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Blackstone notifies Cohen's SAC it intends to pull money: pension consultant

May 25, 2013 12:55
By Matthew Goldstein (Reuters) - Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc, the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters.

National Bank considering new acquisitions in Canadian wealth management

The Canadian PressMay 25, 2013 02:45
National Bank (TSX:NA) says it's interested in new acquisitions but will be very selective about which sectors it looks to. "Wealth management does remain a priority for us," said president and chief executive Louis Vachon during a conference call Friday. "Should the right fit from a cultural and strategic standpoint come along, we would be interested." The bank recently finished integrating two other wealth management acquisitions, Wellington West Holdings Inc. and HSBC Securities full-service investment advisory business, into its operations.

US markets turn sober after Japan plunge

Agence France-PresseMay 25, 2013 04:30
The 7.3 percent plunge in Japanese stocks during the week injected needed sobriety into US markets, but they showed a resilience that cheered investors worried about protecting the year's gains. The drop in Tokyo Thursday -- a modest correction in the context of the Nikkei 225's 21 percent climb in five weeks -- sent other Asian and European markets sinking by more than two percent. But US stocks fended off the selling pressure, the S&P 500 finishing just 0.28 percent lower for the day, sending a sigh of relief around the world.

Wall Street Week Ahead: Investors look for signs in the rally's break

May 24, 2013 21:03
By Caroline Valetkevitch NEW YORK (Reuters) - The stock market's break in its recent rally this week left investors wondering if they're seeing a turning point or just a blip in the upward path. Next week could make it harder to figure out, considering that the long Memorial Day weekend typically signals the start of the summer. The three major U.S. stock indexes posted a decline for the week on Friday, their first weekly loss since mid-April, raising some fresh worries that this year's rally may be weakening.

Austrian bank chief quits under cloud

Agence France-PresseMay 24, 2013 10:16
The chief executive of one of Austria's biggest banks, Herbert Stepic of Raiffeisen Bank International (RBI), tendered his surprise resignation on Friday after magazine revelations about personal foreign investments. Stepic, 66, credited with helping Raiffeisen become a major lender in central and eastern Europe, said that his decision to end his 40-year career at the bank was "to avoid any damage to Raiffeisen's reputation".

EU risks "too big to cooperate" bank supervision

May 24, 2013 08:16
By Martin Santa and Huw Jones BRUSSELS/LONDON (Reuters) - The role of the European Banking Authority must be beefed up beyond current plans to ensure that regulation of Europe's banks does not fragment into two competing systems, one of the architects of the reforms told a public hearing on Friday.

Shareholder adviser firm paying $300,000 to settle charges of failing to protect client data

The Canadian PressMay 24, 2013 03:00
WASHINGTON - A prominent firm in the business of advising big shareholders on how to vote in elections for company directors is paying a $300,000 fine to settle federal civil charges of failing to protect clients' confidential voting information. Institutional Shareholder Services agreed to the penalty in a settlement announced Thursday with the Securities and Exchange Commission. Its clients are institutional investors such as large mutual funds and pension funds. The firm, based in Rockville, Md., didn't admit or deny the SEC's allegations.

Japan PM Abe: Hope BOJ communicates with markets more than ever

May 24, 2013 02:45
TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe said on Friday he hopes the Bank of Japan communicates with markets more than ever and take appropriate action, such as through money market operations, to stabilize the bond market. "The government will closely watch the government bond market and take appropriate bond management policies," Abe said in parliament.

Hands-off investor? Experts suggest making periodic adjustments to 401(k); avoid market timing

The Canadian PressMay 23, 2013 20:45
The run-up in stock prices this year could tempt even the most hands-off investor to wade into their 401(k) and make some changes. The Dow Jones industrial average, Nasdaq and Standard "It's a retirement account. You are investing for not months or even years, but decades into the future," says Eric Tyson, author of "Personal Finance for Dummies." He adds: "Most people, including most professional investors, are not very good at market timing."

Credit Suisse names new Chicago co-head after banker departure

May 23, 2013 17:32
NEW YORK (Reuters) - Credit Suisse Group <CSGN.VX> has named Jeff Douthit as new co-head of its investment banking department in Chicago, according to an internal memo to staff that was reviewed by Reuters. Douthit, global head of business and consumer services for Credit Suisse, took the role after senior industrial banker James Nappo left the bank at the end of April to join Jefferies Group, people familiar with the matter said. The sources asked not to be named because the matter is not public.
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