Fitch Updates Market on Closed-End Fund Issuance of Debt and Preferred Stock NEW YORK---- Taxable closed-end funds have issued over $1.1 billion of private notes and preferred stock to insurance companies year to date. The sector has refinanced another $400 million of auction preferred stock using various tender offers at or below par, leaving just $2.8 billion across 19 funds today. Overall the sector has refinanced about $500 million...
Source: Business Wire
INSIGHT-Morgan Stanley uses client cash to chase private equity profits Oct 9- Morgan Stanley is embracing the financial reforms intended to curb its animal spirits to generate bigger profits. Unlike most of its rivals, Morgan Stanley has been building its private equity business using structures that are subject to the Volcker rule, which restricts the amount of money a bank and its employees can contribute to such funds.
| By: Lauren Tara LaCapra and Greg Roumeliotis
Profit at Goldman less easy to find Goldman Sachs is facing questions about whether it will be able to maintain its place atop the financial industry in a new era of regulations.
Source: The New York Times
| By: Nathaniel Popper
EXCLUSIVE-Goldman considering setting up new infrastructure fund NEW YORK, Oct 3- Goldman Sachs Group Inc is considering raising a new infrastructure fund, according to three people familiar with the matter, even as U.S. regulations threaten to reduce its profits from such endeavors. The bank's plans are tentative and in the early stages, and there is currently no fundraising process or target size for the fund, the sources...
| By: Greg Roumeliotis
Canada's Royal Bank says will not spin off U.S. proprietary trading TORONTO, Oct 1- Royal Bank of Canada has decided not to divest its U.S. proprietary trading arm in its current form but will work to comply with new regulations there, the lender said on Wednesday. Canada's largest bank by market capitalization said it has been actively working to restructure the proprietary trading business- which uses the bank's own funds- to...
Powerful cycle right now: Pro Discussing the current market environment, with Peter Fisher, Dartmouth Tuck School of Business, and Richard Bernstein, Richard Bernstein Advisors CEO.