Legg Mason Inc. will spend as much as $41 million to buy QS Investors, a global quantitative equity firm that split from Deutsche Bank AG in 2010.
Mach Gen LLC, a New York-based electricity generator owned by units of financial institutions that include Bank of America Corp. and Credit Suisse Group AG, filed for bankruptcy in Delaware.
Allianz SE, Europe’s biggest insurer, posted fourth-quarter earnings that missed analysts’ estimates and said operating profit may decline this year. The shares fell the most in seven months.
China’s insurance regulator loosened curbs on insurers’ investments, scrapping ceilings on fixed- income holdings and simplifying rules to help the industry bolster returns.
Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., fell the most in five months in Amsterdam trading after raising its dividend less than analysts estimated and posting lower profit.
American International Group Inc. suffered another year of impairments in its portfolio of death- benefit bets as insured people lived longer than the company expected.
Gold and silver futures capped the longest rallies since August as economic concerns boosted demand for the metals as alternative investments.
South Korea’s National Pension Service plans to double its investment staff within three years and hire foreigners for the first time as the $400 billion fund boosts holdings of overseas assets.
Leveraged-buyout firms led by billionaire Leon Black’s Apollo Global Management LLC, seeing fewer bargains in acquiring companies, are loading up on high- risk debt being abandoned by the world’s biggest banks.
Did you hear about how the S&P 500 trounced hedge funds last year? And did you feel the tiniest bit of schadenfreude?
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