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US banks to form $75bn fund to invest in US sub-prime mortgage debt

Reports have emerged that some of America’s largest banks are set to announce plans later to form a $75bn (£37bn) joint fund to invest in US sub-prime mortgage debt.

The BBC says that the banks, including Citigroup and JP Morgan, are seeking to boost confidence in the sector and prevent a further dip in the price of such investments.

The website says that the banks are said to fear more cuts in the price of sub-prime mortgage debt, which is hitting their balance sheets.

Analysts say the big US banks hope their move will deter the current holders of sub-prime mortgage securities from dumping them on the market at knock-down prices.


Is the market ready to get spicy?

As the possibility of a recession in the US continues to be debated it seems that many fund management firms have picked up the batten and decided now is the best time to present their case for investing in emerging markets.

Financial Objects wins Sand Aire contract

Software supplier Financial Objects has been assigned to implement its wealthmanagement software with Sand Aire, the UK-based multi-client family office. Sand Aire specialises in strategic wealth management for families, trusts and charities.Activebank Wealth Manager will be used by Sand Aire to enhance its portfoliomanagement and client reporting capabilities and should help enhance its future development. […]

Technology for today

The Money Marketing Live conference and exhibition at Manchester’s G-Mex on October 30 will house a technology arena, giving advisers an insight into the latest developments to meet today’s investor demands. You can also win a Mazda MX-5 roadster sponsored by Edeus

Virgin heads consortium in £1bn Northern Rock offer

Richard Branson’s Virgin Group has entered the circle of bidders for the crisis-ridden Northern Rock, heading a consortium of heavyweight names.The consortium includes insurance giant AIG, Wilbur Ross, Toscafund and Hong Kong’s First Eastern Investment Group.Last week, the consortium put forward a proposal to inject around £1bn of cash into the business in return for […]

Oil industry: only the fittest will survive

The actions of OPEC have forced the oil supply to fall and producers to cut costs and rationalise, says Richard Hulf In an interview with journalist Alexis Xydias, Richard Hulf, manager of the Artemis Global Energy Fund, explains the impact of the fall in the oil price on energy companies. Alexis also quizzes Richard on […]


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