Morgan Stanley will hold a gathering in New York to showcase Asian hedge funds to investors after pulling its capital introductions event in China because of the bird flu, said three people with knowledge of the matter.
Citigroup Inc. Chief Executive Officer Vikram Pandit, who took a $1 salary after his bank received the most taxpayer assistance of any U.S. lender, is poised to collect $80 million from other payments and awards that may eventually total more than $200 million.
China’s $300 billion sovereign wealth fund may pick China Asset Management Co. , the country’s largest fund manager, to oversee part of its international investments, said a person with direct knowledge of the matter.
E Fund Management Co. , China’s second-largest mutual fund house, plans to start two emerging- markets funds early next year through its Hong Kong unit, rivaling international peers such as Fidelity International.
China may allow foreign companies to sell stock in Shanghai next year, opening the world’s largest market for first-time share sales and advancing the city’s bid to become an international financial center.
Wacker Chemie AG , the world’s second-largest maker of chemicals for production of solar modules and microchips, raised its outlook for annual sales following a recovery in demand for silicone used in electronics and cars.
Martin Currie Ltd. and AMP Capital Investors said stock-index futures will let them hedge in China and more effectively compete with local fund managers as the nation prepares to open the market to foreign institutions.