Fund Management News
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Updated 2 hours, 33 minutes ago
Trading in gold using the Chinese currency has tripled in Hong Kong this year as the yuan’s rally to a 19-year high helps limit risks for jewelers.
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Prudential Plc Chief Executive Officer Tidjane Thiam sold a third of his shares in the U.K.’s largest insurer after a 2010 performance-based compensation plan paid out in full and the stock soared.
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Investec Plc, owner of a bank and a money manager in South Africa and the U.K., said economic challenges in its main markets will partly offset a rally in global equities after full-year profit rose 28 percent.
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China’s stocks rose for a fifth day, sending the benchmark index to its longest winning streak in three months, as technology and solar companies climbed on improving earnings prospects.
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Hedge-fund managers are making the biggest ever bet against gold as billionaire George Soros sold holdings last quarter and Goldman Sachs Group Inc. predicted more declines after the longest slump in four years.
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Hedge funds led by Paulson & Co. and Maverick Capital are piling into mortgage insurers in a bet that some of the companies worst hit by the U.S. housing crash will be among the biggest winners in the rebound.
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Willis Group Holdings Plc, the third- largest insurance broker, hired Michael Guo as head of Asia in the capital-markets operation as the company seeks more investment-banking business.
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Chen Li, the UBS AG strategist who predicted the tumble in China’s smallest shares two years ago, says the companies are poised to retreat again after valuations rose to the biggest premium over larger stocks since 2010.
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Gold bears are dominant again after prices resumed their slump and billionaire George Soros joined investors selling holdings in exchange-traded products that have retreated to a two-year low.
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All company founders will fight to keep their jobs, maybe none more so than Barry Portnoy and his son Adam.
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