Stockpicking mutual fund managers try new bet: themselves
NEW YORK (Reuters) - Active mutual fund managers are decreasing the use of passive exchange-traded funds in their portfolios, a shift that leaves more of their performance numbers up to their own investment picks.
Wells Fargo's lone outsider aims to clean up bank's reputation
NEW YORK (Reuters) - Before a sales scandal upended its reputation, Wells Fargo & Co was something of a proud outsider in Washington and on Wall Street compared to its big bank peers.
U.S. watchdog settled for small fine over Wells Fargo phony accounts: report
WASHINGTON (Reuters) - A consumer watchdog agency could have levied $10 billion in penalties against Wells Fargo & Co last year for opening unauthorized customer accounts, but settled for a fraction of that to resolve the matter quickly, according to regulatory documents released on Tuesday.
Vanguard asks passive investors to pay attention for proxy vote
BOSTON (Reuters) - Vanguard Group needs its hands-off investor base to pay attention.
White House weighs abandoning estate tax repeal in Republican tax push
WASHINGTON (Reuters) - The Trump administration may abandon its promise to repeal the U.S. estate tax on inherited assets in an effort to make a still-evolving Republican tax cut framework more politically feasible, according to sources familiar with the deliberations.
Allstate CEO calls for revamping U.S. flood insurance system
NEW YORK (Reuters) - Allstate Corp's Chief Executive Officer Tom Wilson on Tuesday called on U.S. lawmakers to overhaul a government subsidized flood insurance program, calling for a more streamlined system that does not overburden taxpayers.
Jefferies' profit rises on healthy M&A, debt and equity deals
(Reuters) - U.S. investment bank Jefferies Group LLC's third-quarter profit more than doubled as it earned more from advising on debt and equity offerings as well as mergers and acquisitions.
Sale of ex-Trump aide Scaramucci's SkyBridge on track: executive
BOSTON (Reuters) - The sale of former White House communications director Anthony Scaramucci's SkyBridge Capital LLC hedge fund investment firm to a consortium that includes a Chinese buyer is still on track, with the closing date expected in late September, the firm's chief investment officer said on Monday.
Harvard endowment posts gains, new investment chief not satisfied
BOSTON (Reuters) - Harvard University, which has been retooling the way it invests its $37.1 billion endowment, reported an investment gain on Tuesday but its investment chief called it "disappointing" and said it will take time to improve results.
Goldman Sachs names new investment banking co-heads for Southeast Asia
(Reuters) - Goldman Sachs named Udhay Furtado and Harry Naysmith co-heads of its investment banking unit in Southeast Asia, according to an internal memo seen by Reuters.