Industry News

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NEWS LIFE INSURANCE AND ANNUITIES MAY 17, 2007
BoNY sued by Russia's customs service

Russia's customs service is suing the Bank of New York for $22 billion over alleged misdeeds dating from the 1990s, according to Russian news agencies.

NEWS WIREHOUSES MAY 17, 2007
JPMorgan Chase buys Xign Corp.

JPMorgan Chase & Co. acquired Xign Corp., a provider of business-to-business on-demand financial settlement solutions.

NEWS WIREHOUSES MAY 16, 2007
Fidelity slashes PetroChina holdings

The Fidelity Out of Sudan group applauded news that the fund giant has slashed its stake in PetroChina ADRs by 91%.

NEWS ALTERNATIVES MAY 16, 2007
ESL ups stake in Citigroup

An affiliate of Edward Lampert's ESL Investments Inc. hedge fund now owns 15.24 million shares of Citigroup Inc.

NEWS WIREHOUSES MAY 16, 2007
Energy boss leaves JPMorgan Chase

George "Beau" Taylor, JPMorgan Chase & Co.'s energy-trading head has quit to join the Credit Suisse Group, according to published reports.

NEWS INDUSTRY NEWS MAY 16, 2007
LSE rides high after turbulent year

Rising trading volumes boosted the London exchange's fiscal-year operating profits by 55% to $367 million.

NEWS WIREHOUSES MAY 16, 2007
JPMorgan fund manager sacked

A senior fund manager at a joint venture between JPMorgan Asset Management and Shanghai International Trust & Investment Co. was dismissed yesterday because of suspected insider trading.

NEWS WIREHOUSES MAY 16, 2007
Merrill promotes two in private equity

Merrill Lynch & Co. Inc. has announced that it will expand its private equity efforts and promote two managers.

NEWS ALTERNATIVES MAY 15, 2007
Fortress plunges 52% in first quarter

The first hedge fund to go public today posted a 52% drop in first-quarter net income.

NEWS INDUSTRY NEWS MAY 15, 2007
HSBC takes first-quarter hit

Rising credit losses and lower trading results took a $35 million bite out of HSBC USA Inc.’s profits during the first quarter.

NEWS WIREHOUSES MAY 15, 2007
Fidelity unveils three Advisor funds

Fidelity Investments today added international real estate, Canada and small cap funds to their Advisor fund roster.

NEWS INDUSTRY NEWS MAY 15, 2007
Euronext books record revenues

Euronext, a subsidiary of exchange operator NYSE Euronext, reported record quarterly revenues of $419.8 million, up from $364.5 million the prior year.

NEWS WIREHOUSES MAY 14, 2007
UBS exec moves to biz development

Tom Madsen, UBS Global Asset Management’s global head of equities, has stepped down from his post to take a business development role, according to published reports.

NEWS WIREHOUSES MAY 14, 2007
Bear Stearns writes off $225M for specialists

With floor traders at the New York Stock Exchange fast becoming obsolete, Bear Stearns Cos. Inc. said today that it would write down the value of its specialist business by $225 million, according to Crain's New York Business.

NEWS WIREHOUSES MAY 14, 2007
Schwab smiles on merger of rivals

Charles “Chuck” Schwab again dismissed speculation that his company might acquire TD Ameritrade Holding Corp. or E*TRADE Financial Corp. by suggesting the two rivals might form a good union themselves, according to press reports.

NEWS WIREHOUSES MAY 14, 2007
Fidelity adds to AMT tax-free funds

Fidelity Investments, the biggest U.S. mutual fund company, today announced the launch of two new share classes of Fidelity California, Massachusetts, New Jersey and New York AMT Tax-Free Money Market Funds.

NEWS LIFE INSURANCE AND ANNUITIES MAY 14, 2007
Hancock swells portfolio strategies

John Hancock announced today that it is expanding its lifestyle portfolio strategies to include new emerging markets, mid-cap and small-cap values into the funds.

NEWS BROKER DEALERS MAY 14, 2007
SIFMA defends mandatory-arbitration system

NEW YORK — As some U.S. senators find fault with the arbitration system that resolves client disputes with broker-dealers, the brokerage industry’s largest trade group is defending the process.

NEWS INDUSTRY NEWS MAY 14, 2007
City National’s Lydian deal a bid to attract jet-setters

LOS ANGELES — City National Corp.’s acquisition of Lydian Wealth Management Co. LLC, which closed this month, marks a bold move by the financial services company to make significant inroads into the ultrahigh-net-worth market.

NEWS LIFE INSURANCE AND ANNUITIES MAY 14, 2007
Advisers, clients ignoring disability risk, experts say

NEW YORK — Financial advisers and their clients aren’t giving the risk of becoming disabled the attention it deserves, according to disability insurance experts.