U.S. House advances bills to address Archegos, GameStop turmoil
WASHINGTON (Reuters) - Wealthy families that set up investment funds known as "family offices" to manage their personal wealth would face stricter oversight from U.S. regulators under a bill advanced by a U.S. congressional panel late on Thursday.
Explainer: Major Ethereum upgrade set to alter supply, fix transaction fees
NEW YORK (Reuters) - Ethereum, the second-largest blockchain network, is about to undergo a technical adjustment that will significantly alter the way transactions are processed, as well as reduce the supply of the ether token and sharply boost its price.
France's BNP bolsters profit as state softens pandemic blow
PARIS (Reuters) -France's biggest listed lender BNP Paribas joined rivals to slash provisions for unpaid loans, as they cashed in on unprecedented government support to keep the economy afloat during the coronavirus pandemic.
Citigroup gets regulatory nod for fund custody business in China
SHANGHAI (Reuters) - Citigroup said on Friday it had become the first major global custodian allowed to operate an onshore fund custody business in China, tapping into the country's $19 trillion asset management industry.
France's Amundi reports $8.5 billion in net inflows in Q2
PARIS (Reuters) - French asset manager Amundi reported on Friday 7.2 billion euros ($8.55 billion) in net inflows in the second quarter, saying investors' appetite for more risky assets such as equity had improved in the quarter.
Credit Suisse's Archegos post mortem slams management; profit slumps
ZURICH (Reuters) -A "lackadaisical" attitude towards risk and "a lack of accountability" were to blame for Credit Suisse's $5.5 billion loss on investment fund Archegos, according to a review published on Thursday, as the bank reported a near-80% fall in second-quarter profit.
Latest shift to tech leaves Cathie Wood's ARKK in the cold
NEW YORK (Reuters) -A rebound in growth stocks over the last month is doing little to bolster the performance of Cathie Wood's ARK Innovation ETF, which has lagged this year after outperforming all other U.S. equity funds in 2020.
U.S. benchmark rate committee recommends CME SOFR term rates
(Reuters) - A group of banks and investors overseeing the shift of trillions of dollars to the new benchmark U.S. interest rate SOFR said on Thursday that they are recommending the use of the CME Groupâs term SOFR rates in a move that should boost the move away from Libor.
Hear no evil, see no evil: How Credit Suisse ignored Archegos warnings
FRANKFURT (Reuters) - Weeks before Archegos collapsed, Credit Suisse received what would turn out to be one of its final warnings from a junior analyst about the hedge fund's impending disaster. Just as with earlier red flags, stretching back years, it was ignored.
Billions of lockdown savings funnelled to funds
(Reuters) - Asset managers St James's Place, Rathbone and Man Group saw billions of pounds in inflows during the first half of the year, as household savings jumped during COVID-19 lockdowns, their results showed on Wednesday.