Latest news with #Pennsylvania-based
Yahoo
3 hours ago
- Business
- Yahoo
Vanguard Dividing Fund Lineups Between Two Teams
The Vanguard Group is dividing its multi-trillion dollar lineup of ETFs and mutual funds—which includes the world's largest ETF, the Vanguard S&P 500 ETF (VOO)—between a pair of investment advisor teams for the first time, as asset managers encounter an investing landscape reshaped by technology and the demand for fresh products. Vanguard, the world's second-largest asset manager with $10 trillion across a range of funds, is creating a pair of teams called Vanguard Capital Management and Vanguard Portfolio Management, according to a statement. Both had previously been under a single entity, The Vanguard Group. As Vanguard turns 50 years old, asset managers are confronting challenges, including surging demand for exchange-traded funds, slowing mutual fund inflows, active fund growth, and surging investor interest in cryptocurrency and technologies like blockchain that may replace physical assets in some cases. Vanguard, the No. 2 ETF issuer behind BlackRock's iShares, has also come under criticism for a failure to improve aspects of its customer service. 'Their mammoth size now requires more focus than a single team could handle,' Daniel Sotiroff, CFA, Morningstar Direct senior manager research analyst, wrote in a note. Vanguard manages both the world's largest ETF, the $681.6 billion VOO, and mutual fund, the $1.8 trillion Vanguard Total Stock Market Index Fund (VTSAX). The sheer size of the Malvern, Pennsylvania-based company's holdings is creating other problems, Sotiroff noted. Vanguard owns big stakes in most publicly traded stocks and, with some of those stakes exceeding regulatory limits, the company may have to cap ownership of some stocks, he wrote. 'They may not track their target index as accurately as they had in the past,' Sotiroff wrote. 'Likewise, it may restrict an active manager's ability to express their best ideas.' Vanguard Top 5 ETFs—Source: FactSet Vanguard Capital Management will include fixed income led by Sara Devereux, and global equity index management led by Rodney Comegys. Vanguard Portfolio Management will include Quantitative Equity Group, and will also lead Strategic Equity Index Management led by John Ameriks. They will report to Vanguard President and Chief Investment Officer Greg Davis. Vanguard, with $3.3 trillion in 92 exchange-traded funds, said the changes take effect next year. Note: Second-to-last paragraph recast to better reflect groups' structures. Permalink | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 hours ago
- Business
- Yahoo
Erie Indemnity Stock: Is ERIE Underperforming the Financial Sector?
Erie, Pennsylvania-based Erie Indemnity Company (ERIE) serves as the attorney-in-fact for the subscribers at the Erie Insurance Exchange, which is a reciprocal insurer that writes property and casualty insurance. With a market cap of $16.1 billion, the company provides issuance and renewal services, sales-related services, and underwriting services. Companies valued at $10 billion or more are generally classified as 'large-cap' stocks, and Erie Indemnity Company fits this description perfectly. The company offers strong customer service and a regional focus, supporting a network of independent insurance agents and providing a wide range of personal and commercial insurance products. Dear Tesla Stock Fans, Mark Your Calendars for June 30 3 ETFs with Dividend Yields of 12% or Higher for Your Income Portfolio Nvidia Is Quickly Approaching a New Record High. Is It Too Late to Buy NVDA Stock? Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! Shares of Erie Indemnity have dipped 36.3% from its 52-week high of $547. ERIE stock has dropped 16.6% over the past three months, lagging behind the Financial Select Sector SPDR Fund's (XLF) 2.4% increase. In the long term, ERIE stock has dipped 15.4% on a YTD basis, whereas XLF has risen 3.9%. Additionally, over the past 52 weeks, shares of NTAP have decreased 2.3%, underperforming XLF's 21.7% return. The stock has been trading below its 50-day moving average since late April. Also, despite some fluctuations, the stock has been trading below its 200-day moving average since early December last year. Shares of ERIE tumbled 11.5% following the release of its mixed Q1 2025 results on Apr. 24. Driven by a 13.4% increase in management fee revenue and a 29% jump in investment income, its quarterly revenue rose 12.3% from the year-ago quarter to $989.4 million, exceeding Street forecasts. However, EPS came in at $2.65, a 11.3% year-over-year increase, but missed analysts' estimates, which dampened investor sentiment. Compared to its peer, Willis Towers Watson Public Limited Company (WTW) has outpaced ERIE stock. Shares of WTW have declined 5% on a YTD basis and gained 16.5% over the past 52 weeks. Although ERIE has underperformed relative to the sector, analysts are moderately optimistic about its stock's prospects. ERIE has a consensus rating of 'Moderate Buy' from the two analysts covering the stock, and as of writing, it is trading notably above the mean price target of $73. On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Boston Globe
10 hours ago
- Politics
- Boston Globe
Sig Sauer, faced with lawsuits over a popular pistol, gets protection in New Hampshire
Advertisement Those who have sued Sig Sauer in New Hampshire and elsewhere include police, federal law enforcement officers, and other experienced gun users from multiple states who say they were wounded by the gun. Get N.H. Morning Report A weekday newsletter delivering the N.H. news you need to know right to your inbox. Enter Email Sign Up The manufacturer has prevailed in some cases. It is appealing two recent multimillion-dollar verdicts against it, in Pennsylvania and Georgia. George Abrahams a U.S. Army veteran and painting contractor in Philadelphia who won his case, said he had holstered his P320, put it in the pocket of his athletic pants and zipped it up before going downstairs. 'All I did was come down the stairway and there was a loud explosion, and then the excruciating pain and bleeding,' he told The Associated Press in 2022. He said the bullet tore through his right thigh. The company, which employs over 2,000 people in a state with permissive gun laws, says the P320 has internal safety mechanisms and 'has undergone the most rigorous testing and evaluation of any firearm, by military and law enforcement agencies around the world.' It says the problem is user error or incompatible holsters, not the design. Advertisement 'Do you want people to be able to sue car manufacturers because they sell cars that don't have air conditioning?' state Rep. Terry Roy, a Republican from Deerfield, told the House during debate in May. Opponents criticized the bill as a special exemption in liability law that has never been granted to any other New Hampshire company. 'I think there is a difference between helping out a large employer and creating an exemption that actually hurts people and doesn't give them their day in court,' state Rep. David Meuse, a Democrat from Portsmouth, said in an interview. His district covers Newington, where Sig Sauer is headquartered. A 2005 federal law gives the gun industry broad legal immunity. New Hampshire was already among 32 states that have adopted gun immunity laws in some form, according to the Giffords Law Center to Prevent Gun Violence. Some states also have repealed gun industry immunity statutes or weakened them. Sig Sauer seeks help A Sig Sauer executive asked New Hampshire lawmakers for help in April, two weeks after a Pennsylvania-based law firm filed its most recent lawsuit in federal court in Concord on March 26 over the design of the P320. The firm represents over 100 people who have filed such lawsuits, including more than 70 in New Hampshire. 'We're fighting all these court cases out of town and every single court case we have to fight takes away money from Granite State residents and workers that we can employ and technology,' testified Bobby Cox, vice president of governmental affairs for the company. Advertisement The measure took effect once Republican Gov. Kelly Ayotte signed it on May 23. Legislators said it doesn't apply to the current lawsuits. However, lawyers for Sig Sauer mentioned it as part of their argument to dismiss the March case or break up and transfer the claims of 22 plaintiffs to court districts where they live. A hearing on the matter is set for July 21. Ayotte's office did not respond to an AP request seeking comment, but it told The Keene Sentinel that she's 'proud to protect New Hampshire companies that create thousands of good-paying jobs from frivolous lawsuits.' 'Out-of-state trial lawyers looking to make money will not find a venue in New Hampshire,' Ayotte's office said in an emailed statement to the newspaper. Robert Zimmerman, the plaintiffs' lead attorney in Pennsylvania, said the goal of the lawsuits is to get the weapon's design changed so that it's safe for the people who use it. New Hampshire was the chosen location because federal rules allow lawsuits against a company in its home state, Zimmerman said. Those lawsuits have been assigned to one federal judge in Concord. 'Sig is trying to strategically decentralize this case and make every client go to 100 different courthouses and slow down the process for both sides to get a just outcome, which is a trial that is decided on the merits,' Zimmerman said in an interview. Sig Sauer gets protection The lawsuits accuse Sig Sauer of defective product design and marketing and negligence. During the House debate, Roy said he owns a P320 and it's one of his favorite guns, 'but you can buy them with or without safeties.' Advertisement The plaintiffs say 'the vast majority' of P320 models sold don't come with the safety, 'even as an option.' Sig Sauer says some users prefer the faster draw time granted by the absence of an external safety; others want the feature for added security. Sig Sauer offered a 'voluntary upgrade' in 2017 to include an alternate design that reduces the weight of the trigger, among other features. The plaintiffs' lawyers say the upgrade did not stop unintentional discharges. States, industries and immunity 'It's not a great look' when a manufacturer can carve out a statutory exemption for itself, but it's also not unusual, said Daniel Pi, an assistant professor at the University of New Hampshire Franklin Pierce School of Law. In Tennessee, Gov. Bill Lee signed a bill in 2023 following a deadly school shooting that gives gun and ammunition dealers, manufacturers and sellers additional protections against lawsuits. This year, Tennessee lawmakers passed another bill to further limit liability for gun companies. In a different industry — pesticides — governors in North Dakota and Georgia signed laws this year providing legal protections to Bayer, the maker of Roundup, a popular weed killer. Bayer has been hit with 181,000 claims alleging that the key ingredient in Roundup causes non-Hodgkin lymphoma. Bayer disputes those claims. The Louisiana Legislature passed a bill that would protect nursing homes from most lawsuits and cap damages. Republican Gov. Jeff Landry hasn't acted on it yet.
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
Poxono Capital Names Wilder Harvard as President to Support Next Phase of Growth
Veteran Financial Executive Joins Firm to Deepen Client Relationships & Expand Strategic Breadth NEW HOPE, Pa., June 18, 2025 /PRNewswire/ — Poxono Capital (Poxono), a Pennsylvania-based registered investment advisor serving a diverse group of families and institutions, is pleased to announce that Wilder Harvard has joined the firm as its new President. Harvard brings over two decades of experience in financial services, most recently leading global hedge fund distribution at AllianceBernstein. His background includes senior roles at BlackRock, Vernier Capital Partners, and Perella Weinberg Partners. Over the last six months, Harvard has served in a consulting capacity with Poxono, working closely with founder Billy Reube and gaining a firsthand view of the firm's high-touch client service, attention to detail, and unique ability to deliver institutional-quality access to the broader high-net-worth and retail community. 'At Poxono, we've built a firm rooted in trust, focus, and a true alignment with our clients,' said Billy Reube, Founder and Managing Partner of Poxono Capital. 'Wilder is a natural fit not just because of his experience, but because of how he approaches relationships. He sees clients as partners. His leadership will help us bring the full strength of our platform to those we serve and do so with the care and customization that defines Poxono.' As President, Harvard will focus on deepening client engagement, expanding access to compelling long-term oriented investment strategies, and stewarding the firm's next phase of thoughtful growth. 'I've spent my career working with institutional and high-net-worth investors to help them appropriately find the best investment solution and the right partner. But what has always mattered most is trust – earned through attentive listening, consistent presence and unwavering execution,' said Wilder Harvard. 'Working with Billy and the Poxono team over the past several months confirmed everything I had hoped: this is a firm built the right way, with the right priorities. I'm excited to step into this role and help expand the impact we can have for our clients and their beneficiaries.' About Poxono Capital Poxono Capital is a registered investment advisor based in Pennsylvania, serving families, foundations, and institutions with long-term capital. The firm specializes in bespoke portfolio construction, thoughtful manager access, and a high-touch advisory model grounded in fiduciary care. Media Contact: Annika Peterson Marketing Manager press@
Miami Herald
6 days ago
- Business
- Miami Herald
Trump approves Nippon Steel purchase of U.S. Steel
June 14 (UPI) -- President Donald Trump issued an executive order on Friday officially giving the green light to Nippon Steel Corporation's multi-billion-dollar purchase of U.S. Steel Corporation. Trump's executive order rescinds a directive issued by former President Joe Biden that blocked the Tokyo-based steel producer's $14.9 billion purchase on national security grounds. The president had been signaling he would approve such a move, stating in May that the two steel giants would form a "planned partnership." Trump previously ordered a review of the transaction by the Committee on Foreign Investment in the United States. "Based on the recommendation of and my review of the materials provided by CFIUS, including re-review of the prior assessment of risk, I additionally find that the threatened impairment to the national security of the United States arising as a result of the Proposed Transaction can be adequately mitigated if the conditions set forth in section 3 of this order are met," Trump wrote in the executive order. "President Trump has approved the Companies' historic partnership that will unleash unprecedented investments in steelmaking in the United States, protecting and creating more than 100,000 jobs," Pennsylvania-based U.S. Steel said in a release jointly issued with Nippon Steel. "We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership. This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again." Trump's executive order requires both companies to enter into a National Security Agreement, which stipulates $11 billion in new investments must be made in the United States by 2028. That includes an already-underway project not scheduled for completion until after 2028. The United States government will also be issued a golden share as part of the NSA, giving it unique voting rights. "President Trump promised to protect American Steel and American Jobs -- and he has delivered on that promise," White House spokesperson Kush Desai told CNN in a statement. "Today's executive order ensures US Steel will remain in the great Commonwealth of Pennsylvania, and be safeguarded as a critical element of America's national and economic security." Confirmation of the deal comes just over a week after 50% tariffs took effect on metals imported into the United States from nearly all countries. The tariffs were enacted a day after Trump signed an executive order doubling the duties on almost all imported aluminum and steel. Copyright 2025 UPI News Corporation. All Rights Reserved.
