Glencore Xstrata Plc, the world’s biggest exporter of power station coal, named former Morgan Stanley Chief Executive Officer John Mack among three new board members to replace departed directors from Xstrata Plc.
New York City’s $140 billion retirement system pays Wall Street money managers about $360 million a year, the only one of the 11 biggest U.S. public- worker pensions that refuses to manage any assets internally. Larry Schloss, the city’s chief investment officer, says the practice must end.
Abu Dhabi Investment Authority, among the world’s biggest sovereign wealth funds, is curbing reliance on outside fund managers and reducing holdings in developed- world shares in favor of emerging market investments.
Yip Ka-hay, the first Asia-based manager hired by Steven Cohen’s $15 billion SAC Capital Advisors LP, plans to start a macro hedge fund in July to trade currencies, interest-rate securities and equity indexes in the region.
A Credit Suisse Group AG unit and four of its former executives, including technology investment banker Frank Quattrone, won dismissal of a lawsuit alleging they deceived investors into buying AOL Time Warner stock.
Royal Bank of Scotland Group Plc has hired Stephen Chronert, the former head of high-yield bond and leveraged loan sales in the U.S. at UBS AG, for a similar role at Britain’s biggest government-owned lender.
UBS AG, Switzerland’s biggest bank, sought immunity from prosecution by Canadian regulators probing a potential conspiracy to rig the price of derivatives globally, three people with knowledge of the inquiry said.