Tim's Feed
Apr 22, 2015

Analysis – State Street lags with financial advisers as market share slips

BOSTON (Reuters) – State Street, which sold the first exchange-traded fund in 1993, is falling flat in its bid to win back market share in the ETF industry by wooing advisers to retail investors, with many advisers saying the bank doesn’t do enough to support them.

State Street, which lost its long-time No. 2 spot among ETF providers in the first quarter to Vanguard Group, does less than its competitors in giving them the data, investment tools, and ideas they need to improve their wealth management practices, several advisers to the fast-growing retail ETF market said.

Apr 22, 2015

State Street lags with financial advisers as market share slips

BOSTON (Reuters) – State Street, which sold the first exchange-traded fund in 1993, is falling flat in its bid to win back market share in the ETF industry by wooing advisers to retail investors, with many advisers saying the bank doesn’t do enough to support them.

State Street, which lost its long-time No. 2 spot among ETF providers in the first quarter to Vanguard Group, does less than its competitors in giving them the data, investment tools, and ideas they need to improve their wealth management practices, several advisers to the fast-growing retail ETF market said.

Apr 14, 2015

Embattled BNY Mellon CEO gets rebuke, support at annual meeting

NEW YORK (Reuters) – Embattled BNY Mellon Corp (BK.N: Quote, Profile, Research, Stock Buzz) CEO Gerald Hassell, under fire from activist investors, received a public rebuke on Tuesday at the bank’s annual meeting for lagging past performance, but also a vote of support to make improvements going forward.

The words of criticism and support came from Ed Garden, who joined BNY Mellon’s board in December. Garden is a senior executive at Trian Fund Management LP, the activist hedge fund run by billionaire Nelson Peltz that owns about 2.6 percent of BNY Mellon’s stock.

Apr 9, 2015

Fidelity CEO taps personal fortune for bets on cancer-related IPOs

BOSTON (Reuters) – Fidelity Investments Chief Executive Officer Abigail Johnson is betting part of her personal fortune on several companies developing cancer treatments, including three that have recently announced plans for initial public offerings.

In recent months, biopharmaceutical investments made on behalf of the 53-year-old billionaire and her siblings either have surged in value or have advanced further toward their stock market debuts.

Apr 8, 2015

Relief in Boston as Tsarnaev convicted on all counts

BOSTON (Reuters) – Boston Marathon bomber Dzhokhar Tsarnaev’s conviction on Wednesday came as a relief to residents of the city, though many expressed mixed feelings over whether the 21-year-old should be put to death for his crimes.

Tsarnaev was found guilty in federal court of killing three people and injuring 264 others by detonating twin bombs at the finish line of the world-famous race in 2013. It was the worst attack on U.S. soil since Sept. 11, 2001. The jury will now decide whether Tsarnaev should be executed.

Apr 7, 2015

Hedge fund says BNY Mellon is ‘bloated’ with 10,000 excess staff

BOSTON, April 7 (Reuters) – Activist hedge fund Marcato
Capital Management on Tuesday said BNY Mellon Corp’s
employee base is “bloated” and disproportionately larger than
its rivals.

Marcato, which owns about 1.6 percent of BNY Mellon’s stock,
previously has called for the ouster of Chief Executive Gerald
Hassell, saying he has missed profit targets and has failed to
streamline the bank’s expense base.

Apr 6, 2015

State Street may roll out more ETFs linked to star managers

BOSTON (Reuters) – Ron O’Hanley, the new leader of State Street’s (STT.N: Quote, Profile, Research, Stock Buzz) $2.45 trillion asset management division, says he will look closely at expanding the bank’s stable of bond-related products as exchange-traded funds run by rivals Vanguard and BlackRock have been more dominant in attracting investor money.

The 58-year-old O’Hanley started his new job as the head of State Street Global Advisors (SSgA) on Monday. A former top executive at Fidelity Investments, O’Hanley replaces SSgA CEO Scott Powers, 56, who will help with the transition after overseeing several years of robust growth in the division.

Mar 25, 2015

Insight – Top U.S. CEOs reaped billions from stock gains in recent years, Reuters analysis shows

BOSTON (Reuters) – CEOs at large U.S. companies collectively realized at least $6 billion (4 billion pounds) more in compensation than initially estimated in annual disclosures in the five years after the financial crisis first hit, according to a Reuters analysis. The reason for the windfall: the soaring value of their stock awards.

About 300 CEOs who served throughout the 2009-2013 period at S&P 500 companies together realized about $22 billion in compensation in the form of pay, bonuses and share and option grants, or an average of $73 million each, figures provided by executive compensation data firm Equilar show.

Mar 25, 2015

Top U.S. CEOs reaped billions from stock gains in recent years, Reuters analysis shows

BOSTON (Reuters) – CEOs at large U.S. companies collectively realized at least $6 billion more in compensation than initially estimated in annual disclosures in the five years after the financial crisis first hit, according to a Reuters analysis. The reason for the windfall: the soaring value of their stock awards.

About 300 CEOs who served throughout the 2009-2013 period at S&P 500 companies together realized about $22 billion in compensation in the form of pay, bonuses and share and option grants, or an average of $73 million each, figures provided by executive compensation data firm Equilar show.

Mar 4, 2015

Insight – U.S. mutual funds cut expenses by shifting billions to trusts

BOSTON (Reuters) – Mutual fund companies, including No. 2 Fidelity Investments, have slashed fees on their most popular funds by shifting billions of dollars into collective trusts not regulated by the U.S. Securities and Exchange Commission.

The growing shift to collective trusts could prove a weapon for actively managed mutual funds losing out to low cost passive investment products such as the exchange-traded funds offered by rivals such as Vanguard Group, the biggest mutual fund company. For investors, one drawback is less transparency about the risks and performances of their holdings.