More than 100 investment managers and their placement agents have been subpoenaed by New York Attorney General Andrew M. Cuomo as part of his two-year investigation into alleged pay-to-play schemes involving the $122 billion New York State Common Retirement Fund, Albany, Mr. Cuomo announced today.
Meanwhile, consumer spending fell more than expected in March while personal savings rose, fresh evidence that the economy is still struggling to emerge from the recession.
U.S. consumer spending fell for the first time in three months while income growth slipped for a second straight month, indicating that the economy is still struggling to emerge from the recession.
While new assets heading into The Charles Schwab Corp.'s adviser business slowed in the first quarter, executives for the San Francisco-based company noted that they've had contact with hundreds of advisers — with billions in assets — who are considering going independent.
Online brokerage E-Trade Financial Corp. said today its first-quarter loss grew sharply as it nearly doubled its provision for loan losses from the previous year.
The monthly auctions of 30-year bonds follows Treasury's decision just three months ago to double the frequency of the auctions from four times annually to eight.
The economy shrank at a worse-than-expected 6.1 percent pace at the start of this year as sharp cutbacks by businesses and the biggest drop in U.S. exports in 40 years overwhelmed a rebound in consumer spending.
In order to keep the individual annuity market alive amid economic turmoil, insurance companies will need to readjust their product risk, distribution and cost structures for the product, according to a report from Conning Research & Consulting.
Impaired intangible assets will continue to pressure insurance companies as earnings continue to erode, according to a report from Moody’s Investors Service in New York.
Managed-care company Aetna Inc. said today its first-quarter profit rose slightly due to membership gains and premium increases, even though the company saw higher-than-expected medical costs.
Delivering a message that his audience probably didn’t want to hear, Paul Kanjorski, D-Penn, chairman of the House Capital Markets Subcommittee, said that federal insurance regulation is inevitable.
World stock markets fell today but relatively strong U.S. consumer confidence and housing data helped limit swine flu-related losses.
Hopeful signs that the worst may be over for the economy boosted Americans' moods in April, sending a closely watched barometer of sentiment to the highest level since November.
Lazard Ltd., a financial advisory and asset management firm, said today it posted a first-quarter loss as revenue declined and it recorded a previously announced restructuring charge.
Worldwide sales for Aviva PLC rose to 10.3 billion British pounds ($15.1 billion) in the first quarter, up 5% from a year earlier, buoyed by sales of life insurance and pensions.
The SEC will consider two proposals on custody rules as part of a package of initiatives aimed at ensuring the safekeeping of investor assets in the wake of the massive Ponzi scheme perpetrated by Bernard L. Madoff Securities LLC of New York, Securities and Exchange Commission Chairman Mary Schapiro said today.
Only a buyout — preferably one by Allianz SE of Munich, Germany — will rescue The Hartford (Conn.) Financial Services Group Inc., wrote Bob MacDonald, former chief executive of Allianz Life of North America and Allianz Income Management Services, both in Minneapolis.
The Treasury Department said Monday it will need to borrow $361 billion in the current April-June quarter, a record amount for that period.
General Motors Corp. said it will cut 21,000 U.S. factory jobs by next year, phase out its storied Pontiac brand and ask the government to take more than half its stock in exchange for half of GM's government debt as part of a major restructuring that would leave current shareholders holding just 1 percent of the company.
