Reuters US Money

Cathie Wood’s new fund to invest in disruptive tech in private markets

4 Feb 2022

By Saqib Iqbal Ahmed NEW YORK (Reuters) – Ark Invest’s Cathie Wood is taking another stab at investing in “disruptive innovation,” this time through a new fund that will target illiquid securities including those of private companies, a regulatory filing on Thursday showed. Wood, known for managing ARK Innovation, the firm’s flagship exchange-traded fund, filed …

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Intesa sets $25 billion payout goal and grasps digital challenge

4 Feb 2022

By Valentina Za MILAN (Reuters) -Italy’s biggest bank Intesa Sanpaolo dashed market hopes it could match rival UniCredit and return all additional profits to investors in coming years, saying it had to first to tackle challenges for its business. Under a new plan to 2025 unveiled on Friday, Europe’s eighth-largest bank by assets said it …

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Credit Suisse refers some African wealth management clients to Barclays

4 Feb 2022

ZURICH (Reuters) – Credit Suisse has signed a deal with Barclays to take on rich clients in parts of Africa after it decided to exit wealth management in nine countries, the Swiss bank said on Friday, confirming an earlier Bloomberg report. “Credit Suisse has signed a private banking client referral agreement with Barclays as part …

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Sculptor Capital director quits hedge fund in protest over CEO pay

4 Feb 2022

By Svea Herbst-Bayliss (Reuters) -Sculptor Capital Management said on Thursday that a board member resigned in protest over the pay package the hedge fund firm plans to award its chief executive officer James Levin. Morgan Rutman, who has been a director since 2019, said he was leaving amid governance failures illustrated by the board’s decision …

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Scopia boosts stake in Verra Mobility after company adds another activist to board

4 Feb 2022

By Svea Herbst-Bayliss BOSTON (Reuters) – Hedge fund Scopia Capital Management on Thursday said it now owns a bigger stake in Verra Mobility Corp and plans to keep close tabs on the technology company’s strategy only weeks after it handed a board seat to another activist investor. New York-based Scopia, already one of Verra Mobility’s …

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Danske Bank dividend policy brings Estonia case back in spotlight

3 Feb 2022

By Nikolaj Skydsgaard COPENHAGEN (Reuters) – Danske Bank on Thursday maintained its 2023 profitability target and said it expected to increase profits this year, but uncertainty over dividend payments brought potential money laundering fines back in focus. Denmark’s biggest lender has been dogged by a money laundering scandal since 2018 in its former Estonia branch, …

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ING shares dip 4% after earnings; provisions rise on inflation worries

3 Feb 2022

By Toby Sterling AMSTERDAM (Reuters) -ING Groep NV reported higher-than-expected provisions in its fourth quarter earnings report on Thursday, as the largest Dutch bank braced for the impact of higher inflation on customers. ING reported a 27% rise in fourth-quarter pretax profit to 1.33 billion euros ($1.50 billion), slightly below analyst forecasts of 1.47 billion …

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