Sunday, 29 March 2015
Last updated 1 day ago
Jul 21 2006 | 5:43pm ET
Alternative investments buoyed one Wall Street giant in the second quarter, while another was burned in the sinking market.
Citigroup's profits from alternative investments fell by a third in the second quarter to $257 million from $385 million in the same quarter last year, as revenues from alternatives plummeted by nearly half. Second-quarter revenues dropped from $1.1 billion to $584 million. Citigroup blamed poor returns in its private equity and securities portfolios, though it said those losses were partly offset by high client revenues. Overall, Citigroup posted 4% increase in second-quarter income.
Merrill Lynch, meanwhile, saw its bottom-line boosted by stellar proprietary stock trading performance, even as hedge funds around the world suffered widespread losses. Proprietary trading revenue soared 84% for the quarter, as Merrill saw net earnings jump 44% to $1.6 billion on revenues of $8.2 billion. Meanwhile, BlackRock, which is buying Merrill Lynch Investment Managers, said hedge fund redemptions totaled $132 billion in the second quarter, though, overall, the firm's alternative assets under management rose $247 billion.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…