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Barclays rolls out ETF-based charitable-giving program

October 6th, 2009

Before You Invest

Donors will be able to use 25 different iShares offerings to customize their investments

Barclays Global Investors has launched the iShares Charitable Giving Program, which offers clients access to donor-advised funds using pools of its exchange-traded funds.
It’s thought to be the first time that a major fund firm has offered a charitable-giving program using only ETFs, said Eileen Heisman, president and chief executive of the National Philanthropic Trust, a national donor-advised fund program and charity with $660 million in assets under management.

“To my knowledge, it’s very unique among [large financial] firms,” said Ms.

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Posted in Finance Fraud

Tags: Assets Under Management, Barclays Global Investors, Charitable Causes, Donor Advised Fund, Donor Advised Funds, Endowment Foundation, Exchange Traded Funds, Financial Advisers, Heisman, Industry Officials, Investment Account, Investment Firms, Investment Pools, John Tobin, Michael Latham, Minimum Investment, National Philanthropic Trust, Natural Fit, Philanthropic Legacy, Philanthropic Projects

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Lord Abbett exits bundled 401(k) biz, handing off $1.2B to the Hartford

September 23rd, 2009

Before You Invest

Lord Abbett will no longer provide bundled 401(k) services to the retirement plan market, and instead will focus on just offering investments to defined contribution plans

Lord, Abbett & Co. LLC is exiting the business of offering bundled 401 (k) plans — and has agreed to transition its nearly $1.2 billion in 401(k) assets to The Hartford Financial Services Group Inc.

Officials for Lord Abbett today said that the asset management firm will now focus on offering investments alone to defined contribution plans, rather than packaged products that included other services, such as record-keeping, to the 401(k) section of the retirement market.

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Posted in Finance Fraud

Tags: 401 K Plans, Asset Management Firm, Assets Under Management, Business Advisers, Financial Services Group, Financial Services Group Inc, Frank Gregory, Hartford Financial, Hartford Financial Services, Hartford Financial Services Group, Hartford Financial Services Group Inc, Lord Abbett, Mr Gregory, Open Architecture, Packaged Products, Plan Sponsor, Retirement Market, Retirement Plan Market, Retirement Plans, Retirement Services

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Assets under management have dropped substantially worldwide

September 16th, 2009

Before You Invest

A study has found that wealth has dropped 11.7 percent to $92.4 trillion over the period of the financial crisis.

The study by a Boston consulting group found wealth would not return to 2007 levels for another six years.

The United States, was the hardest hit region, primarily due to the decline in US equity investments in 2008.

Also hit hard were off-shore wealth centres, where many companies and individuals had gone to avoid tax.

In Switzerland and the Caribbean, assets declined to $6.7 trillion in 2008 from $7.3 trillion in 2007.

Millionaires who made risky investments during the economic boom were especially hard hit, with the number of millionaires worldwide shrinking 17.8 percent to 9 million.

Posted in Finance Fraud

Tags: Assets Management, Assets Under Management, Boston Consulting Group, Caribbean, Decline, Economic Boom, Equity Investments, Financial Crisis, Number Of Millionaires, Risky Investments, Six Years, Switzerland, Trillion

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BlackRock planning global trading platform

September 16th, 2009

Before You Invest

Asset manager BlackRock is to launch its own global trading platform, it has emerged.

According to the Financial Times, the company intends to utilize the system to rival those used by many firms on Wall Street.

The business will have around $3,000 billion in assets under management once it has completed its acquisition of Barclays Global Investors (BGI) in December and it has appointed Minder Cheng of BGI to oversee the launch of the platform.

BlackRock said in a leaked internal memo seen by the news source that the new offering will “fully realize the cost efficiencies and trading opportunities across all asset classes as we become one of the largest trading operations in the world”.

Those familiar with the plan – which is said to still be in its early stages – explained that BlackRock will not be charging fees for the service due to the fact that it is being introduced in order to save clients money.

The company reached a deal worth around $13.5 billion for BGI in June.

Posted in Finance Fraud

Tags: Acquisition, Asset Classes, Asset Manager, Assets Under Management, Barclays, Barclays Global Investors, Efficiencies, Financial Times, Global Trading, Internal Memo, Launch, Money, News Source, Trading Operations, Trading Platform, Wall Street

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Charles Akre leaves FBR Focus Fund

August 8th, 2009

Before You Invest

The manager of one of the best-performing mutual-funds of the recent years is leaving to start his own fund.

Charles Akre will quit FBR Focus Fund on Sept.

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Posted in Finance Fraud, Mutual Funds

Tags: Akre, American Tower Corp, Assets Under Management, Best Performing Mutual Funds, Better Communications, Cap Funds, Capital Management, Communicatio, Five Star Rating, Focus Fund, Fund Shareholders, Inception, Leggio, Mid Cap Growth, Morningstar, Own Destiny, S 500, Shareholder Letters, Stock Fund, Stock Funds, Stock Holdings

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Charles Akre leaves FBR Focus Fund

August 8th, 2009

Before You Invest

The manager of one of the best-performing mutual-funds of the recent years is leaving to start his own fund.

Charles Akre will quit FBR Focus Fund on Sept.

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Posted in Finance Fraud, Mutual Funds

Tags: Akre, American Tower Corp, Assets Under Management, Best Performing Mutual Funds, Better Communications, Cap Funds, Capital Management, Communicatio, Five Star Rating, Focus Fund, Fund Shareholders, Leggio, Mid Cap Growth, Morningstar, Own Destiny, S 500, Shareholder Letters, Stock Fund, Stock Funds, Stock Holdings

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BlackRock to pay $13.5B for Barclays Global Investors

June 13th, 2009

Before You Invest

Money manager BlackRock will become the largest asset manager in the world with its acquisition of Barclays Global Investors. The deal will boost BlackRock’s assets under management to about $2.7 trillion. “This is a transformational transaction,” said BlackRock CEO Laurence Fink.

more at

business/industry_sectors/banking_and_finance/article6483638.ece”>http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6483638.ece

Posted in Finance Fraud

Tags: 5b, Acquisition, Asset Manager, Assets Management, Assets Under Management, Banking And Finance, Barclays, Barclays Global Investors, Business Industry, Ceo, Industry Sectors, Laurence Fink, Money Manager, Trillion

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Westgate chief charged with $150m fraud

April 27th, 2009

Before You Invest

The president of New York-based investment firm Westgate Capital Management has been indicted on criminal charges relating to an alleged $150 million investment fraud.

James Nicholson faces four felony charges in all, including securities fraud and investment adviser fraud, acting US attorney for the Southern District of New York Lev Dassin said.

The indictment alleges that Mr Nicholson began the fraud in approximately 2004.

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Posted in Finance Fraud

Tags: 5 Million, Assets Under Management, Capital Management, Checks, Criminal Charges, Faces, Felony Charges, Indictment, Investment Adviser, Investment Firm, Investment Fraud, Investments, Investors, James Nicholson, Marketing Brochures, Mr Nicholson, Prosecutors, Securities Fraud, Southern District Of New York, True Value

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Bridgewater named biggest US hedge fund manager

March 9th, 2009

Before You Invest

Connecticut-based Bridgewater Associates has topped a new poll to find the United States’ biggest hedge fund manager, overtaking JP Morgan Chase.

The rankings, compiled by Absolute Return magazine, puts the firm’s assets under management at $38.6 billion as of January 1st. This represents an 11 percent decline since July of last year, but it was still enough to beat the Wall Street veteran.

JP Morgan came second with $32.9 billion under management, down 26 per cent in the six months to the end of 2008.

New York’s Paulson & Co climbed one place to third with $29 billion in assets under management, swapping places with DE Shaw Group, which clocked up investments worth $28.6 billion.

Overall, the Absolute Return survey found that the number of US hedge fund managers controlling $1 billion or more had declined by 19 percent to 218 firms.

New York was found to be the heartland of America’s hedge fund industry, with 121 fund managers – including seven of the top ten firms – calling the Empire State home. Connecticut was second with 29, followed by California.

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Tags: 1 Billion, Absolute Return, Assets Under Management, Bridgewater Associates, De Shaw, Decline, Empire State, Fund Managers, Heartland Of America, Home Connecticut, January 1st, Jp Morgan, Jp Morgan Chase, New Poll, Paulson, Return Survey, Shaw Group, Street Veteran, Survey Found That, Wall Street

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Details from Stanford company websites about his financial empire

February 18th, 2009

Before You Invest

Quote from Allen Stanford in magazine

“Our world is far different than the world my grandfather lived in when the first Stanford company was founded … As a company founded in the midst of the Great Depression — an environment of despair and negativity — we have a long-proven understanding of how even the most severe downcycles can bring opportunities that yield significant benefits in the long run.”

Following are details from Stanford company websites about his financial empire, including from a 2008 copy of the group’s Stanford Eagle Magazine.

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