Portfolio

Back in 2005, the chances that Amvescap, now Invesco, would make a 360-degree turnaround seemed virtually impossible, but with a little bit of time and the addition of Martin Flanagan as chief executive officer, the unlikely actually occurred.

Mutual fund companies and other financial services firms continue to battle one another for wealth management talent even though companies are forced to pay hefty salaries that crimp profits.

At first glance, Forward Management LLC of San Francisco looks like a typical investment management boutique, presiding over a current family of 16 niche mutual funds.

The head of JPMorgan Funds has handed responsibility for the company’s growing registered investment adviser business to a lieutenant.

For professionals on Wall Street, the June jobs number confirmed what many already knew: The financial services segment of the U.S. economy lost jobs last month. Some observers say the pace of jobs lost on Wall Street could exceed all other previous downturns faced by banks and brokerages since World War II.

Citigroup’s head of hedge fund services, Steve Bowman, has decided to leave the firm, according to a memo from Citi’s James Forese, co-CEO of markets & banking. There is no indication yet of Bowman’s future endeavors.

Statistics gathered in September 2007 by the Employee Benefit Research Institute (EBRI) show that state and local government spends more on employee benefit programs than the private-sector.

On Wednesday morning, hedge fund fugitive Samuel Israel III surrendered himself to law enforcement officials in Southwick, Mass. Israel has been on the run since June 9, when he was set to report to prison in Ayres, Mass. His car was found that day on a Westchester County, N.Y., bridge with the words “suicide is painless” written on the hood.

This week, the Hong Kong Securities and Futures Commission decided that effective Aug. 1, mutual fund advertisements will no longer need to be pre-approved.

Back in 2005, the chances that Amvescap, now Invesco, would make a 360-degree turnaround seemed virtually impossible, but with a little bit of time and the addition of Martin Flanagan as chief executive officer, the unlikely actually occurred, Institutional Investor reports.