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Bernie Madoff's Family May Face Charges
February 12, 2010 @ 10:41 AM | By Greg MacSweeney

It has become clear that authorities may be getting closer to pressing charges against other members of Bernie Madoff's familiy, including brother Peter and sons Mark and Andrew. Peter Madoff's lawyers have admitted that he is under criminal investigation, but declined to say for what he is being investigated. The attorney for Mark and Andrew says that the sons continue to cooperate with investigators and that they had no prior knowledge to their father's crimes. This video clip from MSNBC has more details.

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Using the Super Bowl to Predict Markets
February 05, 2010 @ 07:14 AM | By Greg MacSweeney

Strange as it may sound, there are some who say the Super Bowl winner may be a good indicator of where the stock market is headed. But also remember, one economist drew a correlation between the amount of butter being produced in Bangladesh and the performance of the markets. My take? There probably isn’t any truth to it. More likely, these correlations just give us journalists something to blog about. Mark Hulbert of Dow Jones MarketWatch discusses the correlations.

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Bankers Get the Cold Shoulder in Davos
January 29, 2010 @ 07:52 AM | By Greg MacSweeney

The atmosphere inside the World Economic Forum is warm and congenial. But bankers are feeling the chill wind of disapproval. Bankers are arguing that all of the new regulations — on both sides of the Atlantic — will cost jobs and reduce credit. But in the current global economic recession, bankers seem tone deaf to the realities of the world in which they live. Regulators and the public are wary that "too big to fail" banks could again cause another financial crisis. American Public Media’s Stephen Beard reports from Davos.

AIG and Backdoor Bailouts?
January 27, 2010 @ 10:02 AM | By Greg MacSweeney

WSJ's Dennis Berman tells Kelsey Hubbard about ongoing investigations into the bailout of AIG, including allegations of a coverup over payments made to some of the biggest banks who had exposure to the collapsed insurer. Was there a conspiracy to pay banks in full, but not make the news of the payments public? But the big questions: where was the Fed when AIG was writing the toxic contracts in the first place? Where was the oversight as AIG took on more and more excessive risk?

Fed Could Be Looking at a Record $45 Billion Profit
January 12, 2010 @ 10:24 AM | By Greg MacSweeney

Early reports indicate the Federal Reserve's 2009 earnings will show record profits — close to $45 billion because of the aggressive stance the bank took when the financial crisis hit. This is good news for the federal budget, as the profits will go right back to the U.S. Treasury. Bill Radke talks to American Public Media Marketplace's Sam Eaton about why the Fed was so successful last year.

FDIC Looking to Cash In on Risky Behavior
January 07, 2010 @ 11:20 AM | By Greg MacSweeney

In order to replenish dwindling reserves, the FDIC is considering charging member banks more if they're involved in risky behavior, according to this report from American Public Media’s Nancy Marshall Genzer.

Optimism Fades Heading Into 2010
December 18, 2009 @ 09:07 AM | By Greg MacSweeney

A new Wall Street Journal/NBC News poll tells that the economic crisis is taking its toll on the national psyche. WSJ's Jerry Seib explains what this declining optimism could mean for the economy and the Obama administration and incumbents running for re-election in 2010. But the broader question is how long the economic hangover will impact society.

Is Goldman Sachs’ Ethos Changing?
December 16, 2009 @ 10:52 AM | By Greg MacSweeney

There is a great New York Times article today that takes a look at the culture of Goldman Sachs, long held as the gold standard of financial firms on Wall Street. The article asks if Goldman’s CEO Lloyd Blankfein has forced the firm to rely too heavily on its trading operations (which generates vast profits) and if Blankfein has undermined the value that Goldman Sachs traditionally provided its clients through its investment banking division.

As the firm chases immediate short-term profits through its trading operations, some long time executives at Goldman feel that the firm is risking its number one principle that has led to its success, namely: “Our clients’ interests always come first. Our experience shows that if we serve our clients well, our own success will follow.” Many of the executives, who refused to be named since they have mostly been made privately rich by Goldman’s success, feel that if Goldman continues to focus on short-term gains and slight the needs of some of its biggest clients, the bank — long considered to be above and separate from the rest of the firms on Wall Street — will eventually just become another ‘bank.’

Bank of America's Rosy 2010 Forecast Based on Strong Emerging Markets, Low Inflation
December 14, 2009 @ 01:45 PM | By Penny Crosman

Despite the 10% unemployment and 3.9 million foreclosures in the U.S. this year, Bank of America Merrill Lynch's global research group are highly optimistic about economic growth for the U.S. and the world for the coming year, economists in the group said at a press conference today. These economists forecast global domestic product will grow 4.4% in 2010, led by China at 10%. Inflation will be low, U.S. equities will perform well, and the dollar will strengthen against some other currencies, these number-crunchers say.

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Dubai's Debt May Hurt Banking Recovery
November 30, 2009 @ 11:11 AM | By Greg MacSweeney

The state-owned company Dubai World wants more time to repay its debt. Given that it owes at least $59 billion to creditors, there are concerns a wave of defaults could be on the way. Is the Dubai debt situation similar to the Lehman Brothers’ bankruptcy?

New Asset Bubbles May Be Growing
November 23, 2009 @ 11:04 AM | By Greg MacSweeney

There's growing concern that the world's central banks are flooding financial institutions with too much cash, setting the stage for another asset-bubble burst. In fact, recently the yield on short-term Treasury bills was negative. Do banks just need to put on the brakes? American Public Media’s Bob Moon reports in this audio clip.

Did Geithner Do Right By AIG?
November 18, 2009 @ 11:12 AM | By Greg MacSweeney

A report from the TARP Inspector General Neal Barofsky suggests the government overpaid a good deal to rescue AIG. American Public Media’s Senior Editor Paddy Hirsch discusses Treasury Secretary Timothy Geithner's role in the bailout of AIG. Did the government do all it could to save taxpayers' money? And could have Geithner done a better job of negotiating with the banks?

Techy "Brains" Behind Madoff Ponzi Scheme Arrested
November 13, 2009 @ 11:29 AM | By Greg MacSweeney

One of the unanswered questions surrounding the Bernie Madoff Ponzi scheme was how did Madoff fool so many people for so long? Well, in addition to a lot of charm, charisma and leveraging his good reputation in the industry, Madoff also had help from a couple of programmers who allegedly falsified records to fool SEC inspectors. In fact, it’s playing out just like a Hollywood movie script. The face of the operation (Madoff) supposedly had help from a couple behind the scenes programmers who helped make the entire fraud possible. Slaving away in a back room somewhere on the 17th floor of the Lipstick building (the home of the Madoff firm at 53rd Street and 3rd Avenue), the duo created a false paper trail that helped fool regulators and calm investors. I wonder if they had pocket protectors, short sleeve dress shirts and wore big glasses? They probably didn’t, but I’m sure the movie director will have them wearing the stereotypical computer nerd attire when the blockbuster Hollywood film is made.

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Hedge Fund Copycats Show Promise
November 13, 2009 @ 07:50 AM | By Greg MacSweeney

Reuters columnist Christopher Swann says that hedge fund replication could make hedge fund-style strategies available to Joe Public — reducing retail investors’ almost total dependence on stocks. Hedge fund replicators’ fees are much lower (around 1 percent) and they don’t lock up capital for long periods of time. However, the replicator funds are relatively new and it’s hard to gauge how they will perform in the long term.

Investment Managers Remain Bullish
November 03, 2009 @ 10:58 AM | By Greg MacSweeney

The portfolio managers surveyed in Barron's latest Big Money Poll think stocks could move 10 percent higher by June 2010, but the danger signals are rising. Barron’s video correspondent Clare McKeen reports that 60 percent of investment managers are bullish or very bullish about the prospects of the market through the middle of 2010.

Ex-Bear Stearns Money Managers Meet Jury
October 14, 2009 @ 10:49 AM | By Greg MacSweeney

Jurors are selected in the criminal fraud trial for two former Bear Stearns hedge fund managers, as seen in he following video from Reuters. Allegedly, while the two were busy promoting the $1.4 billion funds to clients, they sent emails to each other expressing doubts about the value of the funds. The case is being widely watched by Wall Street and by prosecutors to see if this type of case can withstand legal scrutiny.

But how will the jury be selected in this high-profile Wall Street Trial? Read on ...

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Is It Time to Retire the 401(k)?
October 08, 2009 @ 10:26 AM | By Greg MacSweeney

The 401(k) is not working for millions of Americans. According to Richard Stengel, managing editor at Time Magazine, the 401(k) was originally created by Congress as a tax dodge for executives, not as the primary investment retirement vehicle for most of the country’s workers. Time’s article, “Why It’s Time to Retire the 401(k)” explores the dangers of the primary retirement fund for about 73 million Americans. In fact, rank-and-file workers weren’t even eligible for the 401(k) when it was first introduced 30 years ago. Over the past five years, workers who had a standard alignment of investments in their retirement portfolio have actually seen their savings decrease. Financial experts propose an “insurance pension plan” that reduces the risk associated with wild market swings that decimated 401(k)s over the past few years.

Is Wall Street’s Day of Reckoning Still to Come?
July 02, 2009 @ 10:12 AM | By Greg MacSweeney

“Liar’s Poker” author Michael Lewis hasn’t been a popular guy on Wall Street since he wrote the book 25 years ago. Since then, he has written about finance many times and he is working on a new book about the current financial crisis. Although the banks have been scared and many have been shaken to their foundations, Lewis contends that there may be more upheavals to come. He is also shocked that the Treasury, the SEC and other agencies haven’t really begun to investigate what happened in the subprime mess. He says that when he has interviewed numerous executives from financial institutions, such as AIG’s Financial Products division, they tell him that no one from a regulator has come to try to find out exactly what happened. That fact alone, is simply astonishing.

How Much for Lunch with Warren Buffet?
June 22, 2009 @ 08:47 AM | By Greg MacSweeney

How much would you pay to have lunch with "The Oracle of Omaha," Warren Buffett? Tess Vigeland from American Public Media Marketplace talks to Mohnish Pabrai, who two years ago was the winning bidder in the mogul's annual charity auction. Pabrai, a money manager who runs a value fund, paid around $650,000. Here is Pabrai's account of his three-hour lunch meeting with Buffet.

The Man Who Knew About Madoff Before Anyone Else
June 15, 2009 @ 06:34 AM | By Greg MacSweeney

Harry Markopolos repeatedly told the Securities and Exchange Commission that Bernie Madoff's investment fund was a fraud. He was ignored, and investors lost billions of dollars. It didn’t take for Markopolos to figure out that Madoff was a fraud, he says in the following video. It took him five minutes to figure out he was a fraud and four hours to mathematically prove it. Markopolos sent five separate reports to the SEC starting in 2000. All of the reports were ignored. Steve Kroft from CBS’s 60 Minutes reports.

Watch CBS Videos Online

Independent Research Runs Out of Funds
June 11, 2009 @ 10:06 PM | By Greg MacSweeney

It seems like yesterday that the stock research scandal threatened to destroy much of Wall Street. Six years ago, we discovered that research analysts at some of the big brokerages weren't being completely forthright with their stock recommendations. If only our current financial crisis was so easy to solve.

Fallout from the Wall Street stock-research scandal resulted in firms having to pay more than $450 million to fund independent market research. Six years later, some $70 million remains of the original fund. But that money will soon dry up as a judge has ordered that the remaining funds be turned over to the Treasury Department.

So now, investors who valued independent research may be left without any alternatives except for brokers research. Although today's research analysts are removed from the banking operations, many are wondering what will happen to the independent research industry, which was heralded only a few years ago as a savior to Wall Street and the investor. Amy Scott reports for American Public Media's Marketplace.

Can Credit Markets Thaw Without Toxic Assets Buyout?
June 11, 2009 @ 09:39 AM | By Greg MacSweeney

With banks raising capital, is there still a need for a government-orchestrated effort to get toxic assets off bank books? WSJ economics editor David Wessel explains that while it is possible for a recovery to happen without removing the bad assets from the banks’ balance sheets, the toxic assets remain a distraction. So the big question still remains: Do we need a "bad" bank to take these assets away from the “good” banks?

China Is Investing Even More in Morgan Stanley
June 03, 2009 @ 12:25 PM | By Greg MacSweeney

Morgan Stanley is raising capital through a new stock offering, and China is getting in on the deal. In fact, China's getting in on a lot of deals lately and is upping its stake in Morgan Stanley. Scott Tong from American Public Media looks into why.

Madoff is Protecting People, Says Former Personal Secretary
May 06, 2009 @ 10:26 AM | By Greg MacSweeney

Eleanor Squillari, Bernie Madoff’s former personal secretary, tells the TODAY Show that she believes Madoff is protecting people. Squillari said that by 2005, “Bernie and [wife] Ruth were on top of the world and had begun spending money at the rate they never had before.” She also believes that Madoff, a maticulous planner, also staged his arrest and left behind specific clues that he wanted investigators to find, in order to protect people involved in his scheme.

BIDS Chief Mahoney Says Fragmentation Distorts Volume and Volatility
April 23, 2009 @ 10:16 AM | By Greg MacSweeney

Today it's harder to rely on share volume as a stock-market indicator than it used to be, Tim Mahoney, chief executive of BIDS Trading, explains to MarketWatch's Greg Morcroft. Mahoney says we are witnessing a transformation in the marketplace as “the role of the market maker has moved from a person to a computer.” Mahoney estimates that 70 percent of the volume in the markets today comes from computerized trading. He also discusses how the fragmentation in the markets is skewing the traditional volume numbers — from NYSE and Nasdaq — that investors traditionally relied on.

Many Banks May Fail Stress Test as Toxic Assets Wreck Wall Street
April 21, 2009 @ 09:40 AM | By Greg MacSweeney

Many banks are expected to fail the "stress test," leading the market into a tumble, reports CBS News correspondent Priya David. Julie Chen talks to financial manager Art Cashin. A new report from JPMorgan states that there may still be $400 billion in bad assets on bank books, meaning that more bailout money may be required. What the markets really need is clarity from the government on the next steps it will take to mitigate the crisis, says Arthur Cashin, UBS Financial Services.

Watch CBS Videos Online

Geithner Under Fire on Capitol Hill Today
April 21, 2009 @ 09:34 AM | By Greg MacSweeney

A critical watchdog report out this morning on the Troubled Asset Relief Program (TARP) says Tim Geithner’s Treasury Department needs to do a better job of tracking how banks are using TARP money.

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Google Forms $100 Million Venture Capital Fund
April 01, 2009 @ 10:47 AM | By Greg MacSweeney

Google has formed Google Ventures, a $100 million venture capital fund that will invest in new technology companies in a broad range of industries, according to Google. Unlike some venture capital funds that specialize in a certain type of technology or a specific sector, Google Ventures will target many technologies, including clean technologies and healthcare, according to Rich Miner, co-manager of Google Ventures. Miner will manage Google Venture with Bill Maris.

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Geithner Responds to Krugman’s Bank Bailout Critique
March 30, 2009 @ 09:54 AM | By Greg MacSweeney

Treasury Secretary Tim Geithner responds to Nobel Prize-winning economist and New York Times columnist Paul Krugman’s critique of President Obama’s bank bailout with NBC’s David Gregory on “Meet the Press.”

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25 People to Blame for the Financial Crisis
February 13, 2009 @ 08:20 AM | By Greg MacSweeney

There is plenty of blame to go around in the current economy. Congress, Wall Street, regulators, homeowners, CEOs, and the list goes on. But make no mistake, fairness and blame do not go hand in hand. Time Magazine has just published a list of the top 25 People to Blame for the Financial Crisis. While the list is fairly accurate, don’t expect similar lists, raving commentaries or funny Saturday Night Live skits at the expense of Wall Street to go away any time soon.

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Obama Faces Bleeding Banks
January 22, 2009 @ 09:00 AM | By Greg MacSweeney

Despite billions of dollars of government bailout funds, many banks are still reporting huge losses. As CBS News’ Anthony Mason reports, newly-elected President Obama and his cabinet face huge fiscal challenges.

Watch CBS Videos Online

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Markets Bid a Not-So-Fond Farewell to 2008
January 05, 2009 @ 09:04 AM | By Greg MacSweeney

It's been a horrible year for stocks overall, the worst since 1931. Wood Asset Management's Robert Stovall predicts more trouble ahead in 2009. Sam Stovall, Robert's son of Standard & Poor's, and his father review the past year with MarketWatch's Steve Gelsi. (WSJ.com video)

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Where Did the Bailout Money Go?
December 23, 2008 @ 07:03 AM | By Greg MacSweeney

Mad Money’s Jim Cramer discusses what happened to the bailout money on MSNBC and says that Hanl Paulson, Treasury Secretary, maybe didn’t even have a plan in place when he handed checks to all of the major banks. Cramer is astonished that there isn’t an investigation into what has happened to all of the money. And, surprise, Cramer is outraged.

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The Latest on the Madoff Scandal
December 16, 2008 @ 10:13 AM | By Penny Crosman

As Wall Street tries to recover from the shock of the $50 billion Madoff Securities fraud case, new details are emerging about how the scheme worked, the federal investigation of Bernard Madoff and his firm, and how investors all over the world have been affected. The media usually benefits from tragedies such as these and surely some journalism career will be kick-started by Madoff's spectacular crash. Some of the most interesting stories we've seen this morning are these:

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Weekend at Bernie's
December 15, 2008 @ 09:23 AM | By Greg MacSweeney

OK, I wasn’t really at Bernie Madoff’s house, and my weekend wasn’t as funny as the 1989 film Weekend at Bernie’s, but everywhere I went this weekend people were talking about Berard Madoff’s alleged $50 billion Ponzi scheme. First, a father in my son’s Saturday morning ice hockey class mentioned the alleged fraud to me as we were chatting. Then, later that afternoon as I was sitting on a Polar Express train ride in Phillipsburg, NJ, I heard a couple of adults discussing Bernie Madoff across the aisle. (If the kids were discussing Madoff, I really would have been floored). By the way, the train ride is a lot of fun for the kids — hot chocolate, Santa, elves, music, silver bells, the whole nine.

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I Knew Bernie Madoff Was Cheating (Video)
December 12, 2008 @ 02:12 PM | By Greg MacSweeney

If it sounds too good to be true, it probably is. Alleged smoke and mirrors from a Wall Street legend, Bernie Madoff, fooled many investors for a long time, but it seems that some knew he was cheating all along.

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Shock and Disbelief: Bernard Madoff Accused of Defrauding Clients of $50 Billion
December 12, 2008 @ 12:07 PM | By Greg MacSweeney

Bernard Madoff, the founder of Bernard L. Madoff Investment Securities LLC and a former Nasdaq Stock Market chairman, was arrested and charged with securities fraud in what has beeen called by federal prosecutors as a Ponzi scheme that could involve losses of more than $50 billion.

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Treasury on Hot Seat Over TARP Execution
December 11, 2008 @ 08:39 AM | By Greg MacSweeney

Two-and-a-half months after Congress gave Henry Paulson $700 billion, lawmakers made it clear today they're having second thoughts. The occasion was a hearing of the House Financial Services Committee. Members gave assistant Treasury Secretary Neel Kashkari, the TARP czar, a grilling.

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One Way to De-Mystify Derivatives Valuation
October 14, 2008 @ 03:44 PM | By Penny Crosman

A primary cause of the current financial crisis, many people believe, is the difficulty -- some would say impossibility -- of properly valuing and pricing the complex derivatives on so many organizations' books. Just today, the superintendent of the New York State Insurance Department told a Congressional panel that a lack of transparency on credit-default swaps made it hard for the state to know what the broader effects of an AIG bankruptcy would be. Buyers and traders often don’t know what assets underlie credit default swaps and collateralized mortgage obligations and therefore can't easily determine what those assets are worth or how likely they are to default.

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Wells Fargo to Sell or Cut Wachovia's Investment Bank
October 13, 2008 @ 09:41 AM | By Penny Crosman

When we saw the news Friday that Wells Fargo had won the battle with Citi to buy Wachovia, we thought this strange saga had come to a happy conclusion -- Wells Fargo was going to buy all of Wachovia (not just the retail bank) and pay a better price for it without government assistance.

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BlackRock to the Rescue (NPR.org audio)
October 10, 2008 @ 10:24 AM | By Greg MacSweeney
BlackRock has long been a player in the mortgage backed securities market. In fact BlackRock's founder Laurence Fink played a large role in creating the market, according to Charles Murphy, adjunct professor at the NYU Stern School of Business in this NPR report. Now the Tresury Department may turn to BlackRock to take on some toxic assets as it tries to unfreeze the credit markets. continued...
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Test-Driving the Latest Mobile Apps for Investment Managers
October 09, 2008 @ 02:47 PM | By Penny Crosman

While writing about the two newest mobile applications for professional investment management, from Thomson Reuters and Blue Systems, we thought, why not try them, especially since Blue Systems offered us a BlackBerry Curve loaded with its blue mobile application (to try, not keep). (A representative of the other major competitor in this space, Bloomberg, didn’t respond to requests for a test-drive login ID. However, I did use Bloomberg’s iPhone application to get a feel for the company’s offering.) The following is an unscientific but first-hand look at these applications. The three products cannot be directly compared, as the Bloomberg iPhone app is a free product for retail customers and the other two are for professional users.

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Why the Bailout Failed and Ideas for Fixing Wall Street and its IT
September 29, 2008 @ 05:00 PM | By Penny Crosman

Congress’s failure to pass the Treasury’s proposed $700 billion financial bailout package today came as no surprise to Anil Kumar, global head – financial services group at IT services giant Satyam. “They didn’t do a good job of summarizing the plan,” Kumar says. “They’ve got to redefine the plan to be more consumer-oriented, rather than solely based on removing toxic assets from banks’ balance sheets.” He adds, “Unless the housing problems are addressed, I don’t think it will pass.”

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Wall Street IT Spending to Drop 5-15% in Wake of Lehman Meltdown, Merrill Merger
September 17, 2008 @ 12:10 PM | By Penny Crosman

Although my head is still spinning due to the crisis of the last few days, Matt Bienfang, senior research director of TowerGroup, has already estimated the impact that Lehman’s bankruptcy and Merrill’s pending acquisition by Bank of America will have on overall IT spending by Wall Street. “Between Bear, Lehman and Merrill you’re talking about 4-5% of the entire industry spend on technology,” he notes, adding that Lehman’s brokerage and wealth management business is bound to be bought and absorbed by somebody [Barclay’s announced Wednesday morning it would buy Lehman's North American investment banking, capital markets operations and supporting infrastructure]. “So Lehman’s technology spend won’t entirely disappear, but it will be reduced.” IT spending for Merrill’s organization should continue, he believes, but the fact that BofA expects to reap $7 billion in savings from the deal means some cutbacks are to be expected.

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Sectoral Asset Management Finds Leasing an OMS Better Than Buying
August 28, 2008 @ 09:02 AM | By Penny Crosman

Sectoral Asset Management, a Montreal-based investment advisory firm, recently began using the application service provider version of LineData's LongView Trading order management system. Why lease versus buy the software? "We’re a small boutique firm, we have limited IT resources, and we don’t have the resources internally to host or manage trading applications," says Laurent Sicard, IT manager at Sectoral Asset Management.

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Measuring the Quality of Your Investors
August 27, 2008 @ 08:17 AM | By Greg MacSweeney

The current economic downturn and skittish investors have left administrators and managers concerned about maintaining a stable capital base and avoiding mass redemptions, says Ron Kashden, president of TKS Solutions in this contributed blog entry.

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Do’s and Don’ts of Setting Up an Asset Management Business in Japan
August 20, 2008 @ 02:18 PM | By Penny Crosman

Watching the Olympic diving competition last night and seeing how after every dive the Chinese athletes humbly bow, making a simple, graceful gesture foreign to most Americans, reminded me of how much we could learn and benefit from other countries' customs and practices. Such an attitude is critical to doing business in Asian countries, according to Roger White, managing director of IT consulting firm Citisoft. White recently completed a six-year stint in Tokyo, where he helped U.S. firms expand their asset management businesses in Japan (while working for PriceWaterhouseCoopers). When he first arrived, “I found everything was different – I had to check everything I knew at the door and learn to do things differently.” He observed that the U.S. firms that took a softer approach to implementing new practices, first trying to develop a deep understanding of existing processes and customs before introducing changes, fared far better than those that slammed their American ways on Japanese employees. Also, White found that demonstrating a new process in front of local employees and proving before their eyes that it worked before making them do it, helped them accept it.

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Roundtable Analyzes Hedge Funds Best Practices (Part 2)
July 25, 2008 @ 11:00 AM | By Greg MacSweeney

In a recent roundtable, panelists offered advice on why it is important for hedge funds to increase transparency, perform "checks and balances" on valuations, add dedicated risk management functions and have a business continuity plan for trading operations. Ultimately, these practices will help reduce hedge fund risk and improve investor protections.

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Hedge Funds Best Practices Outlined by President’s Financial Working Group
June 25, 2008 @ 09:18 AM | By Greg MacSweeney

Eze Castle Integration recently hosted a roundtable discussion about the April 2008 Hedge Fund Best Practices Peport from the Asset Managers’ Committee to the President’s Working Group on Financial Markets. A panel of hedge fund industry executives from Equinox Partners, Ernst & Young and the law firm Bingham McCutchen joined Eze Castle Integration in discussing the Asset Managers’ and Investors’ Committee reports. This blog is the first of two that discusses the reports and requirements for hedge funds, as well as the panel discussion and recommendations.

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Wealth Management Trend: Socially Conscious Investing
April 18, 2008 @ 05:05 PM | By Penny Crosman

In the midst of this quarter's write-downs, layoffs and earnings disappointments, wealth management clearly remains a bright, profitable star on Wall Street -- in Merrill Lynch, for instance, wealth management was most strongly profitable unit this quarter and financial advisors have been promised they will be spared from the upcoming layoffs. In an interesting trend, more wealth management dollars are moving into socially aware investing. According to the Social Investment Forum, socially responsible investing assets in the U.S surged 18% from 2005 to 2007, outpacing broader managed assets. Although this research focused on institutional investors, retail investors are following the same pattern, at least according to Bill Crager, president of Envestnet. He should know; his firm's platform for financial advisors, which is used by 400 broker/dealers, beta tested a socially aware investment vehicle with a handful of small investment firms and attracted $300 million in six months.

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Despite Simplicity, there IS a Place for Retirement Planning Calculators
April 10, 2008 @ 11:19 AM | By Michael Ellison

During the weeks leading up to April 15th, firms often kick up their marketing efforts around IRAs and retirement planning. Thus, it is not surprising that in the past few months, we’ve noticed several firms introduce new tools directly retirement savings: a new Retirement Savings Quiz and Retirement Calculator from Bank of America, Charles Schwab’s new Retirement Savings Calculator and most recently, E*TRADE Financial’s new Retirement QuickPlan.

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Mobile Apps Are Gaining Respect, Flexibility
March 26, 2008 @ 11:36 AM | By Penny Crosman

Mobile applications and the people in charge of them are gaining more Street cred, according to Todd Christy, chief technology officer at Pyxis Mobile, a provider of wireless applications for the financial industry that counts Blackstone Group, Deutsche Asset Management and OppenheimerFunds among its customers. "Mobility is becoming a first class citizen in corporate America," he says. "We're seeing more chief wireless officers on Wall Street -- at least a half dozen firms have appointed someone to be a mobility leader." A high-profile case in point is Joseph Ferra, Fidelity's chief wireless officer, but several others have that responsibility if not the title itself, Christy says. This reflects an overall increase in demand for application access on the fly, he says.

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The Principal Saves Costs By Printing on Demand
March 17, 2008 @ 12:54 PM | By Penny Crosman

The Principal Financial Group, a provider of retirement and investment services, life and health insurance and banking with $311.1 billion in assets under management, has turned to print on demand software to streamline and reduce costs in generating and printing 401(k) statements and marketing collateral.

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Short, Automated Prospectuses To Lower Printing and Postage Costs
February 06, 2008 @ 02:50 PM | By Penny Crosman

Investor communication is in dire need of reform, said Forrester analyst Craig LeClair in a webcast this afternoon on the SEC's proposed short-form prospectus. Most prospectuses are "written by lawyers for other lawyers to digest," he said. "It's an arcane format, it's hard for investors to get what they need out of it." The prospectus for an variable annuity, for example, might be 1,000 pages long and it may not be clear to the investor which product he owns. "The value of the information put in that large book is diminished by its inclusion with non-relevant information," he said.

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130/30 Fund Managers Face Stiff Competition, Many Need Infrastructure Upgrades
January 30, 2008 @ 01:48 PM | By Penny Crosman

In the past few weeks, State Street, Legg Mason, TD Asset Management, Bear Stearns and other asset management firms have introduced new 130/30 funds; all told, about 140 of these funds exist today. But Colin Bugler, director of prime brokerage for RBC Capital Markets, says these asset managers will face intense competition and will need to ramp up their technology infrastructure, particularly those who are new to the business of shorting stock. (To short a stock is to borrow shares from a broker and sell them to another buyer, with the obligation to buy the shares back at some point in time and return them to the lender. It's a bet that a stock's value will drop, enabling you to buy it back at a cheaper price, while having already pocketed the profit from the original sale at the higher price.)

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What is JPMorgan Doing in Luxembourg?
December 13, 2007 @ 02:55 PM | By Penny Crosman

When we read this morning that JPMorgan is opening a hedge fund services office in Luxembourg, we thought, Luxembourg? Isn't that a postage-stamp sized country with a handful of people living in it? (Lacking confidence in our geographic knowledge, we checked wikipedia and found that indeed, Luxembourg is "a small landlocked country in western Europe, bordered by Belgium, France, and Germany. Luxembourg has a population of under half a million people in an area of approximately 2,586 square kilometres (999 sq mi.)" How can a place with less than a half-million people have so many hedge funds that it needs a new hedge fund administrator? We envisioned an exclusive playground for the super-rich being fawned upon by teams of specialized hedge funds.

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Fully Equipped NYC Offices to Be Offered to Startup Hedge Funds
November 27, 2007 @ 09:54 AM | By Penny Crosman

For startup hedge funds and existing hedge funds that would like to have an office in New York City, Eze Castle Integration announced today it's going to start offering "managed suites" at 529 Fifth Avenue and 44th Street (near Grand Central Station) early next year. The company will provide office space, computers loaded with basic office software, market data feeds, Blackberry services, a telecom infrastructure, conference rooms, a receptionist, a 24x7 help desk, a shared data center, disaster recovery via data replication to Eze Castle's Boston data center and even trial-level versions of software from Capital IQ, MarketStream and others.

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Mutual Fund Shouts Out to Its Peeps in Generations X and Y
November 21, 2007 @ 03:35 PM | By Penny Crosman

James C. Perkins is a chameleon. For video segments he's produced for YouTube, Perkins, the founder, CEO and portfolio manager of Thrasher Funds, dons white sunglasses and delivers news tidbits in a hip-hop-and-MTV-influenced staccato style. For an interview with an editor at a conservative trade magazine, he speaks soberly and articulately, using longer words, lengthy and grammatically correct sentences and quickly bringing up a past job as equity analyst at Morgan Stanley.

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EzeCastle Follows Its Hedge Fund Clients Across the Pond
November 12, 2007 @ 01:20 PM | By Penny Crosman

In a sign of the rapid globalization of hedge funds, EzeCastle Integration, a provider of outsourced IT services and consulting for more than 450 hedge funds, announced today that it has set up a London operation. "Many of our clients are looking for one provider who can provide consistent service, policies and procedures in all the territories they're located, so they can easily do business across geographies," says Bob Guilbert, managing director. "It's natural for companies that are international to want to consolidate their IT best practices under one roof."

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NorthStar Helps Firms Pump Out Proposals to Wealthy Clients
November 01, 2007 @ 05:01 PM | By Penny Crosman

Good but busy times lie ahead for the wealth management industry – it should grow 30% annually over the next few years according to a PriceWaterhouseCoopers report – and the increasing workload is driving wealth and asset managers to streamline their tasks. One time-consuming and difficult chore is preparing investment proposals, says Bob Skea, chief operating officer of Northstar. "The primary reason it's hard is that the work is manual – they're using PowerPoint, they have to find all the client's fundamental information, they have to collect risk profile data, they need to combine all that with an asset allocation modeling tool, which is often in a different system," he says. "Information about different products — fixed income, SMAs, mutual funds and so forth — all come from different sources." And once all the right information is gathered and a proposal is drafted, it may be noncompliant, because there's no record of how the proposal was generated and where the information came from.

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New Online Investing Site Covestor Presents A Threat to Fund Managers
October 11, 2007 @ 03:44 PM | By Penny Crosman

A new competitor called Covestor has quietly rolled onto Wall Street and is hoping to dine on the lunches of mutual fund and hedge fund managers. "We want to de-institutionalize money management and funds management," says Perry Blacher, director of marketing and co-founder of Covestor. "We're taking on the guys in the big corner offices with wood paneling who rely on people's laziness," he says.

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SWIFT Still Struggling to Attract Fund Managers
October 02, 2007 @ 10:03 AM | By Greg MacSweeney

Despite having almost half of its business come from the securities industry, SWIFT is still having a difficult time getting fund managers to join the network, SWIFT CEO Lazaro Campos told Wall Street & Technology in an exclusive interview at SWIFT's annual conference in Boston. In order to attract fund managers, Campos says SWIFT will focus on ease of use and a better fee structure.

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Mobile: The Next Financial Services Frontier?
May 31, 2007 @ 10:01 AM | By Greg MacSweeney

A senior wireless executive at a large Boston-based brokerage told me today -- and backed up his argument with some serious stats -- that mobile technology will be the next area that financial services firms try to dominate in order to capture and retain users.

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Laserfiche Pushes Its Paperless Vision on Investment Advisors
April 03, 2007 @ 11:52 AM | By Penny Crosman

Registered investment advisors, the 10,000 small firms that now manage over $1.7 trillion in assets, talk a lot about the paperless office at conferences and such, but apparently are slow to adopt it. “RIAs are small businesses where the owner ends up acting as CTO and making all the technology decisions,” says Timothy Welsh, president of Nexus Strategy, a technology consulting firm to RIAs. “Many use the Advent portfolio management system and a CRM program like Goldmine. Managing paper is one of their last technology frontiers -- only one in ten registered investment advisors has implemented document management software. What’s missing is not the desire to go paperless, because everyone wants to become more efficient, but the process for how to get there.”

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Accenture Labs Offers "Training Wheels" for Wealth Managers
March 28, 2007 @ 12:19 PM | By Penny Crosman

In a showcase today, Accenture Technology Labs showed off some of its latest projects. One, a newly developed “intelligent selling” application called Real Time Sales and Service Empowerment, could be used by wealth and asset managers, particularly in departments suffering “brain drain” – where knowledgeable managers are leaving or retiring and younger workers lack experience but are eager to learn. The Accenture application, which it developed with a French bank, is a basic customer relationship management system combined with a cognitive rules engine that acts as training wheels for the new investment manager.

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Salesforce.com Homes in on Wealth and Asset Management
March 27, 2007 @ 10:50 AM | By Penny Crosman

Tien Tzuo, chief strategy officer, and Renny Monaghan, senior director of product management at salesforce.com, dropped in this morning to update us on their hosted solution for customer relationship management (CRM) and related applications. “We’re seeing a lot of interest on Wall Street,” Tzuo said. “Commissions have dropped, to zero in some cases, so many firms are shifting from a transaction focus to a relationship focus.” Tzuo says the first wave of CRM implementations on Wall Street failed because the software was either too expensive and complex, like Siebel, or took the form of simple applications like ACT that were popular with individual relationship managers but offered too little in terms of security, backup and corporate control and support. Having salesforce.com run the application, including security and support, and deliver it to users’ desktops (for $500 per person per month), provides a middle ground that he says Wall Street firms are gravitating toward.

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Northern Trust Reaches $10 Billion Mark in Cross-Border Pooling
February 28, 2007 @ 12:59 PM | By Penny Crosman

Northern Trust is winning a great deal of pension business from multinational clients on the basis of its tax-transparent cross-border pooling. To enable international companies to pool the assets of their pension funds from many countries without running afoul of the IRS, the firm developed a tax-transparent cross-border pooling solution in September 2005. In fifteen months, assets in the product have grown from 0 to $10 billion and Northern Trust is seeking a patent on its methods of handling this unique product.

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Fidelity Offers Investment Tracking Tool to Vista Users
February 14, 2007 @ 11:54 AM | By Penny Crosman

Wasting no time reaching out to Microsoft Vista early adopters, Fidelity has released a Market Monitor gadget that Vista-using investors can use to keep an eye on their stocks. Gadgets are always-on mini-applications such as games, live webcams and traffic maps that can be downloaded free at www.gallery.live.com and sit in the miniature portal “Sidebar” section at the right of the Vista desktop screen. (Fidelity also offers its gadget at www.fidelity.com/beta.) The Fidelity gadget provides watch lists and stock charts similar to those at Yahoo Finance, but with Fidelity branding and graphics – stocks whose price has risen a lot, for instance, are shown in bright green, small price increases are darker green, black is neutral and stocks that are dropping are shown in various shades of red. Users pick any 25 securities to follow. For Macintosh users, Fidelity offers similar tools as a downloadable widget.

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Wall Street Journal Chronicles Amaranth's Demise
January 30, 2007 @ 10:14 AM | By Penny Crosman

Today's Wall Street Journal provides a gruesomely fascinating account of Amaranth's final days ("Amid Amaranth's Crisis, Other Players Profited"). The mental image it conjures in the reader's mind is that of a pack of wolves, one of which has injured itself and lies dying of its wounds, the rest taking the biggest, juiciest hunks out of it they can while its heart still beats.

The Amaranth fiasco continues to affect the industry. In addition to the SEC's efforts to regulate hedge funds, the SEC, the Federal Reserve Bank of New York and the Financial Services Authority in London are investigating banks' and securities firms' lending practices to hedge funds.

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Three New Business Intelligence-Style Tools for Investment Managers
January 26, 2007 @ 05:45 PM | By Penny Crosman

The business intelligence movement rolls on and one of its targets/benefactors is Wall Street. It's a good fit -- after all, what buy-side or sell-side executive wouldn't want the most insightful views of the right pieces of data? In my first full week at Wall Street & Technology, I was briefed on three new or recently updated data analysis tools: one for analyzing the blogosphere for stock and company tips and rumors, one for analyzing SEC Edgar data, and one for portfolio backtesting. Here's what I found interesting.

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Miletus and Charles River IMS Make Nice
January 03, 2007 @ 05:26 PM | By Cory Levine

Cory Levine, Wall Street & Technology

Boutique agency brokerage Miletus Trading, has integrated its algorithms, known as Strategy Engines and its Trade Impact Estimator into the Charles River Development Investment Management System (IMS). The move will allow Miletus to offer the buy side its algorithms through one of the industry’s most visible front-end platforms.

“Traders can now access Miletus pre-trade analytics and algorithmic trading strategies directly from the Charles River blotter,” explained Stephen Engdahl, director of product management for Charles River Development. “This relationship with Miletus expands the number of trading strategies, execution venues and supporting tools which Charles River brings together, enabling traders to effectively make decisions and implement trades.”

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BNY ConvergEx Group Launches Independent Research Service
November 29, 2006 @ 11:44 AM | By Tim Clark

By Tim Clark, Wall Street & Technology

BNY ConvergEx Group , a provider of agency brokerage and investment technology solutions, recently launched Jaywalk 360, a research service designed to deliver in-depth analysis from its BNY Jaywalk Independent Research Provider (IRP) network.

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Barclays Wealth to Create 500 New Jobs in Glasgow
November 22, 2006 @ 10:45 AM | By Tim Clark

By Tim Clark, Wall Street & Technology

In an effort to meet its rapid expansion in Scotland, UK-based Barclays Wealthrecently announced that it will create 500 jobs in Glasgow over the next three years.

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Northern Trust Nabs $320 Million Oslo Fund
November 16, 2006 @ 12:46 PM | By Tim Clark

By Tim Clark, Wall Street & Technology

Northern Trust today announced that it has won the mandate to provide custody services to the $320 million Oslo Pensjonsforsikring’s (OPF) global fixed income portfolio, managed by investment manager Rogge Global Partners.

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Charles River Offers Web-based 'Anywhere' Tool
November 15, 2006 @ 04:00 PM | By Tim Clark

By Tim Clark, Wall Street & Technology

Charles River Development, a provider of front- and middle-office systems to the global investment management community, recently announced the release of its new Web-based module, Charles River Anywhere. The new tool enables Charles River Investment Management System users to securely monitor and manage critical Charles River IMS information via any Web-enabled wired or wireless device.

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SunGard Expands Post-Trade Connectivity for Advent’s Moxy Customers
November 15, 2006 @ 11:49 AM | By Tim Clark

By Tim Clark, Wall Street & Technology

SunGard and Advent Software recently announced the availability of STN for SWIFT to investment managers using Moxy, Advent’s trade order management system.

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SunGard Strengthens Wealth Management Functionality
November 07, 2006 @ 09:34 AM | By Tim Clark

By Tim Clark, Wall Street & Technology

SunGard recently added unified managed account (UMA) capabilities to WealthStation, a wealth management technology solutions platform that helps financial advisors manage their high-net-worth clients’ assets.

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Harris Investment Management Utilizes On-Demand CRM
November 01, 2006 @ 01:55 PM | By Tim Clark

By Tim Clark, Wall Street & Technology

In an effort to grow its business while streamlining its marketing, sales and client service processes, Harris Investment Management has tapped customer relationship management (CRM) services from Satuit.

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U.S. Bancorp Fund Services Deploys Mutual Fund Tool
October 24, 2006 @ 02:30 PM | By Tim Clark

By Tim Clark, Wall Street & Technology

Eagle Investment Systems, a Mellon Financial Company, recently announced that U.S. Bancorp Fund Services (USBFS), a subsidiary of U.S. Bancorp, the 6th largest financial holding company in the United States, has selected Eagle STAR to support its mutual fund accounting and reporting needs.

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Denver Investment Advisors Deploys SunGard ASP Tool
October 17, 2006 @ 10:33 AM | By Tim Clark

By Tim Clark, Wall Street & Technology

Denver Investment Advisors, an independent investment advisory firm, has deployed IMpower, SunGard’s application service provider (ASP) portfolio management solution, to support its global investment operations.

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Northern Trust Becomes Global Custodian For China’s Social Security Fund
October 12, 2006 @ 02:24 PM | By Tim Clark

By Tim Clark, Wall Street & Technology

Northern Trust has been selected to provide global custody, investment mandate compliance monitoring and performance measurement services to China’s multibillion dollar National Social Security Fund (NSSF) — the first institutional retirement fund in China to invest overseas.

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Commission Recapture Kicks Into Overdrive
October 05, 2006 @ 09:51 AM | By Tim Clark

By Tim Clark and Ivy Schmerken, Wall Street & Technology

In the October issue of Wall Street & Technology, we explored the practice of commission recapture in the article “A Hard Act to Follow.” The catalyst for that story was derived from an insightful roundtable discussion that BNY Securities Group subsidiary Lynch, Jones & Ryan hosted with a handful of other commission recapture players. The general consensus from that meeting and in follow-up discussions indicated that commission recapture, while still a viable means to generate returns, would one day become obsolete, especially since players such as UBS and Goldman Sachs shuttered their commission recapture operations, deeming it an industry in decline.

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Dow Jones Launches Wealth Management Service
October 04, 2006 @ 11:17 AM | By Tim Clark

By Tim Clark, Wall Street & Technology

Dow Jones & Company recently launched "Dow Jones Wealth Manager Web Services," a solution that matches stories, articles and features from sources such as Dow Jones Newswires and The Wall Street Journal to client-specific interests and holdings.

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FTN Financial Adapts to OTC Derivatives Activities
September 28, 2006 @ 12:18 PM | By Tim Clark

By Tim Clark, Wall Street & Technology

Memphis, Tenn.-based financial services provider FTN Financial Group (FTN) has selected SunGard’s Adaptiv to manage its OTC derivatives business activities with its clients.

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Northern Trust Ranked No. 1 Lender by ISF
September 28, 2006 @ 11:55 AM | By Tim Clark

By Tim Clark, Wall Street & Technology

Northern Trust recently announced that its Global Securities Lending program has been named the No. 1 lender in North America by borrowers in the 2006 International Securities Finance(ISF) Equity Finance Survey of Borrowers Rating Lenders. Northern Trust was also awarded the No. 1 ranking in multiple service categories recognizing its superior relationship management, connectivity and automation.

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Finetix/Cadence Partnership Mitigates Hedge Fund Risk
September 28, 2006 @ 11:20 AM | By Tim Clark

By Tim Clark, Wall Street & Technology

Financial services consulting firm Finetix recently announced its partnership with Cadence Capital Group LLC, a New York-based hedge fund specializing in options, aggressive long-short and delta-neutral strategies. According to Cadence cofounder Dmitry Babayev, the partnership was designed, in part, to avoid a hedge fund catastrophe of Amaranth-like proportions.

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Mellon Asset Management Saves With CRM
September 28, 2006 @ 10:55 AM | By Tim Clark

By Tim Clark, Wall Street & Technology

Mellon Asset Management has achieved significant financial savings estimated by Mellon to be worth $944,000 in infrastructure and software, and $377,000 in support in just two months following its implementation of the Pivotal Customer Relationship Management (CRM) solution.

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Could Technology Have Prevented the Amaranth Blowup?
September 26, 2006 @ 08:31 AM | By Tim Clark

By Tim Clark, Wall Street & Technology

As federal regulators begin to investigate the catastrophic blowup of hedge fund Amaranth Advisors—whose $6 billion in losses resulted from bad bets on natural gas futures—the industry at large is scratching its head as to why the fund adopted such a risky investment strategy to begin with. This begs the question: Could technology, risk management or otherwise, have prevented the Amaranth debacle?

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UTI Bank Reels In Credit Derivatives Tool
September 21, 2006 @ 01:31 PM | By Tim Clark

By Tim Clark, Wall Street & Technology

In an effort to better manage its derivatives portfolio, UTI Bank has selected the RisKompass software solution from Pyxis Systems.

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Securities America Bolsters Wealth Reporting Capabilities
September 20, 2006 @ 04:15 PM | By Tim Clark

By Tim Clark, Wall Street & Technology

In an effort to bolster its wealth reporting capabilities, Securities America has armed its 1,800 financial advisors with WealthMonitor, a web-based application designed by Albridge Solutions. This recent deal signifies the growing need for wealth management providers to deliver more focused attention to their High Net Worth Individual clients.

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Northern Trust Lands Major Middle Eastern Fund
September 20, 2006 @ 02:56 PM | By Tim Clark

By Tim Clark, Wall Street & Technology

The multi billion dollar Abu Dhabi Pensions & Benefits Retirement Fund has selected Northern Trust as its sole global custodian to provide investment risk and analytical services, including performance measurement and attribution analysis.

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Hedge Funds Drive Capital IQ Growth
September 19, 2006 @ 02:50 PM | By Tim Clark

Standard & Poor's Capital IQ, a Web-based data tool designed for the financial services community, announced that its client base doubled to 1,500 since its acquisition by Standard & Poor's in 2004.

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