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...unit....
...Additional reporting by Joshua Franklin and Arash Massoudi...
...Some managers have expressed reservations about holding the event weeks after firing thousands of staff....
...The most senior managers in the BofA unit will be forced to take the majority of the pain, with reductions of 50 per cent or more, the people added....
...“We do think it is repeatable,” said Johan Meyer, Fondul’s portfolio manager and chief executive of Franklin Templeton’s Bucharest unit....
...As Citi’s new head of banking, it also lands him in charge of its most troubled unit....
...The decade and a half of low interest rates that followed the 2008-2009 financial crisis heralded a boom in private equity, as managers made use of cheap and plentiful debt to embark on acquisition sprees...
...“Any decision that needed to be made had to get approved by three bosses — the head of the country, the head of product and the head of coverage,” said one senior Citi manager....
...It created the business after buying the prime dealer services unit of Fortis Securities in 2010....
...California-based Franklin Templeton launched the first US mutual fund to use blockchain to process transactions and record share ownership in April 2021....
...Some of its most senior managers — including longstanding chief executive Jamie Dimon, and Mary Erdoes, the head of JPMorgan’s $4tn asset and wealth management business — were forced to answer questions...
...Additional reporting by Joshua Franklin...
...That helped the unit generate $6.6bn in pre-tax profits in 2022....
...Fund managers and funds have moved to new asset managers....
...Key to this endeavour is Laurence Stein, the unit’s new chief operating officer, Waldron said....
...Goldman’s retreat from “a mass retail strategy” was what investors were waiting for, said Kush Goel, senior research analyst at investment manager Neuberger Berman, which holds Goldman stock....
...Large asset managers such as T Rowe Price, Franklin Templeton and BlackRock have acquired private debt managers in recent years as a response to the rise of passive investments, which have cut into their...
...Smith Barney, online trading platform ETrade and asset manager Eaton Vance....
...Leslie will work closely with fellow Goldman executive Stephanie Cohen to set up a consumer and technology unit called “Platform Solutions” with a particular focus on controlling the unit’s costs....
...These would issue digital tokens to investors instead of traditional shares or fund units....
...Additional reporting by Peter Campbell, Joshua Franklin, Dave Lee, Hannah Murphy and Michael O’Dwyer...
...For Franklin Resources, overheads as a proportion of revenues have climbed 300 basis points over the three fiscal years to September....
...Goldman’s asset management unit last year agreed to buy the investment management arm of Dutch insurer NN Group for about €1.6bn....
...The Boston-based manager said the growing field of direct indexing was the next “game changer” for retail investors....
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