Investors sell record $39 billion of stocks in past week: BAML

FILE PHOTO: United States one dollar bills are seen on a light table at the Bureau of Engraving and Printing in Washington November 14, 2014. /Gary Cameron/File PhotoLONDON () – Investors cashed out of equity funds at a record pace over the past week, with redemptions hitting $39 billion, Bank of America Merrill Lynch (BAML) said on Friday. Investment grade bond fund outflows also touched a record high of $8.4 billion up to Wednesday, in what was a “capitulation out of stocks, investment grade (and) financials,” according to BAML. U.S.…

Record $46 billion pulled from U.S.-based stock funds in latest week: Lipper

NEW YORK () – Record cash streamed out of U.S.-based stock funds and billions more fled bonds in a week of apparently escalated caution, Lipper data showed on Thursday. More than $46 billion thundered out of U.S. stock mutual funds and exchange-traded funds (ETFs), the most ever, while a near-record $13 billion poured from bonds, according to the research service. Relatively low-risk money market funds pulled in $81 billion, also the most recorded, the research service’s data showed. The withdrawals appeared to show investor confidence cracking in the waning days…

U.S. fund investors pull record $46 billion from stocks in latest week: Lipper

NEW YORK () – Investors pulled record cash from U.S.-based stock funds and pulled billions more from bonds in a week of escalated caution, Lipper data showed on Thursday. More than $46 billion thundered out of U.S. stock mutual funds and exchange-traded funds (ETFs), the most ever, while a near-record $13 billion poured from bonds, according to the research service. Relatively low-risk money market funds pulled in $81 billion, also the most on record, the research service’s data showed. The withdrawals show cracks developing in investor confidence in the waning…

U.S. fund investors pull record cash from stocks in latest week: Lipper

NEW YORK () – Investors slammed U.S.-based stock funds with record withdrawals during the latest week, pulling $46 billion from the products during the seven days ended Dec. 12, Lipper said on Thursday. Taxable bond funds posted $13.4 billion in withdrawals, the most since December 2015. Relatively low-risk money market funds pulled in $81 billion, also the most on records dating to 1992, the research service’s data showed. Reporting by Trevor Hunnicutt; Editing by Leslie AdlerOur Standards:The Thomson Trust Principles.

A higher Social Security retirement age comes with risks for many workers

CHICAGO () – Is it time to raise the Social Security retirement age? The idea crops up often as a partial fix for the long-term financial challenges facing the program. FILE PHOTO: An elderly couple looks out at the ocean as they sit on a park bench in La Jolla, California November 13, 2013. /Mike Blake A higher retirement age would reduce the number of years on average that people receive benefits, as a way to cut program costs. But according to an economist at the Urban Institute who specializes…

U.S. fund investors compound pain for bond markets

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 11, 2018. /Brendan McDermidNEW YORK () – U.S. fund investors sold more bonds in December’s opening days, the Investment Company Institute (ICI) said on Wednesday, putting even more of a chill on markets where companies and governments borrow. Investors cashed out $5.2 billion from U.S.-based bond mutual funds and exchange-traded funds (ETFs) during the week ended Dec. 4, ICI said, intensifying what is already the worst sales of such investments since the 2008…

DoubleLine’s Gundlach says S&P 500 likely to go below February 2018 lows

NEW YORK () – Jeffrey Gundlach, chief executive of DoubleLine Capital, said Tuesday on an investor webcast that the Standard & Poor’s 500 Index is likely to go below its February 2018 lows. FILE PHOTO: Jeffrey Gundlach, CEO of DoubleLine Capital, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. /Brendan McDermid/File PhotoGundlach said global economic growth is slowing and weighing on corporate profitability, which will pressure U.S. stocks. But another dynamic that has been adding to the sell-off in equities is the unwind of…

DoubleLine’s Gundlach says S&P 500 likely to go below its February 2018 lows

FILE PHOTO: Jeffrey Gundlach, CEO of DoubleLine Capital, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. /Brendan McDermid/File PhotoNEW YORK () – Jeffrey Gundlach, chief executive of DoubleLine Capital, said Tuesday on an investor webcast that the Standard & Poor’s 500 Index is likely to go below its February 2018 lows. Gundlach said global economic growth is slowing and weighing on corporate profitability, which will pressure U.S. stocks. But another dynamic that has been adding to the sell-off in equities is the unwind of…

DoubleLine’s Gundlach says S&P 500 likely to go below its Feb 2018 lows

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 8, 2018. /Brendan McDermidNEW YORK () – Jeffrey Gundlach, chief executive of DoubleLine Capital, said Tuesday on an investor webcast that the Standard & Poor’s 500 Index is likely to go below its February 2018 lows. Reporting By Jennifer AblanOur Standards:The Thomson Trust Principles.

Struggling hedge funds cling to dollar, U.S. yield curve bets: McGeever

LONDON () – Hedge funds have struggled badly in 2018, but would be faring far worse were they not on the right side of two of the most reliable trades of the year: a flattening U.S. yield curve and a stronger dollar. FILE PHOTO: United States one dollar bills are seen on a light table at the Bureau of Engraving and Printing in Washington November 14, 2014. /Gary Cameron/File PhotoBoth trends remain in place, and as the latest data show, speculators look like holding onto them for the rest of…

Wells Fargo won’t be allowed to grow unless problems fixed: Fed’s Powell

WASHINGTON/NEW YORK () – Wells Fargo & Co must keep a lid on its growth until the bank has hardened its risk management policies to prevent any further abuse of its customers, said Jerome Powell, chairman of the Federal Reserve. FILE PHOTO: The Wells Fargo name is shown on an office town in downtown Los Angeles, California, U.S. October 2, 2018. /Mike Blake/File PhotoIn February, the Fed ordered Wells Fargo to freeze its balance sheet, keeping its assets below $1.95 trillion, until it put new checks on senior managers and…

In a tight labor market, companies bet big on five-year rewards

NEW YORK () – In the old days, longtime employees in the United States were honored with a gold watch after 30 years or so at a company. FILE PHOTO: A woman is seen in silhouette walking through Grand Central Station in New York September 25, 2014. /Shannon Stapleton Well, they have got nothing on Hadas Streit. The senior vice president at the global public relations firm Allison + Partners recently returned from a one-month paid sabbatical, awarded to staffers after only five years at the company. During that time,…

Medicare Advantage plans get unfair push from U.S. government: critics

CHICAGO () – Insurance companies do not need any help marketing Medicare Advantage plans – just ask anyone over age 65 about the pitches that clog their mailboxes every year during the fall enrollment period, or check out the television ads that flood cable channels. So why is the federal government giving these private all-in-one plans an extra marketing push? That is the question raised by two consumer advocacy groups, who charge that the Centers for Medicare & Medicaid Services (CMS) is improperly urging enrollees to pick Advantage plans in…

Employee rights group says Wells Fargo declined planned meeting

() – A union-backed bank employee rights group is complaining after Wells Fargo & Co declined to meet with members last week, according to a letter sent to Chief Executive Tim Sloan viewed exclusively by . A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. /Mike Blake Members of the group, Committee for Better Banks (CBB), were scheduled to meet with Wells Fargo representatives on Wednesday, but the meeting was canceled after the two sides could not agree on terms. The company said CBB…

BlackRock’s Rieder buying longer-term bonds as Fed pause seems likely

NEW YORK () – BlackRock Inc’s (BLK.N) Rick Rieder is buying longer-term bonds because softening inflation could force the U.S. Federal Reserve to pause interest rate hikes, the top fixed-income investor told this week. FILE PHOTO – Rick Rieder, BlackRock’s Global Chief Investment Officer, speaks during the Global Investment Outlook Summit in New York City, U.S., November 14, 2016. /Brendan McDermid Rieder, who is chief investment officer of global fixed income for the world’s largest fund manager, said inflation could be declining from current levels. “People keep waiting for the…

First steps towards a life of giving back

NEW YORK () – Here is some good news to hold onto this holiday season: Americans are giving more than ever. FILE PHOTO: U.S. Agency for International Development (USAID) Administrator Rajiv Shah gestures during the announcement of the U.S. Global Development Lab to help end extreme poverty by 2030, in New York April 3, 2014. /Lucas Jackson Last year, Americans gave a total of $410 billion to worthy causes, according to Giving USA, surpassing $400 billion for the first time ever. And this year’s Giving Tuesday, a charity promotion on…

DoubleLine’s Gundlach says Treasuries point to economy ready to weaken

NEW YORK () – Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said the U.S. Treasury yield curve inversion on short-end maturities was signaling the “economy is poised to weaken.” Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. /Brendan McDermidGundlach told the Treasury yield curve from two- to five-year maturities is suggesting “total bond market disbelief in the Federal Reserve’s prior plans to raise rates through 2019.” U.S. two-year Treasury yields rose above three-year Treasury yields…

DoubleLine’s Gundlach says Treasuries point to an economy ready to weaken

NEW YORK () – Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said on Tuesday that the U.S. Treasury yield curve inversion on short-end maturities was signaling that the “economy is poised to weaken.” Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. /Brendan McDermidGundlach, known on Wall Street as the Bond King, told that the Treasury yield curve from two- to five-year maturities is suggesting “total bond market disbelief in the Federal Reserve’s prior plans to…

DoubleLine’s Gundlach: Treasury curve inversion signal ‘economy poised to weaken’

Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. /Brendan McDermidNEW YORK () – Jeffrey Gundlach, Chief Executive Officer of DoubleLine Capital, says the U.S. Treasury yield curve inversion on short end maturities are signaling that the “economy is poised to weaken.” Gundlach, known on Wall Street as the Bond King, said the Treasury yield curve from 2-5 year maturities is suggesting “total bond market disbelief in the Federal Reserve’s prior plans to raise rates through 2019.”…

U.S. top court signals it will buttress anti-fraud securities laws

WASHINGTON () – U.S. Supreme Court justices on Monday appeared reluctant to further limit the scope of who can be held liable for violating laws that protect investors from securities fraud as they weighed an appeal by a New York investment banker who had been banned from the industry. FILE PHOTO: U.S. Supreme Court Associate Justices Ruth Bader Ginsburg and Samuel Alito, Jr. sit next to each other as all of the justices on the court pose for their group portrait together at the Supreme Court in Washington, U.S., November…

Supreme Court appears reluctant to narrow securities laws

WASHINGTON() – U.S. Supreme Court justices on Monday appeared skeptical of further limiting the scope of who can be held liable for violating laws that protect investors from securities fraud as they weighed an appeal by a New York investment banker who had been banned from the industry. The exterior of the U.S. Supreme Court building in Washington, U.S., November 30, 2018. /Jim YoungOnly eight of the nine justices were present to hear arguments over a ruling by a Washington-based federal appeals court that found Francis Lorenzo liable for participating…

Moelis hires from BlackRock, hedge fund for activist defense team

() – Investment bank Moelis & Co said on Monday it has hired an executive from the world’s largest index fund manager, BlackRock Inc, as well as a hedge fund professional, for its team advising companies facing activist shareholders. Ted Moon, who had been a principal at Will Mesdag’s hedge fund Red Mountain Capital Partners, recently joined Moelis as an executive director in its Los Angeles office, the bank confirmed on Monday. Moelis said it also hired Peter da Silva Vint, a former vice president in BlackRock’s investment stewardship unit,…

Can better cancer care lower company’s health costs?

NEW YORK () – When companies try to tackle rising healthcare costs, shifting more of the burden to employees is increasingly the strategy of choice. FILE PHOTO: A scientist prepares protein samples for analysis in a lab at the Institute of Cancer Research in Sutton, Britain, July 15, 2013. /Stefan Wermuth/File Photo But Activision Blizzard, an entertainment company that employs more than 6,000 people in the United States, has been spending less on healthcare than projected for the last few years, in large part because it is offering better options…

Losses at Einhorn’s hedge fund Greenlight grow in November

FILE PHOTO – David Einhorn, President of Greenlight Capital, Inc., presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. /Brendan McDermidBOSTON () – Billionaire investor David Einhorn told investors on Friday that losses at his hedge fund Greenlight Capital grew this month, leaving the fund down nearly 28 percent for the year. The firm sent an investor update after the close of business on Friday informing clients the fund lost 3.6 percent net of fees in November, bringing the loss for the first 11…

Equities fund Brenham Capital to shut as energy stocks plunge

NEW YORK () – Brenham Capital Management LP, an energy equities fund manager with about $800 million in assets under management, will shut after two years of losses, its founder said in a letter to investors on Friday. The Dallas-based fund will be liquidated and investor capital will be returned at the end of the year, according to the letter which was reviewed by . While oil prices rallied to near four-year highs in October, those gains have not extended to energy equities, hurting firms such as Brenham. The Russell…

U.S. mutual fund sales signal retail investor caution

U.S. dollar banknotes are seen through a printed stock graph in this illustration taken February 7, 2018. /Dado Ruvic/IllustrationNEW YORK () – U.S. mutual fund investors pulled $13.7 billion from stocks and bonds during the latest week, according to data released on Thursday by Lipper underscoring retail investors’ rising concerns over turbulent markets. After a sprinting start to 2018 that saw markets rally, the following months have brought concerns over tariffs, rising U.S. interest rates and slowing economic growth. The combination has led, unusually, to mediocre returns across several types…

U.S. fund investors pull $8.5 billion from stocks during week: Lipper

U.S. dollar banknotes are seen through a printed stock graph in this illustration taken February 7, 2018. /Dado Ruvic/IllustrationNEW YORK () – U.S. fund investors pulled $8.5 billion out of the stock market during the latest week, the most in three weeks, Lipper data showed on Thursday. The research service’s data estimates activity in U.S.-based mutual funds and exchange-traded funds over the seven days through Nov. 28. Reporting by Trevor Hunnicutt; Editing by James DalgleishOur Standards:The Thomson Trust Principles.

Column: Future U.S. seniors to face housing crunch as wealth declines

CHICAGO () – American homes are showing their age – not the houses, but the people living in them. Elderly people sit on a park bench after sun set in Encinitas, California, U.S., July 5, 2017. /Mike BlakeIn 2016, about 55 percent of U.S. households (or about 65 million households) were headed by someone aged 50 or older, according to the Joint Center for Housing Studies of Harvard University (JCHS). That is the highest percentage since the center began keeping records in 1960 and likely a historical first for the…

Pimco buys all of $3 billion UniCredit bond: sources

MILAN/NEW YORK () – U.S. fund Pacific Investment Management Co (Pimco) has bought all of a $3 billion, five-year bond offered with a hefty return by Italy’s top bank UniCredit (CRDI.MI) to comply with capital buffer rules, two sources familiar with the matter said. Ticker and trading information for Pacific Investment Management Co. (PIMCO) are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., April 5, 2018. /Brendan McDermidIn comments to the Financial Times, UniCredit Chief Executive Jean Pierre Mustier said the price of…

Pimco buys all of $3 billion UniCredit bond – source

MILAN () – U.S. fund Pacific Investment Management Co (Pimco) has bought all of a $3 billion, five-year bond Italy’s top bank UniCredit has issued to comply with rules on loss-absorbing securities, a source familiar with the matter said. Ticker and trading information for Pacific Investment Management Co. (PIMCO) are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., April 5, 2018. /Brendan McDermidThe source was confirming a report in Italy’s Il Sole 24 Ore daily. UniCredit and Pimco declined to comment. UniCredit is…