By Paula Sambo Bloomberg Thu., Feb. 21, 2019 Manulife Financial Corp. plans to more than double assets in its wealth unit and hire five new portfolio managers as it targets the growing business of Canada’s rich. Canada is about ten years behind the U.S. in offering financial services to the wealthy under one umbrella — from investment management to tax planning — and the industry is ripe for growth and consolidation, said Glen Brown, head of Manulife Private Wealth. “Five years ago, you would see the average person dealing with 4.7 different advisers. It’s now under three,” Brown, 49, said in an interview at Bloomberg’s office in Toronto. “So we’re bringing in money from other firms from clients that had maybe three or four managers and have consolidated things with us.” Manulife Asset Management has about $364 billion (U.S.) under management. It doesn’t break down assets in its wealth unit but Brown … [Read more...] about Manulife targets Canada’s rich in industry a decade behind U.S.
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Let us start with the bad news. Bad news for the Fil-Am cheering squad and then bad news for Donald Trump. None of the Fil-Am candidates for the US Congress made it. Falling short and failing were Gina Ortiz Jones, Jennifer Zimmerman and Cristina Osmeña, all in attempts to unseat Republican incumbents. OPINION: Gina Ortiz Jones' American journey Cristina Osmeña is our own ex-Senator Serge Osmeña’s Republican daughter. She was gunning for California’s Bay Area 14th District, long held by Democrat Jackie Spier. That was a tough call. Democrat Jennifer Zimmerman, whose mother is Filipina, ran in the First District of Florida, covering the panhandle counties around Pensacola and the US’ largest Air Base, Eglin. She failed to unseat the Republican incumbent. I do not think her ethnic heritage was ever a factor in a vicinity with very scant Philippine content, if at all. Democrat Gina Ortiz Jones, daughter of a Pangasinense public school teacher, was … [Read more...] about News OPINION: Notes on the US elections and its Fil-Am participation
By Richard Rubin The Wall Street Journal Ruth Simon Wed., Nov. 14, 2018 Wealthy investors, fund managers and real-estate developers are racing to take advantage of a tax incentive meant to spur economic growth in neglected areas. Interest in the “opportunity zones” Congress created last year intensified when the Treasury Department issued the program’s first guidelines in October. The program offers tax breaks to individuals and companies for investing in selected urban and rural areas that meet income or poverty thresholds. Venture capitalist Ben Horowitz, former Under Armour Inc. executive Scott Plank and Utah philanthropist James Sorenson are among those eyeing the program. Goldman Sachs Group Inc. has put in $70 million (U.S.) of its own money, while Bank of America Corp., Wells Fargo, Bessemer Trust and other wealth managers are examining whether and how to offer investments to affluent clients. The release of Treasury guidance generated … [Read more...] about Rich investors eye tax-favored development funds
NEW YORK — One customer was a debt collector that threatened to jail people if they didn't pay back loans that they never took out. Another was an offshore gambling operation that hid bets behind innocuous-sounding websites, including one dedicated to orange cats. A third was a phone-sex business catering to men with diaper fetishes or fantasies of raping women. Ahmad "Andy" Khawaja made his fortune in online payment processing for a host of companies, providing a key conduit in e-commerce for "high risk" merchants by helping route customers' credit card purchases to banks. And recently Khawaja has shared that wealth in the form of multimillion-dollar political donations, first to Hillary Clinton and then to Donald Trump. But thousands of internal company documents obtained by The Associated Press reveal that Khawaja's company, Allied Wallet Inc., has profited from guiding dubious businesses past the gates of the banking system. The records, which include email conversations as … [Read more...] about Political donor helps fraudsters, bettors and pornographers
By Zeke Miller Associated Press Sun., Feb. 25, 2018 WASHINGTON—After more than a year of silence, the Trump administration is beginning to address a backlog of petitions signed by Americans on the White House website. But the White House is ducking a high-profile petition calling on President Donald Trump to release his tax returns. That petition attracted more than 1.1 million signatures. The White House said the tax-return question “is not within the scope” of the government feedback tool because the issue “does not address an action or policy of the Federal Government.” Read more: Coaches. Freshmen. College-bound senior. These are just some of the Florida school shooting victims who were torn from community fabric Article Continued Below ‘White hat hacker’ tried to get Trump tax returns, attorney says The website, known as “We the People,” was launched by the Obama administration in 2011, and since … [Read more...] about White House answers online petitions but ducks calls for Trump’s tax return release