Fairfield Greenwich Group, the largest feeder fund for Bernard Madoff Investment Securities LLC with $7.5 billion invested, failed to perform due diligence.
Lazard, an investment bank, said profit for its fourth quarter, ended Dec. 31, had fallen by about half to $61.2 million, or 50 cents per diluted share.
The Department of Labor today delayed implementation of a rule that would have allowed most investment advisers to give specific advice to 401(k) participants.
Aviva announced that full-year 2008 life insurance and pension sales hit a company record of 11.9 billion pounds ($17.2 billion) in the United Kingdom.
ING Groep has sold off its 70% stake in its Canadian property/casualty unit, ING Canada Inc., in an attempt to bulk up its balance sheets.
Three former brokers, who were first with UBS Financial Services Inc. and then with Merrill Lynch & Co. Inc., have been barred from working in New Jersey.
Iowa’s insurance commissioner yesterday posted a bulletin that would allow life insurers in that state to apply deferred tax assets toward 15% of their statutory capital and surplus levels.
Employers eliminated 650,000 jobs last month, bringing the total number of job cuts in the United States since September 2008 to 2.3 million.
A New York accounting firm has compiled a short list of candidates and plans to let its clients vote on the ultimate Tax Turkey.
Congress will consider legislation to extend some of the curbs on executive pay that currently apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said.
