Fidelity Investments is among money managers that have cut their stakes in Elan Corp. shares in recent weeks in a sign the firms are content with Royalty Pharma’s $6.4 billion hostile takeover offer for Elan, according to Royalty Pharma’s chief executive officer.
U.S. securities regulators have narrowed the target of new rules for money-market funds, according to a person familiar with the matter, limiting changes to a smaller set of funds than many executives anticipated.
JPMorgan Chase & Co., the biggest U.S. bank, has hired former U.S. Securities and Exchange Commission enforcement chief William McLucas to help respond to regulatory probes of the firm’s $2 billion trading loss, according to two people with knowledge of the assignment.
Hong Kong, which won a ruling that former Fidelity Management & Research Co. portfolio manager George Stairs sold shares of Chaoda Modern Agriculture Holdings Ltd. using inside information, isn’t seeking any penalty.
Reopening the U.S. mortgage securitization pipeline is a vital step toward a housing market recovery that will boost the wider economy, Comptroller of the Currency Thomas Curry said yesterday in a Las Vegas speech.
Former Fidelity Management & Research Co. portfolio manager George Stairs was banned from dealing securities in Hong Kong for two years for selling Chaoda Modern Agriculture Holdings Ltd. shares using inside information.