The wave of selling in Puerto Rico bonds that started in September pushed yield spreads to record highs. During that month, American Century Investment Management boosted holdings of commonwealth debt in its intermediate-term tax-free fund to 1 percentage point more than its benchmark index, said Steven Permut, who oversees about $6 billion of local debt as head of munis in Mountain View, California.
Bank of America Corp. is among a group of lenders that may face a wave of new lawsuits claiming cash-strapped counties were cheated out of millions of dollars by a system used for more than a decade to register mortgages.
Canadian Imperial Bank of Commerce, the country’s fifth-largest bank, agreed to buy a 41 percent stake in American Century Investments from JPMorgan Chase & Co. for $848 million to expand its asset-management business.
After several drinks at a Greek restaurant on Manhattan’s Third Avenue in the summer of 2006, two computer programmers at Bernard Madoff’s investment firm asked their supervisor whether the boss’s business was a scam, Bloomberg News’ David Glovin and Bob Van Voris report.
JPMorgan Chase & Co. was ordered by arbitrators to pay $373 million to American Century Investments over claims that executives led by Jes Staley enriched the bank at the expense of the fund-management firm.
Toronto-Dominion Bank, Canada’s second-largest lender by assets, is ramping up its U.S. asset- management business while doubling the number of advisers for wealthy American clients in an bid to accelerate profit.