Trump’s Truth Social Post Spurs Stock Surge, Boosts His Wealth By $500 Million
President-elect Donald Trump’s social media stock rebounded dramatically after a post on Truth Social, reportedly adding a half billion dollars to his net worth. Following a 42% drop since Wednesday’s peak, Trump…
Credit Suisse obtains key approval to launch wealth business in China
By Selena Li HONG KONG (Reuters) – Credit Suisse has received regulatory green light from China after years of waiting to launch a full-fledged wealth management business in the world’s second-biggest economy,…
BofA promotes Lindsay Hans to lead private wealth management
By Lananh Nguyen and Nupur Anand NEW YORK (Reuters) – Bank of America Corp promoted Lindsay Hans to lead its Merrill Private Wealth Management, international and institutional groups, the company said on…
Australia’s CBA simplifies financial reporting after sale of wealth management unit
(Reuters) – Commonwealth Bank of Australia said on Monday it will simplify its financial reporting in upcoming half-year fiscal results to reflect the sale of its wealth management business last year. The…
Norway to raise spending from wealth fund to aid Ukraine, PM says
OSLO (Reuters) – Norway will increase the spending from its sovereign wealth fund in the coming years to fund military and civilian aid to Ukraine, Norwegian Prime Minister Jonas Gahr Stoere told…
Russia eyes end to liquidity caps on wealth fund ‘anti-crisis’ spending
By Darya Korsunskaya and Alexander Marrow (Reuters) -Russia’s finance ministry on Thursday proposed scrapping liquidity restrictions for spending on “anti-crisis” investments from its National Wealth Fund (NWF), citing the need to support…
‘It’s A Wealth Transfer’: Locals Blast Colossal Idaho Wind Project That Would Mostly Export Power To California
‘It’s A Wealth Transfer’: Locals Blast Colossal Idaho Wind Project That Would Mostly Export Power To California Jack McEvoy on January 9, 2023 A proposed Idaho wind energy project that is awaiting…
Maryland Man Sentenced to More Than Six Years in Federal Prison for His Role in a $28 Million Ponzi Scheme Involving “1st Million Dollars” Wealth Management Company
Greenbelt, Maryland – U.S. District Judge Theodore D. Chuang sentenced Arley Ray Johnson, age 63, of Bowie, Maryland, yesterday to 78 months in federal prison, followed by three years of supervised release,…
Permitted share of China’s yuan in Russian wealth fund doubled to 60% -Finance Minister
MOSCOW (Reuters) – Russia’s finance ministry on Friday said the maximum possible share of Chinese yuan in its National Wealth Fund (NWF) had been doubled to 60% as it restructures its rainy-day…
Australia’s sovereign wealth fund buys gold, commodities as shadow of 1970s looms
By Lewis Jackson SYDNEY (Reuters) – Australia’s A$200 billion ($134.28 billion) sovereign wealth fund is increasing exposure to gold, commodities, private equity and infrastructure as it warns the future will echo the…
Philippine central bank to back wealth fund after raising transparency concerns
MANILA (Reuters) – The Philippine central bank on Thursday said it was backing the creation of a sovereign wealth fund being pushed by President Ferdinand Marcos Jr, after having earlier raised concerns…
Chinese bank wealth units seek to smooth performance amid redemptions
SHANGHAI (Reuters) – The asset management arms of some Chinese banks are turning to an accounting method that smoothes out the performance of wealth management products as they try to stem a…
Credit Suisse wealth boss De Ferrari targets growth markets, tech boost
By Oliver Hirt, Noele Illien and Michael Shields ZURICH (Reuters) – Francesco De Ferrari, the head of Credit Suisse’s wealth management business, is focused on growth markets, high net worth clients and…
UAE wealth fund ADIA reports strong 2021 returns, restructures internally
By Yousef Saba DUBAI (Reuters) – The Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, said it delivered strong returns in 2021, buoyed by a bumper year…
New Franchisees Bring Wealth of Knowledge and Expertise to Taziki’s Mediterranean Café Locations in DFW
New operators take over ownership of cafés in Plano and Southlake with plans to remodel and expand in DFW Metroplex Dallas, TX (-) They say everything is bigger and better in Texas.…
AMP Australian wealth management unit’s net outflows more than halve
(Reuters) -AMP Ltd on Friday reported third-quarter net outflows at its Australian wealth management unit more than halved due to increased inflows into its flagship online investment platform, North, and reduced withdrawals…
Abu Dhabi transfers Etihad Aviation Group to wealth fund ADQ
By Yousef Saba DUBAI (Reuters) -Abu Dhabi sovereign wealth fund ADQ said on Tuesday the government had transferred full ownership of Etihad Aviation Group to the fund. “The transfer of EAG complements…
Saudi wealth fund braves market tumult in green bonds debut, others unlikely to rush
By Yousef Saba DUBAI (Reuters) – Saudi Arabia’s Public Investment Fund faced little scrutiny over its green credentials when it sold $3 billion in green bonds last week in its maiden debt…
Credit Suisse’s deputy head of Asia wealth business resigns
By Anshuman Daga SINGAPORE (Reuters) – The deputy head of Credit Suisse’s Asia-Pacific wealth management business Young Jin Yee has resigned, according to a company memo reviewed by Reuters and confirmed by…
Saudi wealth fund’s Savvy Games Group to invest $37.8 billion
(Reuters) -Saudi Arabia’s Savvy Games Group, owned by sovereign wealth fund PIF, will invest 142 billion riyals ($37.8 billion) in initiatives aimed at making the kingdom a global hub for gaming, state…
Indonesian sovereign wealth fund draws $20 billion in co-investments
By Anshuman Daga and Yantoultra Ngui SINGAPORE (Reuters) – Indonesia’s sovereign wealth fund has garnered more than $20 billion of co-investments from funds including Singapore’s GIC and Abu Dhabi Investment Authority, and…
Saudi Arabia’s wealth fund hires banks for debut green bonds
By Yousef Saba DUBAI (Reuters) -Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche U.S. dollar-denominated green…
Russia to spend $6.8 billion from wealth fund on infrastructure projects in 2022
KAZAN (Reuters) -Russia plans to spend 400 billion roubles ($6.8 billion) of its National Wealth Fund money on investment projects this year, on top of the 535 billion roubles it has previously…
Bank of America enlists thousands of employees for wealth lending group
By Lananh Nguyen NEW YORK (Reuters) – Bank of America Corp created a new group in its global wealth and investment management division to focus on lending to rich clients, the company…
Trump ally wants details of wealth excluded from foreign agent trial
By Luc Cohen NEW YORK (Reuters) – Tom Barrack, a former private equity executive and fundraiser for Donald Trump, wants evidence of his wealth, spending and lifestyle excluded from his upcoming trial…
Exclusive-Embattled Credit Suisse aims to launch China wealth business next year
By Anshuman Daga SINGAPORE (Reuters) – Credit Suisse, which has been buffeted by a string of scandals, management changes and global strategy rejigs, is still betting big on China and plans to…
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