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☆ Our conviction in Morgan Stanley remains solid, despite the CEO's planned departure
▼ + stars: | 2023-05-19 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +5 min

Jim on Friday matched Gorman's confidence in the future of Morgan Stanley, saying its stock looked very attractive at current levels. The day before Gorman took over as CEO, on Jan. 1, 2010, Morgan Stanley stock closed at $29.60 per share. Investors like steadiness, so they're willing to pay more for every dollar of wealth-and-asset-management revenue compared with investment banking and trading. Over time, this dynamic should allow Morgan Stanley to command a higher price-to-earnings ratio. James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, on Thursday, May 30, 2019.

☆ Morgan Stanley CEO James Gorman plans to step down after years of making the bank the envy of Wall Street. Here's a look at his legacy.
▼ + stars: | 2023-05-19 | by ( Rebecca Ungarino | Alex Morrell | Dakin Campbell | ) www.businessinsider.com time to read: +11 min

Morgan Stanley CEO James Gorman said he will step down in the next 12 months. Morgan Stanley CEO James Gorman was giddy. Seeking stabilityTo understand where Morgan Stanley is now, you need to return to the peak of the financial crisis. It didn't take long before Morgan Stanley began utilizing its new license to acquire clients' deposits, reducing its reliance on wholesale funding. Mack, who helped design the 1997 Morgan Stanley and Dean Witter merger, had been pushed out by Purcell in 2001.

☆ China's economy is growing again. So why are investors dumping stocks?
▼ + stars: | 2023-05-19 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Investors trimmed their exposure to China amid economic uncertainty in the country, rising geopolitical tensions and Beijing’s crackdown on international consulting firms. The Nasdaq Golden Dragon China Index has lost more than 5% since April 18. Another concern for global investors is the country’s “fundamental investability,” he said, referring to geopolitical and Chinese policy risks. Ontario Teachers’ Pension Plan, one of the world’s largest pension funds, has closed its Hong Kong-based China equity investment team. “The more cracks appear in Western economies,” the more global investors will need to put money into Chinese assets, he added.

☆ CNBC Pro Talks: A top fund manager proves you can generate big returns while investing ethically
▼ + stars: | 2023-05-16 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +3 min

Join CNBC's Tanvir Gill as she discusses ethical investing with top-performing fund manager Philip Ripman. Ripman's fund, Storebrand Global Solutions, avoids companies that make over 5% of their revenues from fossil fuels, tobacco, alcohol, war and other vice-related activities. Ripman is based in Oslo, Norway and has been the fund manager of Storebrand Global Solutions since 2015. Join CNBC's Tanvir Gill as she discusses ethical investing with top-performing fund manager Philip Ripman. Ripman is based in Oslo, Norway and has been the fund manager of Storebrand Global Solutions since 2015.

☆ BlackRock is mandating 4 days in the office, starting in September. Read the memo on the firm's plans.
▼ + stars: | 2023-05-16 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

BlackRock is calling employees back to the office four days per week, starting in September. BlackRock told employees last fall that they had to work in the office at least three days per week. In a Fox Business interview last September, Fink linked a return to in-office work to a more productive workforce and lower inflation. "We are going to ask our employees to be much more mindful about their responsibilities in the office. This new approach begins on the 11th of September, and we encourage you to transition into this model by increasing your in-office days, as your schedule permits, over the next few months.

Toyota's board on Wednesday recommended that shareholders vote against the resolution, to be put to the company's annual general meeting in June. On Wednesday Toyota said it expects a five-fold jump in pure electric vehicle (EV) sales this business year. "We need concrete policy changes and a better annual review drawing on independent data to calm international investors." LONG ENGAGEMENTIt will be the first time that Toyota faces such a climate-related resolution at its annual general meeting, the funds said. It first planned to submit a shareholder proposal in 2021, but withdrew that after it received assurances that Toyota would review its climate lobbying.

NEW YORK, May 8 (Reuters) - KKR & Co Inc (KKR.N) said on Monday its after-tax distributable earnings fell 26% year-on-year in the first quarter due to a sharp drop in asset sales from its private equity portfolio and lower transaction fees. KKR and other private equity firms cashed out on fewer investments during the quarter as inflation, higher interest rates, geopolitical tensions and financial market volatility weighed on dealmaking. After-tax distributable earnings, which represents the cash available for paying dividends to shareholders, fell to $719.3 million, down from $974 million posted a year. For its quarterly fund performance, KKR said its private equity portfolio gained 2%, infrastructure funds added 7%, leveraged credit funds grew 4%, while opportunistic real estate funds fell 3%. In comparison, the private equity funds of Blackstone and Carlyle appreciated by 2.8% and 1%, respectively.

☆ The Inflation Reduction Act Will Allow an Asset Manager Takeover of Our Infrastructure - The New York Times
▼ + stars: | 2023-05-08 | by ( Brett Christophers | ) www.nytimes.com time to read: +1 min

The Inflation Reduction Act will reshape the physical and economic landscape of the United States over the next decade, including in ways that might surprise a lot of people. will help accelerate the growing private ownership of U.S. infrastructure, and in particular its concentration among a handful of global asset managers like Brookfield. This is taking the United States into risky territory. and 2021’s Infrastructure Investment and Jobs Act, President Biden’s other key legislation for infrastructure investment, is that they represent a renewal of President Franklin Roosevelt’s New Deal infrastructure programs of the 1930s. Public ownership of major infrastructure has remained an American mainstay ever since.

☆ As earnings season winds down, investors turn to Tuesday's debt ceiling meeting
▼ + stars: | 2023-05-06 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

With only a small fraction of the S & P 500 left to report quarterly earnings, investors are now turning their focus to another major hurdle for the markets and economy: the debt ceiling crisis. Earlier this week, we looked back to debt limit crisis of 2011 for potential lessons. The protracted fight ultimately ended in an agreement in early August of that year, but it was a choppy summertime ride for investors. Within the portfolio, Wynn Resorts will report Tuesday, after the closing bell, and Disney will report on Wednesday, after the closing bell. Estee Lauder (EL) and Emerson Electric (EMR) reported earnings before the opening bell.

☆ Citi upgrades this financial giant, sees sharp gains ahead after banking crisis
▼ + stars: | 2023-05-04 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

It's time to buy Deutsche Bank shares as the beaten-down bank shows signs of a strong recovery, according to Citi. Analyst Andrew Coombs upgraded Deutsche Bank to buy/high risk from neutral/high risk, saying the stock has further upside after the firm's stronger-than-expected first quarter results . "Deutsche Bank is one of the most de-rated banks YTD, yet the 1Q23 results demonstrated potential for further consensus earnings upgrades. In addition the company provided additional reassurance on the funding & liquidity position of the bank and on US CRE exposure," Coombs wrote. DB 1D mountain Deutsche Bank shares 1-day Deutsche Bank last week reported a first-quarter net profit of 1.158 billion euros, or around $1.28 billion.

☆ Billionaire investor Howard Marks tells clients he is taking a leave of absence after a recent throat cancer diagnosis: 'I should be fully back in action around mid-summer'
▼ + stars: | 2023-05-04 | by ( Rebecca Ungarino | Kaja Whitehouse | ) www.businessinsider.com time to read: +2 min

Howard Marks told clients that he is taking a leave of absence after a throat cancer diagnosis. Marks, who cofounded Oaktree, said he expects to be "fully back in action around mid-summer." Marks, 77, does not expect "any negative consequences from the treatment, or any lasting limitations on my activities." Billionaire investor and Oaktree Capital Management co-chairman Howard Marks said in a note to Oaktree clients on Wednesday that he is taking a leave of absence while he undergoes treatment after a recent throat cancer diagnosis. "I'm writing to let you know I was recently diagnosed with a relatively common form of throat cancer.

☆ Michael Milken says recent crisis is the same mistake banks have been making for decades
▼ + stars: | 2023-05-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Michael Milken, Chairman of the Milken Institute, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022. "You shouldn't have borrowed short and lent long... Finance 101," Milken said on CNBC's "Last Call." "Again here, the banks have enough credit, they had enough equity, they had enough ability to absorb credit losses that are coming. The founder of the Milken Institute believes that there will be a decrease in the percentage of loans that are owned by the banking system in the aftermath of the crisis. "People are so focused on credit risk, etc., but one of the great risks is interest rate risk."

☆ Brookfield CEO on economy: Growth slowing around the world but we focus on long-term businesses
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBrookfield CEO on economy: Growth slowing around the world but we focus on long-term businessesBruce Flatt, Brookfield Asset Management CEO, joins 'Squawk on the Street' to discuss Flatt's overall viewpoint on the economy, the story behind Brookfield's commercial real estate business and parting thoughts on the San Francisco market.

☆ Brookfield’s Los Angeles Office Company Is Roiled by Defaults
▼ + stars: | 2023-04-30 | by ( Konrad Putzier | ) www.wsj.com time to read: 1 min

The FIGat7th shopping center in Los Angeles is among the properties owned by Brookfield DTLA. Photo: etienne laurent/ShutterstockA major Los Angeles office owner operated by Brookfield Asset Management is struggling to make mortgage payments as vacancies and rising interest rates disrupt the city’s commercial real-estate market. The company, known as Brookfield DTLA Fund Office Trust Investor Inc., owns six Los Angeles office buildings and a retail center. Five of the office buildings face the risk of foreclosure, according to its public filings, and at least two of its mortgages are in default.

regulators reached out to their European Union counterparts, according to emails that were obtained through a Freedom of Information request. That April, the Europeans asserted jurisdiction using a novel theory, asserting that the combination would stifle innovation in the E.U. claims that conforming to the European financial regulations — rules based on directives of the European Parliament and intended to drive social objectives — is a laudable goal. The Federal Reserve and other financial regulators face virtually constant pressure from members of Congress and international bodies to import similar, sweeping E.U. If these were isolated examples of abdication of regulatory authority to Europe, we might shrug it off.

The sale effort comes as Millennium Trust's business is buoyed by higher interest rates adopted by the U.S. Federal Reserve to fight inflation. Credit ratings agency S&P Global Inc said last month the higher rates boost the revenue Millennium Trust receives from allowing customers to borrow against their retirement accounts. Millennium Trust will also entertain the sale of a minority stake to a private equity firm, should an outright sale not be feasible, the sources said. Millennium Trust generates north of $500 million in 12-month earnings before interest, taxes, depreciation and amortization (EBITDA), according to the sources. Raymond James, Parthenon and Millennium Trust did not immediately respond to requests for comment.

Gorman has transformed the Wall Street powerhouse into a more diversified firm that is less reliant on its traditional strengths -- trading and investment banking -- since taking the helm in 2010. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser that became a cornerstone of the bank's wealth management arm. Morgan Stanley's profit beat expectations as rising revenue from wealth management in the first quarter offset declines in investment banking and trading. Wealth management accounted for 45% of firm's revenue, the results showed. Despite strains at some U.S. banks, Gorman said the industry is not in a banking crisis, nor was it facing problems comparable to the mortgage crash in 2008.

☆ Morgan Stanley netted nearly $20 billion in new client assets from First Republic and other struggling regional banks
▼ + stars: | 2023-04-19 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Morgan Stanley netted $109.6 billion in new client assets in the first quarter of 2023. Before the hiring binge, Morgan Stanley and other banks gave a $30 billion lifeline to First Republic. Morgan Stanley beat profit estimates with its first-quarter results and got a little boost from the banking crisis. Analyst Steven Chubak of Wolfe Research asked how First Republic advisors flocking to Morgan Stanley had boosted quarterly inflows. That leaves $19.6 billion attributable to advisors and clients fleeing struggling banks like First Republic for Morgan Stanley, a too-big-to-fail institution.

☆ Exchanges and asset managers square off over EU market rules
▼ + stars: | 2023-04-16 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, April 17 (Reuters) - Stock exchanges and asset managers have squared off ahead of European Union negotiations this week over how much information investors should be given to find the best deals on Europe's fragmented stock markets. The European Parliament and EU states begin negotiations on Tuesday on finalising reform of the bloc's securities rules, known as MiFID, aimed at making its capital market more efficient now that if faces competition from a post-Brexit London. Exchanges, which earn money from market data, say parliament is going beyond transparency to give investors a trading tool. "The inclusion of real-time pre-trade data, as per the European Parliament proposal... would only further distort EU market structure," the Federation of European Securities Exchanges (FESE) said in a statement last week. The European Fund and Asset Management Association (EFAMA) also backs parliament's position, saying liquidity in European stock markets has contracted by 25% since 2013 compared with a 23% rise on U.S. markets, with a number of factors contributing to this.

☆ Earnings playbook: Netflix and Goldman Sachs headline a big week of reports
▼ + stars: | 2023-04-16 | by ( Fred Imbert | ) www.cnbc.com time to read: +14 min

Tuesday Johnson & Johnson is set to report earnings before the open, followed by a call with management at 8:30 a.m. Goldman Sachs is set to report earnings before the open, followed by a call at 9:30 a.m. What history shows: Bespoke data shows Goldman tops earnings expectations 86% of the time. Netflix is set to report earnings after the bell, followed by a call with management at 6 p.m. Friday Procter & Gamble is set to report earnings before the open, with a conference call also slated for 8:30 a.m.

☆ Explainer: Why European money market funds inflows are lagging behind the U.S. torrent?
▼ + stars: | 2023-04-11 | by ( Harry Robertson | ) www.reuters.com time to read: +6 min

[1/2] U.S. dollar and Euro bank notes are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. In Europe, investors put 17.7 billion euros ($19.35 billion) into euro-denominated money market funds in March, Refinitiv Lipper data shows, when the Credit Suisse crisis rocked markets. Other analysts said it was due to the fact that euro money market funds are underdeveloped relative to U.S. funds and are focused more on private sector, particularly bank, debt. WHAT IS A MONEY MARKET FUND? The European money market fund sector is far smaller than in the United States.

☆ These 10 fairly priced stocks are well off recent highs. Here's where we stand on them
▼ + stars: | 2023-04-05 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +8 min

52-week high date: April 5, 2022 Percent below 52-week high: 68.4% Forward P/E: 2.1 We continue to view troubled Bausch Health as a wait-and-see situation. CTRA 1Y mountain Coterra's stock performance over the past 12 months. 52-week high date: May 31, 2022 Percent below 52-week high: 26.94% Forward P/E: 9.5 Our view on Pioneer Natural Resources (PXD) is similar to Coterra. 52-week high date: June 8, 2022 Percent below 52-week high: 24.46% Forward P/E: 10.4 Like our two other energy stocks, we want to see another pullback in Halliburton shares before we'd add to our position. 52-week high date: Jan. 27, 2023 Percent below 52-week high: 18.26% Forward P/E: 13.4 Caterpillar is a beaten-down stock worth buying.

☆ UBS got a great deal for Credit Suisse in the medium-term but uncertainties lie ahead, asset manager says
▼ + stars: | 2023-04-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS got a great deal for Credit Suisse in the medium-term but uncertainties lie ahead, asset manager saysThe numbers show UBS has a huge "margin of safety" in its Credit Suisse acquisition, but its investment case in the future will rely on several unknowns, says Daniele Scilingo, head of Swiss equities at Mirabaud Asset Management.

☆ Wall Street lines up against SEC chair Gary Gensler on one of his most controversial proposals
▼ + stars: | 2023-03-31 | by ( Bob Pisani | ) www.cnbc.com time to read: +15 min

However, Gensler has claimed that pension funds and other institutional investors are not able to interact with that retail order flow. Auctions: the industry lines up against it The auction proposal has generated a large volume of comment letters to the SEC. He has said investors today need a better understanding of how well their trading orders are being executed. Theoretically, the SEC could vote on any or all of the four proposals in a shorter time period. This is just the start This is just the start of many proposals in front of the SEC.

☆ The future of ESG is expanding. Here’s how 2 experts define ESG investing and why it matters
▼ + stars: | 2023-03-29 | by ( Elizabeth Wood | ) www.businessinsider.com time to read: +4 min

Experts share how ESG investors can understand and grow with emerging opportunities. Environmental and Social Governance (ESG) investing is adapting to consumer behavior. However, ESG investing has recently come under review for greenwashing or other hidden tradeoffs. Leaders in the field are working to better define and understand what ESG investing is and the good it can do for companies and beyond. During the session "Navigating ESG Investing Challenges" Rebecca Ungarino, senior finance reporter, spoke with Shah and Nikita Singhal, coHead of sustainable investment and ESG at Lazard Asset Management.

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