Industry

ING Group NV of the Netherlands has completed its $900 million purchase of CitiStreet LLC from Citigroup Inc. and State Street Corp.

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.

After completing his service as chief information office on June 30, Corey Booth parted ways with the Securities and Exchange Commission in order to pursue a new career with Boston Consulting Group in New York.

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.

Bowne & Co. recently acquired Capital Systems for $13 million.

Lundquist Chosen as Head Of JPMorgan RIA Channel

"I cheated my investors because I was afraid to admit my failure. I did not want the world to think I was not good enough and I did not want my family to see me as a failure."

Cash-strapped banks are hoping the Federal Reserve will loosen restrictions keeping private-equity firms from giving them capital, according to The Wall Street Journal.

In light of Legg Mason Inc.’s recent struggles and dropping stock price, the company has slashed the pay of CEO Mark Fetting and its founder Raymond “Chip” Mason, according to The Baltimore Sun.

Capital One Funds’ board has approved a transfer of assets from each of its six fund portfolios to comparable funds at Fidelity, according to a filing with the Securities and Exchange Commission. The agreement, pending shareholder approval, would go into effect in October.