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Jan 25, 2011

BlackRock fourth-quarter profit jumps 77 percent

BOSTON (Reuters) – BlackRock Inc (BLK.N: Quote, Profile, Research, Stock Buzz), the world’s largest asset manager, reported a big jump in fourth-quarter profit and revenue on Tuesday, aided by the global stock market rally.

Earnings, excluding certain items, totaled $670 million, or $3.42 per share, up 77 percent from $379 million, or $2.39 per share, a year earlier. Revenue jumped 61 percent to $2.49 billion.

Jan 25, 2011

Blackrock expected to show steady 4th qtr gains

BOSTON, Jan 25 (Reuters) – BlackRock Inc (BLK.N: Quote, Profile, Research, Stock Buzz), the
world’s largest asset manager, is expected to report healthy
gains in fourth quarter profit and revenue on Tuesday, aided in
no small measure by the global stock market rally.

And with markets on an upswing, the $3.4 trillion behemoth
created when chief executive Laurence Fink bought Barclays
Plc’s [BARCBB.UL] investment unit for $15 billion just over a
year ago finally appears to be paying off for investors.

Jan 24, 2011

Corrected: Vanguard cancels planned muni bond ETFS

BOSTON (Reuters) – Vanguard Group canceled plans to open a line of tax-exempt bond exchange-traded funds as municipal bond prices tumbled and index tracking concerns hit competitors’ ETFs.

In a brief filing on Thursday with the Securities and Exchange Commission, Vanguard said it was withdrawing its registration statements filed in June for a short-term, an intermediate-term and a long-term muni ETF.

Jan 19, 2011

Trust banks disappoint after 4th-quarter stock boom

BOSTON (Reuters) – After the stock market’s fourth-quarter bang, investors expected a bigger boom than they got from leading custody banks State Street (STT.N: Quote, Profile, Research, Stock Buzz) and Bank of New York Mellon (BK.N: Quote, Profile, Research, Stock Buzz).

The rally did lead to more custody and management fees for the quarter, but not enough to impress investors. And continued low interest rates held back profits from short-term investments and lending.

Jan 19, 2011

BNY CEO says not looking for more acquisitions

BOSTON (Reuters) – Bank of New York Mellon (BK.N: Quote, Profile, Research, Stock Buzz) is looking to buy back stock and resume dividend payments in 2011, rather than pursue more large acquisitions, Chief Executive Robert Kelly said on Wednesday.

“We hope to be in a position where we can do dividends and buybacks again,” Kelly said in a telephone interview. “Last year, there were some motivated sellers. I kind of view that as a one-time event.”

Jan 19, 2011

Interview-BNY CEO says not looking for more acquisitions

BOSTON, Jan 19 (Reuters) – Bank of New York Mellon (BK.N: Quote, Profile, Research, Stock Buzz)
is looking to buy back stock and resume dividend payments in
2011, rather than pursue more large acquisitions, Chief
Executive Robert Kelly said on Wednesday.

“We hope to be in a position where we can do dividends and
buybacks again,” Kelly said in a telephone interview. “Last
year, there were some motivated sellers. I kind of view that as
a one-time event.”

Jan 13, 2011

Vanguard cancels planned muni bond ETFS

BOSTON, Jan 13 (Reuters) – Vanguard Group canceled plans to
open a line of tax-exempt bond exchange-traded funds as
municipal bond prices tumbled and index tracking concerns hit
competitors’ ETFs.

In a brief filing on Thursday with the Securities and
Exchange Commission, Vanguard said it was withdrawing its
registration statements filed in June for a short-term, an
intermediate-term and a long-term muni ETF.

Dec 9, 2010

U.S. probes data theft in Gundlach-TCW split

BOSTON, Dec 8 (Reuters) – U.S. investigators are probing
whether star bond fund manager Jeffrey Gundlach stole trade
secrets in a bitter split-up with his former employer, Trust Co
of the West.

Current and former employees of Gundlach’s new firm,
DoubleLine Capital LP, have been questioned in connection with
a federal grand jury inquiry, DoubleLine disclosed in a Dec. 6
routine regulatory filing.

Dec 8, 2010

Investors burned by U.S. bonds still wary of stocks

BOSTON (Reuters) – The bond market’s horrific two-month stretch is teaching U.S. investors who poured some $700 billion into fixed income mutual funds in recent years a harsh lesson about risk.

Bond funds have been absolutely crushed in the recent Treasury market selloff that began after Federal Reserve Chairman Ben Bernake announced a second round of government bond-buying, dubbed “quantitative easing 2.” The downdraft accelerated in recent days amid fears the U.S. budget deficit is out of control.

Dec 8, 2010

U.S. probes Gundlach-TCW split

BOSTON, Dec 8 (Reuters) – U.S. federal investigators are
probing the bitter split-up of star bond fund manager Jeffrey
Gundlach and his former employer, Trust Co of the West,
according to new information from both sides.

Current and former employees of Gundlach’s new firm,
DoubleLine Capital LP, have been questioned in connection with
a federal grand jury inquiry, the firm said in a Dec. 6
regulatory filing. Los-Angeles-based DoubleLine said it had
cooperated with the inquiry.

    • About Aaron

      "Boston-based reporter covering investment management and investing. Previously worked at Businessweek in Boston and at The Industry Standard and Reuters in Washington, D.C."
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