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TORONTO (Reuters) - Stock brokers in Canada cannot use marketmakers to execute trades for a fee, under a government rule that has restricted the growth of zero-commission trading platforms like Robinhood, whose booming business in United States was linked to wild swings in GameStop Corp and other “Reddit rally” stocks.
FILE PHOTO: Trading information for GameStop is displayed on the Robinhood App in this photo illustration January 29, 2021. REUTERS/Brendan McDermid/Illustration
U.S. zero-commission platforms sell orders to wholesale marketmakers and generate revenue. Canadian brokers are required to fulfill trades on exchanges because it makes the stock market more transparent than splitting trades among market makers.
London's FTSE 100 fell on Tuesday after a solid start to the week, as a stronger pound outweighed a set of upbeat earnings, while data showed a nationwide lockdown hurt consumer spending in January.
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NEW YORK (Reuters) - U.S. insurers are stepping up sales of annuities and other capital-intensive assets amid a surge in interest from new and established private equity buyers hungry to boost the amount of money they manage, according to industry sources and public data.
FILE PHOTO: FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo
Companies such as Sixth Street Partners and KKR & Co Inc have spent billions of dollars in the last year buying up insurance assets they can use as foundations for further acquisitions, while Blackstone Group Inc last month bought a business after restructuring its insurance operations under a new executive last year.
By Reuters Staff
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(Reuters) - Prudential Financial Inc beat analysts’ estimates for quarterly adjusted profit on Thursday as the strong performance of the U.S. life insurer’s asset management arm cushioned the hit from coronavirus-related claims.
PGIM, Prudential’s asset management arm, reported a record 40% rise in fourth-quarter adjusted operating income to $404 million. The unit’s assets under management jumped 13% to an all-time high of $1.49 trillion.
The company’s shares rose 2.5% in extended trading as it also authorized the buyback of up to $1.5 billion shares from the start of 2021.
A rebound in investment income and lower payouts for dental and other non-medical health claims have helped global life insurers offset some of the blow from payouts related to the health crisis, with MetLife Inc also reporting a marginal rise in fourth-quarter adjusted profit.
Leon Black said on Monday he would step down as chief executive at Apollo Global Management Inc, following an independent review of his ties to the late financier and convicted sex offender Jeffrey Epstein.