Waddell & Reed Financial Inc. , the mutual-fund manager based in the heart of Kansas that caters to mom and pop investors, is an unlikely company to be blamed for sending Wall Street into a tailspin on May 6.
Invesco Ltd ., Franklin Resources Inc . and Janus Capital Group Inc. , reported higher profits for the three months through December, as the stock-market rally boosted assets, offsetting client withdrawals at most firms.
Neel Kashkari, the former Goldman Sachs Group Inc. executive chosen by ex-Treasury Secretary Henry Paulson to help rescue the U.S. banking system, is readying a challenge to California Governor Jerry Brown even as the world’s 10th-largest economy reaches its highest level in more than three decades.
The work that earned Eugene Fama the Nobel Prize in economics provided the intellectual foundation for index-tracking funds, which have upended stock picking as investors abandon active money managers.