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Broadridge Financial Solutions has acquired Access Data Corp. to expand its offerings to the mutual fund industry, specifically Access Datas unique data aggregation and data management solutions. Terms of the deal were not disclosed.
May 22 -
With assets so vastly depleted, many hedge funds are likely to merge, an asset management executive told a recent gathering of hedge fund executives at the SkyBridge Alternatives Conference.
May 19 -
Even though Fidelitys mutual funds are performing strongly, with 62% in the top half of their category, the firm is looking for a new chief investment officer, Reuters reports. By comparison, in 2008, only 36% of the firms funds were in the top half.
May 19 -
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Bank of America is selling a 5.8% stake worth about $7 billion in China Construction Bank to help raise a $34 billion capital gap found by the stress test, the Charlotte Observer reports. This amounts to roughly one-third of its current 17% stake in the Chinese lender.
May 13 -
UMB Fund Services, a subsidiary of UMB Financial Co., the listed, Missouri-based multi-bank holding company, added to its holdings JD Clark & Co., an alternative investment firm, in an all-cash deal.
May 11 -
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Robert L. Reynolds loves a challenge. Without question, he certainly faces one. Trying to restore Putnam Investments' stature among America's top mutual fund companies after the firm's involvement in the trading scandal of 2003 and depletion of assets, now at $99 billion, a mere quarter of what they were in 2000-is a formidable task.
May 4 -
An employee-led buyout of Neuberger Berman Group has been completed, creating what the firm calls one of the world's biggest independent asset managers. Neuberger, originally founded in 1939, has approximately $158 billion in assets under management. The New York-based firm is now majority owned by a group of employees, consisting of portfolio managers and senior professionals, with Lehman Brothers Holdings, the previous owner, still retaining the remainder.
May 4