U.S. money fund assets hit highest since October 2009: iMoneyNet

NEW YORK (Reuters) – U.S. money market funds amassed their highest level of assets since October 2009 as investors shift cash into low-risk products amid worries about a global economic slowdown and trade tensions, a private report released on Wednesday showed. Taxable money funds, which are seen as almost as Continue Reading

Canada’s Intact Financial to buy Guarantee Co, Frank Cowan for C$1 billion

(Reuters) – Canadian property and casualty insurer Intact Financial Corp said on Thursday it agreed to buy The Guarantee Co of North America and Frank Cowan Co for C$1 billion ($750.6 million) in cash from Princeton Holdings Ltd. The deal, expected to close in the fourth quarter, will bolster Intact’s Continue Reading

Your Money: Big companies explore virtual care to curb healthcare costs

NEW YORK (Reuters) – Big companies are increasing incorporating virtual technology and care options into employee benefit plans to combat the rising healthcare costs that long been corporate America’s bugaboo, according to the annual survey of the National Business Group on Health. The No. 1 goal for employers in 2020 Continue Reading

Precious metal funds reap fourth biggest weekly inflows as investors play safe: BAML

LONDON (Reuters) – Precious metal funds recorded the fourth-largest inflows ever in the week to Wednesday and investment-grade funds sucked in money, Bank of America Merrill Lynch said on Friday, as rising trade tensions and global growth concerns prompted a dash for safe havens. Within equities, United States stocks funds Continue Reading

U.S.-based high-yield junk bond funds post largest weekly outflow since October

(Reuters) – U.S.-based high-yield junk bond funds posted more than $4 billion of outflows in the week ended Wednesday, the largest weekly cash withdrawals since October 2018, according to Refinitiv’s Lipper data, triggered by an escalating trade war between China and the United States. Investors scrambled into safer U.S.-based money-market Continue Reading

Fidelity’s money-market fund assets surged 20% in past year

BOSTON (Reuters) – Fidelity Investments’ money-market fund assets have climbed $116 billion, or 20%, over the past 12 months as investors embrace higher yields for their idle cash, research firm Crane Data said on Thursday. At the end of July, Boston-based Fidelity had $710 billion in money-market fund assets, according Continue Reading

Manulife profit beats on strength in Asia unit

(Reuters) – Canada’s largest insurer insurer Manulife Financial Corp on Wednesday edged past estimates for second-quarter profit, helped by strength in Asia unit, its biggest. Insurers in Canada have been increasingly pivoting toward Asia for growth, looking to sell to the region’s middle class as domestic markets face stiff competition. Continue Reading

Manulife beats profit, boosted by strength in domestic, U.S. unit

(Reuters) – Canada’s largest insurer Manulife Financial Corp on Wednesday edged past estimates for second-quarter profit, helped by growth in its domestic and U.S. business. The company’s total annualized premium equivalent (APE) sales rose 9.2% to C$1.36 billion. Canada APE sales jumped 46% to C$290 million, while in the United Continue Reading