NEW YORK, Sept 21 (Reuters) – Goldman Sachs Group Inc
said on Monday it was launching its first ever exchange traded
fund, as the bank tries to break into the lucrative and highly
competitive $3 trillion market for ETFs.
The fund, focused on large U.S. companies, follows a
so-called “ActiveBeta” strategy which tries to outperform a
traditional market-cap weighted index by looking at factors like
volatility and momentum.
NEW YORK, Sept 18 (Reuters) – For U.S. banks’ bond trading
desks, the Federal Reserve just made a bad quarter even worse,
accentuating a longer-term decline in what was once their most
lucrative business, executives, analysts and traders told
Bond trading volume is likely to drop globally in the coming
weeks, after the Fed decided on Thursday to keep rates
unchanged. Many investors are reluctant to take too much risk in
bonds and related derivatives until they have a better sense of
when the U.S. central bank will start hiking rates, traders
(Reuters) – Investment bank Jefferies said quarterly adjusted net earnings fell by nearly half after concerns over the slowing Chinese economy and the Greek debt crisis cut into trading volume and forced a writedown of assets.
New York-based Jefferies Group, a unit of Leucadia National Corp (LUK.N: Quote, Profile, Research, Stock Buzz), posts results a month before most bigger Wall Street firms, and often give a sense of what is in store for its bigger rivals.
By Olivia Oran
(Reuters) – Wall Street-backed messaging platform Symphony Communications Services LLC announced a number of partnerships with major media companies during a kick-off event on Tuesday.
Symphony, a lower-cost rival to Bloomberg LP and Thomson Reuters Corp, is working with News Corp’s Dow Jones to offer news stories in its service and with McGraw Hill Financial Inc to integrate data and analytics from its S&P Capital IQ product. It also announced a partnership with data company Selerity to provide tailored content to Symphony customers.
Sept 10 (Reuters) – Orchard Platform, which provides
technology and infrastructure to online lenders, said on
Thursday it raised $30 million in a recent round of funding,
becoming the latest marketplace lending company to attract
The New York-based company said venture capital firm Thrive
Capital led the round and new invesors also included former
Goldman Sachs Group Inc president Jon Winkelried, Victory
Park Capital and Thomvest Ventures.
Sept 8 (Reuters) – Online student lender CommonBond Inc said
on Tuesday it has raised $35 million in its latest round of
funding, as investment for marketplace lending companies
continues to climb.
The New York-based company declined to give a valuation for
the raise, but said the funding was from new investors August
Capital and Nyca Partners, as well as existing investors.
NEW YORK (Reuters) – Citigroup plans to rebuild its long-neglected equities franchise seeking to capitalize on a retrenchment by rivals in the face of new rules designed to make the financial system less risky, according people familiar with the bank’s plans.
A lack of investment in equities and a traditional focus on bond trading kept the No. 3 U.S. bank by assets in the lower echelons of equities league tables, which measure how much revenue Wall Street banks earn from their equity trading units.
NEW YORK, Aug 31 (Reuters) – Citigroup plans to rebuild its
long-neglected equities franchise seeking to capitalize on a
retrenchment by rivals in the face of new rules designed to make
the financial system less risky, according people familiar with
the bank’s plans.
A lack of investment in equities and a traditional focus on
bond trading kept the No. 3 U.S. bank by assets in the lower
echelons of equities league tables, which measure how much
revenue Wall Street banks earn from their equity trading units.
By Olivia Oran and Jessica Toonkel
(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) fund managers believe investors could pour $450 billion into money market funds that invest in U.S. government debt in response to new rules for the short-term funds, an executive told Reuters.
Goldman Sachs joins other asset management firms in preparing for the rules, which are designed to protect investors from extreme market stress. The Securities and Exchange Commission approved the rules in July 2014, and they take effect in October 2016.
By Olivia Oran
(Reuters) – Morgan Stanley’s U.S.-based wealth management business is cutting the number of its foreign accounts to focus on its most profitable customers, a person familiar with the bank’s thinking said.
The wealth management business will focus on accounts with at least $500,000 of assets, the person added. Smaller accounts will be served through a Morgan Stanley call center. The company will close accounts in countries whose restrictive rules for off-shore accounts make working with customers too expensive.