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ZURICH (Reuters) – U.S. bank State Street has won a mandate to act as custodian bank for a multibillion-dollar compensation fund of the Swiss federal government that was previously at UBS, authorities said on Wednesday. The decision to hand the AHV/IV/EO fund to State Street was made in December after a two-year tender process and the transfer …

State Street replaces UBS as custodian bank for Swiss government fund Read More »

By Carolina Mandl NEW YORK (Reuters) – Global hedge funds in June sold U.S. shares of technology, media and telecommunications (TMT) companies at the fastest pace since 2016, mainly driven by semiconductor stocks, Goldman Sachs said in note. The sales could indicate that portfolio managers have become more bearish on tech stocks, after the sector’s …

Hedge funds dump tech stocks at fastest pace since 2016, bank shows Read More »

By Carolina Mandl NEW YORK (Reuters) – Hedge fund Schonfeld Strategic Advisors’ flagship fund Strategic Partners ended the first half of the year up 10.3%, driven by positive performance across different strategies and after posting a gain of 1.9% last month, a source familiar with the matter said. Quantitative equities, tactical trading, global macro, relative …

Schonfeld’s flagship hedge fund ends H1 up 10.3% – source Read More »

By Ross Kerber and Suzanne McGee CHICAGO (Reuters) – The spread of artificial intelligence-based systems offers big opportunities for financial services firms, executives say, but asset managers also face higher stakes than other consumer-facing businesses because they manage sensitive information. For example, AI systems could be better than humans at explaining to clients why they …

Financial industry grappling with AI’s gifts and perils, executives say Read More »

(Reuters) – Pershing Square USA, a fund managed by billionaire Bill Ackman, said on Friday it plans to offer shares at $50 each in its initial public offering in New York. Ackman is launching a new investment portfolio that will be available to anyone who can invest in the United States, including retail investors. The …

Ackman’s Pershing Square USA to offer shares at $50 in NY listing Read More »

By Sinead Cruise and Tommy Reggiori Wilkes LONDON (Reuters) – Sixth Street is embarking on the biggest European recruitment drive in its 15-year history, leasing a new regional headquarters in London’s Mayfair and adding up to 20 employees this year for a push into private credit and real estate. Julian Salisbury, co-chief investment officer of …

Private credit boom drives Sixth Street hiring spree in Europe Read More »

By Noele Illien and Oliver Hirt ZURICH (Reuters) -UBS is shaking up its wealth-management arm, the bank’s flagship business, to boost its offerings to ultra-rich clients, the division’s new co-leaders said in their first internal memo sent on Thursday and seen by Reuters. UBS will create a new unit from July 1, named GWM Solutions, …

UBS shakes up flagship wealth business with new unit, memo says Read More »

By Mark Miller (Reuters) – 401(k) accounts are far from perfect as a retirement benefit, but they are getting better, and more improvements are on the way.  For better or worse, private-sector employers have almost completely substituted the 401(k) for the good old-fashioned defined-benefit pension in recent decades. Not all workers had traditional pensions even …

Column-Automation has improved the 401(k) – but where do we go from here? Read More »

By Howard Schneider WASHINGTON (Reuters) – Perhaps the most famous one-liner in a presidential debate, Ronald Reagan’s “Are you better off than you were four years ago?” question to voters in his match with Democratic incumbent Jimmy Carter in October 1980, came as high inflation pummeled consumers’ spending power and captured a general malaise about …

Are you better off today? A question for voters as Biden, Trump debate Read More »