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Thursday Express: NY hedge fund to close; payroll advance industry under lens

* New York-based hedge fund Hoplite Capital Management plans to shut down and return cash to its outside clients after facing a period of sluggish returns, Reuters reported, citing a letter to investors. Hoplite reportedly managed nearly $1 billion in assets at the end of December 2018.

* New York Department of Financial Services Superintendent Linda Lacewell will lead a multistate investigation into the payroll advance industry that focuses on whether companies are in violation of state banking laws, licensing laws and other applicable laws regulating payday lending and consumer protection laws.

* The New Jersey Bureau of Securities issued separate cease and desist orders against two online cryptocurrency-related investment entities, Zoptax LLC and Unocall, as part of an international crackdown on fraudulent initial coin offerings and cryptocurrency-related investment schemes.

* The Federal Reserve Bank of New York is looking to reorganize its Markets Group leadership following the departure of its former head, Simon Potter.

* Federal Reserve Bank of Chicago President Charles Evans told reporters in Chicago that another rate cut may be needed to help boost inflation and safeguard the economy against downside economic risks, Reuters reports.

* The U.S. Securities and Exchange Commission may provide a 30-day extension to Wall Street firms to comply with the European Union's MiFID II rules, Reuters reports, citing SEC Commissioner Hester Peirce. The SEC had given the companies the middle of 2020 to ensure compliance with MiFID II, or the second Markets in Financial Instruments Directive, that requires European firms to separate payments for research and trading.

* Investors seem to be skeptical about inflated ratings provided by credit rating agencies on certain corporate and government bonds, The Wall Street Journal reports.

* Property and Casualty insurer Assured Guaranty unit Assured Guaranty US Holdings agreed to acquire all outstanding interests in alternative asset management firm BlueMountain Capital Management for approximately $160 million.

* The National Association of Insurance Commissioners' Long-Term Care Executive Task Force will consider creating model laws to help with statewide uniformity with regard to long-term care rate reviews.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.