Fund
Manager Allegedly Killed Bank CEO In Firm's Parking Garage - (www.businessinsider.com) On Monday morning
a Liechtenstein-based bank CEO was shot dead as he was heading into
the office, according to statements from the firm and police via Bloomberg News.
Jürgen Frick, the CEO of Bank Frick & Co., was allegedly shot dead in
the firm's underground parking garage in the village of Balzers by former fund
manager Jürgen Hermann, the statements said. Frick was 48. "The employees
of the bank are stunned by the senseless act," COO Edi Wögerer said
in a statement. "Words cannot express our grief at the loss of Jürgen
Frick. We extend the mourning family Frick our sincere condolences."
The incident happened at about 7 a.m. Hermann fled the scene, authorities said.
His car was later discovered in the nearby town of Ruggell along the Rhine
River. Police believe Hermann has committed suicide. They said in a statement they found Hermann's passport, driver's
license, and handwritten notes with a confession and parting words. A body has
not yet been found, though. Police said they're
using helicopters, thermal imaging cameras, and dogs to search the area.
According to the bank, Hermann had tried
unsuccessfully for many years to blackmail the firm. The bank said that Hermann
claimed it was responsible for the collapse of his fund Hermann Finance in
2005.
Here's what really fueled the Obamacare surge - (www.cnbc.com) And
many of those people qualified for government subsidies to help them offset the
cost of the insurance plans. Those subsidies are available to people who earn
less than 400 percent of the federal poverty limit—about $46,000 for a single
person and about $94,000 for a family of four. "Those subsidies just
changed the game," LaMontagne said, crediting them with being a
significant motivating factor for enrollees. About 80 percent of enrollees on
the exchanges qualified for the subsidies. Another skeptic of the power of the
mandate, Bankrate.com analyst Doug Whiteman, who noted that his
company's surveys of the uninsured "found a very surprising lack of
knowledge" about the ACA "just a couple of weeks" before the
sign-up deadline. Only 48 percent, for example, could correctly identify the
deadline, Whiteman said.
Rotation cost this fund 17% of assets...in one
day - (www.cnbc.com) The
First Trust Large Cap Value Opportunities Alpha fund lost 17.4 percent of its
$940.3 million in assets for the day. The firm's Large Cap Core Alpha
surrendered 15 percent, the Small Cap Core Alpha dropped nearly 13 percent and
the Mid Cap Core Alpha lost about 15 percent of assets, according to data from ETF.com. While only time will tell whether the selloff
is short or long term, the recent moves certainly have caught the eye of market
pros. "Everyone's getting rid of the momentum companies. They're nervous
(over whether this is) a bubble gain," said Nadav Baum, executive vice
president at BPU Investment Management in Pittsburgh. "The reality is
there are some great growth companies that are down, that have better rates of
return. Those are good for the long-term investors once prices start to drop
the way they have." The one-day
drop for the First Trust funds is remarkable in that the funds have been
popular for most of the past year and have performed well. The Large Cap Alpha
is up 23.5 percent over the past 12 months, outdistancing the nearly 19 percent
return from the S&P 500. For the year, the fund has net inflows of
$20.5 million.
Lifetime
SEC Lawyer Totally Shreds The Agency On His Way Out - (www.businessinsider.com) The
SEC has become “an agency that polices the broken windows on the street level
and rarely goes to the penthouse floors...On the rare occasions when
enforcement does go to the penthouse, good manners are paramount. Tough
enforcement, risky enforcement, is subject to extensive negotiation and
weakening.” “I have had bosses, and bosses of my bosses, whose names we all
know, who made little secret that they were here to punch their ticket,” Kidney
said. “They mouthed serious regard for the mission of the commission, but their
actions were tentative and fearful in many instances.” Kidney was working on
the SEC's case against Goldman Sachs after the mortgage crisis, and pushed for
charges against Goldman Sachs execs. That only got him demoted on the case.
Wall St. peddles whopping 16 IPOs this week. Are you buying? - (www.usatoday.com) Aiming to get IPOs done while the window for deals is open, Wall Street hopes to sell a whopping 16 initial public offerings this week. If all 16 deals go off, which would be a feat in itself, it would be the busiest week in quite some time, even rivaling the 20 and 17 IPOs that were sold in all of February and January, respectively, says Renaissance Capital. Investors would have to go back to the week of Nov. 12, 2007 to remember a week with more IPOs, 21, says IPOScoop.com. There are some big deals among the bumper crop of IPOs. Ally Financial, the former financing arm of General Motors, is expected to raise $2.5 billion by selling 95 million shares between $25 to $28 a share. This deal will be a good test of investors’ appetite for deals, since the company has been trying since 2011 to sell shares to the public.
Treasury
Official Warns Against China Reviving Controls on Yuan - (www.bloomberg.com)
Exclusive: SEC forms squad to examine private funds - sources - (www.reuters.com)
Exclusive: SEC forms squad to examine private funds - sources - (www.reuters.com)
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