BlackRock's Fink a 'big believer' in Wells Fargo CEO
CHICAGO BlackRock Inc Chief Executive Officer Larry Fink said on Friday he is a "big believer" in Wells Fargo & Co Chief Executive Tim Sloan and that the scandal-hit bank is now on a good path.
Rhode Island General Treasurer Gina Raimondo directed an investment consultant on Wednesday to review the state pension fund's alternative investment holdings for firearm and ammunition manufacturers and distributors.
"As the mother of two public elementary school students, my heart aches for the families of Newtown, Connecticut and what they are enduring. We must all be doing what we can to make sure this never happens again," Raimondo said in a statement.
A preliminary search by the consulting firm, Cliffwater LLC, found that Rhode Island had holdings in United Sporting Companies, a distributor of firearms and hunting supplies, through private equity firm Wellspring Capital Management LLC, the statement said.
The state was told by Wellspring that it had been informed by United Sporting Companies that the company would be ending its distribution of semi-automatic rifles as of January 1, 2013, the statement said.
(Reporting by Greg Roumeliotis in New York)
NEW YORK Swiss bank UBS AG reported Friday that profits for its Wealth Management Americas business rose 8 percent over last year as higher operating income, client activity and cuts to recruiting offset higher employee pay doled out to top brokers.