CFO.com | US
September 30, 2008
A small-business lender owned by Allied Capital filed for bankruptcy protection today, after the worth of its assets shrank amid the uncertainty in the financial markets.
Allied, which invests in middle-market businesses, said Ciena Capital's assets have significantly deteriorated, to the point at which its assets would not cover its liabilities.
Wednesday, October 1, 2008
Monday, September 15, 2008
Lehman Bankruptcy Filing
September 15, 2008
Weil, Gotshal & Manges got the job on Lehman Brothers' bankruptcy.
Lehman filed for Chapter 11 bankruptcy early Monday, declaring $639 billion in assets and $613 billion in debts. Weil, Gotshal & Manges scored the job of debtors counsel, with Harvey Miller leading the team. Miller handled the bankruptcy of Drexel Burnham Lambert Inc. in 1990, the last major investment bank to go under.
http://www.law.com/jsp/article.jsp?id=1202424531770
Download Lehman's bankruptcy filing from
http://amlawdaily.typepad.com/amlawdaily/files/lehman.pdf
Weil, Gotshal & Manges got the job on Lehman Brothers' bankruptcy.
Lehman filed for Chapter 11 bankruptcy early Monday, declaring $639 billion in assets and $613 billion in debts. Weil, Gotshal & Manges scored the job of debtors counsel, with Harvey Miller leading the team. Miller handled the bankruptcy of Drexel Burnham Lambert Inc. in 1990, the last major investment bank to go under.
http://www.law.com/jsp/article.jsp?id=1202424531770
Download Lehman's bankruptcy filing from
http://amlawdaily.typepad.com/amlawdaily/files/lehman.pdf
Wednesday, May 28, 2008
Thursday, May 1, 2008
SEC's Atkins Calls for Fair-Value Guidance
The commissioner thinks companies may need help in estimating values when there are no yardsticks to measure them.
April 25, 2008
In his interview with Reuters, Atkins suggested that issuers needed more help in estimating Level 3–type values. "Something is clearly not worth zero. It's worth something, so what do you benchmark it to? Between us and the accounting firms and the investment banks...we need to come up with some good guidance for people," he said.
Three levels of fair-value estimates in a descending order based on the relative amounts of market information available:
in Level 1, an asset or liability can be valued based on a quoted price in an active market;
in Level 2, it can be valued based on information other than quoted prices but with "observable market data"; and
in Level 3, it can be valued only through "unobservable inputs" and the best available information under the circumstances.
Refer CFO.com for more details
http://www.cfo.com/article.cfm/11114985?f=alerts
The commissioner thinks companies may need help in estimating values when there are no yardsticks to measure them.
April 25, 2008
In his interview with Reuters, Atkins suggested that issuers needed more help in estimating Level 3–type values. "Something is clearly not worth zero. It's worth something, so what do you benchmark it to? Between us and the accounting firms and the investment banks...we need to come up with some good guidance for people," he said.
Three levels of fair-value estimates in a descending order based on the relative amounts of market information available:
in Level 1, an asset or liability can be valued based on a quoted price in an active market;
in Level 2, it can be valued based on information other than quoted prices but with "observable market data"; and
in Level 3, it can be valued only through "unobservable inputs" and the best available information under the circumstances.
Refer CFO.com for more details
http://www.cfo.com/article.cfm/11114985?f=alerts
Wednesday, April 30, 2008
Friday, April 4, 2008
2008 Separately Managed Accounts Award Winners
Investment Advisor Magazine and Prima Capital Announce 2008 Separately Managed Accounts Award Winners -- Fourth Annual Ranking Recognizes Six "At the Summit" Management Teams and Portfolios
Investment Advisor magazine and Prima Capital announced today that six portfolio management teams have been chosen as winners of the 2008 Separately Managed Accounts (SMA) Awards. This is the fourth year that Investment Advisor and Prima Capital have partnered to identify separate accounts that are best in class.
This year, there are six winners in five categories:
Large-Cap U.S. Equity,
Mid-Cap Domestic Equity,
Small-Cap Domestic Equity,
International Equity, and
Fixed Income.
New York, April 1, 2008
Investment Advisor magazine and Prima Capital announced today that six portfolio management teams have been chosen as winners of the 2008 Separately Managed Accounts (SMA) Awards.
This is the fourth year that Investment Advisor and Prima Capital have partnered to identify separate accounts that are best in class.
The SMA Award winners are profiled in Investment Advisor's April cover story and online at www.investmentadvisor.com beginning April 1. The winners are:
• Appleton Tax-Exempt Municipal, managed by a team including Senior Vice President, Fixed Income, and Portfolio Manager Anson Clough. This is the third consecutive year that Appleton has won in the fixed-income category;
• Congress Large-Cap Growth, which is run by the firm's Large-Cap Growth Investment Policy Committee. Dan Lagan, Congress's Chief Investment Officer and President, heads the team;
• C. S. McKee Small-Cap Core Equity, managed by a team including Lead Portfolio Manager Phu O;
• Eagle International Equity, managed by a team including Partners Eddie Allen, John Gualy, Thomas Hunt, and Steven Russo. This two-time winner also received the SMA Award for international equity in 2005;
• Geneva Mid-Cap Growth, run by Portfolio Managers Amy Croen, William Priebe, Michelle Picard, and Scott Priebe. This is the second year in a row that Geneva Mid-Cap Growth received the Mid-Cap SMA Award; and,
• Thornburg Value Equity, which is run by co-portfolio managers Bill Fries, Edward Maran, and Connor Browne. This is the fourth consecutive SMA Award for Thornburg in the U.S. large-cap equity category.
"Advisors performing asset allocation work on behalf of their high-net-worth clients need to know who the best managers are; Prima's unparalleled data and analysis provides valuable guidance for our readers to gain that knowledge," said Investment Advisor Editorial Director Jamie Green.
To be eligible for consideration, a separately managed account must have at least $200 million in assets, lead-manager tenure of three years or more, be widely available for distribution by investment advisors and wealth managers, and rank above-average in at least four of the five categories identified by Prima.
The categories include firm quality, depth of resources, level of client service and customization, tax efficiency, and performance. Data was based on year-end 2007 statistics.
This year's SMA Award Selection Committee included Prima Capital President J. Gibson (Gib) Watson, III, CIMA®, Investment Advisor Editorial Director Jamie Green, and Senior Editor Kathleen McBride, Prima Capital Chief Investment Officer Cliff Stanton, CFA, and his colleague, Nathan Behan, CFA, Prima's Director of Research.
"In today's challenging markets when many financial theories are being questioned, the one principle that continues to hold true is that investment quality is the Holy Grail" said Mr. Watson. "This year's SMA Award winners represent the types of all-weather investments that advisors and their clients should consider because they offer clear investment philosophies, repeatable processes, consistent performance and peace of mind."
With a circulation of 110,000, Investment Advisor is now in its 28th year of serving independent and independent-minded investment advisors and financial planners across the United States. Investment Advisor, part of Summit Business Media, LLC, offers information and analysis on wealth management, retirement planning, investment strategies, practice management, compliance and regulatory issues, and insurance and tax planning, all designed to help registered investment advisors and independent broker/dealer representatives become more successful.
Prima Capital is a leading provider of wealth management solutions to banks, broker dealers and trust companies. Prima conducts objective, institutional-quality research and due diligence on separately-managed accounts, mutual funds, ETFs and alternatives. Strong proponents of investment quality, Prima's analysts uncover "best of breed" separate account managers who deliver consistently strong returns with considerably less risk than their competitors. Prima also offers portfolio strategy and advice to executives who oversee multi-manager wealth management programs. The company recently launched multi-manager portfolios - Prima Target Risk Portfolios and Prima Target Date Portfolios - which bundle the best managers from Prima's objective research into a portfolio.
Please visit the website at www.primacapital.com for additional information
Investment Advisor magazine and Prima Capital announced today that six portfolio management teams have been chosen as winners of the 2008 Separately Managed Accounts (SMA) Awards. This is the fourth year that Investment Advisor and Prima Capital have partnered to identify separate accounts that are best in class.
This year, there are six winners in five categories:
Large-Cap U.S. Equity,
Mid-Cap Domestic Equity,
Small-Cap Domestic Equity,
International Equity, and
Fixed Income.
New York, April 1, 2008
Investment Advisor magazine and Prima Capital announced today that six portfolio management teams have been chosen as winners of the 2008 Separately Managed Accounts (SMA) Awards.
This is the fourth year that Investment Advisor and Prima Capital have partnered to identify separate accounts that are best in class.
The SMA Award winners are profiled in Investment Advisor's April cover story and online at www.investmentadvisor.com beginning April 1. The winners are:
• Appleton Tax-Exempt Municipal, managed by a team including Senior Vice President, Fixed Income, and Portfolio Manager Anson Clough. This is the third consecutive year that Appleton has won in the fixed-income category;
• Congress Large-Cap Growth, which is run by the firm's Large-Cap Growth Investment Policy Committee. Dan Lagan, Congress's Chief Investment Officer and President, heads the team;
• C. S. McKee Small-Cap Core Equity, managed by a team including Lead Portfolio Manager Phu O;
• Eagle International Equity, managed by a team including Partners Eddie Allen, John Gualy, Thomas Hunt, and Steven Russo. This two-time winner also received the SMA Award for international equity in 2005;
• Geneva Mid-Cap Growth, run by Portfolio Managers Amy Croen, William Priebe, Michelle Picard, and Scott Priebe. This is the second year in a row that Geneva Mid-Cap Growth received the Mid-Cap SMA Award; and,
• Thornburg Value Equity, which is run by co-portfolio managers Bill Fries, Edward Maran, and Connor Browne. This is the fourth consecutive SMA Award for Thornburg in the U.S. large-cap equity category.
"Advisors performing asset allocation work on behalf of their high-net-worth clients need to know who the best managers are; Prima's unparalleled data and analysis provides valuable guidance for our readers to gain that knowledge," said Investment Advisor Editorial Director Jamie Green.
To be eligible for consideration, a separately managed account must have at least $200 million in assets, lead-manager tenure of three years or more, be widely available for distribution by investment advisors and wealth managers, and rank above-average in at least four of the five categories identified by Prima.
The categories include firm quality, depth of resources, level of client service and customization, tax efficiency, and performance. Data was based on year-end 2007 statistics.
This year's SMA Award Selection Committee included Prima Capital President J. Gibson (Gib) Watson, III, CIMA®, Investment Advisor Editorial Director Jamie Green, and Senior Editor Kathleen McBride, Prima Capital Chief Investment Officer Cliff Stanton, CFA, and his colleague, Nathan Behan, CFA, Prima's Director of Research.
"In today's challenging markets when many financial theories are being questioned, the one principle that continues to hold true is that investment quality is the Holy Grail" said Mr. Watson. "This year's SMA Award winners represent the types of all-weather investments that advisors and their clients should consider because they offer clear investment philosophies, repeatable processes, consistent performance and peace of mind."
With a circulation of 110,000, Investment Advisor is now in its 28th year of serving independent and independent-minded investment advisors and financial planners across the United States. Investment Advisor, part of Summit Business Media, LLC, offers information and analysis on wealth management, retirement planning, investment strategies, practice management, compliance and regulatory issues, and insurance and tax planning, all designed to help registered investment advisors and independent broker/dealer representatives become more successful.
Prima Capital is a leading provider of wealth management solutions to banks, broker dealers and trust companies. Prima conducts objective, institutional-quality research and due diligence on separately-managed accounts, mutual funds, ETFs and alternatives. Strong proponents of investment quality, Prima's analysts uncover "best of breed" separate account managers who deliver consistently strong returns with considerably less risk than their competitors. Prima also offers portfolio strategy and advice to executives who oversee multi-manager wealth management programs. The company recently launched multi-manager portfolios - Prima Target Risk Portfolios and Prima Target Date Portfolios - which bundle the best managers from Prima's objective research into a portfolio.
Please visit the website at www.primacapital.com for additional information
Lexington Wealth Management Named one of Reuters Top Five Advisers for 2008
Lexington Wealth Management Named one of Reuters Top Five Advisers for 2008
Lexington Wealth Management, a leading wealth management and investment consulting firm for high net worth individuals, was recognized by Reuters as a leading adviser in the New England region.
Lexington, MA (PRWEB) April 2, 2008
Lexington Wealth Management, a leading wealth management and investment consulting firm for high net worth individuals, today announced it has been named as one of the top five advisers on Reuters' Top Advisers 2008 list.
The list highlights firms in each geographic region of the U.S. based on criteria such as niche client focus (e.g., professions, language, average client net-worth, etc.) and assets under management. Top Advisers are integrated into an online forum designed to connect investors with professionals that best suit their needs.
Kristine Porcaro, COO and Co-founder of Lexington Wealth Management, is highlighted as a Top Adviser for 2008. "It's a great honor to be recognized for the work we're doing with clients, and we see this selection as more exciting validation of our unique approach," said Porcaro. "In good times and under difficult market conditions, we continue to prioritize our clients' portfolio performance, their comfort level with our team, and their trust in our ability to understand and pursue their goals as a true advocate."
About Lexington Wealth Management
Lexington Wealth Management is a boutique fee-only, conflict free investment and financial advisory firm that provides concierge services. Based in Boston and Manhattan, the firm serves clients such as men and women who are entrepreneurs or have wealth in transition. As their clients' advocate, Lexington Wealth Management engages clients in an open dialogue, offers conflict-free advice, and employs forward-thinking investment strategies and specialized services that provide the most effective means to enjoying and preserving their wealth.
http://www.lexingtonwealth.com/
Lexington Wealth Management, a leading wealth management and investment consulting firm for high net worth individuals, was recognized by Reuters as a leading adviser in the New England region.
Lexington, MA (PRWEB) April 2, 2008
Lexington Wealth Management, a leading wealth management and investment consulting firm for high net worth individuals, today announced it has been named as one of the top five advisers on Reuters' Top Advisers 2008 list.
The list highlights firms in each geographic region of the U.S. based on criteria such as niche client focus (e.g., professions, language, average client net-worth, etc.) and assets under management. Top Advisers are integrated into an online forum designed to connect investors with professionals that best suit their needs.
Kristine Porcaro, COO and Co-founder of Lexington Wealth Management, is highlighted as a Top Adviser for 2008. "It's a great honor to be recognized for the work we're doing with clients, and we see this selection as more exciting validation of our unique approach," said Porcaro. "In good times and under difficult market conditions, we continue to prioritize our clients' portfolio performance, their comfort level with our team, and their trust in our ability to understand and pursue their goals as a true advocate."
About Lexington Wealth Management
Lexington Wealth Management is a boutique fee-only, conflict free investment and financial advisory firm that provides concierge services. Based in Boston and Manhattan, the firm serves clients such as men and women who are entrepreneurs or have wealth in transition. As their clients' advocate, Lexington Wealth Management engages clients in an open dialogue, offers conflict-free advice, and employs forward-thinking investment strategies and specialized services that provide the most effective means to enjoying and preserving their wealth.
http://www.lexingtonwealth.com/
Wednesday, April 2, 2008
Fitch Creates Structured Finance Portfolio Risk Officer Positions
April 02, 2008
NEW YORK & LONDON--(BUSINESS WIRE)
Fitch Ratings has established a new function within its Structured Finance rating groups known as Portfolio Risk, appointing two new Portfolio Risk Officers in the process.
Managing Director and former U.S. RMBS co-head Glenn Costello will become head Portfolio Risk Officer for U.S. structured finance, reporting to Group Managing Director John Bonfiglio. Managing Director Stuart Jennings, formerly the head of Fitch's European RMBS team, takes over as lead Portfolio Risk Officer for EMEA structured finance, reporting to Group Managing Director Ian Linnell.
"The Portfolio Risk Officer will bring enhanced analytical oversight, experience and training to all structured finance groups by working with each of them in identifying important trends, ensuring our analytical process is both rigorous and balanced, and helping to identify and encourage strong opinion and research opportunities," said Paul Taylor, head of Global Structured Finance for Fitch Ratings.
Coinciding with the creation of the new positions, Group Managing Director Huxley Somerville becomes head of Fitch's U.S. RMBS group, reporting to John Bonfiglio.
NEW YORK & LONDON--(BUSINESS WIRE)
Fitch Ratings has established a new function within its Structured Finance rating groups known as Portfolio Risk, appointing two new Portfolio Risk Officers in the process.
Managing Director and former U.S. RMBS co-head Glenn Costello will become head Portfolio Risk Officer for U.S. structured finance, reporting to Group Managing Director John Bonfiglio. Managing Director Stuart Jennings, formerly the head of Fitch's European RMBS team, takes over as lead Portfolio Risk Officer for EMEA structured finance, reporting to Group Managing Director Ian Linnell.
"The Portfolio Risk Officer will bring enhanced analytical oversight, experience and training to all structured finance groups by working with each of them in identifying important trends, ensuring our analytical process is both rigorous and balanced, and helping to identify and encourage strong opinion and research opportunities," said Paul Taylor, head of Global Structured Finance for Fitch Ratings.
Coinciding with the creation of the new positions, Group Managing Director Huxley Somerville becomes head of Fitch's U.S. RMBS group, reporting to John Bonfiglio.
Saturday, March 22, 2008
Bear Stearns Declares Quarterly Cash Dividend on Preferred Shares
March 20, 2008
Bear Stearns Declares Quarterly Cash Dividend on Preferred Shares
NEW YORK--(BUSINESS WIRE)
The Board of Directors of The Bear Stearns Companies Inc. (NYSE:BSC) declared the following regular quarterly dividends: (i) a cash dividend of $3.075 per share on the outstanding shares of 6.15% Cumulative Preferred Stock, Series E (which is equivalent to 76.875 cents per related depositary share); (ii) a cash dividend of $2.86 per share on the outstanding shares of 5.72% Cumulative Preferred Stock, Series F (which is equivalent to 71.50 cents per related depositary share); and (iii) a cash dividend of $2.745 per share on the outstanding shares of 5.49% Cumulative Preferred Stock, Series G (which is equivalent to 68.625 cents per related depositary share) all payable April 15, 2008 to stockholders of record on March 31, 2008.
Bear Stearns Declares Quarterly Cash Dividend on Preferred Shares
NEW YORK--(BUSINESS WIRE)
The Board of Directors of The Bear Stearns Companies Inc. (NYSE:BSC) declared the following regular quarterly dividends: (i) a cash dividend of $3.075 per share on the outstanding shares of 6.15% Cumulative Preferred Stock, Series E (which is equivalent to 76.875 cents per related depositary share); (ii) a cash dividend of $2.86 per share on the outstanding shares of 5.72% Cumulative Preferred Stock, Series F (which is equivalent to 71.50 cents per related depositary share); and (iii) a cash dividend of $2.745 per share on the outstanding shares of 5.49% Cumulative Preferred Stock, Series G (which is equivalent to 68.625 cents per related depositary share) all payable April 15, 2008 to stockholders of record on March 31, 2008.
Monday, March 17, 2008
Pay-Per-Click Advertising -- A Method
Pay-Per-Click Advertising -- A Method to the Madness
SYNERGE-marketing issues a specific standard on how a successful Pay-Per-Click Campaign should be created and managed.
Fairfield, CT (PRWEB) March 7, 2008
SYNERGE-marketing has issued a specific standard as to how a Pay-Per-Click campaign should be set up. These are points that should always be followed to ensure the success of any PPC campaign. They are simple and effective. This list was created to assist anyone wishing to engaged in search engine marketing and give them a leg up on the competition.
Pay-Per-Click advertising or PPC, as it is more commonly known, is fast becoming the most compelling online advertising medium. Now, many people think they can just jump right into PPC and just watch the sales roll in. Is it surprising that these are the people who end up spending big money only to never make a sale or generate a lead? No, it isn't surprising in the least. These are people who failed to research the online market for Pay-Per-Click advertising whether it be through Google, Yahoo! or MSN. If wasting thousands of dollars with no return on investment isn't madness, what is?
There are specific methods which should be applied to PPC campaigns, regardless of the industry being targeted. These methods are simple and easy to follow.
1. Always research the industry the PPC campaign focuses on. If enough is not known about the industry being marketed to, money will only be wasted. Take some time to become familiarized with industry terms and phrases. Talk to clients and learn how industry products and services are being searched for.
2. Choose the proper keywords. If all that is being bid on is a list of 150 generic keywords, money will be wasted due to irrelevant clicks. Achieving consistent results is what builds a business and this is done by using "exact match" keywords as well as "phrase matching", filtering out irrelevant traffic.
3. Create ad groups. What this means is, divide your keyword list into segments. For example, if someone had a keyword list for an insurance company of over 100 keywords spanning car insurance, home insurance, life insurance and dental insurance, ad groups for each insurance type should be created. Setting up PPC campaigns in this fashion gives far more control over the advertisements which will be displayed after a search query.
4. Write targeted advertisements. Google as an example allows you only so many characters for each line in an advertisement. The title line must be within 25 characters, the 1st description line must be within 35 characters, as well as the 2nd description line. The display URL for the ad must also be within 35 characters, but the destination URL can be within 1024 characters. These restrictions mean that creativity is needed when choosing how to word an advertisement. It must be catchy and appealing to the eye. Statistics have shown that capitalizing the first letter of each word helps make an ad stand out more.
5. Include keywords in the advertisements. By doing this, the ads will stand out a little more from the competitions. The search engines will often bold keywords in advertisements if they were part of a search query. This lends relevancy to advertisements, helping them attain a better position in the sponsored link area of the search engines while bidding less for keywords than a competitor.
6. Link to pages with relevant content. This is very important, especially with Google. Google likes to see advertisements directing people to pages that have information relevant to the keywords that triggered it. This will also help to gain better positioning while paying less for keywords.
7. Split test. What this means is that advertisements should constantly be changing. Start with three ads for each ad group and every week, take the lowest performing ad and re-write it. When split testing ads, the goal is to increase click-through rates and conversion rates by offering people highly targeted ads.
8. Analyze and refine. This step is one of the most critical ones. Always include some sort of analytics software in websites which are engaging in an internet marketing initiative. This allows monitoring to be done on how people from a PPC campaign are interacting with the site and track where prospective customers are being lost. This information allows for site revisions that will help keep traffic from leaving a website, further increasing conversion rates and lead generation.
While these methods are simple to follow, not all people choose to. Without proper attention to detail, research and without a willingness to follow proven methods, PPC campaigns can easily fail. This is one of many reasons to contract a PPC specialist. These are people who use proven methods and are often certified to do this type of work. When handled by a professional, a PPC campaign can easily give offer a return on investment that will not only cover the advertising costs, but will help grow a business by generating new customers, leads, and revenues.
By Randi Brawley
Copyright © 2008 SYNERGe-Marketing.
http://www.synergemarketing.com
(I get the information as a registered member of PRWEB for publication)
SYNERGE-marketing issues a specific standard on how a successful Pay-Per-Click Campaign should be created and managed.
Fairfield, CT (PRWEB) March 7, 2008
SYNERGE-marketing has issued a specific standard as to how a Pay-Per-Click campaign should be set up. These are points that should always be followed to ensure the success of any PPC campaign. They are simple and effective. This list was created to assist anyone wishing to engaged in search engine marketing and give them a leg up on the competition.
Pay-Per-Click advertising or PPC, as it is more commonly known, is fast becoming the most compelling online advertising medium. Now, many people think they can just jump right into PPC and just watch the sales roll in. Is it surprising that these are the people who end up spending big money only to never make a sale or generate a lead? No, it isn't surprising in the least. These are people who failed to research the online market for Pay-Per-Click advertising whether it be through Google, Yahoo! or MSN. If wasting thousands of dollars with no return on investment isn't madness, what is?
There are specific methods which should be applied to PPC campaigns, regardless of the industry being targeted. These methods are simple and easy to follow.
1. Always research the industry the PPC campaign focuses on. If enough is not known about the industry being marketed to, money will only be wasted. Take some time to become familiarized with industry terms and phrases. Talk to clients and learn how industry products and services are being searched for.
2. Choose the proper keywords. If all that is being bid on is a list of 150 generic keywords, money will be wasted due to irrelevant clicks. Achieving consistent results is what builds a business and this is done by using "exact match" keywords as well as "phrase matching", filtering out irrelevant traffic.
3. Create ad groups. What this means is, divide your keyword list into segments. For example, if someone had a keyword list for an insurance company of over 100 keywords spanning car insurance, home insurance, life insurance and dental insurance, ad groups for each insurance type should be created. Setting up PPC campaigns in this fashion gives far more control over the advertisements which will be displayed after a search query.
4. Write targeted advertisements. Google as an example allows you only so many characters for each line in an advertisement. The title line must be within 25 characters, the 1st description line must be within 35 characters, as well as the 2nd description line. The display URL for the ad must also be within 35 characters, but the destination URL can be within 1024 characters. These restrictions mean that creativity is needed when choosing how to word an advertisement. It must be catchy and appealing to the eye. Statistics have shown that capitalizing the first letter of each word helps make an ad stand out more.
5. Include keywords in the advertisements. By doing this, the ads will stand out a little more from the competitions. The search engines will often bold keywords in advertisements if they were part of a search query. This lends relevancy to advertisements, helping them attain a better position in the sponsored link area of the search engines while bidding less for keywords than a competitor.
6. Link to pages with relevant content. This is very important, especially with Google. Google likes to see advertisements directing people to pages that have information relevant to the keywords that triggered it. This will also help to gain better positioning while paying less for keywords.
7. Split test. What this means is that advertisements should constantly be changing. Start with three ads for each ad group and every week, take the lowest performing ad and re-write it. When split testing ads, the goal is to increase click-through rates and conversion rates by offering people highly targeted ads.
8. Analyze and refine. This step is one of the most critical ones. Always include some sort of analytics software in websites which are engaging in an internet marketing initiative. This allows monitoring to be done on how people from a PPC campaign are interacting with the site and track where prospective customers are being lost. This information allows for site revisions that will help keep traffic from leaving a website, further increasing conversion rates and lead generation.
While these methods are simple to follow, not all people choose to. Without proper attention to detail, research and without a willingness to follow proven methods, PPC campaigns can easily fail. This is one of many reasons to contract a PPC specialist. These are people who use proven methods and are often certified to do this type of work. When handled by a professional, a PPC campaign can easily give offer a return on investment that will not only cover the advertising costs, but will help grow a business by generating new customers, leads, and revenues.
By Randi Brawley
Copyright © 2008 SYNERGe-Marketing.
http://www.synergemarketing.com
(I get the information as a registered member of PRWEB for publication)
KKR Private Equity Investors Provides Portfolio Clarification
March 13, 2008 10:18
KKR Private Equity Investors Provides Portfolio Clarification
No Exposure to Residential Real Estate Loans
GUERNSEY, Channel Islands--(BUSINESS WIRE)
KKR Private Equity Investors, L.P. (Euronext Amsterdam: KPE), a Guernsey limited partnership that invests its assets in private equity and opportunistic investments identified by Kohlberg Kravis Roberts & Co. (“KKR”), confirms that its investment portfolio has no exposure to residential real estate, mortgage-backed securities or subprime mortgages.
Kendra Decious, Chief Financial Officer, KKR Guernsey GP Limited, said “Over 90 percent of KPE’s $5.8 billion portfolio is invested in the KKR private equity funds and other private equity investments. KPE does not have any risk from U.S. home loan assets.” This press release is issued in response to inquiries directed to KPE from various unitholders.
KPE invests its capital as the sole limited partner of KKR PEI Investments, L.P. (the “Investment Partnership”). The Investment Partnership has drawn in full on its senior secured credit facility in the amount of $1.0 billion, which is not due to be repaid until its maturity on June 11, 2012.
KPE reported results for the quarter ended December 31, 2007 on February 29, 2008. KPE’s 2007 Annual Report, providing explanations of its investment strategy and holdings, can be found on its website at www.kkrprivateequityinvestors.com.
About KPE
KKR Private Equity Investors, L.P. (KPE) is a Guernsey limited partnership that seeks to create long-term value by participating in private equity and opportunistic investments identified by Kohlberg Kravis Roberts & Co. (KKR). Formed in April 2006, KPE enables certain public market investors to invest in KKR-identified investments. KPE will invest at least 75% of its assets in KKR’s private equity investments, while up to 25% of its assets may be invested opportunistically in other investments identified by KKR. KPE makes its investments through another Guernsey limited partnership, KKR PEI Investments, L.P., as its sole limited partner.
KKR Private Equity Investors Provides Portfolio Clarification
No Exposure to Residential Real Estate Loans
GUERNSEY, Channel Islands--(BUSINESS WIRE)
KKR Private Equity Investors, L.P. (Euronext Amsterdam: KPE), a Guernsey limited partnership that invests its assets in private equity and opportunistic investments identified by Kohlberg Kravis Roberts & Co. (“KKR”), confirms that its investment portfolio has no exposure to residential real estate, mortgage-backed securities or subprime mortgages.
Kendra Decious, Chief Financial Officer, KKR Guernsey GP Limited, said “Over 90 percent of KPE’s $5.8 billion portfolio is invested in the KKR private equity funds and other private equity investments. KPE does not have any risk from U.S. home loan assets.” This press release is issued in response to inquiries directed to KPE from various unitholders.
KPE invests its capital as the sole limited partner of KKR PEI Investments, L.P. (the “Investment Partnership”). The Investment Partnership has drawn in full on its senior secured credit facility in the amount of $1.0 billion, which is not due to be repaid until its maturity on June 11, 2012.
KPE reported results for the quarter ended December 31, 2007 on February 29, 2008. KPE’s 2007 Annual Report, providing explanations of its investment strategy and holdings, can be found on its website at www.kkrprivateequityinvestors.com.
About KPE
KKR Private Equity Investors, L.P. (KPE) is a Guernsey limited partnership that seeks to create long-term value by participating in private equity and opportunistic investments identified by Kohlberg Kravis Roberts & Co. (KKR). Formed in April 2006, KPE enables certain public market investors to invest in KKR-identified investments. KPE will invest at least 75% of its assets in KKR’s private equity investments, while up to 25% of its assets may be invested opportunistically in other investments identified by KKR. KPE makes its investments through another Guernsey limited partnership, KKR PEI Investments, L.P., as its sole limited partner.
Differentiate or Die: Survival in Our Era of Killer Competition, 2nd Edition
March 14, 2008
A Revision of the Handbook that Taught Marketers to Differentiate in Order to Dominate the Competition
DUBLIN, Ireland--(BUSINESS WIRE)
Research and Markets (http://www.researchandmarkets.com/reports/c85895) has announced the addition of "Differentiate or Die: Survival in Our Era of Killer Competition, 2nd Edition" to their offering.
Since "Differentiate or Die" was published seven years ago, competition for mindshare in a world of look-alike products and services has only intensified. The message of the book is more important than ever: that companies often fail to recognize their own most powerful and unique attribute and fail to implement a strategy that emphasizes and supports that attribute. Differentiation is not branding, but the essence of what branding is about. Jack Trout demonstrates successful differentiation through examples from around the world, using core ideas like heritage, market leadership, and "being first" to rationalize consumers' unconscious emotions so that managers can bind them to products. This revised Second Edition includes new and updated examples, new research, fresh case studies, a deeper discussion of specialization, and an in-depth explanation of the ways line-extension can undermine differentiation.
Key Discussions
The Tyranny Of Choice.
The Creeping Commoditization Of Categories.
Whatever Happened To The U.S.P.?
Reinventing The U.S.P.
Quality And Customer Orientation Are Rarely Differentiating Ideas.
Creativity Is Not A Differentiating Idea.
Price Is Rarely A Differentiating Idea.
Breadth Of Line Is A Difficult Way To Differentiate.
The Steps To Differentiation
Differentiation Takes Place In The Mind.
Being First Is A Differentiating Idea.
Attribute Ownership Is A Way To Differentiate.
Leadership Is A Way To Differentiate.
Heritage Is A Differentiating Idea.
Market Specialty Is A Differentiating Idea.
Preference Is A Differentiating Idea.
How A Product Is Made Can Be A Differentiating Idea.
Being The Latest Can Be A Differentiating Idea.
Hotness Is A Way To Differentiate.
Growth Can Destroy Differentiation.
Differentiation Often Requires Sacrifice.
Being Different In Different Places.
Maintaining Your Difference.
Differentiation In The New World Of Buzz.
You Can Differentiate Anything.
Who Is In Charge Of Differentiation?
For more information visit http://www.researchandmarkets.com/reports/c85895
Differentiate or Die: Survival in Our Era of Killer Competition, 2nd Edition
John Wiley and Sons Ltd, March 2008, Pages: 272
21 Euros
A Revision of the Handbook that Taught Marketers to Differentiate in Order to Dominate the Competition
DUBLIN, Ireland--(BUSINESS WIRE)
Research and Markets (http://www.researchandmarkets.com/reports/c85895) has announced the addition of "Differentiate or Die: Survival in Our Era of Killer Competition, 2nd Edition" to their offering.
Since "Differentiate or Die" was published seven years ago, competition for mindshare in a world of look-alike products and services has only intensified. The message of the book is more important than ever: that companies often fail to recognize their own most powerful and unique attribute and fail to implement a strategy that emphasizes and supports that attribute. Differentiation is not branding, but the essence of what branding is about. Jack Trout demonstrates successful differentiation through examples from around the world, using core ideas like heritage, market leadership, and "being first" to rationalize consumers' unconscious emotions so that managers can bind them to products. This revised Second Edition includes new and updated examples, new research, fresh case studies, a deeper discussion of specialization, and an in-depth explanation of the ways line-extension can undermine differentiation.
Key Discussions
The Tyranny Of Choice.
The Creeping Commoditization Of Categories.
Whatever Happened To The U.S.P.?
Reinventing The U.S.P.
Quality And Customer Orientation Are Rarely Differentiating Ideas.
Creativity Is Not A Differentiating Idea.
Price Is Rarely A Differentiating Idea.
Breadth Of Line Is A Difficult Way To Differentiate.
The Steps To Differentiation
Differentiation Takes Place In The Mind.
Being First Is A Differentiating Idea.
Attribute Ownership Is A Way To Differentiate.
Leadership Is A Way To Differentiate.
Heritage Is A Differentiating Idea.
Market Specialty Is A Differentiating Idea.
Preference Is A Differentiating Idea.
How A Product Is Made Can Be A Differentiating Idea.
Being The Latest Can Be A Differentiating Idea.
Hotness Is A Way To Differentiate.
Growth Can Destroy Differentiation.
Differentiation Often Requires Sacrifice.
Being Different In Different Places.
Maintaining Your Difference.
Differentiation In The New World Of Buzz.
You Can Differentiate Anything.
Who Is In Charge Of Differentiation?
For more information visit http://www.researchandmarkets.com/reports/c85895
Differentiate or Die: Survival in Our Era of Killer Competition, 2nd Edition
John Wiley and Sons Ltd, March 2008, Pages: 272
21 Euros
Schwab Reports Monthly Activity Highlights - February 2008
March 14, 2008
Schwab Reports Monthly Activity Highlights
SAN FRANCISCO--(BUSINESS WIRE)
The Charles Schwab Corporation released its Monthly Market Activity Report today. Company highlights for the month of February 2008 include:
Net new assets brought to the company by new and existing clients in February 2008 totaled $12.5 billion.
Total client assets were $1.391 trillion as of month-end February, up 10% from February 2007 and flat to January 2008.
Client daily average trades were 289.4 thousand in February 2008, up 5% from February 2007 and down 22% from January 2008.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.1 million client brokerage accounts, 1.3 million corporate retirement plan participants, 302,000 banking accounts, and $1.4 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com.
Schwab Reports Monthly Activity Highlights
SAN FRANCISCO--(BUSINESS WIRE)
The Charles Schwab Corporation released its Monthly Market Activity Report today. Company highlights for the month of February 2008 include:
Net new assets brought to the company by new and existing clients in February 2008 totaled $12.5 billion.
Total client assets were $1.391 trillion as of month-end February, up 10% from February 2007 and flat to January 2008.
Client daily average trades were 289.4 thousand in February 2008, up 5% from February 2007 and down 22% from January 2008.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.1 million client brokerage accounts, 1.3 million corporate retirement plan participants, 302,000 banking accounts, and $1.4 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com.
Stember Feinstein Doyle & Payne, LLC Announces Its Investigation
Stember Feinstein Doyle & Payne, LLC Announces Its Investigation Relating to the Bear Stearns Employee Stock Ownership Plan, Profit Sharing Plan and Deferred Compensation Plan
PITTSBURGH--(BUSINESS WIRE)
March 14, 2008
The law firm of Stember Feinstein Doyle & Payne, LLC is investigating possible illegal conduct relating to the Bear Stearns Companies Inc. Employee Stock Ownership Plan, Profit Sharing Plan and Deferred Compensation Plan (NYSE: BSC).
Stember Feinstein Doyle & Payne is investigating whether certain fiduciaries of the Plans may have violated the Employee Retirement Income Security Act of 1974 ("ERISA"). The firm’s investigation relates to whether certain fiduciaries of the Plans knew or should have known that Bear Stearns was concealing its large exposure to highly risky Collateralized Debt Obligations, subprime mortgages, and other poor-quality securities, which has rendered Bear Stearns common stock and certain funds that it manages and offers as a risky investment for Plan participants.
Specifically, the firm is investigating whether Bear Stearns breached its fiduciary obligations under ERISA:
(1) by continuing to offer Bear Stearns common stock and mutual funds as an investment option for participant contributions when it was imprudent to do so; and
(2) by failing to take action to sell Bear Stearns stock and mutual funds or otherwise protect the Plans’ assets in light of the company’s risky business strategies and deteriorating financial conditions
Ellen M. Doyle of Stember Feinstein Doyle & Payne has been appointed class counsel to represent numerous classes of ERISA plan participants and has served as lead or co-lead counsel in actions recovering more than $100 million for pension plans and their participants. Please visit the Stember Feinstein Doyle & Payne (www.stemberfeinstein.com) website for more information about Ms. Doyle and the firm.
If you have an individual account with the Bear Stearns Employee Stock Ownership Plan, the Bear Stearns Profit Sharing Plan, or the Bear Stearns Deferred Compensation Plan, you may have legal claims under ERISA. If you wish to discuss this matter or have any questions concerning your rights with regard to this matter, please contact:
Ellen M. Doyle
Stephen M. Pincus
Stember Feinstein Doyle & Payne
429 Forbes Avenue, Suite 1705
Pittsburgh, PA 15219
Tel.: (412) 281-8400
www.stemberfeinstein.com
email: info@stemberfeinstein.com
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
Contacts
Stember Feinstein Doyle & Payne
Ellen M. Doyle or Stephen M. Pincus, 412-281-8400
email: info@stemberfeinstein.com
PITTSBURGH--(BUSINESS WIRE)
March 14, 2008
The law firm of Stember Feinstein Doyle & Payne, LLC is investigating possible illegal conduct relating to the Bear Stearns Companies Inc. Employee Stock Ownership Plan, Profit Sharing Plan and Deferred Compensation Plan (NYSE: BSC).
Stember Feinstein Doyle & Payne is investigating whether certain fiduciaries of the Plans may have violated the Employee Retirement Income Security Act of 1974 ("ERISA"). The firm’s investigation relates to whether certain fiduciaries of the Plans knew or should have known that Bear Stearns was concealing its large exposure to highly risky Collateralized Debt Obligations, subprime mortgages, and other poor-quality securities, which has rendered Bear Stearns common stock and certain funds that it manages and offers as a risky investment for Plan participants.
Specifically, the firm is investigating whether Bear Stearns breached its fiduciary obligations under ERISA:
(1) by continuing to offer Bear Stearns common stock and mutual funds as an investment option for participant contributions when it was imprudent to do so; and
(2) by failing to take action to sell Bear Stearns stock and mutual funds or otherwise protect the Plans’ assets in light of the company’s risky business strategies and deteriorating financial conditions
Ellen M. Doyle of Stember Feinstein Doyle & Payne has been appointed class counsel to represent numerous classes of ERISA plan participants and has served as lead or co-lead counsel in actions recovering more than $100 million for pension plans and their participants. Please visit the Stember Feinstein Doyle & Payne (www.stemberfeinstein.com) website for more information about Ms. Doyle and the firm.
If you have an individual account with the Bear Stearns Employee Stock Ownership Plan, the Bear Stearns Profit Sharing Plan, or the Bear Stearns Deferred Compensation Plan, you may have legal claims under ERISA. If you wish to discuss this matter or have any questions concerning your rights with regard to this matter, please contact:
Ellen M. Doyle
Stephen M. Pincus
Stember Feinstein Doyle & Payne
429 Forbes Avenue, Suite 1705
Pittsburgh, PA 15219
Tel.: (412) 281-8400
www.stemberfeinstein.com
email: info@stemberfeinstein.com
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
Contacts
Stember Feinstein Doyle & Payne
Ellen M. Doyle or Stephen M. Pincus, 412-281-8400
email: info@stemberfeinstein.com
JPMorgan Chase To Acquire Bear Stearns
March 16, 2008 07:05 PM
JPMorgan Chase To Acquire Bear Stearns
NEW YORK--(BUSINESS WIRE)
JPMorgan Chase & Co. (NYSE: JPM) announced it is acquiring The Bear Stearns Companies Inc. (NYSE: BSC). The Boards of Directors of both companies have unanimously approved the transaction.
The transaction will be a stock-for-stock exchange. JPMorgan Chase will exchange 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock. Based on the closing price of March 15, 2008, the transaction would have a value of approximately $2 per share.
Effective immediately, JPMorgan Chase is guaranteeing the trading obligations of Bear Stearns and its subsidiaries and is providing management oversight for its operations. Other than shareholder approval, the closing is not subject to any material conditions. The transaction is expected to have an expedited close by the end of the calendar second quarter 2008. The Federal Reserve, the Office of the Comptroller of the Currency (OCC) and other federal agencies have given all necessary approvals.
In addition to the financing the Federal Reserve ordinarily provides through its Discount Window, the Fed will provide special financing in connection with this transaction. The Fed has agreed to fund up to $30 billion of Bear Stearns’ less liquid assets.
“JPMorgan Chase stands behind Bear Stearns,” said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase. “Bear Stearns’ clients and counterparties should feel secure that JPMorgan is guaranteeing Bear Stearns’ counterparty risk. We welcome their clients, counterparties and employees to our firm, and we are glad to be their partner.”
Dimon added, “This transaction will provide good long-term value for JPMorgan Chase shareholders. This acquisition meets our key criteria: we are taking reasonable risk, we have built in an appropriate margin for error, it strengthens our business, and we have a clear ability to execute.”
“The past week has been an incredibly difficult time for Bear Stearns. This transaction represents the best outcome for all of our constituencies based upon the current circumstances,” said Alan Schwartz, President and Chief Executive officer of Bear Stearns. “I am incredibly proud of our employees and believe they will continue to add tremendous value to the new enterprise.”
The transaction is expected to be ultimately accretive to JPMorgan Chase’s annual earnings.
“This transaction helps us fill out some of the gaps in our franchise with manageable overlap,” said Steve Black, co-CEO of JPMorgan Investment Bank. “We know the Bear Stearns leadership team well and look forward to working with them to bring our two companies together.”
“Acquiring Bear Stearns enables us to obtain an attractive set of businesses,” said Bill Winters, co-CEO of JPMorgan Investment Bank. “After conducting due diligence, we’re comfortable with the quality of Bear Stearns’ business, and are pleased to have them as part of our firm.”
“JPMorgan Chase’s management team has a strong track record of effective merger integration,” said Heidi Miller, CEO of JPMorgan Treasury & Securities Services business. “We will work closely in the coming weeks with Bear Stearns’ clients and management to execute the transaction quickly.”
JPMorgan Chase will host a conference call today, Sunday, March 16, 2008, at 8:00 p.m. (Eastern Time) to review the acquisition of Bear Stearns. Investors can call (800) 214-0745 (domestic) / (719) 457-0700 (international), with the access code 614424, or listen via live audio webcast. The live audio webcast and presentation slides will be available on http://investor.shareholder.com/jpmorganchase/presentations.cfm under Investor Relations, Investor Presentations. A replay of the conference call will be available beginning at 11:00 p.m. (Eastern Time) on March 16, 2008, through midnight, Monday, March 31, 2008 (Eastern Time), at (888) 348-4629 (domestic) or (719) 884-8882 (international) with the access code 614424. The replay also will be available on www.jpmorganchase.com.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
The Bear Stearns Companies Inc. (NYSE: BSC) serves governments, corporations, institutions and individuals worldwide. The company’s core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. For additional information about Bear Stearns, please visit the firm's website at www.bearstearns.com.
JPMorgan Chase’s results to differ materially from those described in the forward-looking statements can be found in the firm’s Annual Report on Form 10-K for the year ended December 31, 2007 (as amended), filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission’s Internet site (http://www.sec.gov).
Contacts
Investor Contacts:
JPMorgan Chase
Julia Bates
(212) 270-7318
or
Bear Stearns
Elizabeth Ventura
(212) 272-9251
or
Media Contacts:
JPMorgan Chase
Kristin Lemkau
(212) 270-7454
or
Joseph Evangelisti
(212) 270-7438
or
Bear Stearns
Russell Sherman
(212) 272-5219
JPMorgan Chase To Acquire Bear Stearns
NEW YORK--(BUSINESS WIRE)
JPMorgan Chase & Co. (NYSE: JPM) announced it is acquiring The Bear Stearns Companies Inc. (NYSE: BSC). The Boards of Directors of both companies have unanimously approved the transaction.
The transaction will be a stock-for-stock exchange. JPMorgan Chase will exchange 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock. Based on the closing price of March 15, 2008, the transaction would have a value of approximately $2 per share.
Effective immediately, JPMorgan Chase is guaranteeing the trading obligations of Bear Stearns and its subsidiaries and is providing management oversight for its operations. Other than shareholder approval, the closing is not subject to any material conditions. The transaction is expected to have an expedited close by the end of the calendar second quarter 2008. The Federal Reserve, the Office of the Comptroller of the Currency (OCC) and other federal agencies have given all necessary approvals.
In addition to the financing the Federal Reserve ordinarily provides through its Discount Window, the Fed will provide special financing in connection with this transaction. The Fed has agreed to fund up to $30 billion of Bear Stearns’ less liquid assets.
“JPMorgan Chase stands behind Bear Stearns,” said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase. “Bear Stearns’ clients and counterparties should feel secure that JPMorgan is guaranteeing Bear Stearns’ counterparty risk. We welcome their clients, counterparties and employees to our firm, and we are glad to be their partner.”
Dimon added, “This transaction will provide good long-term value for JPMorgan Chase shareholders. This acquisition meets our key criteria: we are taking reasonable risk, we have built in an appropriate margin for error, it strengthens our business, and we have a clear ability to execute.”
“The past week has been an incredibly difficult time for Bear Stearns. This transaction represents the best outcome for all of our constituencies based upon the current circumstances,” said Alan Schwartz, President and Chief Executive officer of Bear Stearns. “I am incredibly proud of our employees and believe they will continue to add tremendous value to the new enterprise.”
The transaction is expected to be ultimately accretive to JPMorgan Chase’s annual earnings.
“This transaction helps us fill out some of the gaps in our franchise with manageable overlap,” said Steve Black, co-CEO of JPMorgan Investment Bank. “We know the Bear Stearns leadership team well and look forward to working with them to bring our two companies together.”
“Acquiring Bear Stearns enables us to obtain an attractive set of businesses,” said Bill Winters, co-CEO of JPMorgan Investment Bank. “After conducting due diligence, we’re comfortable with the quality of Bear Stearns’ business, and are pleased to have them as part of our firm.”
“JPMorgan Chase’s management team has a strong track record of effective merger integration,” said Heidi Miller, CEO of JPMorgan Treasury & Securities Services business. “We will work closely in the coming weeks with Bear Stearns’ clients and management to execute the transaction quickly.”
JPMorgan Chase will host a conference call today, Sunday, March 16, 2008, at 8:00 p.m. (Eastern Time) to review the acquisition of Bear Stearns. Investors can call (800) 214-0745 (domestic) / (719) 457-0700 (international), with the access code 614424, or listen via live audio webcast. The live audio webcast and presentation slides will be available on http://investor.shareholder.com/jpmorganchase/presentations.cfm under Investor Relations, Investor Presentations. A replay of the conference call will be available beginning at 11:00 p.m. (Eastern Time) on March 16, 2008, through midnight, Monday, March 31, 2008 (Eastern Time), at (888) 348-4629 (domestic) or (719) 884-8882 (international) with the access code 614424. The replay also will be available on www.jpmorganchase.com.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
The Bear Stearns Companies Inc. (NYSE: BSC) serves governments, corporations, institutions and individuals worldwide. The company’s core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. For additional information about Bear Stearns, please visit the firm's website at www.bearstearns.com.
JPMorgan Chase’s results to differ materially from those described in the forward-looking statements can be found in the firm’s Annual Report on Form 10-K for the year ended December 31, 2007 (as amended), filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission’s Internet site (http://www.sec.gov).
Contacts
Investor Contacts:
JPMorgan Chase
Julia Bates
(212) 270-7318
or
Bear Stearns
Elizabeth Ventura
(212) 272-9251
or
Media Contacts:
JPMorgan Chase
Kristin Lemkau
(212) 270-7454
or
Joseph Evangelisti
(212) 270-7438
or
Bear Stearns
Russell Sherman
(212) 272-5219
Carlyle Capital Corporation Intends to File for Compulsory Winding up in Guernsey
March 16, 2008
Carlyle Capital Corporation Intends to File for Compulsory Winding up in Guernsey
NEW YORK--(BUSINESS WIRE)
Carlyle Capital Corporation Limited (Euronext Amsterdam ticker symbol: CCC; ISIN: GG00B1VYV826) (the Company), today announced that its Board of Directors recommended that Class A Shareholders vote in favor of a compulsory winding up proceeding under the Companies Law in Guernsey. The shareholder approval process was completed on March 16, 2008, with Class A Shareholders voting unanimously in favor of a compulsory winding up proceeding under the Companies Law in Guernsey.
The Company will now move forward with the winding up and liquidation application. During a compulsory winding up, all remaining CCC assets will be liquidated by a court appointed liquidator in a timely and orderly manner.
As expected, the Company received default notices from its remaining two lenders and it believes that its lenders have now taken possession of substantially all of its U.S. government agency AAA-rated residential mortgage-backed securities (RMBS). As a result, the Company believes its liabilities exceed its assets.
The recommendation was made by the Board following extensive analysis of the Company’s prospects and careful consideration of other options for continuing the business. The Company will work with the court appointed liquidator to ensure an orderly realization of assets and their subsequent distribution.
The Company will provide updates as appropriate.
For any additional information please visit the Company’s website at www.carlylecapitalcorp.com.
About Carlyle Capital Corporation
The Company is a Guernsey investment company that was formed on August 29, 2006 and completed its initial offering in July 2007. Carlyle Investment Management L.L.C. (“CIM”) manages the Company pursuant to a management agreement. CIM is a registered investment adviser under the U.S. Investment Advisers Act of 1940 and is an affiliate of The Carlyle Group.
Contacts
Carlyle Capital Corporation Limited
Rowland Hunt, +1 (212) 813-4707
Carlyle Capital Corporation Intends to File for Compulsory Winding up in Guernsey
NEW YORK--(BUSINESS WIRE)
Carlyle Capital Corporation Limited (Euronext Amsterdam ticker symbol: CCC; ISIN: GG00B1VYV826) (the Company), today announced that its Board of Directors recommended that Class A Shareholders vote in favor of a compulsory winding up proceeding under the Companies Law in Guernsey. The shareholder approval process was completed on March 16, 2008, with Class A Shareholders voting unanimously in favor of a compulsory winding up proceeding under the Companies Law in Guernsey.
The Company will now move forward with the winding up and liquidation application. During a compulsory winding up, all remaining CCC assets will be liquidated by a court appointed liquidator in a timely and orderly manner.
As expected, the Company received default notices from its remaining two lenders and it believes that its lenders have now taken possession of substantially all of its U.S. government agency AAA-rated residential mortgage-backed securities (RMBS). As a result, the Company believes its liabilities exceed its assets.
The recommendation was made by the Board following extensive analysis of the Company’s prospects and careful consideration of other options for continuing the business. The Company will work with the court appointed liquidator to ensure an orderly realization of assets and their subsequent distribution.
The Company will provide updates as appropriate.
For any additional information please visit the Company’s website at www.carlylecapitalcorp.com.
About Carlyle Capital Corporation
The Company is a Guernsey investment company that was formed on August 29, 2006 and completed its initial offering in July 2007. Carlyle Investment Management L.L.C. (“CIM”) manages the Company pursuant to a management agreement. CIM is a registered investment adviser under the U.S. Investment Advisers Act of 1940 and is an affiliate of The Carlyle Group.
Contacts
Carlyle Capital Corporation Limited
Rowland Hunt, +1 (212) 813-4707
JPMorgan to Buy Bear for $2 a Share
Mar 17, 4:23 AM EDT
JPMorgan to Buy Bear for $2 a Share
http://hosted.ap.org/dynamic/stories/J/JPMORGAN_BEAR_STEARNS?SITE=IACED&SECTION=HOME&TEMPLATE=DEFAULT
JPMorgan to Buy Bear for $2 a Share
http://hosted.ap.org/dynamic/stories/J/JPMORGAN_BEAR_STEARNS?SITE=IACED&SECTION=HOME&TEMPLATE=DEFAULT
JPMorgan Chase buys crisis-hit Bear Stearns
17 March 2008
US banking titan JPMorgan Chase said late Sunday it was taking over the crisis-hit investment bank and brokerage Bear Stearns.
JPMorgan Chase said in a statement that the deal will be a stock-for-stock exchange and that it will swap 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock.
"JPMorgan Chase stands behind Bear Stearns," said Jamie Dimon, JPMorgan Chase's chairman and chief executive.
"Bear Stearns' clients and counterparties should feel secure that JPMorgan is guaranteeing Bear Stearns' counterparty risk. We welcome their clients, counterparties and employees to our firm, and we are glad to be their partner," Dimon said.
http://uk.news.yahoo.com/afp/20080317/tbs-us-bank-banking-company-jpmorgan-bea-8cc5291.html
US banking titan JPMorgan Chase said late Sunday it was taking over the crisis-hit investment bank and brokerage Bear Stearns.
JPMorgan Chase said in a statement that the deal will be a stock-for-stock exchange and that it will swap 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock.
"JPMorgan Chase stands behind Bear Stearns," said Jamie Dimon, JPMorgan Chase's chairman and chief executive.
"Bear Stearns' clients and counterparties should feel secure that JPMorgan is guaranteeing Bear Stearns' counterparty risk. We welcome their clients, counterparties and employees to our firm, and we are glad to be their partner," Dimon said.
http://uk.news.yahoo.com/afp/20080317/tbs-us-bank-banking-company-jpmorgan-bea-8cc5291.html
Saturday, March 15, 2008
BEAR STEARNS ANNOUNCES THE LAUNCH OF THE FIRST ACTIVELY MANAGED EXCHANGE TRADED FUND
The Bear Stearns Current Yield Fund (YYY) to begin trading on the American Stock Exchange on March 18, 2008
New York, NY — March 10, 2008
Bear Stearns Asset Management ("BSAM") today announced the launch of the Bear Stearns Current Yield Fund (AMEX: YYY), the first actively managed exchange traded fund (ETF).
YYY, or Triple-Y, is composed of a variety of short-term fixed income instruments. The Fund aims to generate higher returns than an average money market fund by investing in diversified, high-quality securities, including governments, municipal securities, bank obligations, corporate and securitized debt. Triple-Y Shares can be purchased and sold intraday, with portfolio holdings fully disclosed each day via BSAM's website www.yyyfund.com. Triple-Y is the first product launched by the Bear Stearns Active ETF Trust.
"We are excited to be introducing the first actively managed ETF into the marketplace," said Jeff Lane, Chairman and CEO of Bear Stearns Asset Management. "The Bear Stearns Current Yield Fund is an innovative vehicle which allows investors to manage short-term fixed income. Through Triple-Y, investors have access to a talented management team, with a long and successful track record in the fixed income market. In addition, the Fund offers full transparency of holdings every day on the internet, liquidity via exchange trading and institutional class fees for all investors."
Triple-Y is managed by a team of fixed income professionals at BSAM, led by senior portfolio manager Scott Pavlak. Mr. Pavlak has more than 20 years of investment experience and has been managing portfolios with a similar investment process to Triple-Y for over 15 years.
"Utilizing a disciplined investment process, we seek to add value through sector allocation, security selection, yield curve positioning, and duration management," said Mr. Pavlak. "We use a conservative approach which aims to maximize income for our investors, while preserving capital."
Triple – Y will be available on the American Stock Exchange on March 18, 2008.
About Bear Stearns Asset Management Inc.
Bear Stearns Asset Management Inc. (BSAM®) is a wholly-owned subsidiary of The Bear Stearns Companies Inc. (NYSE: BSC). BSAM is a solutions-based provider of asset management and advisory services. Serving institutional and high-net-worth investors around the world, BSAM offers a broad portfolio of investment opportunities. These include carefully-selected strategies in equity, fixed income, hedge funds, and private equity.
The Bear Stearns Current Yield Fund ("YYYSM" or the "Fund") is a series of the Bear Stearns Active ETF Trust (the "Trust") and is an actively managed exchange traded fund ("ETF"). The Trust is registered with the Securities and Exchange Commission as an investment company under the Investment Company Act of 1940, as amended. Bear Stearns Asset Management Inc. ("BSAM"), a wholly owned subsidiary of The Bear Stearns Companies Inc., serves as the investment adviser to the Fund.
http://www.bearstearns.com/sitewide/our_firm/press_releases/content.htm?d=03_10_2008
New York, NY — March 10, 2008
Bear Stearns Asset Management ("BSAM") today announced the launch of the Bear Stearns Current Yield Fund (AMEX: YYY), the first actively managed exchange traded fund (ETF).
YYY, or Triple-Y, is composed of a variety of short-term fixed income instruments. The Fund aims to generate higher returns than an average money market fund by investing in diversified, high-quality securities, including governments, municipal securities, bank obligations, corporate and securitized debt. Triple-Y Shares can be purchased and sold intraday, with portfolio holdings fully disclosed each day via BSAM's website www.yyyfund.com. Triple-Y is the first product launched by the Bear Stearns Active ETF Trust.
"We are excited to be introducing the first actively managed ETF into the marketplace," said Jeff Lane, Chairman and CEO of Bear Stearns Asset Management. "The Bear Stearns Current Yield Fund is an innovative vehicle which allows investors to manage short-term fixed income. Through Triple-Y, investors have access to a talented management team, with a long and successful track record in the fixed income market. In addition, the Fund offers full transparency of holdings every day on the internet, liquidity via exchange trading and institutional class fees for all investors."
Triple-Y is managed by a team of fixed income professionals at BSAM, led by senior portfolio manager Scott Pavlak. Mr. Pavlak has more than 20 years of investment experience and has been managing portfolios with a similar investment process to Triple-Y for over 15 years.
"Utilizing a disciplined investment process, we seek to add value through sector allocation, security selection, yield curve positioning, and duration management," said Mr. Pavlak. "We use a conservative approach which aims to maximize income for our investors, while preserving capital."
Triple – Y will be available on the American Stock Exchange on March 18, 2008.
About Bear Stearns Asset Management Inc.
Bear Stearns Asset Management Inc. (BSAM®) is a wholly-owned subsidiary of The Bear Stearns Companies Inc. (NYSE: BSC). BSAM is a solutions-based provider of asset management and advisory services. Serving institutional and high-net-worth investors around the world, BSAM offers a broad portfolio of investment opportunities. These include carefully-selected strategies in equity, fixed income, hedge funds, and private equity.
The Bear Stearns Current Yield Fund ("YYYSM" or the "Fund") is a series of the Bear Stearns Active ETF Trust (the "Trust") and is an actively managed exchange traded fund ("ETF"). The Trust is registered with the Securities and Exchange Commission as an investment company under the Investment Company Act of 1940, as amended. Bear Stearns Asset Management Inc. ("BSAM"), a wholly owned subsidiary of The Bear Stearns Companies Inc., serves as the investment adviser to the Fund.
http://www.bearstearns.com/sitewide/our_firm/press_releases/content.htm?d=03_10_2008
BEAR STEARNS AGREES TO SECURED LOAN FACILITY WITH JPMORGAN CHASE
NEW YORK – New York – March 14, 2008 – The Bear Stearns Companies Inc. announced today it reached an agreement with JPMorgan Chase & Co. (JPMC) to provide a secured loan facility for an initial period of up to 28 days allowing Bear Stearns to access liquidity as needed. Bear Stearns also announced that it is talking with JPMorgan Chase & Co., regarding permanent financing or other alternatives.
Alan Schwartz, president and chief executive officer of The Bear Stearns Companies Inc., said, "Bear Stearns has been the subject of a multitude of market rumors regarding our liquidity. We have tried to confront and dispel these rumors and parse fact from fiction. Nevertheless, amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated. We took this important step to restore confidence in us in the marketplace, strengthen our liquidity and allow us to continue normal operations."
The company can make no assurance that any strategic alternatives will be successfully completed.
Bear Stearns
Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City, the Company has approximately 14,000 employees worldwide.
http://www.bearstearns.com/sitewide/our_firm/press_releases/content.htm?d=03_14_2008
Alan Schwartz, president and chief executive officer of The Bear Stearns Companies Inc., said, "Bear Stearns has been the subject of a multitude of market rumors regarding our liquidity. We have tried to confront and dispel these rumors and parse fact from fiction. Nevertheless, amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated. We took this important step to restore confidence in us in the marketplace, strengthen our liquidity and allow us to continue normal operations."
The company can make no assurance that any strategic alternatives will be successfully completed.
Bear Stearns
Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City, the Company has approximately 14,000 employees worldwide.
http://www.bearstearns.com/sitewide/our_firm/press_releases/content.htm?d=03_14_2008
Sunday, March 9, 2008
UBS Announces Minority Stake in Integrity Research
March 06, 2008
UBS Investment Bank Announces Minority Stake in Research Advisory Firm Integrity Research
NEW YORK--(BUSINESS WIRE)--UBS announced today that it has purchased a minority stake in Integrity Research Associates LLC, a leading research advisory firm that offers access to sources of alternative research, including channel checkers, expert networks, environmental research and other non-traditional providers. Terms of the investment were not disclosed.
Through the arrangement, UBS will be able to facilitate access to Integrity’s ResearchSelectSM services evaluating over 1,600 alternative research firms around the globe. Integrity’s services, which identify and recommend research services to institutional investors, are currently available in the U.S. with a global rollout planned later this year. Integrity’s services are objective, confidential and customized to meet specific research needs.
“Clients are increasingly demanding non-traditional sources of research that give them increased opportunities to capture alpha,” said Mark Steinert, Global Head of Equity Research at UBS. “Our partnership with Integrity will give clients access to high-quality, relevant sources that give them the information that they need to execute their investment strategies.”
Integrity, first established in 2003, addresses the buy-side’s growing need to manage external research. “Integrity was the first firm to cover the full spectrum of alternative research providers,” said Michael Mayhew, Chairman and Founder of Integrity. “Working with UBS, we will continue to expand our global coverage, reflecting the rapid growth in both the number and variety of research providers. Clients will continue to benefit from our confidential, high touch service customized to their research requirements.”
“Integrity will complement the advice offered by our analysts – clients will now have entry to meaningful, hard-to-find research that augments fundamental advice from UBS as a top global research provider,” added John Ingrilli, Chief Operating Officer of Equities Americas at UBS. “We offer clients the rare combination of leading research, best in class alternative sources and a full suite of trade execution services, leveraging the abilities of our state of the art Commission Management platform.“
UBS has a dedicated Commission Management team that will work closely with Integrity to simplify clients’ procurement and management of the recommended third party research while ensuring strict confidentiality.
About UBS
UBS is one of the world’s leading financial firms, serving a discerning international client base. Its business, global in scale, is focused on growth. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses.
UBS is the leading global wealth manager, a leading global investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.
UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 38% of its employees working in the Americas, 33% in Switzerland, 17% in the rest of Europe and 12% in Asia Pacific. UBS's financial businesses employ more than 80,000 people around the world. Its shares are listed on the Swiss Stock Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
About Integrity Research
Integrity Research Associates, LLC is an information and solutions provider specializing in the investment research industry. Its clients are institutional investors which use Integrity’s services to find new research providers and monitor existing ones. Integrity’s ResearchSelectSM provides confidential, customized searches tailored to investors’ requirements. Integrity covers over 1,600 research firms in the U.S., Europe and Asia. Additional information about Integrity can be found at www.integrity-research.com.
UBS Investment Bank Announces Minority Stake in Research Advisory Firm Integrity Research
NEW YORK--(BUSINESS WIRE)--UBS announced today that it has purchased a minority stake in Integrity Research Associates LLC, a leading research advisory firm that offers access to sources of alternative research, including channel checkers, expert networks, environmental research and other non-traditional providers. Terms of the investment were not disclosed.
Through the arrangement, UBS will be able to facilitate access to Integrity’s ResearchSelectSM services evaluating over 1,600 alternative research firms around the globe. Integrity’s services, which identify and recommend research services to institutional investors, are currently available in the U.S. with a global rollout planned later this year. Integrity’s services are objective, confidential and customized to meet specific research needs.
“Clients are increasingly demanding non-traditional sources of research that give them increased opportunities to capture alpha,” said Mark Steinert, Global Head of Equity Research at UBS. “Our partnership with Integrity will give clients access to high-quality, relevant sources that give them the information that they need to execute their investment strategies.”
Integrity, first established in 2003, addresses the buy-side’s growing need to manage external research. “Integrity was the first firm to cover the full spectrum of alternative research providers,” said Michael Mayhew, Chairman and Founder of Integrity. “Working with UBS, we will continue to expand our global coverage, reflecting the rapid growth in both the number and variety of research providers. Clients will continue to benefit from our confidential, high touch service customized to their research requirements.”
“Integrity will complement the advice offered by our analysts – clients will now have entry to meaningful, hard-to-find research that augments fundamental advice from UBS as a top global research provider,” added John Ingrilli, Chief Operating Officer of Equities Americas at UBS. “We offer clients the rare combination of leading research, best in class alternative sources and a full suite of trade execution services, leveraging the abilities of our state of the art Commission Management platform.“
UBS has a dedicated Commission Management team that will work closely with Integrity to simplify clients’ procurement and management of the recommended third party research while ensuring strict confidentiality.
About UBS
UBS is one of the world’s leading financial firms, serving a discerning international client base. Its business, global in scale, is focused on growth. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses.
UBS is the leading global wealth manager, a leading global investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.
UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 38% of its employees working in the Americas, 33% in Switzerland, 17% in the rest of Europe and 12% in Asia Pacific. UBS's financial businesses employ more than 80,000 people around the world. Its shares are listed on the Swiss Stock Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
About Integrity Research
Integrity Research Associates, LLC is an information and solutions provider specializing in the investment research industry. Its clients are institutional investors which use Integrity’s services to find new research providers and monitor existing ones. Integrity’s ResearchSelectSM provides confidential, customized searches tailored to investors’ requirements. Integrity covers over 1,600 research firms in the U.S., Europe and Asia. Additional information about Integrity can be found at www.integrity-research.com.
Carlyle Capital Corporation Limited
March 07, 2008
Carlyle Capital Corporation Limited Continues Discussions with Lenders
NEW YORK--(BUSINESS WIRE)
Carlyle Capital Corporation Limited (Euronext Amsterdam ticker symbol: CCC; ISIN: GG00B1VYV826) (the Company) announced that it is in continuing discussions with its lenders regarding the Company’s financing situation. The Company yesterday received substantial additional margin calls and additional default notices from its lenders. The Company was also notified that some of its RMBS securities had been liquidated by lenders who had previously issued default notices to the Company. It is possible that additional securities may be liquidated by the lenders.
In the past several days there has been a rapid and severe deterioration in the market for U.S. government agency AAA-rated residential mortgage-backed securities. Based on the weakened market, several of the Company’s lenders marked down the value of the Company’s RMBS securities and informed the Company that they would soon materially increase their collateral requirements.
Although the Company believed last week that it had sufficient liquidity, it was informed by its lenders this week that additional margin calls and increased collateral requirements would be significant and well in excess of the margin calls it received Wednesday. The Company believes these additional margin calls and increased collateral requirements could quickly deplete its liquidity and impair its capital.
Management is closely monitoring the situation and considering all available options for the Company.
About Carlyle Capital Corporation
The Company is a Guernsey investment company that was formed on August 29, 2006 and completed its initial public offering in July 2007. Carlyle Investment Management L.L.C. ("CIM") manages the Company pursuant to a management agreement. CIM is a registered investment adviser under the U.S. Investment Advisers Act of 1940 and is an affiliate of The Carlyle Group.
This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of Carlyle Capital Corporation Limited. Certain of the information contained in this press release represents or is based upon forward looking statements or information. Forward-looking statements are inherently uncertain, and changing factors, such as those affecting the markets generally, or those affecting particular industries or issuers, may cause events or results to differ from those discussed. Therefore, undue reliance should not be placed on such statements or the conclusions drawn therefrom, which in no event shall be construed as a guarantee of future performance, results or courses of action. The Class B shares and the related restricted depository shares of the Company are subject to a number of ownership and transfer restrictions, including restrictions that limit the ability of U.S. persons to acquire or hold such securities.
Carlyle Capital Corporation Limited Continues Discussions with Lenders
NEW YORK--(BUSINESS WIRE)
Carlyle Capital Corporation Limited (Euronext Amsterdam ticker symbol: CCC; ISIN: GG00B1VYV826) (the Company) announced that it is in continuing discussions with its lenders regarding the Company’s financing situation. The Company yesterday received substantial additional margin calls and additional default notices from its lenders. The Company was also notified that some of its RMBS securities had been liquidated by lenders who had previously issued default notices to the Company. It is possible that additional securities may be liquidated by the lenders.
In the past several days there has been a rapid and severe deterioration in the market for U.S. government agency AAA-rated residential mortgage-backed securities. Based on the weakened market, several of the Company’s lenders marked down the value of the Company’s RMBS securities and informed the Company that they would soon materially increase their collateral requirements.
Although the Company believed last week that it had sufficient liquidity, it was informed by its lenders this week that additional margin calls and increased collateral requirements would be significant and well in excess of the margin calls it received Wednesday. The Company believes these additional margin calls and increased collateral requirements could quickly deplete its liquidity and impair its capital.
Management is closely monitoring the situation and considering all available options for the Company.
About Carlyle Capital Corporation
The Company is a Guernsey investment company that was formed on August 29, 2006 and completed its initial public offering in July 2007. Carlyle Investment Management L.L.C. ("CIM") manages the Company pursuant to a management agreement. CIM is a registered investment adviser under the U.S. Investment Advisers Act of 1940 and is an affiliate of The Carlyle Group.
This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of Carlyle Capital Corporation Limited. Certain of the information contained in this press release represents or is based upon forward looking statements or information. Forward-looking statements are inherently uncertain, and changing factors, such as those affecting the markets generally, or those affecting particular industries or issuers, may cause events or results to differ from those discussed. Therefore, undue reliance should not be placed on such statements or the conclusions drawn therefrom, which in no event shall be construed as a guarantee of future performance, results or courses of action. The Class B shares and the related restricted depository shares of the Company are subject to a number of ownership and transfer restrictions, including restrictions that limit the ability of U.S. persons to acquire or hold such securities.
CCOutreach BD Seminars (Compliance officers)
March 07, 2008
SEC, FINRA Announce 14 Regional CCOutreach BD Seminars
WASHINGTON--(BUSINESS WIRE)
The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) today announced the dates and locations of 14 regional CCOutreach BD seminars that will be held throughout the country in 2008. The announcement was made today at the inaugural event of the CCOutreach BD program, a national seminar at SEC headquarters here.
The CCOutreach BD program is designed to further promote strong compliance practices for the protection of investors. Registration for 2008’s regional seminars is now open, with priority going to broker-dealer Chief Compliance Officers. At the regional seminars, SEC and FINRA staff will address the examination process and examination priorities, as well as highlights from the topics covered in today’s national seminar. Regional seminars will also include question-and-answer sessions and allow CCOs to interact with staff from their local SEC and FINRA offices.
“We believe that by focusing our CCOutreach BD regional seminars on the compliance issues that are of most interest to CCOs, we will further our goal of assisting them in developing and enhancing effective compliance programs for the benefit of investors,” said Lori Richards, Director of the SEC’s Office of Compliance Inspections and Examinations.
“By reaching out through these seminars, we are providing a unique opportunity for CCOs across the country to discuss priority topics and issues of concern directly with regulators,” said FINRA CEO Mary Schapiro. “That personal interaction can be invaluable in developing robust compliance programs.”
The series of 14 regional seminars will take place from April through July. Seminars will be held in Atlanta, Austin, Boston, Chicago, Denver, Los Angeles, Miami, Minneapolis, New York, Philadelphia, San Diego and San Francisco.
Detailed information about the seminars – including dates, locations, and registration information – is available on the SEC website at www.sec.gov/info/bdccoutreach.htm and FINRA’s website at www.finra.org/bdccoutreach.
FINRA, the Financial Industry Regulatory Authority, is the largest non-governmental regulator for all securities firms doing business in the United States. Created in 2007 through the consolidation of NASD and NYSE Member Regulation, FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business—from registering and educating all industry participants to examining securities firms; writing and enforcing rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and registered firms. For more information, please visit our Web site at www.finra.org.
SEC, FINRA Announce 14 Regional CCOutreach BD Seminars
WASHINGTON--(BUSINESS WIRE)
The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) today announced the dates and locations of 14 regional CCOutreach BD seminars that will be held throughout the country in 2008. The announcement was made today at the inaugural event of the CCOutreach BD program, a national seminar at SEC headquarters here.
The CCOutreach BD program is designed to further promote strong compliance practices for the protection of investors. Registration for 2008’s regional seminars is now open, with priority going to broker-dealer Chief Compliance Officers. At the regional seminars, SEC and FINRA staff will address the examination process and examination priorities, as well as highlights from the topics covered in today’s national seminar. Regional seminars will also include question-and-answer sessions and allow CCOs to interact with staff from their local SEC and FINRA offices.
“We believe that by focusing our CCOutreach BD regional seminars on the compliance issues that are of most interest to CCOs, we will further our goal of assisting them in developing and enhancing effective compliance programs for the benefit of investors,” said Lori Richards, Director of the SEC’s Office of Compliance Inspections and Examinations.
“By reaching out through these seminars, we are providing a unique opportunity for CCOs across the country to discuss priority topics and issues of concern directly with regulators,” said FINRA CEO Mary Schapiro. “That personal interaction can be invaluable in developing robust compliance programs.”
The series of 14 regional seminars will take place from April through July. Seminars will be held in Atlanta, Austin, Boston, Chicago, Denver, Los Angeles, Miami, Minneapolis, New York, Philadelphia, San Diego and San Francisco.
Detailed information about the seminars – including dates, locations, and registration information – is available on the SEC website at www.sec.gov/info/bdccoutreach.htm and FINRA’s website at www.finra.org/bdccoutreach.
FINRA, the Financial Industry Regulatory Authority, is the largest non-governmental regulator for all securities firms doing business in the United States. Created in 2007 through the consolidation of NASD and NYSE Member Regulation, FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business—from registering and educating all industry participants to examining securities firms; writing and enforcing rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and registered firms. For more information, please visit our Web site at www.finra.org.
Saturday, March 8, 2008
March 07, 2008
The Principal Financial Group Named One of ''America’s Most Admired''
FORTUNE magazine’s annual list recognizes performance and reputation
DES MOINES, Iowa--(BUSINESS WIRE)
FORTUNE magazine named the Principal Financial Group® one of “America’s Most Admired Companies.” The Principal® was among the top four companies within the life and health insurance industry, receiving high marks for innovation. The complete list is available on www.fortune.com.
“This recognition is an honor, and The Principal is pleased to be admired by others within our industry,” said J. Barry Griswell, chairman and CEO of the Principal Financial Group. “The work is not done, however. The Principal will continue to provide service to our customers through industry leadership, corporate responsibility and customer satisfaction.”
The Principal was recognized in February as 21st on FORTUNE magazine’s 2008 list of the “100 Best Companies to Work For.” The company ranked 250 on the 2007 FORTUNE 500.
Finding “America’s Most Admired Companies”
To identify “America’s Most Admired Companies,” FORTUNE and the Hay Group, survey financial analysts and top executives and directors from FORTUNE 1000 and Global 500 companies to identify companies that have the strongest reputations within their industries and across industries.
Companies are rated on attributes that include the ability to attract and retain talented people, quality of products and services, quality of management, innovation, social responsibility, use of corporate assets and long-term investment value.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®)[1] is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $311.1 billion in assets under management[2] and serves some 18.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1 “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2 As of December 31, 2007
Contacts
Principal Financial Group
Rhonda Clark-Leyda, 515-247-6634
clark-leyda.rhonda@principal.com
At A Glance
Principal Financial Group
Headquarters: Des Moines, Iowa
Website: http://www.principal.com
CEO: J. Barry Griswell
Employees: 14,500
Ticker: PFG (NYSE)
Revenues: $8,303.7 million (2004)
Net Income: $825.6 million (2004)
Source: via Business Wire
Updated 01/03/2006 by company
The Principal Financial Group Named One of ''America’s Most Admired''
FORTUNE magazine’s annual list recognizes performance and reputation
DES MOINES, Iowa--(BUSINESS WIRE)
FORTUNE magazine named the Principal Financial Group® one of “America’s Most Admired Companies.” The Principal® was among the top four companies within the life and health insurance industry, receiving high marks for innovation. The complete list is available on www.fortune.com.
“This recognition is an honor, and The Principal is pleased to be admired by others within our industry,” said J. Barry Griswell, chairman and CEO of the Principal Financial Group. “The work is not done, however. The Principal will continue to provide service to our customers through industry leadership, corporate responsibility and customer satisfaction.”
The Principal was recognized in February as 21st on FORTUNE magazine’s 2008 list of the “100 Best Companies to Work For.” The company ranked 250 on the 2007 FORTUNE 500.
Finding “America’s Most Admired Companies”
To identify “America’s Most Admired Companies,” FORTUNE and the Hay Group, survey financial analysts and top executives and directors from FORTUNE 1000 and Global 500 companies to identify companies that have the strongest reputations within their industries and across industries.
Companies are rated on attributes that include the ability to attract and retain talented people, quality of products and services, quality of management, innovation, social responsibility, use of corporate assets and long-term investment value.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®)[1] is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $311.1 billion in assets under management[2] and serves some 18.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1 “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2 As of December 31, 2007
Contacts
Principal Financial Group
Rhonda Clark-Leyda, 515-247-6634
clark-leyda.rhonda@principal.com
At A Glance
Principal Financial Group
Headquarters: Des Moines, Iowa
Website: http://www.principal.com
CEO: J. Barry Griswell
Employees: 14,500
Ticker: PFG (NYSE)
Revenues: $8,303.7 million (2004)
Net Income: $825.6 million (2004)
Source: via Business Wire
Updated 01/03/2006 by company
NYSE Euronext Completes Acquisition of Wombat Financial Software
March 07, 2008
NYSE Euronext Completes Acquisition of Wombat Financial Software
Broadens NYSE Euronext’s Global Customer Base and Commercial Technology Offerings
Launches NYSE Euronext Advanced Trading Solutions
NEW YORK--(BUSINESS WIRE)
NYSE Euronext (NYX) today announced the closing of its $200 million acquisition of Wombat Financial Software (Wombat), the technology innovator and world leader in market data management solutions, as previously announced on January 14, 2008. Wombat will join TransactTools as part of the newly formed NYSE Euronext Advanced Trading Solutions division.
“On behalf of all my colleagues, we welcome the Wombat team to the NYSE Euronext family,” said Duncan L. Niederauer, CEO, NYSE Euronext. “Wombat, together with TransactTools, positions NYSE Euronext as a global leader in providing integrated commercial technology solutions for financial services firms and other markets. This is a rapidly growing sector of our business, and we look forward to providing our customer base with a comprehensive array of commercial technology solutions that include new connectivity tools, smart order routing, data management and direct market access.”
NYSE Euronext Advanced Trading Solutions will provide seamless high performance trading across asset classes, global geographies and time zones and a common end-to-end platform for accessing liquidity in any market. We combine the highest-performing enterprise software for financial connectivity (TransactTools) along with market-leading data management and distribution (Wombat), and the network and facilities infrastructure of the world’s leading markets (SFTI).
Wombat, which was founded in 1997 and has offices in the U.S., U.K. and Japan, offers a high speed market data and messaging platform with direct connection to markets that facilitates large volume, low latency data management and integration.
Today’s NYSE Opening BellSM celebrated the completion of the transaction and the introduction of Wombat Financial Software as part of NYSE Euronext Advanced Trading Solutions.
About NYSE Euronext
NYSE Euronext (NYX) operates the world’s leading and most liquid exchange group, and seeks to provide the highest levels of quality, customer choice and innovation. Its family of exchanges, located in six countries, include the New York Stock Exchange, the world's largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe, Europe's leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms. NYSE Euronext offers a diverse array of financial products and services for issuers, investors and financial institutions in cash equities, options and derivatives, ETFs, bonds, market data, and commercial technology solutions. NYSE Euronext's nearly 4,000 listed companies represent a combined $30.5 trillion/€20.9 trillion in total global market capitalization (as of Dec. 31, 2007), more than four times that of any other exchange group. NYSE Euronext's equity exchanges transact an average daily trading value of approximately $141 billion/€103 billion (as of Dec. 31, 2007), which represents more than one-third of the world's cash equities trading. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index. For more information, please visit www.nyx.com.
NYSE Euronext Completes Acquisition of Wombat Financial Software
Broadens NYSE Euronext’s Global Customer Base and Commercial Technology Offerings
Launches NYSE Euronext Advanced Trading Solutions
NEW YORK--(BUSINESS WIRE)
NYSE Euronext (NYX) today announced the closing of its $200 million acquisition of Wombat Financial Software (Wombat), the technology innovator and world leader in market data management solutions, as previously announced on January 14, 2008. Wombat will join TransactTools as part of the newly formed NYSE Euronext Advanced Trading Solutions division.
“On behalf of all my colleagues, we welcome the Wombat team to the NYSE Euronext family,” said Duncan L. Niederauer, CEO, NYSE Euronext. “Wombat, together with TransactTools, positions NYSE Euronext as a global leader in providing integrated commercial technology solutions for financial services firms and other markets. This is a rapidly growing sector of our business, and we look forward to providing our customer base with a comprehensive array of commercial technology solutions that include new connectivity tools, smart order routing, data management and direct market access.”
NYSE Euronext Advanced Trading Solutions will provide seamless high performance trading across asset classes, global geographies and time zones and a common end-to-end platform for accessing liquidity in any market. We combine the highest-performing enterprise software for financial connectivity (TransactTools) along with market-leading data management and distribution (Wombat), and the network and facilities infrastructure of the world’s leading markets (SFTI).
Wombat, which was founded in 1997 and has offices in the U.S., U.K. and Japan, offers a high speed market data and messaging platform with direct connection to markets that facilitates large volume, low latency data management and integration.
Today’s NYSE Opening BellSM celebrated the completion of the transaction and the introduction of Wombat Financial Software as part of NYSE Euronext Advanced Trading Solutions.
About NYSE Euronext
NYSE Euronext (NYX) operates the world’s leading and most liquid exchange group, and seeks to provide the highest levels of quality, customer choice and innovation. Its family of exchanges, located in six countries, include the New York Stock Exchange, the world's largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe, Europe's leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms. NYSE Euronext offers a diverse array of financial products and services for issuers, investors and financial institutions in cash equities, options and derivatives, ETFs, bonds, market data, and commercial technology solutions. NYSE Euronext's nearly 4,000 listed companies represent a combined $30.5 trillion/€20.9 trillion in total global market capitalization (as of Dec. 31, 2007), more than four times that of any other exchange group. NYSE Euronext's equity exchanges transact an average daily trading value of approximately $141 billion/€103 billion (as of Dec. 31, 2007), which represents more than one-third of the world's cash equities trading. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index. For more information, please visit www.nyx.com.
Friday, March 7, 2008
Trouble at Carlyle Capital
Friday March 7
Shares in the fund, a listed mortgage-bond fund managed by private equity firm the Carlyle Group, were suspended Friday. The stock closed down Thursday almost 60 percent at $5.00 on Euronext Amsterdam.
The fund said it was unable to meet margin calls from four banks Thursday, raising fears that its entire portfolio could be unwound.
Carlyle Capital leverages its $670 million equity 32 times to finance a $21.7 billion portfolio of residential mortgage-backed securities issued by U.S. housing agencies Freddie Mac and Fannie Mae.
To do this, it enters into repurchase agreements with banks, which involve posting the mortgage securities as collateral in exchange for cash.
The fund is managed by a unit of Washington D.C.-based Carlyle Group. It initially was launched as a private fund in 2006, then floated on Euronext Amsterdam in July.
Net asset value per share sank 30 percent last year, to $13.11 at Dec. 31 from $18.65 shortly before the listing. The stock had been offered at $19.
http://biz.yahoo.com/ap/080307/britain_carlyle_capital.html
Shares in the fund, a listed mortgage-bond fund managed by private equity firm the Carlyle Group, were suspended Friday. The stock closed down Thursday almost 60 percent at $5.00 on Euronext Amsterdam.
The fund said it was unable to meet margin calls from four banks Thursday, raising fears that its entire portfolio could be unwound.
Carlyle Capital leverages its $670 million equity 32 times to finance a $21.7 billion portfolio of residential mortgage-backed securities issued by U.S. housing agencies Freddie Mac and Fannie Mae.
To do this, it enters into repurchase agreements with banks, which involve posting the mortgage securities as collateral in exchange for cash.
The fund is managed by a unit of Washington D.C.-based Carlyle Group. It initially was launched as a private fund in 2006, then floated on Euronext Amsterdam in July.
Net asset value per share sank 30 percent last year, to $13.11 at Dec. 31 from $18.65 shortly before the listing. The stock had been offered at $19.
http://biz.yahoo.com/ap/080307/britain_carlyle_capital.html
Walid Chammah and James Gorman Named Co-Presidents of Morgan Stanley
Walid Chammah and James Gorman Named Co-Presidents of Morgan Stanley
New Leadership Team Also Includes Bob Scully Joining Office of the Chairman and Michael Petrick Serving as Head of Trading;
Zoe Cruz to Retire After 25 Years of Distinguished Service to the Firm
Nov 29 2007 | New York
Morgan Stanley (NYSE: MS) today announced a number of management changes, effective December 1, 2007, including appointing:
Walid A. Chammah and James P. Gorman as Co-Presidents of the Firm, working closely together across all aspects of Morgan Stanley’s business. In addition, on a day to day basis, Institutional Securities will report to Mr. Chammah and Wealth Management and Asset Management will report to Mr. Gorman. They will report to Chairman and Chief Executive Officer John J. Mack, and Mr. Chammah will continue to be based in London.
Robert Scully to join a newly created Office of the Chairman, where he will focus on the Firm’s key clients – with a particular emphasis on global sovereign investors. He will report to Mr. Mack.
Michael Petrick to oversee the Firm’s trading business and serve as Co-Head of Institutional Securities Sales and Trading, alongside Jerker Johansson.
Neal Shear as Chairman of the Firm’s industry-leading Commodities business.
In connection with these management changes, Co-President Zoe Cruz is retiring from the Firm after 25 years of service to Morgan Stanley. Mr. Mack said, “Throughout her 25 years of distinguished service, Zoe has always demonstrated a deep commitment to Morgan Stanley. She has helped to build some of our most important and successful businesses and worked tirelessly to strengthen and grow our global franchise. We greatly appreciate the enormous contributions Zoe has made in a wide variety of roles, and we are confident that she will continue to do great things in the years ahead.”
Mr. Mack continued, “Morgan Stanley’s business is strong and growing. We see significant opportunities to build on the market leadership positions we have across our global franchise and to take advantage of the strong foundation we’ve put in place in recent years. Today’s markets, however, are changing rapidly, and we’re putting in place a leadership team that is ideally suited to help Morgan Stanley realize the opportunities ahead, while continuing to navigate the current challenging conditions.
“Walid and James are the right team with the right skills to lead Morgan Stanley now and to drive the Firm forward to a new level of success. They are both exceptional leaders with a proven ability across many years to assemble and lead strong teams and build successful, profitable businesses. James has led a dramatic turnaround of our Wealth Management group – revitalizing its culture and transforming it into one of most dynamic competitors in the industry. He also has played a key role in better integrating our securities businesses, and most recently, has begun to play a key role in developing strategy for the entire Firm. Walid, during his 14 years with Morgan Stanley, has held key leadership roles throughout the Firm and played a critically important part in strengthening our culture. After starting his career in fixed income and structured products, he helped found and lead our Global Capital Markets group, reinvigorated our world-class Investment Banking franchise, and recently assumed leadership of the Firm’s growing European and Middle East businesses. Both Walid and James are widely respected within the Firm, among our clients and across the industry, and I am confident they will be strong partners and decisive leaders in their new roles.”
Mr. Mack concluded, “We have a number of other strong executives taking on new responsibilities – including Bob Scully, who has a strong track record of growing key relationships around the globe and providing insightful strategic counsel to our clients, and Mitch Petrick, who has extensive trading experience across a range of fixed income businesses and who has played a key role in building our principal investment group. Together with the rest of our senior management team, I am confident we have the right people in the right places to build on the strong momentum in many of our businesses and realize the enormous growth opportunities we see ahead.”
Ms. Cruz said, “One of the things that has always made Morgan Stanley so special is its incredibly talented team and its unwavering commitment to its clients. And, it has been a real privilege for me to spend the past 25 years at this great Firm – while working alongside of and learning from some of the smartest and most talented people in the business. I am confident that Morgan Stanley and its people will continue to build on their leadership position in the years to come, and I wish all of my colleagues well.”
Walid Chammah
Walid Chammah, 53, joined Morgan Stanley in 1993 as Head of U.S. Debt Capital Markets. In 1996, he was promoted to Worldwide Head of Debt Capital Markets Services. In 2001, Mr. Chammah's responsibilities were extended to include Worldwide Leveraged Finance and in 2002, he formed and was Head of the Global Capital Markets Group, which combined the Firm’s debt and equity capital markets activities. In 2005, Mr. Chammah was named Global Head of Investment Banking and in July 2007, he was named Chairman and Chief Executive Officer of Morgan Stanley International overseeing all of the Firm’s operations in Europe, the Middle East, and Africa.
Before joining Morgan Stanley, Mr. Chammah was a managing director of Credit Suisse First Boston, responsible for U.S. Taxable Fixed Income Capital Markets and Structured Finance Groups. He had previously been a senior vice president with Blyth Eastman PaineWebber, responsible for liability management swaps.
A native of Lebanon, Mr. Chammah graduated from the American University of Beirut with a Bachelor of Business Administration in 1976 and received a Masters Degree in International Management from American Graduate School of International Management in 1977.
James P. Gorman
James P. Gorman, 49, joined Morgan Stanley in February 2006 as the President and Chief Operating Officer of the Global Wealth Management Group (GWMG). In October 2007, Mr. Gorman took on the additional role of Co-Head of Strategic Planning with Chief Financial Officer Colm Kelleher. In this role, Mr. Gorman works closely with other senior managers on continuing to develop global strategic initiatives for the Firm.
Prior to joining Morgan Stanley in February 2006, Mr. Gorman held a succession of executive positions at Merrill Lynch, including leading from 2001 to 2005 the company’s U.S. and, subsequently, global private client businesses, the equivalent of GWMG at Morgan Stanley. Before joining Merrill Lynch, Mr. Gorman served as a senior partner of McKinsey & Company, where he was a member of the financial services practice, and as an attorney in Melbourne, Australia.
Mr. Gorman is a trustee of the Columbia Business School and of the Spence and St. Bernard’s schools in New York City. He was formerly a member of the board of directors of the Securities Industry and Financial Markets Association in Washington, D.C., and served as Board Chairman in 2006. A native of Australia, Mr. Gorman earned a B.A. and law degree from the University of Melbourne and an M.B.A. from Columbia University.
Michael Petrick
Michael (Mitch) Petrick, 45, joined Morgan Stanley in 1989 and has been a Managing Director since 1996. He became head of the Firm’s Distressed Debt business in 1999, and was named Head of High Yield and Leveraged Finance in 2001. In 2005, he became head of the Corporate Credit Group and Head of Morgan Stanley Principal Investments.
Prior to joining the Firm, Mitch spent two years at First Interstate Bank as a High Yield Portfolio Manager.
Mitch currently serves as a director of DigitalGlobe and TVN Entertainment. Previous directorships include American Household, Marvel Entertainment, Premium Standard Farms, Pacific & Atlantic and CHI Energy. Mitch graduated with a B.A. in Chemistry and Economics from Grinnell College in 1984. He earned his M.B.A. in Finance from the University of Chicago in 1987.
New Leadership Team Also Includes Bob Scully Joining Office of the Chairman and Michael Petrick Serving as Head of Trading;
Zoe Cruz to Retire After 25 Years of Distinguished Service to the Firm
Nov 29 2007 | New York
Morgan Stanley (NYSE: MS) today announced a number of management changes, effective December 1, 2007, including appointing:
Walid A. Chammah and James P. Gorman as Co-Presidents of the Firm, working closely together across all aspects of Morgan Stanley’s business. In addition, on a day to day basis, Institutional Securities will report to Mr. Chammah and Wealth Management and Asset Management will report to Mr. Gorman. They will report to Chairman and Chief Executive Officer John J. Mack, and Mr. Chammah will continue to be based in London.
Robert Scully to join a newly created Office of the Chairman, where he will focus on the Firm’s key clients – with a particular emphasis on global sovereign investors. He will report to Mr. Mack.
Michael Petrick to oversee the Firm’s trading business and serve as Co-Head of Institutional Securities Sales and Trading, alongside Jerker Johansson.
Neal Shear as Chairman of the Firm’s industry-leading Commodities business.
In connection with these management changes, Co-President Zoe Cruz is retiring from the Firm after 25 years of service to Morgan Stanley. Mr. Mack said, “Throughout her 25 years of distinguished service, Zoe has always demonstrated a deep commitment to Morgan Stanley. She has helped to build some of our most important and successful businesses and worked tirelessly to strengthen and grow our global franchise. We greatly appreciate the enormous contributions Zoe has made in a wide variety of roles, and we are confident that she will continue to do great things in the years ahead.”
Mr. Mack continued, “Morgan Stanley’s business is strong and growing. We see significant opportunities to build on the market leadership positions we have across our global franchise and to take advantage of the strong foundation we’ve put in place in recent years. Today’s markets, however, are changing rapidly, and we’re putting in place a leadership team that is ideally suited to help Morgan Stanley realize the opportunities ahead, while continuing to navigate the current challenging conditions.
“Walid and James are the right team with the right skills to lead Morgan Stanley now and to drive the Firm forward to a new level of success. They are both exceptional leaders with a proven ability across many years to assemble and lead strong teams and build successful, profitable businesses. James has led a dramatic turnaround of our Wealth Management group – revitalizing its culture and transforming it into one of most dynamic competitors in the industry. He also has played a key role in better integrating our securities businesses, and most recently, has begun to play a key role in developing strategy for the entire Firm. Walid, during his 14 years with Morgan Stanley, has held key leadership roles throughout the Firm and played a critically important part in strengthening our culture. After starting his career in fixed income and structured products, he helped found and lead our Global Capital Markets group, reinvigorated our world-class Investment Banking franchise, and recently assumed leadership of the Firm’s growing European and Middle East businesses. Both Walid and James are widely respected within the Firm, among our clients and across the industry, and I am confident they will be strong partners and decisive leaders in their new roles.”
Mr. Mack concluded, “We have a number of other strong executives taking on new responsibilities – including Bob Scully, who has a strong track record of growing key relationships around the globe and providing insightful strategic counsel to our clients, and Mitch Petrick, who has extensive trading experience across a range of fixed income businesses and who has played a key role in building our principal investment group. Together with the rest of our senior management team, I am confident we have the right people in the right places to build on the strong momentum in many of our businesses and realize the enormous growth opportunities we see ahead.”
Ms. Cruz said, “One of the things that has always made Morgan Stanley so special is its incredibly talented team and its unwavering commitment to its clients. And, it has been a real privilege for me to spend the past 25 years at this great Firm – while working alongside of and learning from some of the smartest and most talented people in the business. I am confident that Morgan Stanley and its people will continue to build on their leadership position in the years to come, and I wish all of my colleagues well.”
Walid Chammah
Walid Chammah, 53, joined Morgan Stanley in 1993 as Head of U.S. Debt Capital Markets. In 1996, he was promoted to Worldwide Head of Debt Capital Markets Services. In 2001, Mr. Chammah's responsibilities were extended to include Worldwide Leveraged Finance and in 2002, he formed and was Head of the Global Capital Markets Group, which combined the Firm’s debt and equity capital markets activities. In 2005, Mr. Chammah was named Global Head of Investment Banking and in July 2007, he was named Chairman and Chief Executive Officer of Morgan Stanley International overseeing all of the Firm’s operations in Europe, the Middle East, and Africa.
Before joining Morgan Stanley, Mr. Chammah was a managing director of Credit Suisse First Boston, responsible for U.S. Taxable Fixed Income Capital Markets and Structured Finance Groups. He had previously been a senior vice president with Blyth Eastman PaineWebber, responsible for liability management swaps.
A native of Lebanon, Mr. Chammah graduated from the American University of Beirut with a Bachelor of Business Administration in 1976 and received a Masters Degree in International Management from American Graduate School of International Management in 1977.
James P. Gorman
James P. Gorman, 49, joined Morgan Stanley in February 2006 as the President and Chief Operating Officer of the Global Wealth Management Group (GWMG). In October 2007, Mr. Gorman took on the additional role of Co-Head of Strategic Planning with Chief Financial Officer Colm Kelleher. In this role, Mr. Gorman works closely with other senior managers on continuing to develop global strategic initiatives for the Firm.
Prior to joining Morgan Stanley in February 2006, Mr. Gorman held a succession of executive positions at Merrill Lynch, including leading from 2001 to 2005 the company’s U.S. and, subsequently, global private client businesses, the equivalent of GWMG at Morgan Stanley. Before joining Merrill Lynch, Mr. Gorman served as a senior partner of McKinsey & Company, where he was a member of the financial services practice, and as an attorney in Melbourne, Australia.
Mr. Gorman is a trustee of the Columbia Business School and of the Spence and St. Bernard’s schools in New York City. He was formerly a member of the board of directors of the Securities Industry and Financial Markets Association in Washington, D.C., and served as Board Chairman in 2006. A native of Australia, Mr. Gorman earned a B.A. and law degree from the University of Melbourne and an M.B.A. from Columbia University.
Michael Petrick
Michael (Mitch) Petrick, 45, joined Morgan Stanley in 1989 and has been a Managing Director since 1996. He became head of the Firm’s Distressed Debt business in 1999, and was named Head of High Yield and Leveraged Finance in 2001. In 2005, he became head of the Corporate Credit Group and Head of Morgan Stanley Principal Investments.
Prior to joining the Firm, Mitch spent two years at First Interstate Bank as a High Yield Portfolio Manager.
Mitch currently serves as a director of DigitalGlobe and TVN Entertainment. Previous directorships include American Household, Marvel Entertainment, Premium Standard Farms, Pacific & Atlantic and CHI Energy. Mitch graduated with a B.A. in Chemistry and Economics from Grinnell College in 1984. He earned his M.B.A. in Finance from the University of Chicago in 1987.
Ellyn A. McColgan - COO - Morgan Stanley GWM group
Ellyn A. McColgan Named President and Chief Operating Officer of Morgan Stanley Global Wealth Management Group
Dec 17 2007 | New York
Morgan Stanley today announced that Ellyn A. McColgan has been named President and Chief Operating Officer of the Global Wealth Management Group (GWMG), effective in April, 2008. Ms. McColgan will be a member of Morgan Stanley’s Management Committee and will report to Co-President James P. Gorman, whom she succeeds in the GWMG leadership role.
Ms. McColgan, 53, joins Morgan Stanley after a 17-year career at Fidelity Investments, where she served most recently as President of Distribution and Operations. In this position, she was responsible for the firm’s retail and institutional distribution channels as well as core processing operations in the U.S. and India, representing 21,000 employees and more than $1.5 trillion in client assets under administration. Prior to this, she served as President of Fidelity Brokerage Company, the largest such company in the U.S. based on client assets and accounts.
“Breadth and Depth of Experience Unmatched in Our Industry”
John J. Mack, Chairman and CEO, said, “Ellyn McColgan is the ideal executive to carry forward the tremendous progress that James Gorman and his team have made in transforming our Global Wealth Management business into an industry leader. She will bring to our management committee a breadth and depth of experience that is unmatched in our industry. As the leader over a number of years of one of the largest wealth management businesses in the U.S., Ellyn has a proven ability to grow revenues and profits, deliver a superior operating platform to Financial Advisors and create a client experience that is second-to-none. Her leadership will enable us to build on the momentum we have achieved over the past two years in this important business for Morgan Stanley.”
Mr. Gorman said, “I have known Ellyn for many years, having first met her when we served together on the board of the Securities Industry and Financial Markets Association. She is one of the most talented executives in the wealth management industry and brings great insight, expertise and a fresh perspective to our business. We will draw upon her vast experience with wealth management products, retirement services and best-in-class operations and technology platforms to advance GWMG’s leadership position. I am looking forward to working closely with her to realize the full potential of this business and its incredibly talented team of Financial Advisors.”
Ms. McColgan joined Fidelity Investments in 1990, where she held a succession of executive positions across virtually all aspects of the firm’s distribution businesses. These included fund accounting and custody services, institutional retirement services and institutional investment services. In her most recent role as head of the brokerage company, she led the retail brokerage, mutual fund, correspondent clearing, registered investment advisor, capital markets and family office businesses.
Ms. McColgan received a B.A. from Montclair State College in 1975 and an M.B.A. from Harvard Business School in 1983. She served as Co-Chair of the Securities Industry and Financial Markets Association from 2006-2007, is a trustee of the Museum of Fine Arts, Boston, and a former trustee of Babson College. In 2005 and 2006, she was recognized by Fortune magazine as one of the “50 Most Powerful Women in Business.”
Over the past two years, Morgan Stanley has made significant progress in reinvigorating its Global Wealth Management business. GWMG has delivered six consecutive quarters of improved performance. In the third quarter, this business achieved its highest revenue since the second quarter of 2000 and a margin of 17 percent, compared with a margin of 1 percent in 2005. GWMG also delivered record annualized revenue per Financial Advisor of $817,000 in the third quarter, versus $502,000 in 2005, as Morgan Stanley continued to attract and retain high-quality advisors. Client inflows of nearly $15 billion reached all-time highs during the third quarter, and the amount of client assets in $1 million-plus households is up by $107 billion, or 28 percent, from the first quarter of 2006.
One of the largest businesses of its kind in the world, GWMG provides a range of wealth management products and services to individuals, businesses and institutions. These include brokerage and investment advisory services, financial and wealth planning, credit and lending, banking and cash management, annuities and insurance, retirement and trust.
Dec 17 2007 | New York
Morgan Stanley today announced that Ellyn A. McColgan has been named President and Chief Operating Officer of the Global Wealth Management Group (GWMG), effective in April, 2008. Ms. McColgan will be a member of Morgan Stanley’s Management Committee and will report to Co-President James P. Gorman, whom she succeeds in the GWMG leadership role.
Ms. McColgan, 53, joins Morgan Stanley after a 17-year career at Fidelity Investments, where she served most recently as President of Distribution and Operations. In this position, she was responsible for the firm’s retail and institutional distribution channels as well as core processing operations in the U.S. and India, representing 21,000 employees and more than $1.5 trillion in client assets under administration. Prior to this, she served as President of Fidelity Brokerage Company, the largest such company in the U.S. based on client assets and accounts.
“Breadth and Depth of Experience Unmatched in Our Industry”
John J. Mack, Chairman and CEO, said, “Ellyn McColgan is the ideal executive to carry forward the tremendous progress that James Gorman and his team have made in transforming our Global Wealth Management business into an industry leader. She will bring to our management committee a breadth and depth of experience that is unmatched in our industry. As the leader over a number of years of one of the largest wealth management businesses in the U.S., Ellyn has a proven ability to grow revenues and profits, deliver a superior operating platform to Financial Advisors and create a client experience that is second-to-none. Her leadership will enable us to build on the momentum we have achieved over the past two years in this important business for Morgan Stanley.”
Mr. Gorman said, “I have known Ellyn for many years, having first met her when we served together on the board of the Securities Industry and Financial Markets Association. She is one of the most talented executives in the wealth management industry and brings great insight, expertise and a fresh perspective to our business. We will draw upon her vast experience with wealth management products, retirement services and best-in-class operations and technology platforms to advance GWMG’s leadership position. I am looking forward to working closely with her to realize the full potential of this business and its incredibly talented team of Financial Advisors.”
Ms. McColgan joined Fidelity Investments in 1990, where she held a succession of executive positions across virtually all aspects of the firm’s distribution businesses. These included fund accounting and custody services, institutional retirement services and institutional investment services. In her most recent role as head of the brokerage company, she led the retail brokerage, mutual fund, correspondent clearing, registered investment advisor, capital markets and family office businesses.
Ms. McColgan received a B.A. from Montclair State College in 1975 and an M.B.A. from Harvard Business School in 1983. She served as Co-Chair of the Securities Industry and Financial Markets Association from 2006-2007, is a trustee of the Museum of Fine Arts, Boston, and a former trustee of Babson College. In 2005 and 2006, she was recognized by Fortune magazine as one of the “50 Most Powerful Women in Business.”
Over the past two years, Morgan Stanley has made significant progress in reinvigorating its Global Wealth Management business. GWMG has delivered six consecutive quarters of improved performance. In the third quarter, this business achieved its highest revenue since the second quarter of 2000 and a margin of 17 percent, compared with a margin of 1 percent in 2005. GWMG also delivered record annualized revenue per Financial Advisor of $817,000 in the third quarter, versus $502,000 in 2005, as Morgan Stanley continued to attract and retain high-quality advisors. Client inflows of nearly $15 billion reached all-time highs during the third quarter, and the amount of client assets in $1 million-plus households is up by $107 billion, or 28 percent, from the first quarter of 2006.
One of the largest businesses of its kind in the world, GWMG provides a range of wealth management products and services to individuals, businesses and institutions. These include brokerage and investment advisory services, financial and wealth planning, credit and lending, banking and cash management, annuities and insurance, retirement and trust.
Morgan Stanley Announces Chief Executive Officer for Asia
Morgan Stanley Announces Chief Executive Officer for Asia
Feb 12 2008 | Hong Kong
Morgan Stanley (NYSE:MS) today announced the appointment of Owen Thomas as Chief Executive Officer of Morgan Stanley Asia. Mr. Thomas has been serving as President of Morgan Stanley Investment Management (MSIM) since December 2005. He takes up his new role at the end of the month, at which time he will relocate from New York to Hong Kong. Stephen Roach will continue in his role as Chairman, Morgan Stanley Asia.
A 20-year Morgan Stanley veteran, Owen Thomas ran the Firm’s real estate investing business from 1994 and was Head of Morgan Stanley Real Estate from 2000 to 2005. Mr. Thomas will remain on the Firm’s Global Management Committee.
John J. Mack, Chairman and CEO of Morgan Stanley, said, “Owen has demonstrated the strategic vision and leadership skills necessary to manage and grow complex, multi-regional businesses. He helped build and run our world-class real estate franchise and, since 2005, contributed greatly to the improved performance of our asset management division, which has seen increasing revenues and assets under management.”
“Asia is a key growth opportunity for the Firm,” said Walid Chammah, Morgan Stanley’s Co- President. “We are confident that under Owen’s leadership our Asian franchise will continue to be a standout performer in the region.”
With Owen Thomas’s new appointment, Morgan Stanley announced that the Firm’s global MSIM business will be co-led by Stuart Bohart, Jay Mantz and Stephen Trevor. Mr. Mantz and Mr. Trevor will continue to co-head the Merchant Banking Group, which is comprised of Real Estate Investing, Private Equity and Infrastructure. Stuart Bohart will head all MSIM business outside of Merchant Banking.
Prior to his new role as Chief Executive Officer of Morgan Stanley Asia, Owen Thomas served as President of Morgan Stanley Investment Management (MSIM) from December 2005. Under his leadership (third quarter 2005 to fourth quarter 2007), global assets under management grew from US$428 billion to US$597 billion and MSIM net revenues grew from US$679 million to US$1.288 billion.
From 2000 to 2005 Mr. Thomas was Head of Morgan Stanley Real Estate, the Firm’s industryleading real estate investing and financial services franchise.
Mr. Thomas first joined Morgan Stanley in 1987. He began managing the real estate investing business in 1994, was named Managing Director in 1995 and was appointed Head of Morgan Stanley Real Estate in 2000. He is a Trustee of the Urban Land Institute, Vice Chairman of the Pension Real Estate Association and a member of the Real Estate Roundtable. He received a bachelor’s degree from the University of Virginia and an MBA from Harvard Business School.
Feb 12 2008 | Hong Kong
Morgan Stanley (NYSE:MS) today announced the appointment of Owen Thomas as Chief Executive Officer of Morgan Stanley Asia. Mr. Thomas has been serving as President of Morgan Stanley Investment Management (MSIM) since December 2005. He takes up his new role at the end of the month, at which time he will relocate from New York to Hong Kong. Stephen Roach will continue in his role as Chairman, Morgan Stanley Asia.
A 20-year Morgan Stanley veteran, Owen Thomas ran the Firm’s real estate investing business from 1994 and was Head of Morgan Stanley Real Estate from 2000 to 2005. Mr. Thomas will remain on the Firm’s Global Management Committee.
John J. Mack, Chairman and CEO of Morgan Stanley, said, “Owen has demonstrated the strategic vision and leadership skills necessary to manage and grow complex, multi-regional businesses. He helped build and run our world-class real estate franchise and, since 2005, contributed greatly to the improved performance of our asset management division, which has seen increasing revenues and assets under management.”
“Asia is a key growth opportunity for the Firm,” said Walid Chammah, Morgan Stanley’s Co- President. “We are confident that under Owen’s leadership our Asian franchise will continue to be a standout performer in the region.”
With Owen Thomas’s new appointment, Morgan Stanley announced that the Firm’s global MSIM business will be co-led by Stuart Bohart, Jay Mantz and Stephen Trevor. Mr. Mantz and Mr. Trevor will continue to co-head the Merchant Banking Group, which is comprised of Real Estate Investing, Private Equity and Infrastructure. Stuart Bohart will head all MSIM business outside of Merchant Banking.
Prior to his new role as Chief Executive Officer of Morgan Stanley Asia, Owen Thomas served as President of Morgan Stanley Investment Management (MSIM) from December 2005. Under his leadership (third quarter 2005 to fourth quarter 2007), global assets under management grew from US$428 billion to US$597 billion and MSIM net revenues grew from US$679 million to US$1.288 billion.
From 2000 to 2005 Mr. Thomas was Head of Morgan Stanley Real Estate, the Firm’s industryleading real estate investing and financial services franchise.
Mr. Thomas first joined Morgan Stanley in 1987. He began managing the real estate investing business in 1994, was named Managing Director in 1995 and was appointed Head of Morgan Stanley Real Estate in 2000. He is a Trustee of the Urban Land Institute, Vice Chairman of the Pension Real Estate Association and a member of the Real Estate Roundtable. He received a bachelor’s degree from the University of Virginia and an MBA from Harvard Business School.
Thursday, March 6, 2008
Statement from Peter Lynch
March 06, 2008 10:32
Statement from Peter Lynch
BOSTON--(BUSINESS WIRE)--The following is a statement from Peter Lynch: “Today I settled an administrative proceeding with the SEC. In asking the Fidelity equity trading desk for occasional help locating tickets, I never intended to do anything inappropriate, and I regret having made those requests. I want the public to know that I have never worked on the trading desk, and, since retiring from investment management at Fidelity over 17 years ago, I have not placed any trades on behalf of Fidelity with any brokerage firm. As many people know, over the past 17 years, I have spent most of my time on community service.”
Statement from Peter Lynch
BOSTON--(BUSINESS WIRE)--The following is a statement from Peter Lynch: “Today I settled an administrative proceeding with the SEC. In asking the Fidelity equity trading desk for occasional help locating tickets, I never intended to do anything inappropriate, and I regret having made those requests. I want the public to know that I have never worked on the trading desk, and, since retiring from investment management at Fidelity over 17 years ago, I have not placed any trades on behalf of Fidelity with any brokerage firm. As many people know, over the past 17 years, I have spent most of my time on community service.”
Morgan Stanley conference on microfinance
March 06, 2008
Morgan Stanley Builds Upon Leadership Role in Microfinance
Morgan Stanley and Women’s World Banking host conference, drawing participants from nearly 50 microfinance institutions
NEW YORK--(BUSINESS WIRE)--Morgan Stanley and Women’s World Banking teamed together to host a ground-breaking conference on microfinance and the capital markets on February 20-21. Nearly 300 people attended including socially responsible investors, Morgan Stanley employees and 78 members of 45 microfinance institutions (MFI’s) to discuss how MFI’s can take advantage of the increasing presence of the capital markets in the microfinance sector.
“This conference provided the opportunity for MFI’s, members of academia, investors and the financial community to discuss the growing demand for innovative financial solutions for the microlender,” said Ellen Brunsberg, Managing Director at Morgan Stanley. “Morgan Stanley leads the market in recognizing the connection between this sector and the capital markets. We provide access to capital, financial advice and global markets execution with the intent of helping this industry access sustainable banking services.”
“The evolution of microfinance from a community-centered, non-profit activity based primarily on charitable impulses to an asset class that global investors are vying to get into is indeed an extraordinary phenomenon,” said Mary Ellen Iskenderian, President and CEO of Women’s World Banking. “As we celebrate the potential that these changes bring for the future of microfinance, we must also be mindful of not losing sight of our social mission of empowering women and alleviating poverty. Morgan Stanley is playing a vital role in educating the financial industry and facilitating the capital markets needs of MFI’s.”
The conference also featured a Microfinance Case Study Competition where nine teams of Morgan Stanley employees worked with participating microfinance institutions over a four-week period prior to the conference to develop high-level, strategic case studies on topics such as optimal capital structure and ideal equity investors to present on the first day of the conference. The competition culminated on the second day when three finalist teams presented on stage to nearly 300 conference attendees. First place was awarded to the team working with Findesa, the largest MFI in Nicaragua. The team built an innovative and impactful framework for assessing Findesa’s search for an optimal equity investor, and also provided creative recommendations for new capital markets instruments Findesa should consider.
“These Morgan Stanley teams represented outstanding performers at the Firm who wanted to apply their commercial skills to a strategic challenge with a social mission,” said Linda Riefler, Morgan Stanley’s Chief Talent Officer. “In addition to providing capital markets insights into their microfinance institution partners, our employees gained valuable experience working on cross-divisional teams, managing a client relationship and learning first hand about emerging market dynamics.”
Findesa will receive three months of pro-bono advisory services from Morgan Stanley’s Microfinance Institutions Group as a result of the win.
“We felt we were a winner before the results of the contest were revealed because Morgan Stanley’s team provided us with so many innovative financial solutions to meet our business needs,” said Gabriel Solorzano, Chairman, Findesa.
Ian Callaghan, Head of the Microfinance Institutions Group at Morgan Stanley said, “Given widespread concerns about management strength at a time of great changes in the microfinance industry, the conference has been our contribution to capacity building in terms of capital markets awareness among MFI’s. At the same time, we have been able to significantly scale up awareness of microfinance internally at Morgan Stanley.”
Other conference highlights included MFI capital markets workshops that addressed topics such as optimal capital structures, credit due diligence and investment readiness and navigating risk. James E. Austin, Emeritus Professor, Harvard Business School, moderated discussion sessions and the Case Study Competition.
Morgan Stanley has arranged $250 million of funding for microfinance institutions, providing medium-term funding for on-lending to approximately 300,000 micro-entrepreneurs in 20 developing countries.
About Morgan Stanley
Morgan Stanley’s dedicated microfinance team, the Microfinance Institutions Group, operates globally to leverage local and market expertise throughout the Firm. The group seeks to originate microfinance-related transactions for the capital markets and to manage Morgan Stanley’s direct and indirect equity involvement in microfinance.
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 33 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
About Women’s World Banking
Women’s World Banking is a global network of 54 microfinance providers and banks, working in 30 countries to bring financial services and information to poor entrepreneurs. The network serves 9 million microentrepreneurs directly, and another 14 million indirectly through its bank partners and others. The network is supported by a global team based in New York which delivers expertise in product design and distribution, access to capital markets, and customer and insight. For more information about WWB, visit www.womensworldbanking.org.
Morgan Stanley Builds Upon Leadership Role in Microfinance
Morgan Stanley and Women’s World Banking host conference, drawing participants from nearly 50 microfinance institutions
NEW YORK--(BUSINESS WIRE)--Morgan Stanley and Women’s World Banking teamed together to host a ground-breaking conference on microfinance and the capital markets on February 20-21. Nearly 300 people attended including socially responsible investors, Morgan Stanley employees and 78 members of 45 microfinance institutions (MFI’s) to discuss how MFI’s can take advantage of the increasing presence of the capital markets in the microfinance sector.
“This conference provided the opportunity for MFI’s, members of academia, investors and the financial community to discuss the growing demand for innovative financial solutions for the microlender,” said Ellen Brunsberg, Managing Director at Morgan Stanley. “Morgan Stanley leads the market in recognizing the connection between this sector and the capital markets. We provide access to capital, financial advice and global markets execution with the intent of helping this industry access sustainable banking services.”
“The evolution of microfinance from a community-centered, non-profit activity based primarily on charitable impulses to an asset class that global investors are vying to get into is indeed an extraordinary phenomenon,” said Mary Ellen Iskenderian, President and CEO of Women’s World Banking. “As we celebrate the potential that these changes bring for the future of microfinance, we must also be mindful of not losing sight of our social mission of empowering women and alleviating poverty. Morgan Stanley is playing a vital role in educating the financial industry and facilitating the capital markets needs of MFI’s.”
The conference also featured a Microfinance Case Study Competition where nine teams of Morgan Stanley employees worked with participating microfinance institutions over a four-week period prior to the conference to develop high-level, strategic case studies on topics such as optimal capital structure and ideal equity investors to present on the first day of the conference. The competition culminated on the second day when three finalist teams presented on stage to nearly 300 conference attendees. First place was awarded to the team working with Findesa, the largest MFI in Nicaragua. The team built an innovative and impactful framework for assessing Findesa’s search for an optimal equity investor, and also provided creative recommendations for new capital markets instruments Findesa should consider.
“These Morgan Stanley teams represented outstanding performers at the Firm who wanted to apply their commercial skills to a strategic challenge with a social mission,” said Linda Riefler, Morgan Stanley’s Chief Talent Officer. “In addition to providing capital markets insights into their microfinance institution partners, our employees gained valuable experience working on cross-divisional teams, managing a client relationship and learning first hand about emerging market dynamics.”
Findesa will receive three months of pro-bono advisory services from Morgan Stanley’s Microfinance Institutions Group as a result of the win.
“We felt we were a winner before the results of the contest were revealed because Morgan Stanley’s team provided us with so many innovative financial solutions to meet our business needs,” said Gabriel Solorzano, Chairman, Findesa.
Ian Callaghan, Head of the Microfinance Institutions Group at Morgan Stanley said, “Given widespread concerns about management strength at a time of great changes in the microfinance industry, the conference has been our contribution to capacity building in terms of capital markets awareness among MFI’s. At the same time, we have been able to significantly scale up awareness of microfinance internally at Morgan Stanley.”
Other conference highlights included MFI capital markets workshops that addressed topics such as optimal capital structures, credit due diligence and investment readiness and navigating risk. James E. Austin, Emeritus Professor, Harvard Business School, moderated discussion sessions and the Case Study Competition.
Morgan Stanley has arranged $250 million of funding for microfinance institutions, providing medium-term funding for on-lending to approximately 300,000 micro-entrepreneurs in 20 developing countries.
About Morgan Stanley
Morgan Stanley’s dedicated microfinance team, the Microfinance Institutions Group, operates globally to leverage local and market expertise throughout the Firm. The group seeks to originate microfinance-related transactions for the capital markets and to manage Morgan Stanley’s direct and indirect equity involvement in microfinance.
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 33 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
About Women’s World Banking
Women’s World Banking is a global network of 54 microfinance providers and banks, working in 30 countries to bring financial services and information to poor entrepreneurs. The network serves 9 million microentrepreneurs directly, and another 14 million indirectly through its bank partners and others. The network is supported by a global team based in New York which delivers expertise in product design and distribution, access to capital markets, and customer and insight. For more information about WWB, visit www.womensworldbanking.org.
6 March 2008
Citi Strengthens U.S. Residential Mortgage Business
Residential Mortgage Assets to Be Reduced by $45 Billion
Operational Efficiencies Expected to Produce $200 Million in Annual Expense Savings
Strengthening Origination Quality and Underwriting Criteria to Mitigate Losses
Changes Spurred by Business Review Process Underway across Citi
NEW YORK--(BUSINESS WIRE)
Citi today announced it intends to reduce residential mortgage assets in its U.S. mortgage business by approximately $45 billion over the next 12 months, a 20 percent decrease from December 2007 levels, and will cut the amount of new loans to be held in portfolio by more than 50 percent in the next year. In addition, the company will integrate middle office and support areas to serve both first and second mortgage operations, organize sales channels around customer segments, and strengthen ties with Citi Markets & Banking, which will be the primary provider of capital markets services to its U.S. mortgage business going forward. Citi expects these changes to reduce expenses by approximately $200 million on a run rate basis within 12 months.
In January, Citi announced the creation of an end-to-end U.S. residential mortgage business that includes origination, servicing and capital markets securitization execution headed by Bill Beckmann.
As part of that change, Citi will consolidate operations, policies and procedures in its U.S. mortgage business to achieve greater operational efficiency, appropriate alignment of incentives and ensure in-depth, timely understanding of mortgage exposure. In addition, Citi will integrate all residential mortgage operations under the CitiMortgage name, including CitiMortgage, Citi Home Equity and Citi Residential Lending.
“Consistent with the key priorities of Citi Chief Executive Vikram Pandit, this end-to-end realignment will create a simplified and streamlined organization that is more sharply focused on clients and able to direct resources to the business lines and customer segments with the highest growth potential,” said Bill Beckmann, President of CitiMortgage Inc. “At the same time, these changes will enable us to manage the business unit’s capital for enhanced returns.”
With these changes, CitiMortgage will remain a leader in origination and servicing and will be well positioned to leverage Citi’s capital markets expertise in pricing and distribution. Specifically, CitiMortgage is taking the following actions to strengthen its business:
Focusing the business on higher returns, reducing the amount of portfolio lending and reducing capital and credit exposure. CitiMortgage intends to increase the level of loans sold to Agencies (e.g., Fannie Mae, Freddie Mac) or securitized to approximately 90% of production by Q3, up from 65% in 2007, and focus on originating and selling the majority of its production for higher returns, further reducing capital and credit exposure and forcing discipline in sales origination.
Combining all U.S. mortgage businesses into one organization under the CitiMortgage banner. The new CitiMortgage will have a single set of product offerings with coordinated pricing and business practices; a common sales organization with a single leader for each customer segment (e.g., correspondent, wholesale and retail); a consolidated middle office support structure with a common CFO, Credit head and Human Resources lead; and staffing levels that reflect market and economic realities.
Coordinating non-Agency capital markets activity through Citi Markets & Banking and instituting a joint reporting structure to Global Consumer Group and Citi Markets & Banking to strengthen ties between origination and capital markets. Going forward, Citi Markets & Banking will have a significant role in shaping CitiMortgage’s products, as well as its pricing and distribution activities. Citi Markets & Banking will be the primary provider of these services to the consolidated U.S. mortgage business.
Improving the quality of origination, tightening underwriting criteria and making changes to policy and process to mitigate losses. CitiMortgage already has reduced the volume of second mortgage origination in general and reduced third party second lien loans by over 90% from a year ago, maintaining relationships with only those brokers who produce strong, high-quality and profitable volume. The company has tightened documentation and verification requirements across product mix and strengthened LTV (loan-to-value) requirements in declining markets. These shifts have resulted in higher FICO scores and lower LTVs for newer originations.
Eliminating a number of higher risk product offerings. CitiMortgage no longer offers mortgage loans for investment properties on three- and four-family homes and has curtailed bulk loan purchases. In addition, the company has eliminated 2/28 and 3/27 ARMS as well as home equity loans behind lower FICO score first mortgages.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Citi Strengthens U.S. Residential Mortgage Business
Residential Mortgage Assets to Be Reduced by $45 Billion
Operational Efficiencies Expected to Produce $200 Million in Annual Expense Savings
Strengthening Origination Quality and Underwriting Criteria to Mitigate Losses
Changes Spurred by Business Review Process Underway across Citi
NEW YORK--(BUSINESS WIRE)
Citi today announced it intends to reduce residential mortgage assets in its U.S. mortgage business by approximately $45 billion over the next 12 months, a 20 percent decrease from December 2007 levels, and will cut the amount of new loans to be held in portfolio by more than 50 percent in the next year. In addition, the company will integrate middle office and support areas to serve both first and second mortgage operations, organize sales channels around customer segments, and strengthen ties with Citi Markets & Banking, which will be the primary provider of capital markets services to its U.S. mortgage business going forward. Citi expects these changes to reduce expenses by approximately $200 million on a run rate basis within 12 months.
In January, Citi announced the creation of an end-to-end U.S. residential mortgage business that includes origination, servicing and capital markets securitization execution headed by Bill Beckmann.
As part of that change, Citi will consolidate operations, policies and procedures in its U.S. mortgage business to achieve greater operational efficiency, appropriate alignment of incentives and ensure in-depth, timely understanding of mortgage exposure. In addition, Citi will integrate all residential mortgage operations under the CitiMortgage name, including CitiMortgage, Citi Home Equity and Citi Residential Lending.
“Consistent with the key priorities of Citi Chief Executive Vikram Pandit, this end-to-end realignment will create a simplified and streamlined organization that is more sharply focused on clients and able to direct resources to the business lines and customer segments with the highest growth potential,” said Bill Beckmann, President of CitiMortgage Inc. “At the same time, these changes will enable us to manage the business unit’s capital for enhanced returns.”
With these changes, CitiMortgage will remain a leader in origination and servicing and will be well positioned to leverage Citi’s capital markets expertise in pricing and distribution. Specifically, CitiMortgage is taking the following actions to strengthen its business:
Focusing the business on higher returns, reducing the amount of portfolio lending and reducing capital and credit exposure. CitiMortgage intends to increase the level of loans sold to Agencies (e.g., Fannie Mae, Freddie Mac) or securitized to approximately 90% of production by Q3, up from 65% in 2007, and focus on originating and selling the majority of its production for higher returns, further reducing capital and credit exposure and forcing discipline in sales origination.
Combining all U.S. mortgage businesses into one organization under the CitiMortgage banner. The new CitiMortgage will have a single set of product offerings with coordinated pricing and business practices; a common sales organization with a single leader for each customer segment (e.g., correspondent, wholesale and retail); a consolidated middle office support structure with a common CFO, Credit head and Human Resources lead; and staffing levels that reflect market and economic realities.
Coordinating non-Agency capital markets activity through Citi Markets & Banking and instituting a joint reporting structure to Global Consumer Group and Citi Markets & Banking to strengthen ties between origination and capital markets. Going forward, Citi Markets & Banking will have a significant role in shaping CitiMortgage’s products, as well as its pricing and distribution activities. Citi Markets & Banking will be the primary provider of these services to the consolidated U.S. mortgage business.
Improving the quality of origination, tightening underwriting criteria and making changes to policy and process to mitigate losses. CitiMortgage already has reduced the volume of second mortgage origination in general and reduced third party second lien loans by over 90% from a year ago, maintaining relationships with only those brokers who produce strong, high-quality and profitable volume. The company has tightened documentation and verification requirements across product mix and strengthened LTV (loan-to-value) requirements in declining markets. These shifts have resulted in higher FICO scores and lower LTVs for newer originations.
Eliminating a number of higher risk product offerings. CitiMortgage no longer offers mortgage loans for investment properties on three- and four-family homes and has curtailed bulk loan purchases. In addition, the company has eliminated 2/28 and 3/27 ARMS as well as home equity loans behind lower FICO score first mortgages.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
BGC Closes Acquisition of Radix Energy
BGC Closes Acquisition of Radix Energy
Leading inter-dealer brokerage firm closes previously announced acquisition of Radix Energy
March 06, 2008
LONDON--(BUSINESS WIRE)
BGC, a leading inter-dealer brokerage firm providing integrated voice and electronic services to wholesale fixed income, interest rate, foreign exchange and derivatives markets worldwide, today announced the completion of its acquisition of the business of Radix Energy, through its new subsidiary BGC Radix Energy L.P. Singapore Branch.
The acquisition marks an important step in BGC’s expansion through its ability to offer clients voice and electronic brokerage services in the world’s energy markets for the first time, with products including crude oil, naptha, middle distillates, fuel oil and freight swap derivatives. Although based in Singapore, BGC Radix Energy will serve clients on a global basis.
Commenting on the transaction, Shaun Lynn, President of BGC, said, “We consider world energy markets and the Asian region as important factors in the next stage of BGC’s growth and development and are delighted to have completed this acquisition. Radix Energy is the latest in a series of acquisitions and we will continue to look at opportunities and invest where we feel a business will complement our existing lines.”
Richard Tan, Managing Director of BGC Radix Energy said, “This acquisition will enable Radix Energy to become a global operation through BGC’s investment, support and the application of its platform to the energy markets. It means that we will be able to broaden and expand services to existing clients and source new opportunities in Europe and the United States.”
Since its creation in October 2004, having been separated out from Cantor Fitzgerald, BGC has expanded through organic growth and selected acquisitions in Europe, Asia and the U.S. In 2004, BGC employed over 650 people; total employees now exceed 1,700 in 14 offices around the world. The acquisition of Radix Energy follows the previous acquisitions of Euro Brokers, ETC Pollak, Aurel Leven Securities, the equity derivatives business of Marex Financial and the announcement that BGC is to merge with eSpeed Inc., subject to the relevant regulatory and other approvals.
About BGC
BGC is a leading inter-dealer broker, providing integrated voice and electronic execution and other brokerage services to banks, brokerage houses and investment banks for a broad range of global financial products including fixed income securities, foreign exchange, equity derivatives, credit derivatives, futures, structured products and other instruments. This is complemented by market data products for selected financial instruments. Named after fixed income trading innovator B. Gerald Cantor, BGC has offices in London, New York, Copenhagen, Istanbul, Nyon, Paris, Mexico City, Toronto, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Beijing (representative office). To learn more, please visit www.bgcpartners.com.
Contacts
Media:
BGC
Timo Kindred, 44-(0)207-894-7292
tkindred@bgcpartners.com
Leading inter-dealer brokerage firm closes previously announced acquisition of Radix Energy
March 06, 2008
LONDON--(BUSINESS WIRE)
BGC, a leading inter-dealer brokerage firm providing integrated voice and electronic services to wholesale fixed income, interest rate, foreign exchange and derivatives markets worldwide, today announced the completion of its acquisition of the business of Radix Energy, through its new subsidiary BGC Radix Energy L.P. Singapore Branch.
The acquisition marks an important step in BGC’s expansion through its ability to offer clients voice and electronic brokerage services in the world’s energy markets for the first time, with products including crude oil, naptha, middle distillates, fuel oil and freight swap derivatives. Although based in Singapore, BGC Radix Energy will serve clients on a global basis.
Commenting on the transaction, Shaun Lynn, President of BGC, said, “We consider world energy markets and the Asian region as important factors in the next stage of BGC’s growth and development and are delighted to have completed this acquisition. Radix Energy is the latest in a series of acquisitions and we will continue to look at opportunities and invest where we feel a business will complement our existing lines.”
Richard Tan, Managing Director of BGC Radix Energy said, “This acquisition will enable Radix Energy to become a global operation through BGC’s investment, support and the application of its platform to the energy markets. It means that we will be able to broaden and expand services to existing clients and source new opportunities in Europe and the United States.”
Since its creation in October 2004, having been separated out from Cantor Fitzgerald, BGC has expanded through organic growth and selected acquisitions in Europe, Asia and the U.S. In 2004, BGC employed over 650 people; total employees now exceed 1,700 in 14 offices around the world. The acquisition of Radix Energy follows the previous acquisitions of Euro Brokers, ETC Pollak, Aurel Leven Securities, the equity derivatives business of Marex Financial and the announcement that BGC is to merge with eSpeed Inc., subject to the relevant regulatory and other approvals.
About BGC
BGC is a leading inter-dealer broker, providing integrated voice and electronic execution and other brokerage services to banks, brokerage houses and investment banks for a broad range of global financial products including fixed income securities, foreign exchange, equity derivatives, credit derivatives, futures, structured products and other instruments. This is complemented by market data products for selected financial instruments. Named after fixed income trading innovator B. Gerald Cantor, BGC has offices in London, New York, Copenhagen, Istanbul, Nyon, Paris, Mexico City, Toronto, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Beijing (representative office). To learn more, please visit www.bgcpartners.com.
Contacts
Media:
BGC
Timo Kindred, 44-(0)207-894-7292
tkindred@bgcpartners.com
Wednesday, March 5, 2008
Merrill Lynch Global Research Introduces Frontier Index
NEW YORK & LONDON--(BUSINESS WIRE)--Merrill Lynch Global Research has introduced a new frontier equity index, which is designed to identify the largest and most liquid stocks in frontier markets. A “frontier market” is a developing economy with an undeveloped equity market.
The Merrill Lynch Frontier Index is composed of 50 stocks in the frontier markets of Europe, the Middle East, Africa and Asia, reflecting 17 countries, including the United Arab Emirates (UAE), Kuwait, Nigeria, Morocco, Pakistan, Kazakhstan, Vietnam and Cyprus.
Michael Hartnett, Merrill Lynch chief global emerging markets equity strategist, said: “The ultimate goal for many investors in 2008 is to find assets which are not closely linked to the fortunes of Wall Street. Frontier market returns are far less correlated to the performance of the S&P 500 than emerging and developed equity markets.”
In frontier markets, during the period of February 2000 to December 2007, the monthly correlation of returns for the S&P 500 was 32 percent, compared to 73 percent for emerging markets and 96 percent for developed markets.
Middle East Plays Leading Role
Stocks listed in the Middle East make up 50.0 percent of the new index, followed by a 22.6 percent share for Asia, 14.1 percent for Europe and 13.3 percent for Africa. The top three countries represented in the index are the UAE (23.1 percent), Kuwait (18.1 percent) and Pakistan (13.6 percent). Banks dominate the index (39.4 percent), followed by financial services companies (25.7 percent) and oil and gas firms (13.6 percent).
The hallmarks of frontier markets include undercapitalization and weaker regulatory frameworks, as well as lower levels of foreign ownership, borrowing and transparency. Frontier markets have outperformed both emerging and developed equity markets since January 2000, with 20 percent annualized returns, compared to 12 percent for emerging markets and 1 percent for developed markets. While market risk is high in frontier markets, they also have strong economic growth potential.
To be included in the index, stocks must have a market capitalization of at least U.S. $500 million, a three-month average daily turnover of at least U.S. $750,000 and a foreign ownership limit above 15 percent. The composition of the index will be reviewed twice a year, in February and August.
Henry Hall, head of Global Emerging Market Equity Linked Sales, Structuring and Financing, EMEA, said, “Frontier equity markets offer investors a unique opportunity to diversify their portfolio as well as to benefit from what we believe will be the markets' significant long-term growth potential. Merrill Lynch is determined to offer both its institutional and individual clients the greatest range of equity products linked to frontier equity markets, including this index.”
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 40 countries and territories and total client assets of almost $2 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world’s largest publicly traded investment management companies, with more than $1 trillion in assets under management. For more information on Merrill Lynch, please visit www.ml.com.
Contacts
Merrill Lynch
New York
Susan McCabe Walley, +1 212-449-0389
susan_mccabe@ml.com
Or
London
Tomos Rhys Edwards, +44 20 7995 2763
tomos_edwards@ml.com
or
Sarah-Jane Purvis, +44 20 7995 2289
sarahjane_purvis@ml.com
The Merrill Lynch Frontier Index is composed of 50 stocks in the frontier markets of Europe, the Middle East, Africa and Asia, reflecting 17 countries, including the United Arab Emirates (UAE), Kuwait, Nigeria, Morocco, Pakistan, Kazakhstan, Vietnam and Cyprus.
Michael Hartnett, Merrill Lynch chief global emerging markets equity strategist, said: “The ultimate goal for many investors in 2008 is to find assets which are not closely linked to the fortunes of Wall Street. Frontier market returns are far less correlated to the performance of the S&P 500 than emerging and developed equity markets.”
In frontier markets, during the period of February 2000 to December 2007, the monthly correlation of returns for the S&P 500 was 32 percent, compared to 73 percent for emerging markets and 96 percent for developed markets.
Middle East Plays Leading Role
Stocks listed in the Middle East make up 50.0 percent of the new index, followed by a 22.6 percent share for Asia, 14.1 percent for Europe and 13.3 percent for Africa. The top three countries represented in the index are the UAE (23.1 percent), Kuwait (18.1 percent) and Pakistan (13.6 percent). Banks dominate the index (39.4 percent), followed by financial services companies (25.7 percent) and oil and gas firms (13.6 percent).
The hallmarks of frontier markets include undercapitalization and weaker regulatory frameworks, as well as lower levels of foreign ownership, borrowing and transparency. Frontier markets have outperformed both emerging and developed equity markets since January 2000, with 20 percent annualized returns, compared to 12 percent for emerging markets and 1 percent for developed markets. While market risk is high in frontier markets, they also have strong economic growth potential.
To be included in the index, stocks must have a market capitalization of at least U.S. $500 million, a three-month average daily turnover of at least U.S. $750,000 and a foreign ownership limit above 15 percent. The composition of the index will be reviewed twice a year, in February and August.
Henry Hall, head of Global Emerging Market Equity Linked Sales, Structuring and Financing, EMEA, said, “Frontier equity markets offer investors a unique opportunity to diversify their portfolio as well as to benefit from what we believe will be the markets' significant long-term growth potential. Merrill Lynch is determined to offer both its institutional and individual clients the greatest range of equity products linked to frontier equity markets, including this index.”
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 40 countries and territories and total client assets of almost $2 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world’s largest publicly traded investment management companies, with more than $1 trillion in assets under management. For more information on Merrill Lynch, please visit www.ml.com.
Contacts
Merrill Lynch
New York
Susan McCabe Walley, +1 212-449-0389
susan_mccabe@ml.com
Or
London
Tomos Rhys Edwards, +44 20 7995 2763
tomos_edwards@ml.com
or
Sarah-Jane Purvis, +44 20 7995 2289
sarahjane_purvis@ml.com
Thursday, February 28, 2008
Transctions in Asset Management Industry in 2007
Buyers of asset management firms committed $51.2 billion in 241 transactions globally in 2007, according to New York-based Jefferies Putnam Lovell, 16% above the prior year by disclosed deal value, and almost 26% higher than the 191 deals announced in 2006. Even excluding the record 11 initial public offerings by fund management companies in 2007, the trade sale total equaled $43 billion, eclipsing the year-earlier $42 billion.
Among the trends Jefferies Putnam Lovell expects to unfold during the next 12 months are:
Transaction activity, driven by the secular demand for higher-growth alternative investments, will be solid. Nevertheless, a large group of prospective sellers will elect to wait for sunnier markets, and resurrected record profits, before returning to the auction block.
Buyout firms will continue to shop aggressively in the asset management and financial technology aisles by offering equity-heavy deals.
Financial technology firms will continue to attract attention from strategic buyers, as exchanges gird themselves for conflict with alternative trading venues, custodians look for the differentiating edge, and buy-side firms seek further methods of out-trading a subprime-ravaged sell-side.
Alternative asset managers will account for a record proportion of deals in 2008. Long-only players will step up their search for short skills. Alternative firms, looking to dampen the revenue volatility from performance fees, will seek more asset-based fees to improve earnings quality.
Public markets will remain a viable source of liquidity for asset managers. As asset management becomes a more clearly defined, understood and independent sector within financial services, its higher-value attributes will shine through. Multiples paid for quoted fund managers globally will rebound with a broad market.
Cross-border transaction activity will continue to drive a growing portion of deal activity. Asia’s long-term promise remains bright, and US asset managers must fulfill their customers’ voracious demand for international securities.
The report is available at www.jefferies.com/jpl.
About Jefferies Putnam Lovell
Putnam Lovell, the division of Jefferies & Company, Inc. focused on the financial services industry, offers a wide range of corporate advisory services, including mergers and acquisitions advice and capital raising. Putnam Lovell’s global client base is comprised of diversified financial services firms, institutional and mutual fund managers, alternative investment managers, banks, broker-dealers, insurers, and financial technology firms. Putnam Lovell was founded in 1987 and operates from offices in New York, San Francisco, Boston, and London. Since July 2007, Putnam Lovell has been a division of Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF). For more information please visit www.putnamlovell.com.
About Jefferies
Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for 45 years. Headquartered in New York, with more than 25 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, securities research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities for institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefferies.com)
Contact:
Tom Tarrant
Jefferies & Company, Inc.
203-708-5989
ttarrant@Jefferies.com
Among the trends Jefferies Putnam Lovell expects to unfold during the next 12 months are:
Transaction activity, driven by the secular demand for higher-growth alternative investments, will be solid. Nevertheless, a large group of prospective sellers will elect to wait for sunnier markets, and resurrected record profits, before returning to the auction block.
Buyout firms will continue to shop aggressively in the asset management and financial technology aisles by offering equity-heavy deals.
Financial technology firms will continue to attract attention from strategic buyers, as exchanges gird themselves for conflict with alternative trading venues, custodians look for the differentiating edge, and buy-side firms seek further methods of out-trading a subprime-ravaged sell-side.
Alternative asset managers will account for a record proportion of deals in 2008. Long-only players will step up their search for short skills. Alternative firms, looking to dampen the revenue volatility from performance fees, will seek more asset-based fees to improve earnings quality.
Public markets will remain a viable source of liquidity for asset managers. As asset management becomes a more clearly defined, understood and independent sector within financial services, its higher-value attributes will shine through. Multiples paid for quoted fund managers globally will rebound with a broad market.
Cross-border transaction activity will continue to drive a growing portion of deal activity. Asia’s long-term promise remains bright, and US asset managers must fulfill their customers’ voracious demand for international securities.
The report is available at www.jefferies.com/jpl.
About Jefferies Putnam Lovell
Putnam Lovell, the division of Jefferies & Company, Inc. focused on the financial services industry, offers a wide range of corporate advisory services, including mergers and acquisitions advice and capital raising. Putnam Lovell’s global client base is comprised of diversified financial services firms, institutional and mutual fund managers, alternative investment managers, banks, broker-dealers, insurers, and financial technology firms. Putnam Lovell was founded in 1987 and operates from offices in New York, San Francisco, Boston, and London. Since July 2007, Putnam Lovell has been a division of Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF). For more information please visit www.putnamlovell.com.
About Jefferies
Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for 45 years. Headquartered in New York, with more than 25 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, securities research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities for institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefferies.com)
Contact:
Tom Tarrant
Jefferies & Company, Inc.
203-708-5989
ttarrant@Jefferies.com
Frihet Holdings for Busness Valuation
Frihet Holdings provides business owners with one of the most detailed and inexpensive business valuations on the market! Their team of Certified Business Appraisers work around the clock to make sure every aspect of the business valuation is perfect.
Kalamazoo-Portage, MI (1888PressRelease) February 27, 2008
Frihet Holdings is a mergers and acquisitions company that works with business owners and shareholders to define reasonable strategies for continued growth of their business. They staff some of the most knowledgeable Certified Business Appraisers (CBA) in the Mid-west! Each member on their CBA team goes through extensive professional training to ensure the quality of each and every business valuation that is completed. Any business has the ability to succeed, but sometimes it takes a little push to help get things flowing. Frihet Holdings can be that push towards success. The team’s hard work and dedication have aided many companies in their start of growth and success, and they will continue helping any business they can.
If you own a business, it is absolutely necessary to have a business valuation to prove what your business is worth. Business valuations are normally priced at around the 8-10 thousand dollar range. Frihet employs their own team of Certified Business Appraisers, and that allows them to put together a valuation for less than 1/4 of that cost! Frihet only charges $1696 for a 50-300 page valuation! Frihet’s business valuation is one of the top valuations on the market, because it breaks down your business from top to bottom looking at profits, assets, liabilities, etc, and it gives the net worth of your business. Frihet is offering a valuation at one of the best deals you can find today. This document can be your key to receiving funding! It is an unbiased third-party document that is stating exactly what the business is worth, and what the business needs for success.
Business valuations are used for the selling/buying of a business, as preparation for annual reviews with stakeholders/investors, obtaining lender financing, as support documentation for IRS audits, estate planning, succession planning, and partnership disputes. It is nearly impossible to get any funding without a third party documentation explaining why your business is worth what it is. With all that a valuation does for you, it is definitely worth the cost of getting one! For more information on what the business valuation can be used for, visit http://mergers.frihetholdings.com.
Frihet Holdings makes it easy for any company to get a high quality business valuation. The team at Frihet never leaves their clients with nothing. Each client gets their own copy of the business valuation when it is completed. You can have a valuation in just three simple steps. To begin, speak with a business analyst from Frihet Holdings and purchase the valuation. Next, you will provide the information needed to complete the business valuation. Once the valuation is completed, a copy will be sent to you and a copy will be kept at Frihet. The copy that Frihet keeps is the copy that will be reviewed by a large group of investors and business management experts to define the best funding solutions for your company. When this process is all completed, Frihet decided if they will be interested in funding your company, or if anyone will be interested in an outside investment. You get to keep the copy of your valuation and use it for whatever else it may be used for.
Frihet Holdings is the best possible solution for your business valuation troubles! With their high quality and low cost of a valuation, they make it easy for anyone to get. For more information on Frihet Holdings, visit http://mergers.frihetholdings.com.
Kalamazoo-Portage, MI (1888PressRelease) February 27, 2008
Frihet Holdings is a mergers and acquisitions company that works with business owners and shareholders to define reasonable strategies for continued growth of their business. They staff some of the most knowledgeable Certified Business Appraisers (CBA) in the Mid-west! Each member on their CBA team goes through extensive professional training to ensure the quality of each and every business valuation that is completed. Any business has the ability to succeed, but sometimes it takes a little push to help get things flowing. Frihet Holdings can be that push towards success. The team’s hard work and dedication have aided many companies in their start of growth and success, and they will continue helping any business they can.
If you own a business, it is absolutely necessary to have a business valuation to prove what your business is worth. Business valuations are normally priced at around the 8-10 thousand dollar range. Frihet employs their own team of Certified Business Appraisers, and that allows them to put together a valuation for less than 1/4 of that cost! Frihet only charges $1696 for a 50-300 page valuation! Frihet’s business valuation is one of the top valuations on the market, because it breaks down your business from top to bottom looking at profits, assets, liabilities, etc, and it gives the net worth of your business. Frihet is offering a valuation at one of the best deals you can find today. This document can be your key to receiving funding! It is an unbiased third-party document that is stating exactly what the business is worth, and what the business needs for success.
Business valuations are used for the selling/buying of a business, as preparation for annual reviews with stakeholders/investors, obtaining lender financing, as support documentation for IRS audits, estate planning, succession planning, and partnership disputes. It is nearly impossible to get any funding without a third party documentation explaining why your business is worth what it is. With all that a valuation does for you, it is definitely worth the cost of getting one! For more information on what the business valuation can be used for, visit http://mergers.frihetholdings.com.
Frihet Holdings makes it easy for any company to get a high quality business valuation. The team at Frihet never leaves their clients with nothing. Each client gets their own copy of the business valuation when it is completed. You can have a valuation in just three simple steps. To begin, speak with a business analyst from Frihet Holdings and purchase the valuation. Next, you will provide the information needed to complete the business valuation. Once the valuation is completed, a copy will be sent to you and a copy will be kept at Frihet. The copy that Frihet keeps is the copy that will be reviewed by a large group of investors and business management experts to define the best funding solutions for your company. When this process is all completed, Frihet decided if they will be interested in funding your company, or if anyone will be interested in an outside investment. You get to keep the copy of your valuation and use it for whatever else it may be used for.
Frihet Holdings is the best possible solution for your business valuation troubles! With their high quality and low cost of a valuation, they make it easy for anyone to get. For more information on Frihet Holdings, visit http://mergers.frihetholdings.com.
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