Bear Stearns shakes up asset management unit
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Bear Stearns Cos. Inc.  on  Friday replaced the head of its asset management business after  two of the investment bank&#39;s hedge funds hit rock bottom by  making bad bets on risky mortgages.
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Dow Chemical Co. yesterday became the latest large company to move away from a traditional pension plan.
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The bond firm plans to tackle riskier investments.
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With a major trading-fraud case finally settled yesterday, the Boston-based mutual fund operations of Bank of America are at work on a major restructuring over the coming months that will result in a smaller, more coherent lineup of funds, officials said.
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Bear Stearns CEO reportedly to be replaced by the firm's president, Alan Schwartz.
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NEW YORK, June 22 -- Bear Stearns confirmed Friday it will bail out one of its troubled hedge funds with $3.2 billion in secured loans, but the Wall Street firm sought to convince the broader market that its troubles were "relatively contained."
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For the first time in Bear Stearns' history, an investment banker will be running the show. As soon as Tuesday, Bear Stearns is expected to announce that Alan Schwartz, president of the securities firm, will succeed James Cayne as its chief executive. When it does, it will usher in a new era for Bear, which his [...].
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Investment bank Merrill Lynch  has seized $400 million in assets of a troubled hedge fund at Bear Stearns Cos. Inc.  and plans to sell them off, The Wall Street Journal reported in its weekend edition.
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An agreement has been reached on the sale of Cheyne Finance, a structured investment vehicle now known as S.I.V. Portfolio, to bidders including Goldman Sachs, the fundâs receivers, Deloitte & Touche said. The $7 billion S.I.V. Portfolio, managed by the hedge fund Cheyne Capital Management, went into receivership in September. The agreement comes after talks with a number of bidders over the last few weeks and consultation with the informal creditorsâ committees, Deloitte said. Under the deal, certain reinvestment opportunities will be offered to some existing creditors of the company. S.I.V.âs, held by banks, hedge funds or other institutions, issue a mixture of short-term debt and capital and buy longer-term assets, which may pay more interest than the amount they pay on their notes. The vehicles encountered trouble in August when liquidity in the credit markets dried up as investors faced exposure to the subprime market.
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Bear Stearns Cos. BSC.N on Tuesday  said its asset management arm agreed to buy Cigna Corp.'s  CI.N TimesSquare Capital Management Inc. bond business, which  oversees $6 billion of assets for pension plans and other  institutional investors.
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Bear Stearns Cos Inc  said on Tuesday it snared three executives from rival companies to expand services to hedge fund clients.
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Bear Stearns Cos Inc  on Tuesday turned to its star investment banker, Alan Schwartz, to replace James Cayne as chief executive and revive the company's badly damaged mortgage franchise.
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Lehman Brothers on Tuesday unveiled changes to its investment banking management designed to strengthen its standing in Europe and Asia.
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Danversbank is headed to Wall Street. The $1.2 billion-asset bank has applied to the state Division of Banks to become a publicly traded company. The bank filed an application last week to convert from a mutual bank, owned by its depositors, to stock ownership. Sandler O'Neil and Partners LP, an investment bank, will handle the stock sale, which must be ...
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HSBC, the UK's largest bank, is targeted for a shake-up by a high-profile US group of activist investors.
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Two Bear Stearns hedge funds, worth more than $20 billion, teetered on collapse yesterday after absorbing major losses from investments in the subprime mortgage industry.
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The move is only the latest management shakeup at the lender since its proposed buyout began collapsing over the summer.