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Career risk makes the world go round: James Saft

By James Saft (Reuters) - Fund and pension investors who are watching their biotech and social media stakes melt before their eyes may well feel they've had their pockets picked by self-serving investment managers. But actually they are also helping to fund, if only as an unintended side-effect, useful innovation which might not otherwise happen. The lesson here: career risk makes the world go round.

Money market fund assets fell by $35.02 billion to $2.58 trillion for the week

Total U.S. money market mutual fund assets fell by $35.02 billion to $2.58 trillion for the week that ended Wednesday, according to the Investment Company Institute. Assets in the nation's retail money market mutual funds fell by $5.33 billion to $912.96 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $2.72 billion to $721.59 billion. Tax-exempt retail fund assets fell $2.61 billion to $191.37 billion.

TSX advances amid mixed bag of U.S. earnings reports, positive economic data

TORONTO - The Toronto stock market closed higher Thursday as stocks continued to find lift from this week's positive Chinese and U.S. economic data, along with a generally upbeat slate of earnings news. The S The Canadian dollar advanced amid data showing higher than expected inflation. The loonie was up 0.04 of a cent to 90.8 cents US as Statistics Canada reported that the consumer price index rose 0.6 per cent in March from the previous month, higher than the 0.4 per cent reading that economists had expected.

Goldman Sachs' earnings fall 11 per cent as bond trading slumps; bank still beats expectations

NEW YORK, N.Y. - Goldman Sachs' earnings fell in the first quarter as bond trading slumped, but the results still came in ahead of what investors expected as other parts of the bank performed well. EARNINGS AND REVENUE: The bank earned $1.95 billion in the quarter, down 11 per cent from $2.19 billion in the same period a year earlier. The earnings were equivalent to $4.02 a share, compared with $4.29 in the first quarter of 2013. Revenue totalled $9.33 billion, down 8 per cent from $10.09 billion a year earlier.

Morgan Stanley's earnings rose 18 per cent, helped by M&A, trading; Beats analysts' estimates

NEW YORK, N.Y. - Investment bank Morgan Stanley said Thursday that its first-quarter income rose 18 per cent from a year ago, helped by higher earnings in its trading and merger and acquisitions advisory businesses.

U.S. rebalance toward Asia 'unbalanced,' Senate report says

By Lee Chi-dong WASHINGTON, April 17 (Yonhap) -- The U.S. Senate committee on foreign affairs formally joined a chorus of critical views Thursday of how the Obama administration implements its signature Asia policy -- rebalancing toward the region. The panel issued a 25-page "majority staff report" which says Washington's approach requires a balance between the military side and other aspects. The report was released ahead of Obama's visit later this month to Japan, South Korea, Malaysia and the Philippines.

BlackRock's quarterly profit climbs as investors pile into funds

By Ashley Lau NEW YORK (Reuters) - BlackRock Inc, the world's largest money manager, said on Thursday first-quarter profit rose 20 percent, boosted by strong performance fees and strength in its retail business as investors poured money into long-term funds. The New York-based asset manager, which now manages $4.4 trillion in assets, said it had positive net flows across equity, fixed-income, alternatives and multi-asset funds during the quarter.

Morgan Stanley Wealth profit seen as proxy for capital return

By Jed Horowitz NEW YORK (Reuters) - Morgan Stanley's big bet on wealth management is looking strong as fees, commissions and interest collected by its more than 16,000 brokers fueled a 13 percent rise in the business's first-quarter net income from a year earlier to $423 million, the company said Thursday.

Amid frigid winter, Goldman, Morgan Stanley see commodity gains

By David Sheppard and Lauren Tara LaCapra LONDON/NEW YORK (Reuters) - Goldman Sachs <GS.N> and Morgan Stanley <MS.N> both cited stronger commodities trading as a bright spot in the first quarter, aided in part by extraordinary volatility caused by the coldest U.S. winter in three decades.

European stocks close higher ahead of Easter

Europe's main stock markets closed higher on Thursday ahead of the Easter weekend, shaking off early losses as investors kept a wary eye on diplomatic talks over the Ukraine crisis. London's FTSE 100 ended up 0.62 percent compared to Wednesday's closing level, at 6,625.25 points. Germany's DAX 30 rose 0.99 percent to finish the day at 9,409.71 points and the CAC-40 in Paris gained 0.59 percent to close on 4,431.81 points.
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