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SEC ready to allege Credit Suisse private bank misled investors
<p>More scrutiny on the banks, this time on their wealth management arms. It will be particularly unwelcome because several have announced plans to make catering for rich individuals a key part of their growth strategies, as margins fall in other divisions.</p> <p>The US Securities and Exchange Commission is preparing to accuse Credit Suisse of misleading investors by improperly inflating its reports of assets under management in its private bank, people familiar with the case said, writes the Financial Times. (paywall)<br /> Essentially the watchdog plans to allege that starting in 2012 Credit Suisse at times improperly counted client assets in the Americas as net new assets for the Swiss private bank. Investors watch net new assets closely because they are seen as a measure of how the division is performing.<br /> In  October, Credit Suisse CEO Tidjane Thiam said the bank would emphasise wealth management and growing its Asia business while shrinking investment banking, echoing moves by UBS among others, reported Fortune.<br /> Photo: Credit Suisse</p>
Potential in China's onshore bond markets
Capital Markets
Overseas investors keen for China exposure but bewildered by the year's wild fluctuations in the country's equity markets might be better off looking at its bond market. It's the third biggest in the world -- after the U.S. and Japan -- and is increasingly accessible to foreigners. Of the Rmb45 trillion ($7 trillion) onshore credit market, just Rmb765 billion is held by foreign
Daily Scan: Asia markets dragged down by weaker oil; Toshiba down 3% in Tokyo tumble
Capital Markets
Updated throughout the day December 8, 2015 Asian markets ended in a sea of red today as oil prices hit their lowest levels since 2009,  bringing down energy-related shares with them. As the Brent Crude fell 5.3%, the Shanghai Composite index and Hong Kong's Hang Seng index dropped 1.9% and 1.3%, respectively. Shares in China National Offshore Oil Corporation (CNOOC) finished
While you're waiting for the 2015 First Round Capital video holiday card, you can watch this
Lifestyle
<p>First Round Capital's 2014 video holiday card is pretty amazing. Will they be able to top it in 2015? It should be out any day now. Until then, enjoy the 2014 edition.</p>
BlackRock says pros are increasing use of ETFs
Asset Management
In quite possibly unsurprising news for those following the exponential growth of the exchange-traded funds industry, BlackRock, Inc. (NYSE: BLK) says institutional investors are increasing their use ETFs. BlackRock, the parent company of iShares, the world's largest ETF issuer, confirmed the findings in its 2015 Institutional Usage Report out Friday. The report provided insights into ETF usage trends across 814
Why team bonuses hurt performance
Editors note: This story is excerpted from Advisor Perspectives. Every advisor wants support staff to operate at peak efficiency. One way to do to that is to hire bright, capable team members with a strong work ethic and to provide financial incentives to encourage strong performance, allowing staff to earn bonuses and participate in practice profitability as a means of
Why you shouldn't fear a Fed rate hike
Capital Markets
The Federal Reserve appears ready to raise interest rates next week. Bond investors fear that could pummel their portfolios. We’re not so sure—and we think moving to the sidelines now is a bad idea. We understand investors’ anxiety. Tighter monetary policy causes most bond prices to fall, especially on Treasurys, investment-grade corporates and others with high interest-rate risk. A rate
Business people are feeling gloomy about 2016 but are still hiring
Capital Markets
&nbsp; Two tidbits from two disparate organizations suggest that businesses aren't likely to toast the arrival of 2016 with great enthusiasm. From the Wells Fargo/Gallup Small Business Index, conducted November 9-13. In the quarterly small business survey, which measures small business owner optimism, the overall Index score dipped from 59 in August to 54 in November, representing the lowest score
The best TV shows of 2015
Lifestyle
The New York Times television critics put together their lists of the best shows of the year. Here's our top picks of their lists: black-ish (ABC)- Humor, plus a great cast discussing some of the realities of growing up as an upper class African-American. The Jinx (HBO)- The Robert Durst murder mystery drama. Master of None (Netflix)- Comedian Aziz Ansari
Wells Fargo CEO sees wealth management as the 'biggest opportunity'
Wells Fargo Chief Executive Officer John Stumpf says wealth management is "a huge opportunity" for the bank going forward. "The biggest opportunity is in wealth investment management -- not that the business isn’t great. It could be a whole lot bigger," Stumpf said at the Goldman Sachs Investors Conference in New York. "We have about 11% of operational deposits," Stumpf said. "But