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Former Fidelity executive poses new challenge to 401(k) unit

By Tim McLaughlin BOSTON (Reuters) - Robert Reynolds, a former Fidelity Investments executive, wants to become a formidable rival to the largest U.S. 401(k) recordkeeper. Reynolds, who runs Great-West Lifeco U.S. Inc, said on Thursday he struck a deal to buy the large 401(k) recordkeeping unit of JPMorgan Chase & Co Inc. The deal, in which terms were not disclosed, creates the second-largest U.S. recordkeeper of 401(k)-style retirement plans with 6.8 million participants and $387 billion in assets.

JP Morgan to process payment for Russian embassy, easing tension

By Megan Davies MOSCOW (Reuters) - JP Morgan Chase & Co is processing a payment from Russia's embassy in Kazakhstan to insurance agency Sogaz, easing tension after Moscow accused the U.S. bank of illegally blocking the transaction under the pretext of sanctions. Russia's Foreign Ministry said on Tuesday the "unacceptable, illegal and absurd" act of blocking the payment would have consequences for the U.S. Embassy in Russia.

RBC Wealth Management hires financial adviser from Barclays

(Reuters) - RBC Wealth Management said it had hired an international financial adviser from Barclays Bank. Ileana Platt, who joined RBC Wealth's International Advisor Group-USA in March, is based at the company's Miami office. She will work with high net worth clients who have financial interests in the United States. At Barclays, Platt was the director of wealth and investment management, focusing on Peru, Panama and Mexico.

Despite changes to rich pension plans, public servants still overpaid: report

OTTAWA - Federal employees are still far ahead of their private sector counterparts in terms of total compensation thanks to their pension benefits, says a C.D. Howe Institute report issued Wednesday. The paper, by pension expert Malcolm Hamilton, calculates that recent changes to public pension plans still haven't gone far enough to even the playing field and that total compensation of government employees is about $4 billion higher than Ottawa calculates.

Despite changes to rich pension plans, public servants still overpaid: report

OTTAWA - A new C.D. Howe Institute report suggests that changes to federal public pension plans still haven't gone far enough to bring overall employee compensation in line with the private sector. It says the value of the retirement benefits for federal employees causes Ottawa to underprice the total compensation it pays by about $4 billion annually. The report by pension expert Malcolm Hamilton says the government hasn't yet achieved its goal of bringing what it pays its employees in line with what similarly qualified workers earn in the private sector.

A morale booster for workers and retirees worried about pensions, but a long way to go

NEW YORK, N.Y. - New rulings against Catholic hospital chains on both coasts have intensified a faceoff between religiously affiliated employers and workers who are alarmed by the companies' efforts to avoid insuring or funding their pensions.

Charles Schwab awards 24-percent pay hike to chairman, CEO for 2013

NEW YORK (Reuters) - Charles Schwab Corp awarded both its namesake chairman and its chief executive, Walt Bettinger, a pay increase of 23.7-percent last year, the brokerage firm said in a regulatory filing on Friday. The compensation reflected a year in which the executives' long-term strategy - of expanding beyond simple inexpensive stock commissions into a broader range of services - bore fruit, the company's compensation committee wrote.

Men charged in Halifax after lengthy probe into alleged investment scheme

HALIFAX - The RCMP have charged two Halifax businessmen with defrauding 16 people of about $1.5 million following a five-year investigation into an investment scheme. The Mounties' financial crime unit began investigating CanGlobe Group of Companies based in Halifax in April 2009 after receiving a complaint. Police allege investors were told they would receive high interest rates in exchange for investing various amounts of money in a bridge financing scheme involving companies associated with CanGlobe.

When it comes to client portfolios, bigger may not be better

By Ed McCarthy (Reuters) - Wealth managers routinely specify minimum sizes for new accounts, but far fewer advisers set maximums. Maybe they think "the bigger the better," but that is not necessarily true. High-net-worth clients, especially those with $30 million or more, are different from garden-variety millionaires. They do not sweat the small stuff, like planning for their kids' education or retiring comfortably, so they do not value basic financial planning services as much as less-affluent clients.

Financial companies to be banned from sharing clients' data

SEOUL, March 28 (Yonhap) -- Financial companies in South Korea will be strictly restrained from sharing customers' data among their affiliates, financial officials said Friday, as part of the state-led comprehensive measures to prevent another massive data leak. In January, data on some 15 million bank clients of three local credit card firms -- Lotte, KB Kookmin and NH Nonghyup -- were found out to be leaked.
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