Elliott hedge fund gains in March, up 2.2% for year: client update

FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. REUTERS/Mike Blake – D1BEUJAQKPAC/File Photo BOSTON (Reuters) – Paul Singer’s Elliott International Ltd hedge fund gained an estimated 0.1% in March and is now up 2.2% for the year through the […]

Coronavirus fiscal fallout on U.S. muni issuers worries investors

CHICAGO (Reuters) – Investors in the U.S. municipal bond market are growing increasingly worried over the ability of states, cities and other debt issuers to weather the financial fallout of the COVID-19 pandemic caused by the novel coronavirus. FILE PHOTO: A 3D-printed coronavirus model is seen in front of a U.S. flag on display in […]

Global currency funds notch wins amid coronavirus volatility

NEW YORK (Reuters) – Global currency fund managers racked up gains in the first quarter as they benefited from the extreme volatility that the coronavirus pandemic has stoked across financial markets. FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo The BarclayHedge currency traders index was […]

Hedge fund Glenview off 30% as coronavirus weighs on portfolio

BOSTON (Reuters) – Glenview Capital Management, the hedge fund run by Larry Robbins, has lost roughly 30% in the first three months of 2020 as the spread of the new coronavirus hurt the healthcare facilities and hospital operators the firm has invested in. FILE PHOTO: Larry Robbins, Founder, CEO and Portfolio Manager for Glenview Capital Management, […]

You Have an Extra 3 Months to File Your Taxes. Should You Wait?

The government has granted everyone an extra three months to file — and pay — their 2019 federal income taxes because of the coronavirus turmoil. Whew! It helps to have wiggle room in uncertain times. But just because you have more time, should you take it? If you’re owed a significant tax refund, for instance, […]

For Small-Business Owners, Hard Decisions Become Personal

Meganne Wecker got a sense in January of the economic blow coming to her family’s furniture business from her suppliers in China. Ms. Wecker, the president of Skyline Furniture, a 74-year-old manufacturer in the Chicago suburbs, heard from her partners in China about the economic devastation caused by the coronavirus outbreak. Skyline, which has about […]

Fear of Rejection Is Costing You Money

Rejection is an experience I’m quite familiar with. As a freelance writer, sending pitches and being told “no” — if I’m lucky enough to get a response at all — is part of my daily routine. This past holiday season, I received one rejection the day after Christmas and two more the day after New […]

Your money: How to adjust your autopay spending during the coronavirus pandemic

NEW YORK (Reuters) – Coronavirus lockdowns might have caught a lot of people by surprise last month, but with April’s new billing cycle, it is time for cash-strapped Americans to rethink automatic spending habits. An empty gym is seen following the outbreak of coronavirus disease (COVID-19), in New York City, U.S., March 16, 2020. REUTERS/Jeenah […]

Multi-strategy hedge funds outperformed peers as market plunged

BOSTON (Reuters) – Multi-strategy hedge funds – those that bet on a broad array of markets using teams of traders, leverage and centralized risk management – have flourished as stocks ended their worst three months since the 2008 financial crisis. FILE PHOTO: Richard Schimel speaks during the Milken Institute Global Conference in Beverly Hills, California, […]

Bond investor Jeffrey Gundlach bets stocks March lows to be surpassed in April

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) – Bond investor and DoubleLine Capital Chief Executive Jeffrey Gundlach said on Tuesday he believes the coronavirus sell-off is not over yet and that the lows stocks hit in […]

Invesco to sell all unquoted holdings in UK equities portfolios

LONDON (Reuters) – Invesco said on Tuesday it would sell all the unquoted companies currently held in its UK equities portfolios and has marked down their value by 60% as a result of recent coronavirus-fueled market falls. The U.S.-based manager said it would reinvest the money in publicly listed companies, valuations of which have been […]

Billionaire investor Steve Cohen: 'After an earthquake there are tremors'

BOSTON (Reuters) – Billionaire trader Steven A. Cohen is cautioning the staff of his investment firm, Point72 Asset Management, to remain cautious amid markets that have recovered slightly from coronavirus-driven lows. FILE PHOTO: Steven Cohen, chairman and CEO of Point72 Asset Management, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May […]

LendingClub cuts approval rates for high-risk borrowers as coronavirus spreads

FILE PHOTO: A LendingClub banner hangs on the facade of the the New York Stock Exchange in New York, New York, United States December 11, 2014. REUTERS/Brendan McDermid/File Photo (Reuters) – LendingClub Corp on Monday cut loan approval rates for some high-risk borrowers and increased income and employment verification requirements, in a sign that alternative […]

Prophet Capital to dissolve hedge fund amid 'extreme volatility'

BOSTON (Reuters) – Prophet Capital Asset Management LP, an investor in loans and structured credit securities hit by recent market turmoil, plans to temporarily block withdrawals from one of its hedge funds and ultimately dissolve it, according to a letter sent to investors on Monday seen by Reuters. “As you are no doubt aware, financial […]

U.S. markets watchdog Clayton says SEC should not ban short-selling of shares

WASHINGTON (Reuters) – The head of the U.S. Securities and Exchange Commission said on Monday that it should not ban short-selling of shares, amid speculation on further measures the agency might take to arrest a market rout that stems from fears the coronavirus will spark a global recession. FILE PHOTO: Jay Clayton, Chairman of the […]

Colombia's ELN guerrillas declare unilateral cease-fire amid coronavirus

BOGOTA (Reuters) – The National Liberation Army (ELN), the largest active guerrilla group in Colombia, will observe a unilateral cease-fire for one month from April 1 in an effort to help stem the spread of coronavirus, it said on Monday. Health authorities in the Andean country have reported 702 cases and 10 deaths of COVID-19, […]

Check Is in the Mail? For Many Bill Payers, It Won’t Be

On Wednesday, as on the first day of any month, many companies and households will have bills to pay. This time, a lot will simply pile up. Angela Rogan is unlikely to make the rent on her apartment in the San Francisco Bay Area. Katherine Anderson, who owns a cafe-bakery in Seattle, isn’t going to […]

Hedge fund Fir Tree puts $410 million dislocation fund to work

FILE PHOTO: The floor of the New York Stock Exchange. New York, U.S., March 20, 2020. REUTERS/Lucas Jackson/File Photo BOSTON (Reuters) – After years of waiting and watching from afar, hedge fund Fir Tree Partners is spending $410 million from its dislocation funds on stocks, pockets of the credit market and other securities, sure the […]

When Romance Is a Scam

Ellen Floren was not looking for love. The criminals who lured her into an online scam last summer approached her not on a dating site, where she might have been wary, but through the neighborhood hub called Nextdoor. A man who said his name was James Gibson said he’d noticed her profile on the site. […]

Your Money: The one document Americans need now – Power of attorney

NEW YORK (Reuters) – If you live in the United States and really want to be prepared for coronavirus, experts say you need a fully executed power of attorney, which designates a trusted person to take over your finances should you become incapacitated. FILE PHOTO: People hold hands as they walk along the river Main […]

Ackman says TV interview did not lead to profit on trades

FILE PHOTO: William ‘Bill’ Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid/File Photo BOSTON (Reuters) – Billionaire investor William Ackman said a CNBC television interview he gave last week was not designed to profit from any trades, […]

How Philanthropists Are Helping During the Crisis

The coronavirus pandemic is a test of how philanthropists can use their wealth to fill an enormous gap in revenue for nonprofit groups. There is an immediate need to fund nonprofit organizations that support people in health or economic distress because of the outbreak. But these groups are asking for money from the same people […]

Column: How the $2 trillion U.S. coronavirus relief bill impacts retirement savers

CHICAGO (Reuters) – The $2 trillion economic stimulus package racing toward passage in the U.S. Congress contains several important relief provisions for retirees, and for younger workers saving for retirement. A window illuminated with a red light shines above the U.S. Senate steps, ahead of a vote on the coronavirus (COVID-19) relief bill on Capitol […]

Settlement talks between First United, Driver Management break down

BOSTON (Reuters) – Talks between First United Corp and Driver Management to settle a fight for board seats at the bank holding company broke down when the activist investor rejected the offer, two sources familiar with the matter said on Thursday. “Your ‘best and final’ offer failed to meet what I clearly described as the […]

U.S. cruise line company Lindblad names directors backed by ValueAct to its board

BOSTON (Reuters) – Lindblad Expeditions on Thursday said it named two independent directors backed by activist investment firm ValueAct Capital, which owns a nearly 10% stake in the adventure cruise company, to its board. New York-based Lindblad appointed Thomas Smith, a former chief executive of auction house Sothebys, and Sarah Farrell, an associate at ValueAct, […]

Pay for cleaners, babysitters and dogwalkers hangs in the balance

NEW YORK (Reuters) – Lily Reiche has lost nearly half of her dogwalking clients in Los Angeles because of California’s coronavirus stay-at-home order. Of the 40 or so accounts at My Dog Spot, which dried up because people are either working from home or have lost income, just five clients are continuing to pay. FILE […]

New CEO pay limits loom as investors confront coronavirus crisis

BOSTON/LONDON (Reuters) – The havoc wrought by the coronavirus crisis could give investors leverage to put new limits on CEO pay packages and link them more closely to a range of social and environmental issues at companies’ annual meetings this spring. FILE PHOTO: The Wall St. Bull is seen standing on a nearly empty Broadway […]

White House not considering three-month tariff deferral: Navarro

(Reuters) – The White House’s top trade advisor denied on Tuesday that the Trump administration was considering a three-month deferral of tariff payments on imported goods to ease the pain of the economic shutdown caused by the coronavirus pandemic. FILE PHOTO: U.S. President Donald Trump takes questions during the coronavirus response daily briefing at the […]

BNY Mellon money fund gets capital infusion after 'shadow price' falls

BOSTON (Reuters) – A New Jersey municipal money-market fund run by BNY Mellon Corp needed an injection of $89,000 after the market value of the fund came under pressure, the bank disclosed on Tuesday in a U.S. regulatory filing. BNY Mellon said it provided capital support to the General New Jersey Municipal Money Market Fund […]

U.S. activist investors Land & Buildings, Engaged raise new capital: sources

BOSTON (Reuters) – Several investors who push management to perform better are trying to raise hundreds of millions of dollars in new cash to buy stakes in companies beaten down by a historic market selloff, four people familiar with their plans said on Tuesday. Glenn Welling, who runs the $1.1 billion Engaged Capital, wants to […]

U.S. SEC warns against illegal trading during coronavirus disruption

WASHINGTON (Reuters) – The U.S. securities regulator on Monday warned corporate executives against insider trading during disruption caused by the coronavirus, in an unusual statement that underscores the chaos coursing through financial markets. FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. […]

Fed's money market move lifts Northern Trust fund above key threshold

BOSTON (Reuters) – Liquidity at a $2.2 billion prime money-market fund run by Northern Trust Corp fell below the key 30% U.S. regulatory threshold twice last week, but rebounded above that level after the U.S. Federal Reserve shored up the industry. FILE PHOTO: An employee walks past a company logo at Northern Trust offices in […]

Some U.S. wealth advisers tell clients to stay put as markets fall

NEW YORK (Reuters) – The deepest U.S. stock market sell-off since the 2008 financial crisis is prompting some financial advisers to tell wealthy clients to hold steady or even increase their equity exposure if they have at least 10 years until retirement. FILE PHOTO: The final numbers of the day are displayed above the floor […]

Your Money – Separation anxiety: Divorce, money and coronavirus

NEW YORK (Reuters) – The first few days of staying at home for coronavirus seclusion with my two kids were chaotic, stressful and scary, much like they were for everyone else. FILE PHOTO: A playground at Ruskin Elementary School sits empty ahead of the statewide school closures in Ohio in an effort to curb the […]

How to Build an Emergency Fund in the Middle of an Emergency

The coronavirus is rapidly slowing the U.S. economy and disrupting jobs. If you don’t have a rainy-day fund already, it’s time to set aside whatever cash you can. Most people think of an emergency fund as something saved gradually, over time. But the crisis is here now for many people — or soon will be, […]

Once Scrutinized, an Insurance Product Becomes a Crisis Lifeline

A type of private insurance used by wealthy business owners to cover unlikely risks that has been challenged by the Internal Revenue Service is proving to be beneficial as the coronavirus pandemic shuts down local economies. The structure, known as a small captive insurance, allows business owners to self-insure against unlikely but costly risks. Because […]

Your Money: Coronavirus fears shake Yale economist Robert Shiller

NEW YORK (Reuters) – In scary times like these, it is comforting to talk to someone who has seen and studied a lot of things – booms, busts, and everything in between. FILE PHOTO: Robert J. Shiller, Sterling Professor of Economics at Yale University attends a session at the annual meeting of the World Economic […]

Your Money: Now is not the time to stop saving for retirement

NEW YORK (Reuters) – When you see soda on sale at the supermarket, do you run screaming into the parking lot in a panic? Or do you buy six? A pedestrian walks on Wall St., as concerns about coronavirus disease (COVID-19) keep more people at home, in front of the New York Stock Exchange (NYSE) […]

Prime money-market funds could slow redemptions as they bleed assets

BOSTON (Reuters) – U.S. prime money-market funds have lost more than 10% of their assets and the prospect of funds slowing customer redemptions is rising amid unprecedented market turmoil, top credit-rating agency Moody’s Corp said on Thursday. “The risk of funds imposing liquidity fees or gates has risen over the last week and will remain […]

Your Money: A coronavirus emergency plan for paying your bills

NEW YORK (Reuters) – Lives are on hold all over the world as we distance ourselves socially to contain the coronavirus, but bills still pile up. FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration Some countries, like Italy and France, already enacted mortgage and rent relief, […]

Investor Ackman tweets to Trump: Close down the country

BOSTON (Reuters) – Billionaire investor William Ackman, who has long worried about the serious risks posed by the novel coronavirus, called on the Trump administration on Wednesday to seal off the United States for a month in a bid to curb the outbreak. FILE PHOTO: William ‘Bill’ Ackman, CEO and Portfolio Manager of Pershing Square […]

Stampede to get out: bond ETFs get crushed in selloff

LONDON (Reuters) – A rush to sell global bonds in the past week has now rippled into the world of exchange-traded funds with some of the most actively traded seeing the most bulging gaps relative to the value of underlying holdings in years. Exchange-traded funds offer liquidity in different asset classes and have become in […]

Your Money: A Hub for Help During the Coronavirus Crisis

ImageCredit…Robert Neubecker If your income has fallen or been cut off completely, we’re here to help. This guide will connect you to the basic information you’ll need to get through this, including on government benefits, free services and financial strategies. What you need to know:How unemployment insurance worksWhere to get free financial planning helpHow consumer […]