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BlackRock's largest mutual fund boosts energy holdings: manager

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NEW YORK (Reuters) – BlackRock Inc’s (BLK.N) largest mutual fund hiked its exposure to “select names” in energy as the sector has lagged this year, one of its portfolio managers said on Thursday. “The underperformance of energy stocks even as oil prices have stabilized creates opportunities for investors,” wrote Russ Koesterich, a manager of the Read More

Exclusive: SEC officials' holdings, legal work, pose potential conflicts

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WASHINGTON (Reuters) – Two lawyers appointed to senior jobs at the U.S. Securities and Exchange Commission have ties to major companies including financial firms Goldman Sachs Group Inc (GS.N) and Wells Fargo & Co (WFC.N) that could complicate efforts to regulate them, according to government documents viewed by Reuters. Steven Peikin, the new co-head of Read More

Libor-tracking investments hit U.S. exchanges; complexity a worry

1 day ago DieselGasoil Comments Off on Libor-tracking investments hit U.S. exchanges; complexity a worry
NEW YORK (Reuters) – Investors who place wagers on the direction of interest rates got a new set of U.S.-listed investment products on Wednesday, but their complexity may prove an obstacle to them gaining broad acceptance. VelocityShares Long LIBOR Exchange-Traded Notes and VelocityShares Short LIBOR ETNs track an index designed to mimic changes in the Read More

U.S. money market assets increased in latest week: iMoneyNet

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NEW YORK (Reuters) – U.S. money market fund assets increased by $14.51 billion to $2.673 trillion in the week ended Aug 15, the Money Fund Report said on Wednesday. Taxable money market fund assets increased by $14.86 billion to $2.543 trillion, while tax-free assets decreased by $355.40 million to $130.37 billion, according to the report, Read More

Ackman says owned stake in Hilton, a previously unnamed bet

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BOSTON (Reuters) – Investor William Ackman said on Wednesday his hedge fund had bought and sold a stake in Hilton Worldwide Holdings, identifying the portfolio company that recently earned him a double digit return. Ackman and one of his partners told investors on a conference call that they have long admired the hospitality company and Read More

Wells Fargo changes board, names Duke chair in response to scandal

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(Reuters) – Wells Fargo & Co Vice Chair Betsy Duke will replace retiring Chair Stephen Sanger next year, one of several changes announced on Tuesday in a board overhaul following a sales practices scandal. Sanger will retire at year-end, earlier than his previous plans to depart in April upon reaching a mandatory retirement age of Read More

Wells Fargo board chairman to retire, be replaced at year end

2 days ago DieselGasoil Comments Off on Wells Fargo board chairman to retire, be replaced at year end
(Reuters) – Wells Fargo & Co Vice Chair Betsy Duke will replace retiring Chairman Stephen Sanger next year, one of several changes announced on Tuesday in response to shareholder displeasure over the bank’s sales practices scandal. Sanger will retire at year-end, even though he will not reach mandatory retirement age of 72 until April. Investors Read More

Wells Fargo announces board changes, names new chair

2 days ago DieselGasoil Comments Off on Wells Fargo announces board changes, names new chair
(Reuters) – Wells Fargo & Co on Tuesday announced multiple changes in its board of directors, including a new chair, adding a new independent director and changing the composition of board committees. Wells Fargo said Elizabeth “Betsy” Duke would succeed Stephen Sanger as independent chair, effective Jan. 1. Sanger is one of three long-serving directors Read More

ETFs are hot everywhere but workplace retirement plans

3 days ago DieselGasoil Comments Off on ETFs are hot everywhere but workplace retirement plans
NEW YORK (Reuters) – Low-cost exchange-traded funds are a favorite of individual investors. ETF assets reached $2.9 trillion in 2017, up 32 percent in the last year, according to Investment Company Institute, a trade group. So why are so few ETFs offered in workplace retirement plans? Of the $5 trillion in assets in company-sponsored 401(k) Read More

U.S. hedge funds bearish on FAANG stocks in second-quarter: SEC filings

3 days ago DieselGasoil Comments Off on U.S. hedge funds bearish on FAANG stocks in second-quarter: SEC filings
NEW YORK (Reuters) – Closely-watched U.S. hedge fund managers were generally bearish on the FAANG group of high-flying tech stocks in the second quarter, with eight such investors in aggregate cutting or liquidating 18 stakes in the companies, regulatory filings showed. The group comprises Facebook (FB.O), Amazon (AMZN.O), Apple (AAPL.O), Netflix (NFLX.O) and Google parent Read More