Buffett's Berkshire says quarterly profit rises 15 pct
Feb 25 Warren Buffett's Berkshire Hathaway Inc on Saturday said fourth-quarter profit rose 15 percent from a year earlier, helped by gains from investments and derivatives.
May 10 T. Rowe Price Group lost one of its top stock fund managers on Friday, as Joseph Milano quit to pursue other opportunities.
Milano, who ran the $4 billion New America Growth Fund for the past decade, will be replaced by Dan Martino, manager of the Baltimore firm's Media and Telecommunications Fund and related accounts, spokesman Brian Lewbart said. Milano could not be immediately reached.
Under Milano, the New America fund has been among the better performers in its category, according to data from Lipper, a unit of Thomson Reuters.
The fund gained an average of 9.15 percent a year over the past 10 years through the end of April, better than 62 percent of similar funds. Over the past five years, the fund's average annual return of 6.74 percent beat 79 percent of its peers.
But the fund's performance lagged this year, weighed down by top holding Apple, whose shares have dropped 15 percent in 2013. The fund gained 11.64 percent this year through May 9, trailing 69 percent of similar funds, according to data from Morningstar.
The sudden departure follows T. Rowe's loss of another top performer, former Health Sciences Fund manager Kris Jenner, who quit in February to start his own hedge fund.
The two departures were not related, spokesman Lewbart said. "We have succession plans and a deep bench of analysts and managers that are ready to step in," he added.
NEW YORK, Feb 25 Berkshire Hathaway Inc Chairman Warren Buffett on Saturday offered his latest critique of fund managers, saying that "both large and small investors should stick with low-cost index funds."
WASHINGTON, Feb 24 Five U.S. financial services groups on Friday appealed a federal court decision handed down earlier this month that upheld an Obama-era rule designed to avoid conflicts of interests when brokers give retirement advice.