RBC Is Buying The Bank That Once Lent Frank Sinatra Cash To Pay Ransom For His Kidnapped Son
The Royal Bank Of Canada Is Buying The Bank That Once Grave Frank Sinatra Cash To Pay Ransom For His Kidnapped Son (The Wall Street Journal)
The Royal Bank of Canada is buying the Los Angeles-based City National Corp. for $5.4 billion in the largest US bank acquisition announced in more than three years. This move lays the groundwork for a RBC to get more into the US market, report Rita Trichur and Julie Steinberg.
City National "once famously lent Frank Sinatra the cash to pay a ransom for his kidnapped son. A staple in the entertainment business, City National, founded in 1954, more recently helped manage the money of celebrities ranging from actor Michael J. Fox to producer Jerry Bruckheimer," according to Trichur and Steinberg.
The Lower Price Of Oil Is Redefining Some Of The World's Traditional Power Bases (PIMCO)
"...the lower price of oil, which is linked to technological advances in terms of energy efficiency, exploration and production - as well as competition for market share by major producers - is redefining some of the world's traditional power bases," write Pimco's Virginie Maisonneuve and Mark Richards.
Russia's slow isolation and shift eastwards, the political impact of lower oil in the Middle East, China's geopolitical and military influence will soon match its economy, the extremist political parties in Europe, and global challenges such as ISIS and cyber-terrorism, are among the changes they list.
"So while there are very real improvements and challenges for global economic growth in the ongoing recovery from the financial crisis, there is also potential for headline events that may provoke sharp market moves," they write.
Cetera Financial Group Is Going To Launch An Advisor Web Portal (Financial Advisor Magazine)
"Cetera Financial Group is preparing to launch a Web portal that offer its advisors a compliance-ready platform for reaching out to clients and other professionals," reports Raymond Fazzi.
Cetera's CEO Larry Roth stated that the web platform is part of the company's plan to grow its business this year, adding "this is something that will help advisors keep their clients happy, as well as run better businesses."
Not All Emerging Markets Are The Same When It Comes To The Energy Decline (WealthManagement.com)
When it comes to emerging markets, "the key, say investment advisors and portfolio managers, is to take a long-term view and understand that not all emerging markets are the same, even though there's a tendency to lump them all together," reports Debbie Carlson.
"You have to look at high-cost producers versus low-cost producers. Forget about OPEC (Organization of Petroleum Exporting Countries)" versus non-OPEC, Amine Bouchentouf, a managing director at Parador Capital LLC, said.
Charles Schwab Is Adding 18 More Funds To Its Commission-Free ETF Platform (InvestmentNews)
Charles Schwab said on Monday that it would add 18 more funds to the platform, reports Trevor Hunnicutt. The firm attracted $10 billion to its commission-free trading platform for exchange-trade funds last year.
The ETF platform is adding funds from State Street Corp., the ETF manager that builds the SPDR lineup, WisdomTree Investments, Direxion Investments, Powershares and ProShares.
"The latest additions, which will be available starting Feb. 1, branch out into more exotic index offerings," writes Hunnicutt.
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