Neuberger caught poaching!
From The New York Post
Neuberger and Berman has added up to $750 million to its assets based with a pair of steals from rivals, the paper reports. Yesterday Neuberger said that Dan McCarthy and Nels Wangensteen of Ingalls & Snyder signe on, bringing $200 million in tow. In May, Gerry and Gary Kaminsky (father and son) jumped ship from SG Cowen along with much of their book of high-net-worth business valued at up to $1 billion. The Kamansky's, it seems, were looking for a firm more focused on money management than Cowen which is owned by Societe Generale. He told the Post that he expects more managers to leave larger firms as they continue to become "supermarkets selling products."
New rules may ease creation of China funds
From The Wall Street Journal -- Registration Required
reports that Chinese authorities have set rules to encourage foreigners to buy mainland stocks, but that these rules may make it easier for to transmogrify China-related mutual funds into actual China funds. This rule may also goose the performance of Class B shares in China.
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