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Pick took over from Gorman as CEO at the start of the year and is fresh off the bank’s best earnings-day performance after reporting results earlier this month that exceeded expectations. Under Pick, the stock has climbed 27.8% this year. (Credit: Bloomberg) Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Oak Hammock Marsh, MB (Oct. 13, 2024) – October 13 marks the International Day of Disaster Risk Reduction (IDDRR), and Ducks Unlimited Canada (DUC) is using the day to highlight the essential role of Nature-Based Solutions (NbS) in protecting communities from the growing risks of climate-related disasters. This year’s IDDRR theme focuses on protecting and empowering youth through education to create a resilient future, an action DUC passionately supports through its education and Nature Force initiatives. With the increasing frequency of extreme weather events, from floods to wildfires, the need for proactive investment in climate change adaptation and mitigation is more critical than ever. Floods are the most commonly occurring and most costly natural hazard in Canada. In the summer of 2024, Canadians experienced a record-shattering $7 billion in insured losses from extreme weather events, as reported by the Insurance Bureau of Canada. “Wetlands offer sustainable, cost-effective defences against severe weather events. By investing in and conserving these ecosystems, we can help to safeguard communities and infrastructure and mitigate the costs and impacts of climate-related disasters.” says Michael Nadler, CEO of Ducks Unlimited Canada. “As we mark the International Day of Disaster Risk Reduction, it’s vital that we invest in...
Article 0 Comments The U.S. Justice Department on Monday proposed new rules to protect federal government data or Americans’ bulk personal data from getting into the hands of countries like China, Iran and Russia by placing new limits on certain business transactions. The proposal, which was previewed in March, implements an executive order issued earlier this year by President Joe Biden which aims to keep foreign adversaries from using accessible American financial and genomic data and health data for cyber attacks, espionage and blackmail. In addition to China, Russia and Iran, the rule would also apply to Venezuela, Cuba and North Korea. Washington has been trying to stem the flow of American personal data to China, part of a years-long struggle over trade and technology. In 2018, a U.S. panel that reviews foreign investments for potential national security threats rejected a plan by China’s Ant Financial to acquire U.S. money transfer company MoneyGram International, because of concerns over safety of data that can be used to identify U.S. citizens. The officials said transactions will be banned with data brokers who know the information will end up in “countries of concern,” as will the transfer of any data on U.S. government...
In the U.S., net new assets were $13.0 billion in the fiscal fourth quarter, representing an annualized growth rate of 4.0%. Total domestic cash sweep and related balances were $57.9 billion, up 3% over the prior year’s fiscal fourth quarter. The unit’s net revenues grew 9% from a year ago to $2.48 billion in the latest quarter, but its pre-tax income of $461 million was down 3%. For the full fiscal year, private client net revenues were $9.46 billion, a jump of 9% over 2023 fiscal year, and pre-tax income was $1.79 billion, up 1%. “In the fiscal year, we generated domestic net new assets of $60.7 billion, a growth rate of 5.5%, as we remain focused on retaining, supporting and attracting high-quality financial advisors across our multiple affiliation options,” Reilly said. One day ahead of its earnings news, Raymond James said it added a team that includes five advisors, who previously managed roughly $1 billion with Merrill Lynch, to its employee channel in Williamsville, New York.
Montreal, QC (Oct. 23, 2024) – APRIL in Canada, specialized wholesale brokers in property and casualty insurance, are pleased to announce a partnership with Primaco, an expert in insurance payment and financing solutions. This agreement aims to simplify premium collection for APRIL’s Canadian partner brokers. All APRIL in Canada’s offerings now incorporate Primaco’s solution, which streamlines payment and digitizes management processes. Partner brokers thus benefit from APRIL’s range of services with a simplified payment system and optimized management. As part of continuous improvement and accelerating brokers’ digitalization, APRIL and Primaco now provide a more effective solution for premium financing management, facilitating lead conversion. “Our teams work daily to offer the best in digital solutions and human relationships to our partner brokers and their clients. This long-term partnership with Primaco complements our digital offerings for our Canadian partners, supporting their growth,” said Marie-Eve Paquette, Managing Director of APRIL in Canada. “At Primaco, we are proud to collaborate with APRIL in Canada to provide Canadian brokers with an innovative and accessible payment solution. This partnership aligns with our mission to simplify payment and financing operations, allowing brokers to focus on what matters most: delivering quality service and a streamlined experience to their...
Article 0 Comments The National Oceanic and Atmospheric Administration’s Climate Prediction Center says there is a 60% chance that a weak La Niña event will develop this autumn and could last until March. La Niña is part of a natural climate cycle that can cause extreme weather across the planet — and its effects vary from place to place. Although there is no guarantee how this La Niña will play out, there are some general trends. Experts say northern parts of South America could see more rain than usual. Southern regions of the U.S. and parts of Mexico could be drier than average. The northern tier of the U.S. and southern Canada could be wetter than average. La Niña is the cool phase of the El Niño-Southern Oscillation, a naturally occurring global climate pattern that involves changes in wind and ocean temperatures in the Pacific and can cause extreme weather across the planet. El Niño is the warm phase and happens when trade winds that typically blow across the Pacific toward Asia weaken, allowing warm ocean waters to pile up along the western edge of South America. But during La Nina, the trade winds intensify and cold water from the...
PCG bought PineBridge from American International Group Inc. for $500 million in 2010 as the insurer was selling assets to repay a government bailout. PineBridge’s clients include pension plans, insurance companies, official institutions, private banks, advisers and intermediaries. A purchase of PineBridge’s non-China assets could boost MetLife’s roughly $175 billion of current client investment assets by more than 50%, Bloomberg Intelligence analyst Jeffrey Flynn wrote in a note on Monday. The deal value would align with MetLife’s focus on less capital-intensive areas to support its rising return on equity, Flynn said. MetLife shares were down 0.1% to $84.75 at 4:45 p.m. Tuesday in New York. They have climbed roughly 26% this year, giving the company a market value of about $59 billion. (Credit: Bloomberg) Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Article 0 Comments The US Securities and Exchange Commission’s examiners will step up scrutiny of financial firms’ use of artificial intelligence next year, the latest sign of regulators’ growing concerns about the emerging technologies. Investment advisers, brokers, clearing agencies and others can expect the SEC to focus on their statements about AI tools to ensure they comply with agency rules, according to a Division of Examinations report published Monday. The regulator will also look into how firms supervise the use of the technologies for tasks tied to trading, fraud prevention and anti-money-laundering policies. Although the agency put AI risks on its examination watch list last year, it went into further detail in the latest report. The sharper focus follows warnings from a number of financial regulators, including the Federal Reserve and Consumer Financial Protection Bureau, that the new tools present serious risks as well as opportunities. They have sounded alarms about everything from discrimination to potential systemic risk. The SEC has clamped down on so-called AI washing, or misrepresenting how companies use machine learning and other tools. Chair Gary Gensler has repeatedly warned against overblown claims about AI. In March, the regulator fined two money managers for making allegedly bogus...
Some of the CFA Institute’s research is focusing on the ethical use of AI, which can help investment professionals enhance decision making and better understand their clients. “If you think about our code and standards, one is that you’re able to essentially show your work, defend how you made investment decisions,” Franklin said, adding that there’s a need to understand how generative AI is being used. “That introduces a different level of responsibility.” The AI theme could eventually be added into the curriculum, she said, but the effort is still in just in the research stage for now. The exam is always subject to changes. While climate and transition risks weren’t even a consideration a few years ago, about 15% of ESG considerations are now weaved throughout the exam, Franklin said. (Credit: Shutterstock)
Manulife gives half a million dollars in prize money to challenge winners to help accelerate their mission to enable people to live healthier, more prosperous lives Boston, MA (Oct. 16, 2024) – Manulife is pleased to announce the winners of the Prospering in Longevity Challenge, through UpLink, the World Economic Forum’s open innovation platform, and the Forum’s Centre for Financial and Monetary Systems. Together, Manulife and the Forum have chosen ten winning global start-ups that have innovative approaches to preventative health care and strengthening financial wellness over longer lives. The winners of the Prospering in Longevity Challenge are: Addition Wealth, a holistic financial wellness platform that partners with companies to offer customized financial wellness solutions Boldin (formerly NewRetirement), a dynamic platform designed to revolutionize retirement planning by integrating technology with personalized financial advice Conquest, a comprehensive financial planning tool designed to help advisers expand their practice and provide clients with robust financial advice GetSetUp, an innovative educational platform tailored specifically for older adults, empowering them through live, interactive classes Givers, a startup supporting family caregivers by helping them access state programs that provide financial compensation, coaching and training juli, a startup leveraging artificial intelligence to revolutionize chronic condition management Smplicare, an...
