Billionaire hedge fund manager John Paulson, who backed away from his bullish bet on gold last year, kept his holdings of the metal unchanged in the fourth quarter as prices capped the biggest annual drop since 1981.
Canadian stocks rose for the sixth time in seven days after Bank of Canada governor Stephen Poloz maintained the benchmark interest rate and said the direction of the next move will depend on the economy.
Bank of Montreal is in talks to buy F&C Asset Management Plc, manager of the oldest U.K. investment fund, for about 697 million pounds ($1.2 billion) in what would be the second-largest takeover in its 196-year history.
Hedge funds raised their bullish gold bets to a six-week high, splitting with analysts at Technical Research Advisors LLC and Goldman Sachs Group Inc. who are predicting more declines after last year’s rout.
Royal Bank of Canada is putting its leadership in the hands of David McKay, whose consumer-lending experience is a departure from the investment-banking background that propelled Gordon Nixon to chief executive officer 12 years ago.