Father Figures: Dad's best financial advice

NEW YORK (Reuters) – Fathers pass down many things to their kids, but not just genetic traits like eye color or hairlines. FILE PHOTO: Actor Rob Riggle attends the world premiere of “12 Strong” in Manhattan, New York City, U.S. January 16, 2018. REUTERS/Andrew Kelly/File Photo Another inheritance, perhaps the most impactful of all: Money […]

Hedge fund Third Point calls on Sony to spin off semiconductor unit

(Reuters) – Daniel Loeb’s activist hedge fund Third Point LLC called on Sony Corp on Thursday to spin off its semiconductor business and sell off stakes in Sony Financial and other units, in order to position itself as a leading global entertainment company. FILE PHOTO: Journalists wait for Sony Corp’s new President and Chief Executive […]

Safe havens emerge in China, South Asia as recession risks grow

HONG KONG/SYDNEY (Reuters) – Fears of a global recession are on the rise as the U.S.-China trade war re-escalated in May, sending investors to the safety of U.S Treasuries, the Japanese yen and gold. But in Asia, investors are exploring new sanctuaries, from Chinese consumer stocks to Thai government bonds, some of which have thrived […]

Australian regulator slaps stricter conditions on AMP's pension funds, shares fall

SYDNEY (Reuters) – Australia’s banking watchdog on Friday said it had imposed stricter licensing conditions on AMP Ltd’s pension fund units following concerns regarding its compliance with superannuation laws, sending its shares down more than 4%. FILE PHOTO: The logo of Australia’s biggest wealth manager, AMP Ltd, adorns their head office building in Sydney, Australia, […]

U.S. recession odds rise to 40-45% in six months: DoubleLine's Gundlach

(Reuters) – Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said on Thursday the odds of the United States sliding into a recession in the next six months have risen to 40-45% and the odds were 65% within the next year. FILE PHOTO: Jeffrey Gundlach, CEO of DoubleLine Capital LP, presents during the 2019 Sohn Investment […]

Risk appetite emerges as U.S.-based equity funds attract $4.4 billion

(Reuters) – U.S.-based equity funds attracted $4.4 billion of inflows in the week ended Wednesday, following two consecutive weeks of cash outflows totaling $34 billion, according to Refinitiv’s Lipper, as the United States and Mexico struck a deal to avert tariffs. U.S.-based high-yield junk bond funds – which move in sympathy with equity flows – […]

Burnout Nation: How companies are de-stressing workforces

NEW YORK (Reuters) – No matter who you are or what you do, let me take a wild guess: You feel a little burned out right now. FILE PHOTO: A trader looks at his screen on the IG Group trading floor in London March 18, 2013. REUTERS/Neil Hall Was I right? If so, you are […]

Seeking shelter from trade war, fund managers bet on China's consumers

SYDNEY/HONG KONG (Reuters) – China may be an odd choice for investors seeking shelter from a Sino-U.S. trade war. Yet, money managers in Asia are pouring funds into Chinese stocks as the long-term promise of a growing middle class trumps more immediate fears about tariffs. A man stands in front of an electronic board displaying […]

Factbox: Safe havens emerge in China, South Asia as recession risks grow

HONG KONG/SYDNEY (Reuters) – Fears of a global recession are on the rise as the U.S.-China trade war re-escalated in May, sending investors to the safety of U.S Treasuries, the Japanese yen and gold. But in Asia, investors are exploring new sanctuaries, from Chinese consumer stocks to Thai government bonds, some of which have thrived […]

Morgan Stanley wants majority stake in Chinese joint venture: CEO

FILE PHOTO: James P. Gorman, chairman & CEO of Morgan Stanley, testifies before a House Financial Services Committee hearing on “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 Years After the Financial Crisis” on Capitol Hill in Washington, U.S., April 10, 2019. REUTERS/Aaron P. Bernstein MONTREAL (Reuters) – Morgan Stanley wants to […]

Jeffrey Gundlach's DoubleLine to launch Income Fund: SEC filings

FILE PHOTO: Jeffrey Gundlach, CEO of DoubleLine Capital LP, presents during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. REUTERS/Brendan McDermid (Reuters) – DoubleLine Capital, run by widely followed investor Jeffrey Gundlach, is planning to launch a new fund that will invest in mortgage-backed securities, other asset-backed securities and collateralized loan […]

Investors retreat further from U.S. stock funds as trade tensions mount: ICI

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., June 5, 2019. REUTERS/Brendan McDermid NEW YORK (Reuters) – Investors extended their retreat from the U.S. stock market by pulling nearly $8.2 billion out of mutual funds and exchange-traded funds that hold domestic equities last week, according […]

Woodford Patient Capital shares fall 1.7%

LONDON (Reuters) – Shares in Woodford Patient Capital Trust (WPCT), Woodford Investment Management’s only listed fund, fell 1.7% at the open on Wednesday after the Financial Times reported it may drop Neil Woodford as manager. Woodford Investment Management suspended its flagship 3.7 billion pound ($4.71 billion) unlisted fund last week. WPCT is meeting investors this […]

Goldman Sachs CEO: Tariffs for political agenda can impact markets: CNBC

FILE PHOTO: David M. Solomon, Chairman and CEO of Goldman Sachs, speaks during the Milken Institute’s 22nd annual Global Conference in Beverly Hills, California, U.S., April 29, 2019. REUTERS/Mike Blake (Reuters) – Goldman Sachs Chief Executive David Solomon told CNBC on Tuesday that U.S. President Donald Trump’s use of tariffs as part of a political […]

High-yield junk market still attractive: top bond manager Margaret Patel

FILE PHOTO: Margaret Patel, managing director and senior portfolio manager with Wells Capital Management’s Fundamental Equity group, speaks at the Reuters Global Investment Outlook Summit in New York, November 20, 2014. REUTERS/Mike Segar NEW YORK (Reuters) – The gains in high-yield junk bonds are not over, thanks to the Federal Reserve’s supportive stance on monetary […]

My Husband’s Will Pits Me Against Our Daughter. What Can I Do?

My husband and I have been together for many years and have a teenage daughter; he also has a daughter from a prior relationship, who is a grown woman. He is a wonderful father to both. He has covered all my stepdaughter’s expenses from childhood, and her education, including living expenses and vacations. We are […]

YOUR MONEY – Do the math before you pick the expensive school zone

NEW YORK (Reuters) – For John Bohnsack, it was a classic parental dilemma: Get a small, expensive house in a high-quality school district, or pay less and get more house in a worse neighborhood. FILE PHOTO – A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, U.S. October 20, […]

How a Real Estate Concept From the Middle Ages Can Still Backfire

Robert Herr blames himself for what was his worst real estate investment. As a mortgage broker and real estate agent, he said, he should have known better than to buy a quarter-share in a beachfront condo. But like many others before him, he could not resist the siren call of sea air and an ocean […]

New Evidence of Age Bias in Hiring, and a Push to Fight It

MADISON, Ala. — Across the United States, mammoth corporations and family businesses share a complaint: a shortage of workers. As the unemployment rate has tunneled its way to a half-century low, employers insist they must scramble to lure applicants. The shadow of age bias in hiring, though, is long. Tens of thousands of workers say […]

UBS looks to Sumitomo Mitsui tie-up to crack Japanese wealth

ZURICH/TOKYO (Reuters) – UBS signed a joint venture deal with Sumitomo Mitsui Trust on Friday, aiming to crack a Japanese wealth management market where it has struggled to grow over the last 15 years. FILE PHOTO: The logo of Swiss bank UBS at the company’s headquarters in Zurich February 10, 2015. REUTERS/Arnd Wiegmann The deal, […]

World bonds wave recession flags as future inflation evaporates

LONDON (Reuters) – After almost three years of successfully predicting a global economic revival, world bond markets are furiously flagging the risk of yet another recession, as well as low inflation for a generation. FILE PHOTO: The flags of China, U.S. and the Chinese Communist Party are displayed in a flag stall at the Yiwu […]

Savings Accounts for Disabled Americans Catch On, but Slowly

New state-based accounts that let disabled people work and save money without risking the loss of government aid are slowly catching on. But advocates say millions more people with disabilities could be taking advantage of the accounts. Forty-one states and Washington, D.C., now offer the accounts, which first became available in 2016. The tax-free accounts, […]

Investors piled into U.S. Treasuries, money-market funds amid trade tensions: Lipper

(Reuters) – Investors’ aversion to risk-taking intensified in the latest week, stemming from trade tensions between the United States and China as well as Mexico, with U.S.-based domestic equities funds posting $10 billion of cash withdrawals, according to Refinitiv’s Lipper research service on Thursday. It was the group’s second consecutive week of cash outflows, with […]

Investment bank environment still very fragile says UBS

FILE PHOTO: The logo of Swiss bank UBS at the company’s headquarters in Zurich February 10, 2015. REUTERS/Arnd Wiegmann//File Photo ZURICH (Reuters) – Investment banking conditions have improved over recent months but remains “very fragile,” UBS Chief Executive Sergio Ermotti said on Thursday, adding the Swiss lender’s own business was performing in line with the […]

S.E.C. Adopts New Broker Rules That Consumer Advocates Say Are Toothless

Regulators have new rules for Wall Street brokers providing investment advice: Act in your customers’ best interest. But consumer advocates argue that the rules amount to little more than a new marketing slogan. The Securities and Exchange Commission voted on Wednesday to pass the so-called Regulation Best Interest. The commission said the changes would help […]

What a ‘Living Wage’ Actually Means

The term “living wage” gets thrown around enough by politicians and advocacy groups that the definition can get muddy. The legal minimum wage in the United States is $7.25 per hour, though some states and cities like New York City and Seattle are experimenting with minimums as high as $15 an hour. But are these […]

U.S. money market assets grow six straight weeks: iMoneyNet

NEW YORK (Reuters) – U.S. money market fund assets rose for a sixth consecutive week, bringing the total to a fresh nine-plus year peak as investors piled cash into low-risk funds on concerns about global trade tensions, a private report released on Wednesday showed. U.S. money fund assets grew by $10.08 billion to $3.121 trillion […]

YOUR MONEY: Renovating after a natural disaster? Planning is key

NEW YORK (Reuters) – For the Parkers of Houston, Texas, there will be no summer vacation this year because they are still paying off the dent in their finances left by 2017’s Hurricane Harvey. FILE PHOTO: Damage caused by Hurricane Michael is seen in Mexico Beach, Florida, U.S., October 16, 2018. REUTERS/Terray Sylvester/File Photo The […]

Watchdog examines Guernsey listings of suspended Woodford fund

LONDON (Reuters) – Britain’s financial watchdog said it was examining a decision by a frozen Woodford fund to list investments in Guernsey, as wealth manager St James’s Place pulled 3.5 billion pounds ($4.45 billion) from the firm in a widening fall-out from the suspension. In a rare event, British fund manager Neil Woodford suspended trading […]

Investors retreat from U.S. stock funds as trade war expands

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., June 5, 2019. REUTERS/Brendan McDermid NEW YORK (Reuters) – Investors pulled approximately $4.7 billion out of mutual funds and exchange-traded funds that hold U.S. stocks last week as concerns about escalating trade wars weighed on equity markets […]

Wells Fargo to donate $1 billion toward affordable housing by 2025

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith (Reuters) – Wells Fargo & Co said on Wednesday it will narrow the focus of its philanthropy toward three causes including affordable housing and will donate $1 billion to housing over the next few years. The San Francisco-based bank […]

British money manager Woodford's star wanes over locked fund gate

LONDON (Reuters) – Famed for eschewing the tech bubble and sticking with tobacco and pharmaceuticals as others sold out, Neil Woodford’s cult status among British money managers is on the ropes after some of his investors were unable to recoup their money. When Woodford struck out on his own from Invesco and launched Woodford Investment […]

Confusing Options May Be Coming to Your 401(k). It Could Cost You.

Americans may soon see some welcome changes to the rules governing their retirement savings plans, including the ability to contribute to their Individual Retirement Accounts longer or tap them to help pay for the arrival of a new child. But the same bipartisan bill could also make retirement planning even more confusing, particularly for workers […]

Mounting climate change fears push U.S. investors to assess geographical risks

NEW YORK (Reuters) – With an above-average percentage of its power generated from renewable sources and one of the largest battery storage operations in the United States, utility Sempra Energy seemed to check all the boxes for portfolio manager Todd Ahlsten, who manages more than $18 billion for Parnassus Investments based on each company’s environmental, […]

Highlights of a House Bill’s Attempts to Help Retirees and Savers

The retirement legislation that the House recently passed with an overwhelming bipartisan majority includes a series of provisions that would affect different groups of American savers and retirees. One change would open the door for complex annuity products to become part of your employer’s retirement offerings, but that’s just one provision. Here’s a sampling of […]

Swedish fund AP2 ditches tobacco and nuclear weapons investments

FILE PHOTO: Discarded cigarette butts are pictured at the German Social Democratic Party (SPD) headquarters in Berlin, Germany, May 26, 2019. REUTERS/Fabrizio Bensch/File Photo STOCKHOLM (Reuters) – Sweden’s AP2, one of the country’s five main national pension funds, will no longer invest in tobacco and nuclear weapons-linked stocks, in a move it said on Tuesday […]

U.S.-China tariffs tiff saps emerging market bond rally: UBS debt chief

NEW YORK (Reuters) – U. S. President Donald Trump’s tariffs confrontation with China may force global bond investors to rethink exposure to emerging markets despite robust 2019 gains, according to a Wall Street portfolio manager of $17 billion of emerging markets (EM) fixed-income. Federico Kaune, head of EM fixed income at UBS Asset Management, also […]

You Need More Time Outside, and You Can Fit It in Your Schedule

I’m going to tell you something you already know: You need to spend more time in nature. Please don’t make me define that word. You know what I mean. Outside. Next to something green. Or white, if it’s winter. Chances are, you’re thinking one of the following things right about now: A) Amen! B) No […]

Bank of America adds human option to enhance robo investment offerings

(Reuters) – Bank of America Corp is rolling out a new wealth management product that combines automated portfolios with human advice, becoming the latest brokerage to seek to boost business by blending digital with personalized financial planning. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New […]

Lawsuit Could Cool a Fast-Growing Way of Giving to Charities

When Emily and Malcolm Fairbairn decided to make a $100 million gift in 2017 to organizations that combat Lyme disease, they chose Fidelity Charitable, the country’s largest charity by assets, to distribute the money. But the Fairbairns contend their donation was mishandled, costing the charities they wanted to support millions of dollars. They sued Fidelity […]

YOUR MONEY: Retirement reform wants more of your tax dollars now

NEW YORK (Reuters) – Saving for retirement is such a lofty goal that the U.S. government has always been willing to give tax incentives to encourage people to do more of it. FILE PHOTO: An employee counts U.S. dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El […]

A Financial Checklist for Your Newly Minted High School Graduate

The summer after high school graduation inevitably includes monthslong encounters with various to-do lists. Extra-long-sheet purchases and milk crates for future collegians. A résumé for job seekers. Thank-you notes for all. But let me suggest one more itemized offering: a list of financial tasks. If you want to set your child up properly for college, […]

Home Buyers See Signs of Relief This Spring

Conditions are easing somewhat this spring for home shoppers, real estate experts say. Price increases are slowing. There are more properties for sale. And mortgage rates are low. “Home buyers are probably going to feel the first signs of relief” in years, said Ralph McLaughlin, deputy chief economist at property data firm CoreLogic. Home prices […]

S&P raises Indonesia's rating to 'BBB' on strong economic prospects

(Reuters) – Ratings agency S&P said on Friday it had raised Indonesia’s sovereign credit rating to ‘BBB’, citing the country’s strong economic growth prospects and supportive policy dynamics. S&P had previously rated Indonesia at ‘BBB-‘, the lowest investable grade awarded by the agency. The upgrade put S&P on par with the ratings awarded by two […]

U.S.-based equity funds post $22 billion outflows amid trade tensions

(Reuters) – Investors rattled by U.S.-China trade tensions pulled roughly $22 billion from U.S.-based equity funds in the week ended May 29, according to data released by Refinitiv’s Lipper research service on Thursday. U.S.-based investment-grade bond funds, which move in sympathy with equities, posted more than $5 billion of outflows in the week ended Wednesday, […]