The move would potentially set a bleak precedent for an industry that’s been resisting mass layoffs as the coronavirus pandemic worsens.
The funds helped the firms offset diminished revenue and preserve jobs, executives say.
Almost half of employers are already opening up their offices again — but some challenges lie ahead.
Jacob Gottlieb, whose $8 billion fund shuttered amid an insider trading scandal two years ago, received a $150,000 to $350,000 loan for his new shop.
Some advisors have questioned the ethics of taking the loans, intended to help small businesses keep their employees on payroll.
Those who don’t pay them back could lose up to 45% of their potential savings.
The manager is still recovering from losses that started in 2015, when his main fund fell 20%, and deepened with a record 34% decline three years later.
The central bank is now the third largest holder of the $54 billion iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD).
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The chief executive outlined a future where offices need not be fully staffed.
July 21 -
The $217 billion alternative asset manager reported its biggest loss as a public company in the first quarter.
July 21 -
The COVID-19 pandemic has infected the service’s annual list of top tax scams.
July 20 -
“They’re now realizing: Let’s actually get the contingency plan in place,” said Dominic Volek, head of sales at Henley & Partners, the world’s biggest citizenship and residency advisory firm.
July 20 -
After 30 years in the wirehouse world, we found an unlooked-for opportunity for our practice amid devastation.
July 17Cyndeo Wealth Partners -
Candidates will be allowed “two tissues” while testing at home and are advised to have bed linen handy.
July 17 -
“What this tool does uniquely is it takes the depersonalized delivery of benefits and really helps the individual determine how best to get the most out of their benefits,” says Voya’s Andrew Frend.
July 17 -
At home or under a socially distanced beach umbrella, these diverse titles will help while away this singular season.
July 16 -
Wealth management profits fell, but a steep rise in transactional business offset some of the decline.
July 16 -
The 4,000-person regulator in March was one of the first federal agencies to tell employees to stay home due to the public health emergency.
July 14 -
“Overall there were not many positive data points to hang your hat on,” according to analysts. Advisor headcount, net interest income and assets were down.
July 14 -
The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected, as it braces for a wave of coronavirus-related defaults.
July 14 -
Chief information officer Frank LaQuinta reveals the firm’s $500 million acceleration strategy, plus how advisors are using technology during the coronavirus pandemic.
July 13 -
Advisors who missed the “first-mover advantage” a decade ago could be in the catbird seat as all the rules change.
July 13Broadridge Financial Solutions -
The manager joins firms including JPMorgan and Arena Investors in seeking opportunities in the sector, particularly in the wake of the coronavirus pandemic.
July 13