Latest news with #Sieg
Yahoo
06-05-2025
- Business
- Yahoo
Why Citi's head of wealth isn't sold on the stock market rally
SANTA MONICA, Calif. — Toss a bucket of cold water on the stock market rally. "We remain cautious in terms of where to deploy incremental risk assets. Our message has not been to liquidate your portfolio and go to cash. Our message has been, right now, there's great uncertainty. We've seen soft data but not a lot of hard data yet," Citi head of wealth Andy Sieg told Yahoo Finance at the Milken Institute Global Conference on Tuesday. Sieg noted that there have been "as many downward [earnings] revisions as we've seen in a long, long time." His team is looking for additional information before taking on more risk assets. "We generally think the market's going to remain in a trading range here over the next few months until some of these things become more visible," he added. Sieg oversees a global wealth business at Citi with more than $1 trillion in client assets and 13,000 employees. Strong first quarter earnings reports from Meta (META), Alphabet (GOOGL), and Microsoft (MSFT) in the past two weeks have powered the tech-heavy Nasdaq Composite (^IXIC) to a 13.5% gain over the past month. That's despite the likes of Apple (AAPL) warning that the Trump tariffs would hit its cost base to the tune of $900 million. On Monday, the S&P 500 snapped a nine-day winning streak. It marked the longest winning streak for stocks dating back to 2004. The Dow Jones Industrial Average (^DJI) also ended a nine-day winning streak, its best since 2023. All three major indexes are in the negative for the year, however, with the Nasdaq leading with an 8.5% drop. "I think there's two reasons for [the rally]," Nuveen chief investment officer Saira Malik told Yahoo Finance at the Milken Institute Global Conference. "No. 1, when markets tend to go down quickly, they actually recover quickly. So history did repeat itself. And No. 2, I think 'Liberation Day' was peak tariff pain, and we've seen a lot of negotiating since then, and I think markets are starting to appreciate that." Citi head of wealth Andy Sieg (right) talks with Yahoo Finance Executive Editor Brian Sozzi (left) at the 2025 Milken Institute Global Conference about the path forward for stocks after a recent strong rally. · Yahoo Finance As for Sieg's wealth business at Citi, it's coming off a strong first quarter thanks to a strong market prior to April's "Liberation Day." The division posted revenue of $2.1 billion, leading to a 30% gain in net interest income. Client investment assets were aided by $16.5 billion in net new investment assets, bringing the total to $595 billion. Operating expenses were flat year over year. Whether Sieg can keep the momentum going amid heightened market volatility is up for debate. The backdrop is such that wealthy investors may think twice before allocating more funds to private and public markets.
Yahoo
20-04-2025
- Automotive
- Yahoo
Jesse Love victorious in wild wreckfest at Rockingham
Motorsport photo After an action-packed race, slowed by 14 cautions, two red flags, and an overtime — Jesse Love became the lucky driver to take the No. 2 Richard Childress Racing Chevrolet to Victory Lane at Rockingham. Advertisement For Love, Saturday's Xfinity win makes his third career win and his second of the 2025 season. It's also the 20-year-old's first series win at a non-drafting track. He excitedly climbed out the roof hatch of his car, sliding down the windshield/hood as he was presented with the checkered flag. While he did all that, his driverless No. 2 car proceeded to roll down the banking and into the infield grass. "Oh my gosh," said Love. "These fans are amazing. What an incredible race track. You probably can't even hear me right now (over the fans) but this race track is right up my alley. It's hammer down." Regarding the final restart, he added: "I don't know if I hit him [Sammy Smith] or if he stumbled, but I just had to get it done. I couldn't lose that one. We just had too good of piece." Advertisement Love also took advantage of his winning moment to urge fans to get themselves checked for skin cancer — dedicating the victory to his girlfriend's sister, Jessica, who passed away almost exactly one year ago from the disease. Chaos and calamity The race featured extremely high attrition as most of the drivers in the field had never raced here before, considering the NASCAR Xfinity Series hasn't raced Rockingham in 21 years. One of the only drivers with experience was Kasey Kahne, who was making his first appearance in any NASCAR race in nearly seven years. Unfortunately, he was collected in an early wreck involving Katherine Legge that left him with significant damage. He soldiered on and still finished 15th, but he no longer had a winning car under him. Kahne and Legge were the first of what would become many drivers to tear up their equipment at Rockingham. 82 laps were completed behind the pace car and a dozen cars failed to reach the checkered flag. The race for the win somewhat resembled Friday's Truck race with several drivers grabbing track position on a fuel-mileage gamble, hoping for enough caution laps to make it without pitting. And like the Truck race, most of them did not make it. Advertisement Leading that group was veteran Xfinity driver Ryan Sieg, still searching for his first win after 377 races and 12 years in the series. He was looking strong out front, fending off multiple attempts by Love to overtake him. But Sieg's dream of finally winning a national-level NASCAR race ended with less than 15 laps to go. While cruising under caution, Sieg's car -- running on fumes -- slowed abruptly, losing the lead as he was unable to keep pace. On the restart that followed, Christian Eckes ran out and triggered a multi-car wreck that collected Sieg as well. NASCAR was forced to red flag the race while they dealt with the carnage. The race resumed with just four laps to go with Smith muscling by Love for the race lead. Another driver [Sam Mayer] ran out of fuel as well, triggering yet another wreck in the midfield. Again, the race was briefly stopped for cleanup. Advertisement After 14 cautions, the event was pushed into overtime with the sun beginning to set behind the track (which does not have lights). Love restarted third, but quickly moved Smith out of the way, reclaiming the race lead and never looking back. Smith finished second, Parker Retzlaff third, Harrison Burton fourth, and Brennan Poole fifth. Taylor Gray, Austin Hill, Josh Williams, Jeb Burton, and Daniel Dye filled out the remainder of the top ten. Read Also: Kasey Kahne's return hindered by early wreck with Katherine Legge 1 Richard Childress Racing 2 Chevrolet 256 2:59'38.173 5 45 2 JR Motorsports 8 Chevrolet 256 +0.691 2:59'38.864 0.691 6 35 3 Alpha Prime Racing 4 Chevrolet 256 +0.826 2:59'38.999 0.135 7 43 4 25 Ford 256 +1.001 2:59'39.174 0.175 7 33 5 44 Chevrolet 256 +1.434 2:59'39.607 0.433 7 32 6 Joe Gibbs Racing 54 Toyota 256 +1.714 2:59'39.887 0.280 6 32 7 21 Chevrolet 256 +1.732 2:59'39.905 0.018 6 30 8 11 Chevrolet 256 +2.031 2:59'40.204 0.299 9 29 9 27 Chevrolet 256 +2.179 2:59'40.352 0.148 7 43 10 Kaulig Racing 10 Chevrolet 256 +2.232 2:59'40.405 0.053 11 27 11 51 Chevrolet 256 +2.347 2:59'40.520 0.115 8 36 12 Sam Hunt Racing 26 Toyota 256 +2.371 2:59'40.544 0.024 8 35 13 20 Toyota 256 +2.414 2:59'40.587 0.043 9 30 14 JR Motorsports 88 Chevrolet 256 +2.467 2:59'40.640 0.053 12 23 15 33 Chevrolet 256 +2.925 2:59'41.098 0.458 14 22 16 Young's Motorsports 42 Chevrolet 256 +2.956 2:59'41.129 0.031 8 34 17 JR Motorsports 1 Chevrolet 256 +3.159 2:59'41.332 0.203 7 27 18 91 Chevrolet 256 +3.272 2:59'41.445 0.113 11 19 19 39 Ford 256 +4.891 2:59'43.064 1.619 11 26 20 SS-Green Light Racing 07 Chevrolet 256 +5.517 2:59'43.690 0.626 10 17 21 RSS Racing 28 Ford 256 +9.010 2:59'47.183 3.493 8 23 22 7 Chevrolet 254 +2 Laps 2:59'48.760 2 Laps 9 15 23 14 Chevrolet 253 +3 Laps 2:59'48.105 1 Lap 14 14 24 16 Chevrolet 252 +4 Laps 2:59'55.596 1 Lap 8 13 25 Alpha Prime Racing 45 Chevrolet 251 +5 Laps 2:59'52.047 1 Lap 20 12 26 Joe Gibbs Racing 18 Toyota 248 +8 Laps 2:59'45.108 3 Laps 13 11 27 Haas Factory Team 41 Ford 247 +9 Laps 2:49'10.469 1 Lap 5 10 28 99 Chevrolet 247 +9 Laps 2:49'10.842 0.373 7 19 29 5 Chevrolet 247 +9 Laps 2:49'10.959 0.117 10 8 30 Cope Family Racing 70 Chevrolet 246 +10 Laps 2:48'47.444 1 Lap 8 7 31 Jordan Anderson Racing 87 Chevrolet 241 +15 Laps 2:41'19.549 5 Laps 7 6 32 Big Machine Racing Team 48 Chevrolet 240 +16 Laps 2:40'22.833 1 Lap 7 15 33 Jordan Anderson Racing 31 Chevrolet 226 +30 Laps 2:27'50.601 14 Laps 6 4 34 71 Chevrolet 180 +76 Laps 2:02'16.612 46 Laps 5 3 35 Joey Gase Motorsports 35 Chevrolet 171 +85 Laps 2:14'01.877 9 Laps 9 2 36 Joe Gibbs Racing 19 Toyota 157 +99 Laps 1:47'50.539 14 Laps 5 1 37 00 Ford 109 +147 Laps 1:02'50.459 48 Laps 4 1 38 53 Chevrolet 50 +206 Laps 24'11.570 59 Laps 2 To read more articles visit our website.
Yahoo
19-04-2025
- Automotive
- Yahoo
Jesse Love Conquers Fuel Save and Late Cautions to Win in NASCAR's Return to Rockingham
NASCAR Xfinity Series, formerly the Busch Series, returned to Rockingham Speedway, or The Rock, after 21 years to the delight of fans Saturday night, as Jesse Love survived late race shakeups to take his second victory of the year and first career Xfinity Series victory not on a superspeedway. "These fans are amazing, what an incredible race track this is right up my alley," Love said from the frontstretch. "It's hammer down and you have to be in the gas good today." Love last pitted with 90 laps to go, in the final 60 laps after the 11th caution, Love was chasing Ryan Sieg, who pitted 10 laps before him, and hanging back knowing that his No. 10 Richard Childress Racing car had a higher chance of making it to the end. For the fifth time this year, the end of the race came out of regulation with a green-white-checkered finish. With 18 laps remaining, Love was setting up Sieg to pass him on the inside when Daniel Dye went around collecting Kasey Kahne. This was the second spin that caught Kasey Kahne in his NASCAR return after being retired from the sport for eight years. William Sawillich collected the retired driver along with Katherine Legge in her first Xfinity Series start of the year, to bring out the first yellow of the race back in stage one. Sieg held the lead based on when the yellow came out, according to timing and scoring. On the restart, with 12 to go, Sieg started up front when he misfired low on fuel and could not maintain speed under the caution. On the restart, Sammy Smith took the lead from Love as Love fell back to third. The No. 16 failed to fire and collected eight cars in the middle of the pack, including Justin Allgaier, Sieg, Nick Sanchez, and Carson Kvapil. Love was told he was 13 laps to the good with six laps remaining. Smith controlled the next restart, and with three laps remaining in regulation, a final caution came out as multiple cars started to run out of fuel, spin, and finally cause enough potential damage for the 14th caution of the race to be thrown. With the amount of cleanup and speedy dry that needed to be placed as the sun began to set over Rockingham, the race was red-flagged for the second time, and after a five-minute stoppage, went back green. On the restart, Love pushed Smith to the lead, and then out of the way to reclaim the lead. You Might Also Like You Need a Torque Wrench in Your Toolbox Tested: Best Car Interior Cleaners The Man Who Signs Every Car Sign in to access your portfolio
Yahoo
17-04-2025
- Business
- Yahoo
Citi wealth says 'strategy is working' as net new assets surge
Citi executives said its wealth division is making "excellent progress" under Andy Sieg, the firm's head of wealth. The division reported a 489% surge in its new investment assets in the fourth quarter. Citi reported $16.5 billion in net new investment assets for the last quarter of 2024. That metric, which evaluates wealth managers' performance independently of market fluctuations, contributed to a 24% increase in revenue for the megabank's wealth division, reaching $2.1 billion (excluding interest expenses). Citi began reporting net new investment assets in the fourth quarter 2024, citing it as part of a "strategic priority for the Wealth business to accelerate growth in Client Investment Assets and the associated investment revenue," according to a footnote in its quarterly earnings presentation. That metric includes dividends and interest payments but excludes market gains, fees and commissions. READ MORE: LPL accuses Ameriprise of defamation over data breach notices The wealth division reported an organic growth rate of 11% over the last 12 months, which it defines as the sum of net new investment assets for each quarter from the second quarter of 2024 through the first quarter 2025, divided by client investment assets from the first quarter of 2024. In a call with analysts Wednesday, Citi CEO Jane Fraser said the wealth division has "real horsepower and firepower in our investment capabilities" thanks to investments in improved client experiences and technology at the firm. Last year, Fraser said during a second-quarter earnings call that the company is working to address "decades of underinvestment" in Citi's infrastructure. Speaking at Bank of America's Securities Financial Services Conference in February, Sieg said that technology in Citi's wealth division has been a "limiting factor." READ MORE: Edward Jones revives bank plans in bid to boost services — and revenue "The Citi-wide focus on topics like data and our overall technology architecture ... creates a tailwind for us, which is a good starting point," Sieg said. "We've got partners like Palantir and Google and Snowflake around our cloud architecture that are putting us in position to make progress, we think, in months, which once in my career would have been years of progress to move the platforms forward." Despite the firm's renewed interest in improving its technology infrastructure, the wealth division reported lower technology expenses overall in the first quarter. Tech savings, along with cost-cutting measures, weren't enough to offset increased costs from higher revenue-related expenses and higher severance offerings. Citi's wealth division reported $1.64 billion in total operating expenses, up 5% from the previous quarter. The firm is off to a strong start in the first quarter of this year, with $2.1 billion in revenue yielding $284 million in net income. That was up 62% over the same period last year. A significant portion of the firm's revenue growth stemmed from its Citigold unit, which serves clients with $200,000 or more in assets. Last year, Citi introduced a recruitment strategy targeting advisors who generate $1 million to $2 million in annual revenue, offering them upfront and deferred loans equivalent to 100% to 250% of their production. Citigold posted a 24% year-over-year revenue increase, reaching just over $1.16 billion in the first quarter. The firm's private bank, focused on serving high-net-worth clients, saw its revenue grow 16% year over year to $664 million. Meanwhile, the Wealth at Work unit, which caters to law firms and other professionals, also delivered strong results with a 48% year-over-year revenue jump to $268 million. READ MORE: Following strong Q1, Wells Fargo preps for 'slower economic environment' Across Citi's wealth units, the firm reported making $646 million of its total revenue from commissions and other fees, up 14% year over year. It also reported nearly $1.3 billion in net interest income, up 30% from the same period last year. "In this environment, around the world, clients are really looking to us for advice because there are not many global wealth managers," Fraser said during Citi's earnings call. "So we are a destination of choice right now, and we're taking full advantage of it. I don't see that changing. This is the strength of Citi. The strategy is working." Sign in to access your portfolio
USA Today
10-03-2025
- Sport
- USA Today
Cowboys sign key member of special teams kicking operation to 3-year contract
Cowboys sign key member of special teams kicking operation to 3-year contract The Cowboys, for the second offseason in a row, have kicked off their free agency signings with their long snapper. Trent Sieg will return to the club for a third year. This time, though, he'll do so on a three-year contract worth $4.45 million. A reported $3.1 million of it is guaranteed, according to ESPN NFL insider Adam Schefter. Sieg was originally an undrafted free agent out of Colorado State who signed with Baltimore in 2018. Waived before the season started that fall, he was plucked by the Raiders and spent five seasons in the silver and black before coming to Dallas in free agency in 2023. He has proven to be a valuable component of the Cowboys' kicking battery, helping punter Bryan Anger to a league-best net-yards-per-punt total two years ago and phenom placekicker Brandon Aubrey to two Pro Bowl berths. The team signed Sieg to a one-year deal worth $1.29 million last spring. It was the Cowboys' first signing of an infamously stagnant offseason in which they were the last NFL front office to sign anyone in free agency. Sieg's presence in 2025 will maintain some important consistency in the operation under new defensive coordinator Nick Sorensen.
