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Richmond Fed says Lacker's lawyer left out full details in leak probe

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Richmond Fed says Lacker's lawyer left out full details in leak probe

On government and regulation, the Federal Reserve Bank of Richmond board was not informed about the full extent of Jeffrey Lacker's involvement in the 2012 leak of confidential policy information, The Wall Street Journal reports. The board said that in late 2015 it had received an update from Lacker's lawyer on the status of a federal probe, but the update "did not disclose the details that Dr. Lacker revealed" in his resignation letter.

In asset management news, billionaire investor Julian Robertson is closing Tiger Management Advisors L.L.C.'s Tiger Accelerator Fund and has pulled out of Ratan Capital Management LP as hedge funds fight against investor exits amid high fees and weak returns, Reuters reports, citing regulatory filings. The Tiger Accelerator Fund suffered a steep decline in outside capital to $28.5 million as of Dec. 31, 2016, from $450 million at its launch in 2011.

Elsewhere, JMP Group LLC, through its affiliate JMP Credit Advisors CLO IV Ltd., set up a $200 million revolving credit facility to finance its acquisition of a portfolio of assets, which includes some debt obligations.

In the specialty finance scene, Upgrade Inc. launched a consumer credit platform, which combines a marketplace lending approach with tools assisting consumers understand and monitor their credit. The firm raised $60 million in equity and convertible notes in March. Among its founders are Renaud Laplanche and Soul Htite.

On fintech news, Ellie Mae Inc.'s board has recommended that shareholders vote against a shareholder proposal to reorganize the board into one class, with each director serving a one-year term, instead of the current three-year term.

And in Canada, fintech start-up TransferWise organized a wakeup call yesterday to encourage Canadians to 'wake up' to hidden banking fees and embrace new alternatives.

In other parts of the world

Asia-Pacific: Old Mutual to sell Chinese JV stake; Indian officials deny Axis Bank stake sale

Europe: Tryg Q1 profit up; Deutsche rules out merger; Banco Popular to sell €1.2B asset

Middle East & Africa: South Africa ratings ball in Fitch's court; Hapoalim mulls Isracard sale

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng slipped 0.03% to 24,267.30, while the Nikkei 225 increased 0.36% to 18,664.63.

In Europe, around midday, the FTSE 100 was up 0.17% to 7,315.33, and the Euronext 100 was down 0.07% to 985.75.

On the macro front

The employment situation report, the wholesale trade report, the consumer credit report and the Baker-Hughes Rig Count are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.