Fidelity Investments Names Abigail Johnson, BNY’s O’Hanley as Presidents Fidelity Investments, the world’s largest mutual-fund manager, named Abigail P. Johnson and Ronald P. O’Hanley to top roles after splitting responsibility for running the company.
Bank of New York Mellon’s Ivy Unit Sued by New York’s Cuomo Over Madoff New York Attorney General Andrew Cuomo sued Bank of New York Mellon’s Ivy Asset Management LLC and two of its executives, saying they misled clients about investments tied to convicted Ponzi schemer Bernard Madoff.
Transurban Rejects Increased $6.4 Billion Offer From Canada Pension Funds Transurban Group, which owns toll- roads in Australia and the U.S., rejected a revised A$7.2 billion ($6.4 billion) takeover bid from its three biggest shareholders, saying the offer undervalued the company.
Apollo, Carlyle Offer IPOs as Stock Volatility Surges Most in Two Decades Apollo Global Management LLC and Carlyle Group are leading almost $1.3 billion in U.S. initial public offerings by private-equity firms this week, looking for the biggest advance in stocks in 13 months to outweigh the most volatile equity markets in two decades.
Pavoncelli Quits Lazard to Start Private-Equity Firm for Wealthy Clients Riccardo Pavoncelli, the former head of Lazard Ltd.’s Italian operations, resigned to start a firm for wealthy clients focusing on private-equity investments.
Legg Mason Rises Most in 11 Months on Share Buyback, Cost-Reduction Plans Legg Mason Inc. rose the most in over a year in New York trading after the money manager outlined plans to cut costs and buy back as much as $1 billion of stock.
Barton Biggs Says U.S. Stocks May Advance 20% as Global Economy Rebounds U.S. stocks could jump as much as 20 percent, led by technology companies, as the global economy rebounds from Europe’s debt crisis, said Barton Biggs.
Hedge-Fund Rules Compromise Between EU, U.S. `Possible Soon,’ Barnier Says Michel Barnier, the European Union’s financial services commissioner, said that a final agreement between the U.S. and EU on rules to regulate hedge funds is “possible soon.”