Advisors News

Online News

Government set to reveal Tote auction line up

The proposed £400 million sale of the Tote is expected to move a step closer later today when the Government appoints advisors to handle a formal auction of the state-controlled betting group, Times Online has learnt.
Read Full Article

State Street executive resigns as investors look to sue over losses

State Street, one of the world’s biggest fund managers, yesterday paid $14 million ($£7 million) to a top executive who is leaving after the firm said it faced possible legal action from shareholders relating to its sub-prime losses. The fund manager said that William Hunt, the head of State Street’s Global Advisors investment business, was leaving after the firm revealed that it had put aside $618 million to cover losses related to the sub-prime mortgage crisis and subsequent credit crunch on Wall Street. State Street said that it was facing possible legal action from some shareholders, who believe that Mr Hunt bought bonds that were not in line with an agreed investment strategy. Ronald Logue, chairman and chief executive of State Street, said: $“Some of our customers that were invested in the active fixed-income strategies have raised concerns that we intend to address. Nevertheless, we will continue to defend ourselves vigorously against inappropriate claims, including those that seek recovery of investment losses arising solely from changes in market conditions.” Three clients sued the fund manager in October over investment losses stemming from exposure to sub-prime investments within the firm’s fixed-income funds. Yesterday Moody’s, the credit rating agency, said it had placed State Street on a negative outlook because of the extra charge. The Boston based company, which controls $2 trillion worth of assets, said yesterday that it will take an after-tax charge of $279 million to establish the reserves, but sought to reassure shareholders that both revenues and profits would exceed expectations for 2007. America$’s biggest pension fund manager said that it expects sales to have risen by 30 per cent over 2007, providing earnings per share of between $3.42 and $3.25. Mr Hunt resigned yesterday and has been replaced by James Phalen, on an interim basis. Mr Phalen is the executive vice-president and head of international operations for investment servicing and investment research and trading. In a filing with the Securities and Exchange Commission, State Street said Mr Hunt will receive $14.1 million in severance compensation and benefits, excluding about $5 million in stock options. He is not entitled to a 2007 bonus or any other annual incentive plan. Wall Street ignored the charge and shares in the fund manager surged 8.3 per cent. The stock is up by a third since the credit crisis over the summer. Nancy Bush, managing member of NAB Research in Aiken, South Carolina, said: $“The investment community is looking beyond the charge and looking at the very, very strong fourth-quarter results.” State Street is also one of the world’s largest providers of custody services for institutional investors, overseeing $15.1 trillion of assets. Hopes that some of Wall Street$’s biggest fund managers have weathered the sub-prime crisis triggered a rally among financial stocks with Bank of New York Mellon up 4.3 per cent and Northern Trust gaining 2.7 per cent. The Dow Jones industrial average closed up 12.70 at 13,056.70.
Read Full Article

For Capital, Merrill Looks East and West

Although Singapore was the major source of Merrill Lynch’s $6.2 billion infusion, Merrill’s other investor, Davis Selected Advisors, was a bit of a dark horse.
Read Full Article

World Business Briefing: France: Axa Unit Fined in U.S.

AXA Advisors, the United States brokerage unit of AXA of France, agreed to pay a $1.2 million fine and reimburse 1,800 clients after offering them fee-based accounts that did not fit their needs.
Read Full Article

Fund Accused of Manipulating Gas Markets

Federal regulators charged the collapsed hedge fund Amaranth Advisors and its former chief energy trader with trying to manipulate natural gas markets last year.
Read Full Article

External News for: advisors

Waddell & Reed Financial, Inc. Declares Quarterly Dividend and Announces Date ... - MarketWatch (press release)

Waddell & Reed Financial, Inc. Declares Quarterly Dividend and Announces Date ...MarketWatch (press release)Waddell & Reed, Inc., founded in 1937, is one of the oldest mutual fund complexes in the United States, having introduced the Waddell & Reed Advisors Group ...Waddell & Reed Financial Bullish Moving Average Crossover Alert (WDR)Trading Markets (press release)all 16 news articles »

Waddell & Reed Financial, Inc. Declares Quarterly Dividend and Announces Date ... - MarketWatch (press release)

BROKER'S WORLD: Independents Gain Steam Over Wirehouses - Wall Street Journal

BROKER'S WORLD: Independents Gain Steam Over WirehousesWall Street Journals (BAC) Merrill Lynch, Wells Fargo Advisors and UBS Wealth Management Americas became independent advisers. Less than 25% went to one of the other three ...Break Back BrokersRegistered Rep.Brokers on the run at independent firmsInvestmentNewsBroker-dealer moves surged in February-DiscoveryReutersall 6 news articles »

Waddell & Reed Financial, Inc. Declares Quarterly Dividend and Announces Date ... - MarketWatch (press release)

BROKER'S WORLD: Independents Gain Steam Over Wirehouses - Wall Street Journal

Lomiko Metals Inc. Lithium Property Information Available to 100000 US ... - CNNMoney.com (press release)

Lomiko Metals Inc. Lithium Property Information Available to 100000 US ...CNNMoney.com (press release)Standard & Poor's Advisor Insight is an Internet-based research engine used by more than 100000 investment advisors. A public version of the site is ...and more »

i8news.com

Science Music Asia International Education Sports Health Technology Entertainment Business

Puppet Tobenski Yazamy Mcenroe Thaci Cashback Servicemasters Thewissen Knee