Wells Fargo’s cash sweep options for investment advisory clients is being investigated by the Securities and Exchange Commission (SEC), the bank disclosed in a regulatory filing.
The hedge fund industry saw a net $80 billion of outflows for the year to Oct. 18, even as it raked in net profits of about $119 billion, hedge fund specialist Aurum Funds said in a report on Wednesday, as investors looked for higher returns elsewhere.
Global fund managers are exploring ways to spread their counterparty risk, with many regularly monitoring the credit ratings of their dealer banks following the recent banking crisis, according to an industry survey released on Wednesday.
Irish bank AIB Group lifted its full-year income guidance for the third time this year on Wednesday after a higher interest rate environment contributed to a “very strong” third quarter that it expects to continue in the final three months.
Shares of Australia’s Regal Partners rose more than 11% on Wednesday, after the investment manager said it would buy a 50% stake in Taurus SM Holdings, bringing group funds under management to A$8 billion ($5.07 billion) on a pro forma basis.
Royal Bank of Canada has injected about $2.95 billion into its U.S. unit City National Bank (CNB) so far this year to bolster its capital, making one of the biggest annual infusions of funds since acquiring the Los Angeles-based bank in 2015.
Morgan Stanley may pay between $500 million and $1 billion to resolve a long-running U.S. probe into how it handled private stock sales, Semafor reported on Tuesday, citing people familiar with the matter.
SBI Cards and Payment Services and the retail unit of billionaire Mukesh Ambani’s Reliance are set to launch a co-branded credit card on India’s homegrown RuPay payment network, the companies said on Tuesday.
Odey Asset Management, one of Britain’s best known hedge funds, will shut, it said on Tuesday in a statement on its website, less than six months after its founder faced fresh allegations of misconduct.
Franklin Resources , better known as Franklin Templeton, on Tuesday beat estimates for fourth-quarter profit as strong performance of its equity and alternative funds helped counter weakness in its fixed-income business.
