BlackRock Inc. hired JPMorgan Chase & Co.'s Christopher Jones as chief investment officer for stocks in the Americas as the world's biggest money manager seeks to bolster its active equity business.
The practice of dealers' showing clients different prices for the same securities on electronic bond-trading platforms is drawing the scrutiny of the Securities and Exchange Commission, which is concerned that smaller investors are being penalized.
Bill Gross, musing on his legacy in an April investment outlook, contended that the real test of his greatness as investor would be his ability to adapt to a new era of shrinking bond market returns. Almost a year later, the bond king is stumbling.
Investors who beat a path out of global equity markets earlier this year are stampeding back in.
Investors are returning to the U.S stock market after the worst selloff in seven months, adding almost 52 times more money to exchange-traded funds that own equities than bonds.
Fidelity Investments said an undisclosed number of brokerage clients were affected Monday.
Bill Gross's Pacific Investment Management Co. was the only provider among the top 10 U.S. mutual-fund families to suffer net withdrawals last month, according to a report from Morningstar Inc.
The world's largest bond manager hired Harley Bassman, who was a managing director at Credit Suisse Group AG's securities arm, as an executive vice president and money manager.
Wall Street's bonus pool rose to $26.7 billion in 2013 as profits from broker-dealer operations on the New York Stock Exchange fell by 30%, according to estimates by New York state Comptroller Thomas DiNapoli.
Dave Camp, the Republican House Ways and Means Committee chairman, is filling in the blanks in his plan to revamp the U.S. tax code and leaning on the financial industry to help pay for lower tax rates.
