Reuters Money: Banks turn to tech to cut cost of new regulation

	Click to View in Browser 06/6/2013 Banks turn to tech to cut cost of new regulation GENEVA (Reuters) - Swiss private banks are hoping to gain a competitive edge by investing in the latest technology for risk management and compliance to keep down the cost of new regulations brought in since the financial crisis. SEC moves to tighten regulations on money market funds WASHINGTON (Reuters) - A portion of the $2.6 trillion money market fund industry would be required to fundamentally change how it prices its shares under proposals issued by U.S. regulators on Wednesday to reduce the risk of abrupt withdrawals. Private banks step up efforts to court mega rich GENEVA (Reuters) - The mega rich have become the hottest property in private banking and wealth managers are pulling out all the stops to court them, offering perks ranging from lunches with sports stars to track days at the Monaco Grand Prix circuit. Florida octogenarian claims record Powerball jackpot TALLAHASSEE, Florida (Reuters) - An 84-year-old Florida woman claimed last month's record Powerball jackpot on Wednesday and opted to take a lump-sum payment of nearly $371 million, Florida Lottery officials said. SAFT ON WEALTH-The Abenomics effect deflates (Reuters) - The Abenomics attempt to revive Japan is already flagging, a development which will hurt equities worldwide. Companies add more jobs but growth disappoints NEW YORK (Reuters) - Hiring by U.S. firms was sluggish in May while a sharp rise in mortgage interest rates last week weighed on what has been a buoyant housing market, adding to signs the economy lost some momentum in the second quarter. UBS Wealth adds adviser with $475 million assets (Reuters) - UBS AG's Wealth Management Americas said on Wednesday it hired a veteran adviser from Louisville, Kentucky-based brokerage Hilliard Lyons who managed $475 million in client assets at the firm. Money fund reform may hit retail investors with higher fees BOSTON (Reuters) - Retail investors may not escape money market fund reform unscathed as the Securities and Exchange Commission on Wednesday proposed allowing funds to impose new fees and limits on withdrawing money in times of financial distress. Top-performing Ivy Cundhill fund focuses on Europe NEW YORK (Reuters) - Over the last year, fund manager Andrew Massie has made his investors happy by buying what he calls "unloved" stocks. Now, he's trying to keep them satisfied with a new crop of spurned investments: Italian and Greek companies, South Korean exporters and Japanese gaming stocks. Me & My Money: Arkadi Kuhlmann CHICAGO (Reuters) - Long-time banking innovator Arkadi Kuhlmann likes to take control of his own money. That's hardly surprising for an executive who introduced consumers to direct, branchless banking as the founder of ING Direct Canada in 1996. Related Video Big dividends can mask big risks - Money Clip How to cash in on lawsuits - Investing 201 Business News Wall Street to open slightly lower after Draghi comments Obama administration defends Verizon phone record collection The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend