Wells Fargo & Co., citing “new facts,” asked a judge to revoke the class-action status he bestowed on a suit by institutional investors who claimed the bank marketed a risky securities-lending program as safe.
Fortress Investment Group LLC, the first publicly traded private-equity and hedge-fund manager in the U.S., said first-quarter profit rose 75 percent because of higher fees paid to the firm for managing its funds.
Artisan Partners Asset Management Inc., the Milwaukee-based money manager that withdrew plans to go public in 2011, jumped in trading after pricing its initial public offering above the proposed range.
RBC Wealth Management, the unit of Toronto-based Royal Bank of Canada that oversees almost $200 billion for more than 350,000 households, won the highest satisfaction ranking in a survey of full-service investment firms’ customers, according to J.D. Power & Associates.
Brevan Howard Asset Management LLP paid its partners as much as 269.8 million pounds ($436 million) in the 12 months ended in March, more than double the amount it paid them a year earlier, after the hedge fund’s investment performance beat rivals.
Legg Mason Inc., the money manager that named Joseph A. Sullivan its chief executive officer in February after a five-month search, said Ron Dewhurst, who was a candidate for the position, is leaving the firm.