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.
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.
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.
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.
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.
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.
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 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.
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.
Your client filed her federal tax return by April 15 but did not include a check for the amount due, because she did not have funds available. She has come to you for advice as to how to proceed.
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.
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.
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.
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.
What’s the future of the estate tax after 2009? This is a question that your clients have probably been asking a lot lately because the estate tax is scheduled to sunset in 2010 and then rise again like a phoenix in 2011 at higher tax rates and with a substantially lower unified exemption credit equivalent, or estate tax exemption, of $1 million.
World stock markets fell today but relatively strong U.S. consumer confidence and housing data helped limit swine flu-related losses.
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.
