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Aug 16, 2010

Hedge fund managers dig into energy stocks

BOSTON, Aug 16 (Reuters) – BP’s Deepwater Horizon disaster
and falling oil prices crushed shares of energy companies in
the second quarter, attracting the attention of some of the
hedge fund industry’s sharpest long-term investors.

Top managers including billionaire Carl Icahn, Eric Mindich
and Dinakar Singh, whose stock picks are closely watched in
investment circles, added energy stocks to their holdings as
billions of gallons of oil gushed into the Gulf, according to
quarterly securities reports filed on Monday.

Aug 9, 2010

Muni market offers opportunities despite budget woes

BOSTON (Reuters) – Despite the financial troubles of states and municipalities across the United States, financial advisers and mutual fund managers agree that the risk of wholesale municipal bond defaults is minuscule. In fact, new buyers are stepping in to take advantage of enticing bond yields.

“We do have some problems out there, but not anywhere as significant as some have portrayed,” said Thomas Metzold, co-head of municipal investing at money manager Eaton Vance Corp (EV.N: Quote, Profile, Research, Stock Buzz) in Boston. “Professional investors aren’t selling bonds. We know it’s overstated.”

Jul 13, 2010

Bank sector funds seek gains after reform

BOSTON (Reuters) – JPMorgan Chase & Co, an underperformer so far this year, is one of several big banks whose shares could be poised for a revival now that U.S. financial regulatory reform is all but completed.

Diamond Hill Financial Long-Short Fund is bulking up on the No. 2 U.S. bank, led by hard-driving CEO Jamie Dimon, as the sweeping changes to rules for banks and brokerages appear close to passage in Washington, said Chris Bingaman, the fund’s co-manager.

Jul 9, 2010

Wide investor audience awaits KKR

NEW YORK/BOSTON, July 8 (Reuters) – Kohlberg Kravis Roberts &
Co’s (KKR.AS: Quote, Profile, Research) long-awaited listing on the Big Board brings a wide
investor audience to the iconic private equity firm and could be a
bellwether for rivals looking to follow suit.

The buyout firm will switch from Amsterdam-based Euronext on
July 15 to the New York Stock Exchange, joining rival Blackstone
Group (BX.N: Quote, Profile, Research), which went public in 2007.

Jul 1, 2010

Exclusive: Fidelity has lost 401(k) customers

BOSTON (Reuters) – Fidelity Investments has lost hundreds of corporate customers in its defined-contribution retirement plan business over the past year, a challenge for the giant mutual fund company in a critical segment of the industry.

Fidelity’s Workplace Investing division provided services to about 17,100 corporate defined-contribution plans such as 401(k)s as of March 31, down from 17,200 at the end of 2009 and 17,500 at June 30, 2009, according to confidential debt offering documents obtained by Reuters.

Jul 1, 2010

Fidelity has lost 401(k) customers

BOSTON (Reuters) – Fidelity Investments has lost hundreds of corporate customers in its defined-contribution retirement plan business over the past year, a challenge for the giant mutual fund firm in a critical segment of the industry.

Fidelity’s Workplace Investing division provided services to about 17,100 corporate defined-contribution plans as of March 31, down from 17,200 at the end of 2009 and 17,500 at June 30, 2009, according to confidential debt offering documents obtained by Reuters.

Jun 18, 2010

Amid the Gulf crisis, Wall Street touted BP stock

BOSTON (Reuters) – As early word of BP’s Deepwater Horizon blowout began spreading, investors panicked. After closing above $60 before the April 20 disaster, the energy giant’s shares plunged almost 20 percent in New York, to below $50, in just two weeks.

It is not hard to understand why. Even then, the out-of-control oil spill in the midst of rich fishing grounds and nearby resort beaches raised the specter of horrific damages and untold potential liabilities.

May 20, 2010

U.S. ETF market would welcome circuit breakers

BOSTON, May 20 (Reuters) – Participants in the $800 billion
U.S. exchange-traded fund industry said on Thursday they would
welcome a move to extend circuit breakers to their market as
soon as possible.

The ETF market was hit harder than ordinary stocks by the
May 6 “flash crash” but so far has been left out of potential
market fixes.

May 18, 2010

Flash-crash spotlight on Kansas manager Avery

BOSTON (Reuters) – Investigators probing the stock market’s “flash-crash” earlier this month have put the spotlight on a Kansas mutual fund manager who operates more like George Soros than Peter Lynch.

Michael Avery, who has run the $22 billion Ivy Asset Strategy fund and the $3.3 billion W&R Advisers Asset Strategy Fund since 1997, commonly uses stock index futures to hedge the equity side of his portfolios.

May 7, 2010

U.S. market sell-off ravaged ETFs

BOSTON (Reuters) – More than two-thirds of the securities hammered in Thursday’s big selloff were exchange-traded funds, including some considered among the safest, shaking confidence in using ETFs for hedging risks.

The New York Stock Exchange released on Friday a list of 173 securities that were affected by the sell-off, including 111 ETFs, according to the IndexUniverse website. The Nasdaq released its own list of 281 securities, including 193 ETFs.

    • 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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