Fidelity Investments, the mutual- fund firm best known for its star stock pickers since it was started almost seven decades ago, named former bond manager Charles Morrison to run its asset-management unit.
Jacksonville, Florida, with the third most underfunded pensions of the largest U.S. cities, is considering an unprecedented solution that may preserve its credit rating at the expense of its utility’s.
Ronald P. O’Hanley, Fidelity Investments’ head of asset management, is stepping down after less than four years in the role, giving President Abigail Johnson an opportunity to consolidate control of the family- owned firm.
JPMorgan Chase & Co. agreed to pay $1.7 billion to settle U.S. claims that it facilitated Bernard Madoff’s Ponzi scheme, the largest in U.S. history, resolving yet another legal obstacle facing the embattled bank.
JPMorgan Chase & Co. will pay $2.6 billion to resolve criminal and civil allegations it failed to stop Bernard Madoff’s Ponzi scheme, bringing its legal settlements from the past two years to more than $29 billion and further eroding its once-record earnings.
Brevan Howard Asset Management LLP, the U.K. unit of Europe’s largest closely held hedge-fund firm, paid its partners as much as 60.4 million pounds ($99 million) for the year through March, according to a corporate filing.
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.