Average hedge fund management fees dropped to 1.33% last year from 1.6% in 2015, as the 1,057 fund closures in 2016 were the most since the financial crisis, according to Hedge Fund Research. "Continuation of the process of macroeconomic normalization is likely to drive strong performance across a wide range of strategies in 2017," said HFR President Kenneth Heinz.
Federal lawmakers are considering data security and breach notification laws that would require companies to notify customers when data breaches occur, but some previously introduced proposals are less stringent than existing state laws, says John Breyault of the National Consumers League. Acting Federal Trade Commission Chairman Maureen Ohlhausen said the idea of federal notification laws has bipartisan support and "could be a very useful tool for the FTC."
The Federal Reserve has eased its restrictions on bank mergers, saying only those leading to entities with at least $100 billion in assets will need extensive regulatory review -- an increase from the earlier threshold of $25 billion. Industry officials welcomed the revision after the Fed said newly created entities "with less than $100 billion in total assets, are generally not likely to create institutions that pose systemic risks."
Experian is partnering with financial-technology firm Finicity to help expedite lending with a service that aggregates consumer data -- such as income and ability to pay -- from banks and financial institutions in real time. The service could reduce the underwriting process from 70 to 10 days, the companies said.
Following a nationwide referendum on June 23, the UK is about to begin Brexit, its formal withdrawal from the EU, by triggering Article 50 of The Treaty on European Union. The final terms of the UK's new relationship with the EU following its withdrawal are yet to be decided. With uncertainty continuing, businesses operating in or trading with companies based in the UK and EU are keen to learn how they may be affected. Read more.
Matt Chmel, the leader of Aon Risk Solutions' professional risk solutions team, said full limits for ransomware-attack coverage may be available even though such coverage often faces sublimits in cyberinsurance policies. Each of the 67 cyberinsurers uses "different language and verbiage," so reviewing policy language with a broker is crucial, Chmel said. Read more.
To different minds, the same world is a hell, and a heaven.
Ralph Waldo Emerson, writer
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