By Jonathan Stempel NEW YORK (Reuters) -Bank of America Corp’s Merrill Lynch unit will pay more than $15.2 million to thousands of customers who it steered automatically into buying costlier mutual fund shares than they were eligible for, a U.S. regulator said on Thursday. The Financial Industry Regulatory Authority said Merrill did not admit or …
By Ross Kerber (Reuters) – Sustainability-focused hedge fund Engine No. 1 has backed 83% of shareholder resolutions on environmental, social and governance (ESG) topics at top U.S. companies so far this year as it looks to arm investors with more information, leaders said. Ballot items, such as several at Exxon Mobil Corp calling for more …
Engine No. 1 rushes to back ESG disclosures at top companies Read More »
By Selena Li HONG KONG (Reuters) – China’s proposed cybersecurity rules for financial firms could pose risks to operations of western companies by making their data vulnerable to hacking, among other things, a leading lobby group has said in a letter seen by Reuters. The latest regulatory proposal comes at a time when a string …
China’s draft cybersecurity rules pose risks for financial firms, lobby group warns Read More »
ZURICH (Reuters) – Julius Baer is selling Geneva-based wealth manager Fransad Gestion to its management team, the Swiss private bank and asset manager said https://www.juliusbaer.com/en/media-investors/news/julius-baer-group-sells-fransad-gestion-sa-in-a-management-buyout on Thursday, giving no financial details. “The transaction, which was executed on 1 June 2022, follows the decision of Julius Baer to reduce the complexity of its portfolio of companies …
Julius Baer sells Fransad business to management Read More »
BOSTON (Reuters) – American Vanguard Corp investors on Wednesday elected all three of Cruiser Capital’s candidates to the nine-member board of directors, handing a victory to the hedge fund that had criticized management of hefty spending that hurt returns. Cruiser Capital, which owns 2.5% of the agricultural products company, appealed to investors that the board …
Cruiser Capital wins three seats on American Vanguard’s board Read More »
LONDON (Reuters) – The private equity industry has grown into a pyramid scheme that will create casualties in around three to five years, the chief investment officer of Europe’s biggest asset manager said on Wednesday. Vincent Mortier, the CIO of Amundi, said deals were being done at exorbitant valuations and private equity firms were on …
Private equity industry like a Ponzi scheme, says Amundi CIO Read More »
By David Randall NEW YORK (Reuters) – A sharp rally in the broad U.S. stock market over the last week in May was not enough to save star stock picker Cathie Wood’s ARK Innovation Fund from notching its seventh straight month of losses, extending the longest losing streak in its history. The ARK Innovation fund, …
Stock rally not enough to save ARK from record 7-month losing streak Read More »
By Sinead Cruise and Huw Jones LONDON (Reuters) – A handful of attempts to privately trade depositary receipts in VTB and Gazprom show how some Western investors are still seeking ways to buy and sell stock in Russian companies rendered near untouchable due to sanctions. Europe, the United States and Canada blocked certain banks’ access …
Trades in Russian shares show investors testing the exits Read More »
By Pete Schroeder WASHINGTON (Reuters) -The head of the U.S. Senate Banking Committee on Tuesday called on Wells Fargo & Co Chief Executive Charles Scharf to “finally” address weaknesses at the bank, including “governance, risk management, and hiring practices.” In a letter to the CEO, Senator Sherrod Brown said the bank, which remains under a …
U.S. Senate banking panel urges Wells Fargo to ‘finally’ fix problems Read More »
By Jamie McGeever (Reuters) – If you assumed crypto was just a young person’s game, think again. More people in the United States than ever before are turning to cryptocurrencies to help fund their retirement, it seems, even as the recent market carnage provides a stark reminder that this wild market is not for the …
