Leaders of Fidelity Investments' adviser and broker-dealer clearing businesses pointed fingers at themselves and at clients last week for retreating from customer contact during the most chaotic periods of their business careers and hinted at changes to come in several key services.
Tom Turpin, chief executive of Old Mutual Asset Management, has left the firm just months after the firm's parent, Old Mutual PLC, said that it planned a partial initial public offering of the business.
American International Group Inc. is considering closing down parts of its mortgage insurance unit following a failure to offload it, Bloomberg reported.
President Obama reached his much-ballyhooed 100-day milestone last week, but most financial advisers were in no mood to celebrate.
Morningstar Inc. yesterday announced first-quarter earnings of $25 million, or $0.51 a diluted share, up from $23.1 million, or $0.47 a share, a year earlier.
U.S. manufacturing activity contracted at a slower-than expected pace in April, raising hopes that the steep plunge that began last fall may be moderating. The performance was driven by a rise in new orders.
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.
