NEW YORK – Billionaire investors Steven Cohen and Ray Dalio have joined the cryptocurrency craze by putting cash to work and saying at a conference this week that bitcoin and other digital currencies are an interesting way to diversify their holdings. Dalio, who founded the world’s largest hedge fund, Bridgewater Associates, told attendees at the SALT conference in New York on Wednesday, “I have more crypto than gold.” Cohen, who runs Point72 Asset Management, said…"Billionaire hedge fund managers Cohen, Dalio tout cryptocurrencies"
BOSTON – Support for climate-related shareholder resolutions at U.S. companies rose significantly this year, according to a report released on Wednesday, as investors focused on economic threats posed by global warming. The paper, from Institutional Shareholder Services, the largest proxy adviser, found median support for the proposals was 48.9% during the proxy season ended June 30, up from 37.6% in 2020 and 27.5% in 2019. The total number of resolutions filed rose to 84, also…"Shareholder support for U.S. climate measures hits nearly 50% -report"
NEW YORK – A flagship Wall Street conference returned this week, attracting so many fund managers and investors who were hungry for in-person interactions that organizers ran out of a steak and lobster entree and seats at its first lunch on Monday. The three-day SALT event, long one of the hedge fund industry’s biggest conferences, took a break during the pandemic last year but its host, Anthony Scaramucci, was determined to bring it back this…"Flagship Wall St conference sees record attendance, run on steak"
– Retail investors’ appetite for U.S. stocks has fallen in the past week, data from Vanda Research showed on Wednesday, increasing the odds for a broader sell-off in the S&P 500 at a time when it is already about 2% off its record high. In the five days to Tuesday, retail investors bought $657.7 million in U.S. equity exchange-traded funds, compared with $989.6 million and $1.39 billion in the preceding two weeks, partly due to…"Fading retail demand for U.S. stocks could hit S&P 500 – Vanda"
NEW YORK – Star stock picker Cathie Wood of ARK Invest on Tuesday reiterated her call that slowing economic activity in the United States will bolster growth stocks. Wood cited disappointing job growth in August and weakening consumer price index figures as signs that the U.S. economy will grow at a pace slower than many on Wall Street expected at the start of the year. Her flagship $21.1 billion ARK Innovation fund was the top-performing…"ARK Invest’s Wood expects market rotation back to growth stocks"
NEW YORK – Interactive Brokers Group on Monday said it launched low-fee cryptocurrency trading on its platform, making it the latest online retail brokerage to add digital assets to its offerings. U.S. clients of the brokerage will now be able to trade and custody bitcoin, ethereum, litecoin and bitcoin cash alongside stocks, options, futures, bonds, mutual funds and exchange-traded funds, the company said. “As financial markets evolve, sophisticated individual and institutional investors are increasingly seeking…"Interactive Brokers launches cryptocurrency trading"
LONDON – Hedge fund Brevan Howard said on Monday it had hired CMT Digital Chief Executive Colleen Sullivan to lead the firm’s private and venture investments in crypto. Sullivan, who specialised in crypto-asset trading and blockchain technology investments at trading firm CMT, will also chair the investment committee of a new strategy focused on crypto technology, it said in a statement. “Colleen’s exceptional track record in making highly successful crypto venture investments will be of…"Brevan Howard hires CMT Digital CEO to lead crypto venture investments"
HONG KONG – Struggling property giant China Evergrande Group repaid matured wealth management products of less than 100,000 yuan ($15,531) on Sept. 9 as part of an interim repayment plan for retail investors, financial information provider REDD reported on Friday. Citing three product holders who were briefed by investment representatives, REDD added those holding more than 100,000 yuan will have their payments extended by two to four years and amortized, with the first payment to…"China Evergrande outlines interim repayment plan for retail investors – REDD"
NEW YORK – Old Republic National Title Insurance Co, one of the largest U.S. title insurers, will stop using “no-poach” agreements that prevent workers from moving to rivals, under a settlement on Thursday with New York’s attorney general. The unit of Old Republic International Corp will also pay $1 million under the settlement, resolving an antitrust probe by the office of the attorney general, Letitia James. Old Republic, based in Chicago, issues policies through agencies…"Big title insurer settles with New York over ‘no-poaching’ agreements"
– The U.S. securities regulator has been asking money managers to explain the standards they use for classifying funds as environmental, social and governance (ESG)-focused for several months, according to two sources familiar with the queries. U.S. Securities and Exchange Commission staff have been pressing firms for details on how they determine these classifications, two sources with direct knowledge said. Earlier this year, the regulator said it had found “potentially misleading” claims and inadequate controls…"U.S. securities regulator scrutinizes funds over ESG labels -sources"