Its shares dived 12% after it said sales fell 0.4% in the run-up to Christmas and added full-year profits would be at the low end of forecasts. The news hit shares in other retailers, with M&S down 4.4% and Primark owner Associated British Foods dropping 4.2%.
Day: January 4, 2017
DoubleLine Fund Sees Record $3.5 Billion Outflow in December
Investors pulled a record $3.5 billion in December from Jeffrey Gundlach’s DoubleLine Total Return Bond Fund, according to Bloomberg estimates, and its annual performance trailed the benchmark index for the first time. The $55.7 billion fund, which invests predominately in mortgage-backed securities, returned 2.2 percent in 2016, compared with 2.7 percent for the Bloomberg Barclays U.S. Aggregate index.
Trump’s Triumph Spells Better Times for Swiss Wealth Managers
Since the financial crisis, companies such as UBS Group AG and Julius Baer Group Ltd. have seen margins shrink amid record-low interest rates and a crackdown by the U.S. on banking secrecy. As the new government fuels expectations for higher interest rates, Switzerland’s banks stand to benefit because they still hold a large proportion of clients’ assets in dollars, said Martin Moeller, head of equity-portfolio management at Union Bancaire Privee in Geneva.
Mastercard’s Vocalink buyout questioned by CMA
The Competition and Markets Authority said there were worries regarding competition over the Link ATM network, which is run by Vocalink. As a result, a merger would reduce the number of possible bidders the next time a service provider is chosen.
Asia’s Richest Families Are Abandoning – Complacent’ Hedge Funds
For Michael Preiss, whose firm oversees $1.9 billion mainly for wealthy Asian families, adding hedge funds to his clients’ portfolios was an easy sell some years ago. Not anymore.