Wealthy investors aren’t clamoring for a piece of Facebook Inc.’s initial public offering because some own the stock through private transactions while others shy away from risky technology deals, according to advisers.
Retail investors turned the Dow Jones Industrial Average’s 348-point plunge yesterday into the biggest trading day of the year at Vanguard Group Inc., the largest U.S. provider of stock and bond mutual funds.
Apollo Global Management LLC’s Affinion Group Holdings Inc. has less than a year to pare back $2.3 billion of debt before it breaches loan terms that would cause a default and accelerate payment to its lenders.
Michel Moreno, the 42-year-old chief executive officer of the Moreno Group, an oil-services company, has been investing the cash he set aside during the financial crisis in the most well-known U.S. companies.
Wealthy investors should use yesterday’s market rout to buy some of the biggest, most well- known U.S. companies, which are undervalued after getting dragged down with the broader market, said Darrell Cronk, an investment officer for Wells Fargo & Co.
Fiera Capital Corp., the Canadian money manager looking to double its assets, agreed to buy wealth-management firm Bel Air Investment Advisors LLC and investment manager Wilkinson O’Grady & Co. for about $156.3 million to expand in the U.S.