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Fidelity’s money-market fund assets surged 20% in past year

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BOSTON (Reuters) – Fidelity Investments’ money-market fund assets have climbed $116 billion, or 20%, over the past 12 months as investors embrace higher yields for their idle cash, research firm Crane Data said on Thursday. At the end of July, Boston-based Fidelity had $710 billion in money-market fund assets, according to Crane. Fidelity is the Read More

U.S. small-cap stocks under renewed threat from tariffs

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NEW YORK (Reuters) – Last week’s announcement of more U.S. tariffs on Chinese goods may have undermined the prospects for small-cap stocks to rebound this year, even after a brief respite from the Federal Reserve’s recent interest-rate cut. Just a day after the Fed cut interest rates for the first time in more than a Read More

Manulife profit beats on strength in Asia unit

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(Reuters) – Canada’s largest insurer insurer Manulife Financial Corp on Wednesday edged past estimates for second-quarter profit, helped by strength in Asia unit, its biggest. Insurers in Canada have been increasingly pivoting toward Asia for growth, looking to sell to the region’s middle class as domestic markets face stiff competition. The company’s Asia unit reported Read More

Hedge fund Hoplite Capital plans to shut down – letter

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BOSTON (Reuters) – Hedge fund Hoplite Capital is returning money to outside clients after a period of sluggish returns, the firm’s founder, John Lykouretzos, told investors in a letter on Wednesday. John Lykouretzos, founder and chief investment officer at Hoplite Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. Read More

Manulife beats profit, boosted by strength in domestic, U.S. unit

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(Reuters) – Canada’s largest insurer Manulife Financial Corp on Wednesday edged past estimates for second-quarter profit, helped by growth in its domestic and U.S. business. The company’s total annualized premium equivalent (APE) sales rose 9.2% to C$1.36 billion. Canada APE sales jumped 46% to C$290 million, while in the United States it rose 19.4% to Read More

Hedge fund Hoplite Capital plans to shut down: letter

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BOSTON (Reuters) – Hedge fund Hoplite Capital is returning money to outside clients after a period of sluggish returns, the firm’s founder, John Lykouretzos, told investors in a letter on Wednesday. John Lykouretzos, founder and chief investment officer at Hoplite Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. Read More

U.S. money market assets rise to highest since 2009 – iMoneyNet

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NEW YORK (Reuters) – U.S. money market fund assets jumped to their highest level since 2009 as investors unnerved by the rapid deterioration in trade talks between China and the United States piled into these cash-like investments, a private report showed on Wednesday. Fears about the clash between world’s two biggest economies grew after U.S. Read More

U.S. banks limp away from hopes of interest margin expansion

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NEW YORK (Reuters) – Big U.S. banks are under pressure again, as policymakers around the globe have dashed any hopes that the industry might finally be able to earn more money on loans, after more than a decade of rock-bottom interest rates. FILE PHOTO: A view of the exterior of the JP Morgan Chase & Read More

Hedge fund investor Tarrant, who bet with Warren Buffett, dies

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BOSTON (Reuters) – Investor Jeffrey Tarrant, whose firm Protege Partners backed billionaire managers including William Ackman and Marc Lasry early in their careers and made a bet with Warren Buffett that hedge funds would outperform a passive index fund, has died at age 63. Tarrant died on Aug. 5 at his home in Bridgehampton, New Read More