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News Highlights: Top Financial Services News of the Day

10/22/2020 | 11:16am EST
Sun Life Financial to Buy Majority Stake in Crescent Capital 

The Canadian insurer will pay up to $338 million for a 51% stake in private-credit fund manager Crescent Capital, as it seeks to expand its alternative investments arm.

Blackstone Casts a Wider Net in Diversity Push 

Private-equity giant Blackstone is making a wider push to increase diversity in portfolio companies and their boards of directors with two new initiatives.

Goldman Sachs Malaysia Subsidiary to Plead Guilty in Anti-Bribery Case 

The Wall Street firm appeared in Brooklyn federal court this morning, following a Hong Kong regulator fining a local unit of Goldman $350 million for the investment bank's role in a multibillion-dollar scandal involving Malaysian investment fund 1MDB.

SEB Profit Beat Forecasts 

Sweden's SEB posted a better-than expected third-quarter net profit of SEK4.77 billion as net interest income rose while costs remained flat.

Bond Insurance Returns to the Muni Market in a Big Way 

The decimated municipal-bond insurance industry is having a renaissance. Weakened by Covid-19, state and local borrowers are using insurance at their highest rates in more than a decade.

Carbon Pledge Lifts Wind and Solar Stocks in China 

Chinese renewable-energy stocks have soared recently as investors believe the country's drive to become carbon neutral will fuel heavy investment in wind farms and solar parks.

Ant Group's Giant IPOs Set to Launch After Regulators Clear the Way 

The Chinese financial technology giant said investors in mainland China have committed to purchasing more than a third of the shares it plans to sell in a pair of blockbuster initial public offerings.

South Korea, China Expand Currency Swap 

The central banks of South Korea and China have renewed and expanded their currency swap deal.

U.K. Regulator Urges Improved Disclosure on Liquidity Risk, Revenue 

In its annual review, the Financial Reporting Council found information wanting for 96 companies of the 216 it looked into.

Nasdaq Promotes Chief Accountant to CFO 

Ann Dennison will succeed Michael Ptasznik, who will retire at the end of February.

(END) Dow Jones Newswires

10-22-20 1115ET

Stocks mentioned in the article
ChangeLast1st jan.
CRESCENT NV -1.39% 0.0354 Delayed Quote.29.60%
NASDAQ 1.00% 127.27 Delayed Quote.18.83%
NASDAQ COMP. 1.31% 12036.785414 Delayed Quote.32.41%
SUN LIFE FINANCIAL INC. 0.54% 59.58 Delayed Quote.0.62%
THE BLACKSTONE GROUP INC. 1.22% 59.83 Delayed Quote.6.95%
THE GOLDMAN SACHS GROUP, INC. 3.79% 237.5 Delayed Quote.-0.48%
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