Apollo Global Management Inc. hired BlackRock Inc. veteran Rick Moreno to bolster the buyout giant’s U.S. team targeting investment firms for the ultra-rich. Moreno recently joined Apollo to lead its West Coast family office coverage and will be based in both the San Francisco and Los Angeles areas, an Apollo...
Barclays Plc has earmarked cash from its balance sheet to hold corporate loans and compete directly with private credit funds, according to people with knowledge of the matter, as more banks look for ways to gain a foothold in the $1.5 trillion market for private debt. The strategy, which Barclays...
Looking at some recent headlines about the drops in BlackRock’s and Vanguard’s support for shareholder resolutions, it would seem as if ESG is all but dead — with politicians winning the odd battle they’re waging on the asset managers. After all, BlackRock supported just 7% of environmentally and socially themed...
The Securities and Exchange Commission delayed making a decision again on whether to approve the first U.S. exchange-traded fund that invests directly in bitcoin, disappointing advocates just days after a court ruling that was viewed by many as clearing a path for the long-awaited product. The securities regulator, whose three-part...
Federal Reserve Chair Jerome Powell has his data. Financial advisors have theirs. Powell has repeatedly said the central bank will take a “data-dependent” approach to future interest-rate hikes, focusing on numbers like Friday’s all-important August jobs report from the Bureau of Labor Statistics. While the Fed Chair may have more data-collection resources at...
In the ongoing fight between three giant networks of financial advisors, LPL Financial has landed a blow against Cetera Financial Group. Legacy Wealth Advisors, a Town and Country, Missouri-based firm that managed $280 million in advisory, brokerage and retirement plan assets, has left Cetera to join LPL’s broker-dealer, RIA and...
The warm months of 2023 haven’t been a vacation for Charles Schwab Corp. Investor scrutiny of Schwab began in March after the collapse of several midsize banks. In July, Schwab reported a data breach had occurred in May that may have impacted up 61,000 TD Ameritrade customers and could bring...
UBS Group outlined major targets for its integration of former rival Credit Suisse, including 3,000 domestic job cuts and more than $10 billion in cost savings, as it posted the biggest ever quarterly profit for a bank on the back of the bargain acquisition that closed in June. The Zurich-based...
Global banking group UBS has beaten earnings expectations and beaten the record for quarterly profit in the banking sector. The Swiss-headquartered company posted its results in the early hours of Thursday morning revealing net profit of $29 billion for the second quarter of 2023, its first quarterly results since its...
Shareholders in U.S. firms saw dividends grow by 4.6% on an underlying basis in the second quarter of 2023 and by 2.9% on a headline basis including special dividends, exchange rate effects and other technical factors. Firms paid out $148 billion to shareholders with 98% of them increasing or holding...