Investors overseeing $23.6 trillion of funds have kick-started a campaign to pressure 100 companies to ramp up the fight against biodiversity loss. Axa Investment Managers, Robeco, the Church Commissioners for England, Storebrand Asset Management and 186 other participants in the Nature Action 100 initiative have written to companies demanding “urgent...
UBS Group hired longtime trading executive Brian Williamson as it seeks to expand its U.S. execution hub, set up to help asset managers and hedge funds cut costs tied to running a trading desk. Williamson, who most recently was head of sales of the trading firm Luminex, joined UBS as...
European luxury stocks fell again on Tuesday as Morgan Stanley joined the chorus of analysts warning that demand for expensive handbags and jewelry in China and Europe is likely to slow. Shares in French luxury giant LVMH fell as much as 2.3%, extending their drop from the year’s high to...
Schwab Asset Management is making an aggressive attempt to offer some of the cheapest bond exchange-traded funds on the market. The asset manager announced Monday that it will cut fees on the $50 million Schwab High Yield Bond ETF (SCYB) and the $11.6 billion Schwab U.S. TIPS ETF (SCHP) to...
Vanguard Group Inc. is planning its first active exchange-traded funds in two years, with both new planned products focused on the fixed-income market. The asset management giant aims to launch the Vanguard Core Bond ETF, which would trade under the ticker VCRB, and the Vanguard Core-Plus Bond ETF (VPLS) by...
Three years and nearly $1 billion later, Wells Fargo & Co. is finally playing offense in one of Wall Street’s hottest battlegrounds: wealth management. The banking giant is trying to lure hundreds of independent advisers to join its platform as part of a larger push to expand the firm’s business...
Consumer stocks, one of the brightest corners of the market this year, are about to lose their shine as risks build for the sector, according to Morgan Stanley’s Michael Wilson. The faltering rally is in keeping with the view of Morgan Stanley economists that household spending probably can’t sustain the...
Tom Nides, one of Wall Street and Washington’s most connected executives, is joining Wells Fargo & Co. as vice chairman as the firm continues to work its way past years of scandal. The former U.S. ambassador to Israel will start at Wells Fargo next month and report to Chief Executive...
Hedge fund billionaire John Paulson used a sham purchase of a luxury penthouse apartment in Puerto Rico to improperly enrich himself by $10 million at the expense of his family trust, his wife claims in a suit accusing him of hiding billions of dollars in assets during their divorce. Jenica...
China is considering relaxing the rules that cap foreign ownership in domestic publicly traded firms, people familiar with the matter said, as it seeks to lure global funds back to its $9.4 trillion stock market. Authorities are pondering policy tweaks to boost overseas ownership in stocks listed in Shanghai, Shenzhen...