Cerberus to Raise New Distressed Funds After Investors Pull $4.9 Billion Cerberus Capital Management LP plans to raise money in the fourth quarter to buy distressed companies and securities after losses on investments such as Chrysler LLC and GMAC LLC led to $4.77 billion in client redemptions.
Funds Dump Retailer Shares as Money Flows out of Nordstrom Into Goldman Mutual funds, pensions and endowments are unloading U.S. consumer stocks at the fastest pace in at least 14 years.
Yacktman Recalled to Life as No. 1 Among Mutual Funds in Equities Tempest Donald Yacktman’s career hit bottom a decade ago as the independent directors of his flagship mutual fund waged a proxy battle to oust him as manager. While the dot-com frenzy sent the U.S. stock market soaring in 1998 and 1999, the Yacktman Fund plunged 16 percent during that period because its value-minded leader avoided highflying tech stocks he considered to be overpriced.
Singh’s 100-Day Stock Rally Best Since 1991 as Sensex Set to Extend Gains Indian stocks rose more in the first 100 days of Prime Minister Manmohan Singh’s leadership than under any new government since 1991. Investors predict more gains as he opens up the world’s second-fastest growing economy.
Life Insurance Sales Plunge Most Since 1942, Led by Stock-Linked Products U.S. life insurance sales to individuals dropped 20 percent in the second quarter as savers shunned investments linked to stocks, contributing to the biggest six-month decline since 1942.
Natural Gas Fund Premium Tops 20% as ETF Stymied From Issuing New Shares U.S. Natural Gas Fund’s premium climbed to a record 20 percent, making it that much more expensive than its holdings in the fuel, as it’s stymied from issuing new shares.
Dudley Says Fed Can Avoid More Rapid Inflation, Sees No Need to Cut Buying New York Federal Reserve Bank President William Dudley said the Fed has the tools to prevent inflation from accelerating and doesn’t need to begin trimming its balance sheet.
Former Deutsche Securities Analyst Ohki Joins Japanese Hedge Fund Alphex Masamitsu Ohki, an analyst who covered non-bank financial firms at Deutsche Securities Inc., joined Alphex Investments Co., a Japanese hedge-fund advisory firm.
Goldman Says China Stocks Remain `Bright Spot’ on Growth, Lifts Forecasts China stocks remain “a bright spot” among global equities because of the nation’s strong growth potential, Goldman Sachs Group Inc. said.