Alternative asset manager Fortress Investment Group LLC said today that its second-quarter loss narrowed as it cut expenses and recorded a special non-cash gain on affiliate investments.
Conseco Inc. reaped a second-quarter profit of $27.6 million, or 15 cents a share, marking its second consecutive quarter in the black.
A broker booted from Next Financial is under investigation by the police in San Antonio for his role in an alleged theft of about $1.5 million from an elderly couple.
The Ohio Department of Insurance is examining storied insurance firm Barry Kaye Associates Inc. after a civil suit on a failed life settlements transaction accused the firm of fraud and negligence.
Although advisers are all over the map when it comes to predicting the longevity of the economic downturn, most have adjusted the way they do business because of it, according to a recent industry survey.
The median asset levels in 401(k) plans dropped at least 15% from yearend 2007 to mid-June 2009, but the affluent and wealthy saw much heftier losses, according to a report released yesterday.
J. Ezra Merkin, one of Bernie Madoff's most important sources of cash, pocketed an average of $35 million in fees every year for funneling money to the Ponzi schemer and other investment firms.
Although improving financial markets have helped lift some life insurance carriers, the firms still have a ways to go before they recover fully, according to a report from Moody's Investors Service.
Americans' personal savings rate slipped to 4.6% in June, from 6.2% the previous month, the Department of Commerce's Bureau of Economic Analysis reported today.
Hard-hit Swiss bank UBS AG reported another quarterly loss today while France's BNP Paribas posted a 6.6 percent increase in net profit.
Bank holding companies raked in $3.03 billion in insurance brokerage fee income during the first quarter, down from $3.21 billion a year earlier, according to a report.
Pending U.S. home sales rose in June for the fifth straight month, another encouraging sign of life for the embattled U.S. housing market, the National Association of Realtors reported today.
The Commerce Department says consumers boosted their spending 0.4 percent, slightly ahead of analysts' estimates. That comes after spending rose 0.1 percent in May.
IntercontinentalExchange Inc. reported today its second-quarter profit slipped 15 percent as it recorded a special charge on an investment in an Indian exchange and costs tied to acquisition last year of credit-derivatives processor Creditex.
GMAC Financial Services, which provides both automotive and home loans, says it posted a wider second-quarter loss of $3.9 billion as it transformed from an arm of General Motors Co. into an independent bank.
A private-sector measure of U.S. manufacturing activity declined last month at the slowest pace since August. Production jumped to its highest level in more than two years as manufacturers worked to restock customers' bare shelves, another sign that the recession may soon be over.
Natixis Global Associates, in conjunction with the AlphaSimplex Group LLC, has launched a multistrategy absolute return fund, Natixis announced today.
Banking group Barclays PLC said today that first-half net profit increased 10 percent as stronger earnings from its expanded investment banking division outweighed an increase in bad loans.
