Gone for Good?
Ever since the financial crisis, banks have held out hopes of a return to the good times. But analysts and investors are now questioning whether things have changed for good.
Weill Changes Mind, Calls for Big Banks to Break Up
Sanford Weill, the tycoon who built financial conglomerate Citigroup into a massive commercial and investment bank, said it is time to split up the biggest banks so they can go back to growing again.
Eagle Investment Systems Strikes Alliance with Microstrategy
Investment manager clients of Eagle will get access to portfolio data and analytics via web, mobile devices and Microsoft Office applications.
The Danger of Too Much Dark Liquidity
Dark pools play a critical role in today's market. But rising dark pool volumes mean wider spreads and higher costs on the lit markets, according to researchers in the U.S. and abroad.
Stuck in the Mud: Can the Economic Engine Pull Itself Out of Financial Crisis?
Hidden dangers in dark pools and the buy side's intensifying pursuit of low latency, and the Pipeline saga seem to indicate that there are more storm clouds ahead for the financial industry.
New Tech For The Buy Side? Not So Fast
When it comes to adopting new IT, the buy side may be holding back and waiting for others to take the first bite.
Tech Innovators Focus On Big Data
A number of entrepreneurs showcasing their latest inventions to venture capitalists at the FinTech Innovation Lab aim to help financial institutions make better sense of Big Data.
Do Traditional Buy-Side Firms Need to Colocate?
Wedbush Securites' new low-latency trading platform recently scored a number of long-only buy-side clients. But experts disagree on whether traditional asset managers need such high-speed, and costly, market access.
Quantitative Analytics for iPhone Levels the Playing Field For Investors
Chaikin Power Tools is a stock market app developed by the computer pioneer who once built the first real-time analytics workstation for stock traders and portfolio managers.
SEC Extends Review Period on JPMorgan's Copper ETF Plan
The regulator asked for more feedback from the U.S. bank and a major hedge fund that has pushed to launch the fund for almost two years.
As Wall Street Earnings Drop, UBS Broker Goes On Rampage In Beverly Hills
The 58-year-old broker who had been with UBS since 2008 and previously worked for Merrill Lynch, went on a rampage with a slingshot.
Blackstone's Earnings Slump on Choppy Markets
Blackstone Group LP, the largest
publicly listed alternative asset manager, said on Thursday its
second-quarter earnings dropped as challenging public markets
eroded the value of its assets and crimped its lucrative
performance fees.
Fidessa Updates Canadian Trading Platform
It's called - drumroll, please - Version 12.1 and the firm's trading kit has been deployed across 90 percent of Fidessa's Canadian's clients, including eight of the top ten financial institutions north of the border.
BlackRock 2nd-Qtr Profit Falls 11 Percent
BlackRock Inc, the world's
largest money manager, said on Wednesday its second-quarter
profit fell 11 percent as tumultuous market conditions cut into
fee income.
State Street Buys Goldman's Hedge Fund Admin Unit for $550 million
The move will help Goldman with its cost-cutting efforts, and State Street says its own earnings are likely to get a boost from the deal.
State Street Shares Sink After Earnings Drop
Shares of State Street Corp fell
nearly 5 percent on Tuesday after the company said
second-quarter net income had declined 4 percent on lower
foreign exchange volume and weakness in international stock
markets.
Are Top Hedge Funds Getting A Signal on Earnings Revisions?
Some big investors are sending surveys to Wall Street analysts, and feeding their responses into their algos, to get an edge on earnings revisions. Is this insider trading or quantitative investing?
Hedge Funds Get Sneak Preview of Analyst Views
The New York Times claims it has obtains documents proving that some elite hedge funds are systematically getting a peek at analyst views ahead of other investors.
Is the Buy Side Sacrificing Speed to Save Money?
In an interview with Advanced Trading, Tabb Group Partner Robert Iati says long-only buy-side firms aren’t racing to colocate, and in fact, may even be slowing down as a means to save money.
PFGBest: Just Like Madoff, Regs Ignored Every Single Warning Bell
Regulators missed multiple red flags that something was amiss. And some of those signs were starkly similar to the clues they also missed in the Madoff scandal.
The Curious Case of Iowa Broker's Romanian Property Empire
Russell Wasendorf
Sr., the founder of failed Iowa brokerage PFGBest, had risky
investments a long way from the Midwest markets where he built
his name.
JPMorgan Trader "London Whale" Leaves - source
Bruno Iksil, the JPMorgan Chase
& Co trader known as the "London Whale", has left the
bank, a person familiar with the situation said.
JPMorgan Loses $4.4 bln on Trades; Traders May Have Hidden Losses
JPMorgan Chase & Co, the biggest
U.S. bank, said it had lost $5.8 billion in 2012 from disastrous
credit bets and that traders might have tried to conceal the
extent of the losses earlier this year.
Investors: EU Hedge Fund Rules Could Hit Other Funds
Twenty investors - including Allianz, BlackRock, Fidelity and Schroders - have written to the Commissioner in charge of financial regulation.
U.S. Grain Trade Wants Answers in PFGBest Broker Scandal
The largest U.S. grain trade
group was stunned by the latest scandal to hit the futures
industry when Iowa-based brokerage PFGBest collapsed after
regulators accused the firm of misappropriating customer funds.
The Global Fight Over High-Frequency Trading Hits FX
Currency trading platform EBS said it's looking to put the breaks on techniques like flash orders, moves the Financial Times says are aimed at placating ICAP's investment banking clients who are leery of high-frequency traders.
HSBC Admits Wrongdoing in Another Money Laundering Affair
Another day, and another bank fails to implement what should be standard controls and procedures.
Iowa Broker PFGBest Collapses After Hiding Millions
In what looks like a mini-Madoff scandal, $200 million is missing as the firm's founder and chairman Russell R. Wasendorf Sr. attempted suicide on Monday.
EU Banks Still Face Major Challenges
The European Banking Authority said there remained significant challenges ahead for Europe's banks after they successfully met new requirements to bolster their core capital buffers.
CEO Vows to Turn RIM Into "Lean, Mean Machine
Research In Motion
Ltd's new CEO vowed on Tuesday to turn around
the embattled company with a successful launch of its
next-generation BlackBerrys next year, telling shareholders he
would transform RIM into a "lean, mean, hunting machine."
SEC Enforcement Efforts Fail To Impress Wall Street Execs
Despite recent high-profile insider trading arrests, a new survey of 500 financial professionals shows most do not feel the SEC is effective.
Many Wall St Execs: Wrongdoing Is Necessary
If the ancient Greek philosopher
Diogenes were to go out with his lantern in search of an honest
many today, a survey of Wall Street executives on workplace
conduct suggests he might have to look elsewhere.
Wall Street Banks Could Take Massive Hit From LIBOR Scandal
The unfolding scandal is likely to hit Wall Street's biggest banks. UK regulators are reacting, and the debacle could have long-lasting consequences on the U.S. financial system, experts suggest.
Floodgates on U.S. Derivative Reforms Set to Open
The U.S. swaps regulator is
set to finalize this week a critical reform that will trigger
banks and traders having to comply with costly new derivatives
rules.
US Asset Managers Tighten Fund Access After ECB Cut
Three big U.S. money managers have restricted investor access to European money market funds in the wake of the European Central Bank's interest rate cut.
iPad 4: Financial Execs Get Ready For Apple’s Latest Gadget
Apple has hardly changed its tablet since it took Wall Street by storm in 2010. But now it looks like it will be mixing things up a little.
Countrywide Used VIP Program to Sway Congress
A VIP mortgage program run by now-defunct Countrywide Financial was used to influence lawmakers with the aim of killing legislation that could hurt the company's profits.
Hedge Fund Odey Snaps Up More Barclays Shares
Seeing an opportunity in a crisis, a hedge fund manager buys up shares of troubled Barclays, calling it 'the cheapest bank in the world.'
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