In the wake of restructuring efforts to distance itself from its founder, Leon Black, Apollo Global Management has another problem. On Wednesday, a lawsuit was lodged claiming that the company wrongfully agreed to pay $570 million for the personal tax bills of its key executives. The changes, hastily put in...
The prospect of global interest rates remaining higher for longer is tipping the case for many investors to switch into bonds from stocks. Fixed income offers a 180-basis-point yield premium over the dividend returns from stocks, according to data compiled by Bloomberg. That’s the widest in 15 years, and the...
R. Kelly’s royalties of more than $500,000 held by Universal Music Group NV must be turned over to his sexual-abuse victims, a US judge ruled. US District Judge Ann Donnelly, in Brooklyn, New York, signed an order Wednesday directing Universal Music Group to turn over the money to satisfy unpaid...
Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co. and UBS agreed to pay nearly $500 million to settle an antitrust class action by U.S. pension funds over the banks’ control of the market for stock loans used for hedging and short selling. According to a Wednesday court filing by the...
Buried deep within a regulation that increases scrutiny of private-fund advisors is a rule that applies to all investment advisors and requires that advisors document their annual compliance review. The provision can be found on page 302 of the final private-fund-advisor rule and was approved Wednesday by the SEC, 3-2,...
An SEC split along party lines approved rules Wednesday to increase the transparency and oversight of private funds, a move that could make it more expensive for investment advisors who manage such funds. In a 3-2 vote, the Securities and Exchange Commission adopted regulations designed to better illuminate the inner...
A boutique fund manager with a line of single-Treasury-bill ETFs is trying to follow in Vanguard’s footsteps — but in reverse — hoping to add a mutual fund share class to the products. On Tuesday, F/m Investments filed a request for exemptive relief with the Securities and Exchange Commission for...
David Canter is stepping aside as president of Bluespring Wealth Partners just one year after joining the firm. Canter will remain with Bluespring as a senior strategic advisor and will assist in the search for a new president, the company announced Wednesday. Stuart Silverman, who helped found the business...
Even though recruiting slowed down in the first half of this year to hit the lowest levels since the credit crisis, some broker-dealers and registered investment advisors are having success in hiring and recruiting from rivals. For example, LPL Financial recruited 47 financial advisors over the first half of...
When Herman Melville wrote Moby Dick, he had never actually visited the quaint Massachusetts isle of Nantucket. His multivolume novel spanned an epic battle — and now another, maybe less epic battle is being waged on the island dubbed “the most expensive in the world.” This time, the protagonists...