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Jul 20, 2015

U.S. fund industry weighs proposed Clinton tax increase

NEW YORK, July 20 (Reuters) – Fund companies and brokerage
firms should be able to weather a proposal by Democratic U.S.
presidential candidate Hillary Clinton that would increase
capital gains taxes for some investors, but some fund holders
could see higher costs, managers and analysts said.

Though details of Clinton’s plan have yet to be finalized,
the candidate’s proposal, first reported by the Wall Street
Journal, would increase the holding period required to qualify
for lower long-term rates. Currently, gains on
investments held for less than a year are taxed at ordinary
income tax rates, while those held for longer than a year are
taxed at a maximum rate of 23.8 percent for the highest earners.

Jul 12, 2015

Breaking ranks, ClearBridge’s Kagan frets over CEO pay ‘arms race’

BOSTON (Reuters) – U.S. companies often pay their CEOs far too much compared with their lowest-paid workers as boards of directors compete to compensate their top executives more than peers.

That harsh critique actually comes from one of Corporate America’s friends.

“It would be healthier for our society if CEOs were paid less,” said Michael Kagan, who oversees about $9 billion in assets as a senior portfolio manager at ClearBridge Investments in New York. “You have this arms race, where people look at peers to see the pay is fair, so pay is raised year after year.”

Jul 12, 2015

Interview: Breaking ranks, ClearBridge’s Kagan frets over CEO pay “arms race”

BOSTON (Reuters) – U.S. companies often pay their CEOs far too much compared with their lowest-paid workers as boards of directors compete to compensate their top executives more than peers.

That harsh critique actually comes from one of Corporate America’s friends.

“It would be healthier for our society if CEOs were paid less,” said Michael Kagan, who oversees about $9 billion in assets as a senior portfolio manager at ClearBridge Investments in New York. “You have this arms race, where people look at peers to see the pay is fair, so pay is raised year after year.”

Jul 10, 2015

Former U.S. proxy advisory firm employee pleads guilty to fraud

BOSTON, July 9 (Reuters) – A former employee of a top proxy
adviser pled guilty to charges he shared confidential corporate
voting details in return for gifts like pricey tickets to an NFL
football game, prosecutors said on Thursday.

The former employee, Brian Bennett, 42, was charged with
conspiring to commit wire fraud. He faces up to five years in
prison plus fines, according to a statement from Carmen Ortiz,
U.S. Attorney for the District of Massachusetts.

Jul 9, 2015

Whole Foods revamps director nomination rules, pleasing critic

BOSTON (Reuters) – Whole Foods Market Inc adopted new rules to make it easier for groups of small shareholders to run candidates for the company’s board of directors, according to a U.S. securities filing that outlines changes sought by a critic.

In the filing dated June 29, the Texas-based grocery chain said its board approved bylaw amendments to allow a group of up to 20 shareholders owning at least 3 percent of the company’s stock to nominate director candidates and have them included on the company’s proxy materials.

Jul 2, 2015

BlackRock’s Koesterich says he expects Greeks to approve referendum

BOSTON (Reuters) – BlackRock Inc, the world’s largest asset manager, expects Greek voters to approve a bailout offer from creditors in a referendum set for Sunday, Global Chief Investment Strategist Russ Koesterich said.

In a telephone interview on Thursday, Koesterich said he expected “some type of knee-jerk relief rally” as a result of the referendum even though markets have already priced in anticipation by most investors of a “yes” vote on the bailout.

Jul 1, 2015

Poll – Big U.S. investors expect Greeks to vote in favour of bailout

By Tariro Mzezewa and Ross Kerber

(Reuters) – U.S. investors expect Greek citizens to back a cash-for-reforms deal proposed by the nation’s creditors in a July 5 referendum, according to a Reuters poll conducted this week.

Reuters spoke to large U.S. money managers across several asset classes, and 15 of 21 said they expected Greek voters to answer yes to a question whether Athens should accept the proposal submitted by the European Commission, the European Central Bank and the International Monetary Fund on June 25.

Jul 1, 2015

Big U.S. investors expect Greeks to vote in favor of bailout: Reuters Poll

By Tariro Mzezewa and Ross Kerber

(Reuters) – U.S. investors expect Greek citizens to back a cash-for-reforms deal proposed by the nation’s creditors in a July 5 referendum, according to a Reuters poll conducted this week.

Reuters spoke to large U.S. money managers across several asset classes, and 15 of 21 said they expected Greek voters to answer yes to a question whether Athens should accept the proposal submitted by the European Commission, the European Central Bank and the International Monetary Fund on June 25.

Jul 1, 2015

Big U.S. investors expect Greeks to vote in favor of bailout

June 30 (Reuters) – U.S. investors expect Greek citizens to
back a cash-for-reforms deal proposed by the nation’s creditors
in a July 5 referendum, according to a Reuters poll conducted
this week.

Reuters spoke to large U.S. money managers across several
asset classes, and 15 of 21 said they expected Greek voters to
answer yes to a question whether Athens should accept the
proposal submitted by the European Commission, the European
Central Bank and the International Monetary Fund on June 25.

Jun 27, 2015

U.S. bond managers play defense ahead of expected Fed rate hike

CHICAGO, June 26 (Reuters) – The managers of some of
America’s biggest bond funds are trying to protect their
portfolios from the effects of a potential interest rate hike by
cutting exposure to emerging markets, boosting liquidity and
reducing duration.

The managers, who spoke to Reuters on the sidelines of the
Morningstar Investment Conference in Chicago, said they worry
about an anticipated rate hike by the Federal Reserve later this
year, which would be the U.S. central bank’s first since 2006.
Some also said they are positioning themselves to buy bonds if
prices prove attractive after such a hike.

    • About Ross

      "I cover mutual funds and the companies that offer them including Fidelity Investments and Legg Mason Inc, plus related topics like retirement savings issues and socially responsible investing. I'm based in Boston and joined Reuters in 2009."
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