Feb 27, 2008 2007
Fannie Mae Posts Nearly $3.6B Loss in 4Q
By MARCY GORDON
AP Business Writer
WASHINGTON (AP) -- Fannie Mae on Wednesday said it lost nearly $3.6 billion in the fourth quarter of 2007 as home-loan delinquencies mounted and the company preserved cash in anticipation of further losses.
http://hosted.ap.org/dynamic/stories/E/EARNS_FANNIE_MAE?SITE=IACED&SECTION=HOME&TEMPLATE=DEFAULT
Wednesday, February 27, 2008
Tuesday, February 26, 2008
Help for Traders and Brokers Analyze and Visualize Full Market Liquidity
February 26, 2008
Aleri and Lab49 Partner to Help Traders and Brokers Analyze and Visualize Full Market Liquidity
Lab49 takes real-time analytics provided by Aleri’s Market Liquidity Analysis engine and designs innovative visual framework to provide firms with a competitive edge
Trade Tech MiFID 2008
CHICAGO, LONDON & NEW YORK--(BUSINESS WIRE)--Aleri Inc., the leading provider of enterprise-class complex event processing (CEP) technology, and Lab49, a consulting firm that specializes in building advanced applications for global financial institutions, today announced a partnership to provide advanced tools for consolidating, analyzing and visualizing market information.
Based on Aleri’s Market Liquidity Analysis (MLA) engine, these tools are designed to address key challenges when competing in today’s fragmented market. Benefits include order book consolidation, quote records and market analytics, as well as compliance and best execution.
“Due to MiFID and RegNMS, we have seen increasing demand for tools that can consolidate market data in a fragmented market and analyze full market depth, and we developed our MLA engine to address these needs,” said Ian Hillier-Brook, EMEA channels sales director at Aleri. “We are excited to partner with Lab49, whose expertise and dedication to the capital markets industry has helped us build a framework that will enable financial services customers to visualize the full potential of Aleri’s full market liquidity analysis powered by CEP technology.”
Aleri's MLA engine is one of the first of its kind to offer consolidated market data analysis. It empowers brokers and traders to optimize results across competing exchanges and, by integrating Aleri’s MLA engine with Lab49's visual framework, they can view the overall results in a rich visual format that provides insight into market dynamics.
In addition, it enables them to consolidate trade reports, quotes and order books across multiple exchanges in real-time, creating a single virtual order book that represents the liquidity of the entire visible market along with the capability to produce a consolidated last price and best bid/offer record for each security.
"At Lab49 we are continuously looking to develop and provide our clients with new tools to help them improve performance and efficiency," said Vivake Gupta, co-founder and managing director at Lab49. "The new MLA engine and visualizations help traders and brokers to enhance their market analysis capabilities by allowing them to view and comprehend a tremendous amount of market data very quickly. Beyond the obvious use by firms to help them trade in compliance with U.S. and European market regulations, the analytics provided by Aleri have also enabled us to create an end product to visualize market data and risk in innovative ways to additionally help these firms gain a competitive edge in trading."
To view a live demonstration of the Aleri’s Market Liquidity Analysis engine and its visual components from Lab49, please visit Aleri Booth 2 at Trade Tech MiFID 2008 at Hotel Russell, Russell Square, London WC1B 5BE on Tuesday, February 26, 2008.
Note to the editors: Photos and the demo are available on request.
About Aleri
Aleri is the leading provider of enterprise-class complex event processing technology for financial institutions and beyond. Aleri’s superior Streaming Platform is backed by the company’s deep background and knowledge gained over 20 years of supporting mission critical banking applications for the world’s largest banks and close to 10 years of pioneering research in the field of event processing.
The Aleri Platform was designed from the ground up to provide the most robust architecture available for the rapid implementation of mission critical applications within the most demanding environments. Built for high throughput with minimal latency, Aleri’s event processing technology allows customers to analyze and respond instantly to high-volume, high-speed data to minimize risk and increase competitive advantage. Aleri is the first to develop and deploy commercial enterprise-class applications built on event processing technology, the Aleri Liquidity Management System, which is used by some of the largest global bank treasuries in the world, and the Aleri Market Liquidity Analysis engine, which consolidates multiple order book feeds from individual exchanges to provide a powerful tool for trading in fragmented markets.
Aleri is a global company headquartered in Chicago with offices in New York, New Jersey, London, and Paris. For more information, visit www.aleri.com.
About Lab49
Lab49, founded in 2002, serves leading global investments banks, hedge funds and mortgage institutions and has completed custom software engagements in equities, fixed income, foreign exchange, portfolio management, and real-time risk information delivery systems. Lab49 is the financial services division of Corpus.
Corpus, Inc. is a global information technology solutions provider. Corpus has numerous Fortune 50 clients in the Media & Entertainment, Telecommunications, and Banking & Financial Services verticals. Visit http://www.lab49.com; and http://blog.lab49.com.
Contacts
Aleri, Inc.
Kelly Shumaker, 720-938-5646
kelly.shumaker@aleri.com
or
Lab49:
Metia Inc
Sheryl Lee
+1 917 320 6462
Sheryl.Lee@metia.com
or
Metia Inc
Tinne Teugels
+1 917 320 6458
Tinne@metia.com
or
Metia Ltd
Simona Cotta-Ramusino
+44 (0)20 3100 3603
Simona.Cotta-Ramusino@metia.com
Aleri and Lab49 Partner to Help Traders and Brokers Analyze and Visualize Full Market Liquidity
Lab49 takes real-time analytics provided by Aleri’s Market Liquidity Analysis engine and designs innovative visual framework to provide firms with a competitive edge
Trade Tech MiFID 2008
CHICAGO, LONDON & NEW YORK--(BUSINESS WIRE)--Aleri Inc., the leading provider of enterprise-class complex event processing (CEP) technology, and Lab49, a consulting firm that specializes in building advanced applications for global financial institutions, today announced a partnership to provide advanced tools for consolidating, analyzing and visualizing market information.
Based on Aleri’s Market Liquidity Analysis (MLA) engine, these tools are designed to address key challenges when competing in today’s fragmented market. Benefits include order book consolidation, quote records and market analytics, as well as compliance and best execution.
“Due to MiFID and RegNMS, we have seen increasing demand for tools that can consolidate market data in a fragmented market and analyze full market depth, and we developed our MLA engine to address these needs,” said Ian Hillier-Brook, EMEA channels sales director at Aleri. “We are excited to partner with Lab49, whose expertise and dedication to the capital markets industry has helped us build a framework that will enable financial services customers to visualize the full potential of Aleri’s full market liquidity analysis powered by CEP technology.”
Aleri's MLA engine is one of the first of its kind to offer consolidated market data analysis. It empowers brokers and traders to optimize results across competing exchanges and, by integrating Aleri’s MLA engine with Lab49's visual framework, they can view the overall results in a rich visual format that provides insight into market dynamics.
In addition, it enables them to consolidate trade reports, quotes and order books across multiple exchanges in real-time, creating a single virtual order book that represents the liquidity of the entire visible market along with the capability to produce a consolidated last price and best bid/offer record for each security.
"At Lab49 we are continuously looking to develop and provide our clients with new tools to help them improve performance and efficiency," said Vivake Gupta, co-founder and managing director at Lab49. "The new MLA engine and visualizations help traders and brokers to enhance their market analysis capabilities by allowing them to view and comprehend a tremendous amount of market data very quickly. Beyond the obvious use by firms to help them trade in compliance with U.S. and European market regulations, the analytics provided by Aleri have also enabled us to create an end product to visualize market data and risk in innovative ways to additionally help these firms gain a competitive edge in trading."
To view a live demonstration of the Aleri’s Market Liquidity Analysis engine and its visual components from Lab49, please visit Aleri Booth 2 at Trade Tech MiFID 2008 at Hotel Russell, Russell Square, London WC1B 5BE on Tuesday, February 26, 2008.
Note to the editors: Photos and the demo are available on request.
About Aleri
Aleri is the leading provider of enterprise-class complex event processing technology for financial institutions and beyond. Aleri’s superior Streaming Platform is backed by the company’s deep background and knowledge gained over 20 years of supporting mission critical banking applications for the world’s largest banks and close to 10 years of pioneering research in the field of event processing.
The Aleri Platform was designed from the ground up to provide the most robust architecture available for the rapid implementation of mission critical applications within the most demanding environments. Built for high throughput with minimal latency, Aleri’s event processing technology allows customers to analyze and respond instantly to high-volume, high-speed data to minimize risk and increase competitive advantage. Aleri is the first to develop and deploy commercial enterprise-class applications built on event processing technology, the Aleri Liquidity Management System, which is used by some of the largest global bank treasuries in the world, and the Aleri Market Liquidity Analysis engine, which consolidates multiple order book feeds from individual exchanges to provide a powerful tool for trading in fragmented markets.
Aleri is a global company headquartered in Chicago with offices in New York, New Jersey, London, and Paris. For more information, visit www.aleri.com.
About Lab49
Lab49, founded in 2002, serves leading global investments banks, hedge funds and mortgage institutions and has completed custom software engagements in equities, fixed income, foreign exchange, portfolio management, and real-time risk information delivery systems. Lab49 is the financial services division of Corpus.
Corpus, Inc. is a global information technology solutions provider. Corpus has numerous Fortune 50 clients in the Media & Entertainment, Telecommunications, and Banking & Financial Services verticals. Visit http://www.lab49.com; and http://blog.lab49.com.
Contacts
Aleri, Inc.
Kelly Shumaker, 720-938-5646
kelly.shumaker@aleri.com
or
Lab49:
Metia Inc
Sheryl Lee
+1 917 320 6462
Sheryl.Lee@metia.com
or
Metia Inc
Tinne Teugels
+1 917 320 6458
Tinne@metia.com
or
Metia Ltd
Simona Cotta-Ramusino
+44 (0)20 3100 3603
Simona.Cotta-Ramusino@metia.com
The Principal Financial Group Announces Executive Promotions
February 26, 2008
The Principal Financial Group Announces Executive Promotions
DES MOINES, Iowa--(BUSINESS WIRE)--The Principal Financial Group® (NYSE:PFG) announced the following executive promotions, effective March 1, 2008:
Daniel J. Houston is named president – Retirement and Investor Services (RIS) Division with responsibility for U.S. asset accumulation businesses, including Principal Bank. In addition to his current responsibilities for the full service pension business and RIS distribution, Houston adds responsibility for the mutual fund and annuity lines of business.
Norman Sorensen is named executive vice president with responsibility for strategy, development and operation of all international asset accumulation businesses for The Principal.
Gregory J. Burrows is named senior vice president – Retirement and Investor Services with responsibility for the full service pension business.
Houston Background
Dan Houston joined the company in 1984 as a group representative in the Dallas group and pension office. He held various management positions with the company from 1990 to present, including being named vice president in 1997, senior vice president in 2000 and executive vice president in 2006.
Houston is a member of several boards, including HealthExtras (NASDAQ: HLEX), Principal International, Inc., and Principal Trust Company (Asia) Ltd. He is on the Iowa State University Business School Dean’s Advisory Council.
A native of Iowa, Houston received his bachelor’s degree from Iowa State University.
Sorensen Background
Sorensen joined the company in 1998. Previously he was a senior executive at AIG. Prior to joining AIG, he held a number of senior international marketing and general management positions at American Express Company and Citigroup.
He is a member of the Boards of Directors of Principal Asset Management Company and Principal Insurance Company (Hong Kong), BrasilPrev Seguros & Previdência (Brazil), Principal Vida (Chile), Principal-PNB Asset Management Company (India), Principal International, Inc., (U.S.), Principal AFORE and Principal Life (Mexico), CCB-Principal Asset Management Company (China), and CIMB-Principal Asset Management (Malaysia).
Sorensen is a Board member of the International Insurance Society (IIS), New York, and of the Pacific Basin Economic Council (PBEC), Hong Kong. He is also Chairman of the International Committee of the American Council of Life Insurers (ACLI), Washington D.C.; co-chairman of the Board of Governors of the Global Financial Leaders Group (GFLG), New York; and an Honorary Fellow of the Brazilian Insurance & Pensions Academy (ANSP), Sao Paulo, Brazil.
He is a graduate of the United States Air Force Academy (USAFA) and Columbia University’s Executive Program for International Managers.
Burrows Background
Burrows joined the company in 1986 as a senior group and pension representative. In 1991 he was named regional director of group and pension sales. From 1994-1996, he was president and CEO of America’s Health Plan, a former subsidiary. Burrows served as the managing director of Principal International’s Argentina operation from 1996-1999 and Japan operation from 1999-2001. He returned to Des Moines, Iowa, in 2001 as the Retirement and Investor Services chief marketing officer, where his responsibilities included merger and acquisition oversight.
A native of Buenos Aires, Argentina, Burrows received his bachelor's degree from the University of South Florida in 1986.
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 management2 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
The Principal
Eva Quinn, 515-247-7468
quinn.eva@principal.com
or
Rhonda Clark-Leyda, 515-247-6634
clark-leyda.rhonda@principal.com
The Principal Financial Group Announces Executive Promotions
DES MOINES, Iowa--(BUSINESS WIRE)--The Principal Financial Group® (NYSE:PFG) announced the following executive promotions, effective March 1, 2008:
Daniel J. Houston is named president – Retirement and Investor Services (RIS) Division with responsibility for U.S. asset accumulation businesses, including Principal Bank. In addition to his current responsibilities for the full service pension business and RIS distribution, Houston adds responsibility for the mutual fund and annuity lines of business.
Norman Sorensen is named executive vice president with responsibility for strategy, development and operation of all international asset accumulation businesses for The Principal.
Gregory J. Burrows is named senior vice president – Retirement and Investor Services with responsibility for the full service pension business.
Houston Background
Dan Houston joined the company in 1984 as a group representative in the Dallas group and pension office. He held various management positions with the company from 1990 to present, including being named vice president in 1997, senior vice president in 2000 and executive vice president in 2006.
Houston is a member of several boards, including HealthExtras (NASDAQ: HLEX), Principal International, Inc., and Principal Trust Company (Asia) Ltd. He is on the Iowa State University Business School Dean’s Advisory Council.
A native of Iowa, Houston received his bachelor’s degree from Iowa State University.
Sorensen Background
Sorensen joined the company in 1998. Previously he was a senior executive at AIG. Prior to joining AIG, he held a number of senior international marketing and general management positions at American Express Company and Citigroup.
He is a member of the Boards of Directors of Principal Asset Management Company and Principal Insurance Company (Hong Kong), BrasilPrev Seguros & Previdência (Brazil), Principal Vida (Chile), Principal-PNB Asset Management Company (India), Principal International, Inc., (U.S.), Principal AFORE and Principal Life (Mexico), CCB-Principal Asset Management Company (China), and CIMB-Principal Asset Management (Malaysia).
Sorensen is a Board member of the International Insurance Society (IIS), New York, and of the Pacific Basin Economic Council (PBEC), Hong Kong. He is also Chairman of the International Committee of the American Council of Life Insurers (ACLI), Washington D.C.; co-chairman of the Board of Governors of the Global Financial Leaders Group (GFLG), New York; and an Honorary Fellow of the Brazilian Insurance & Pensions Academy (ANSP), Sao Paulo, Brazil.
He is a graduate of the United States Air Force Academy (USAFA) and Columbia University’s Executive Program for International Managers.
Burrows Background
Burrows joined the company in 1986 as a senior group and pension representative. In 1991 he was named regional director of group and pension sales. From 1994-1996, he was president and CEO of America’s Health Plan, a former subsidiary. Burrows served as the managing director of Principal International’s Argentina operation from 1996-1999 and Japan operation from 1999-2001. He returned to Des Moines, Iowa, in 2001 as the Retirement and Investor Services chief marketing officer, where his responsibilities included merger and acquisition oversight.
A native of Buenos Aires, Argentina, Burrows received his bachelor's degree from the University of South Florida in 1986.
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 management2 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
The Principal
Eva Quinn, 515-247-7468
quinn.eva@principal.com
or
Rhonda Clark-Leyda, 515-247-6634
clark-leyda.rhonda@principal.com
Principal Financial Group Board Announces Leadership Succession
February 26, 2008
Principal Financial Group Board Announces Leadership Succession
Zimpleman Named CEO
DES MOINES, Iowa--(BUSINESS WIRE)--The Principal Financial Group® announced today the Board of Directors, as part of its planned succession process, has elected Larry D. Zimpleman chief executive officer, effective May 1, 2008. He retains the title of president. J. Barry Griswell will continue as chairman. Zimpleman will assume complete responsibility for company strategy and operations.
“Larry is singularly qualified to lead the Principal Financial Group into the future. His long history with the company combined with deep industry expertise and a keen global perspective have uniquely prepared him for this leadership role,” says Griswell. “A key success factor for The Principal has been our careful leadership succession planning. This is a natural next step for Larry. He knows where we’ve been. He understands the challenges and opportunities facing The Principal today. He has a clear vision for tomorrow. Larry is an unmatched leader who will advance The Principal as a global expert in asset accumulation and asset management. Our mission remains strongly intact -- being the champion of financial wellbeing for small and medium businesses, institutions and people around the world.”
“Barry’s bold, insightful and charismatic leadership has strengthened The Principal’s position in the market as a world-class asset manager and a world-class employer,” says Zimpleman. “I’m excited about what lies ahead and the opportunity to lead this great company and its great people. With the proven talent and experience of our leadership team, I’m confident The Principal will continue on its clear trajectory toward becoming a global leader in helping people achieve financial security.”
Zimpleman Background
Zimpleman joined the company in 1971 as a part-time actuarial student and became a full-time actuary in 1973. From 1976 to 1997 he served in various management and leadership positions in the Pension department. He was named vice president in 1997, senior vice president in 1999, executive vice president in 2001, president of Retirement and Investor Services in 2003, and president and chief operating officer in 2006. A native of Williamsburg, Iowa, Zimpleman received his BS in business administration from Drake University in 1973 and his MBA from Drake in 1977.
He became a Fellow of the Society of Actuaries in 1976, and is a past president and member of the Board of Governors of the Society. Zimpleman is past chair of the board of trustees for the Employee Benefit Research Institute (EBRI) and past president and board chair of the American Academy of Actuaries. He was named an Actuarial Foundation Trustee in 1999, is a member of the Actuarial Club of Des Moines and chairs the American Council of Life Insurers’ Harris Trust Committee. He was a delegate at the 2002 and 2006 National Summit on Retirement Savings hosted by President Bush and the Secretary of Labor.
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 management2 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
The Principal
Eva Quinn, 515-247-7468
quinn.eva@principal.com
or
Rhonda Clark-Leyda, 515-247-6634
clark-leyda.rhonda@principal.com
Principal Financial Group Board Announces Leadership Succession
Zimpleman Named CEO
DES MOINES, Iowa--(BUSINESS WIRE)--The Principal Financial Group® announced today the Board of Directors, as part of its planned succession process, has elected Larry D. Zimpleman chief executive officer, effective May 1, 2008. He retains the title of president. J. Barry Griswell will continue as chairman. Zimpleman will assume complete responsibility for company strategy and operations.
“Larry is singularly qualified to lead the Principal Financial Group into the future. His long history with the company combined with deep industry expertise and a keen global perspective have uniquely prepared him for this leadership role,” says Griswell. “A key success factor for The Principal has been our careful leadership succession planning. This is a natural next step for Larry. He knows where we’ve been. He understands the challenges and opportunities facing The Principal today. He has a clear vision for tomorrow. Larry is an unmatched leader who will advance The Principal as a global expert in asset accumulation and asset management. Our mission remains strongly intact -- being the champion of financial wellbeing for small and medium businesses, institutions and people around the world.”
“Barry’s bold, insightful and charismatic leadership has strengthened The Principal’s position in the market as a world-class asset manager and a world-class employer,” says Zimpleman. “I’m excited about what lies ahead and the opportunity to lead this great company and its great people. With the proven talent and experience of our leadership team, I’m confident The Principal will continue on its clear trajectory toward becoming a global leader in helping people achieve financial security.”
Zimpleman Background
Zimpleman joined the company in 1971 as a part-time actuarial student and became a full-time actuary in 1973. From 1976 to 1997 he served in various management and leadership positions in the Pension department. He was named vice president in 1997, senior vice president in 1999, executive vice president in 2001, president of Retirement and Investor Services in 2003, and president and chief operating officer in 2006. A native of Williamsburg, Iowa, Zimpleman received his BS in business administration from Drake University in 1973 and his MBA from Drake in 1977.
He became a Fellow of the Society of Actuaries in 1976, and is a past president and member of the Board of Governors of the Society. Zimpleman is past chair of the board of trustees for the Employee Benefit Research Institute (EBRI) and past president and board chair of the American Academy of Actuaries. He was named an Actuarial Foundation Trustee in 1999, is a member of the Actuarial Club of Des Moines and chairs the American Council of Life Insurers’ Harris Trust Committee. He was a delegate at the 2002 and 2006 National Summit on Retirement Savings hosted by President Bush and the Secretary of Labor.
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 management2 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
The Principal
Eva Quinn, 515-247-7468
quinn.eva@principal.com
or
Rhonda Clark-Leyda, 515-247-6634
clark-leyda.rhonda@principal.com
Monday, February 25, 2008
Further Writedowns expected for large-cap brokers in Q1
Goldman sees $1-$12 bln writedown for large-cap brokers in Q1
25 Feb 2008
(Reuters) - Goldman Sachs said it expects additional writedowns of about $1 billion to $12 billion each for several U.S. large-cap brokers in the first quarter, with Citigroup (C.N: Quote, Profile, Research) estimated to record the highest amount of about $12 billion.
Goldman expects these writedowns to be spread across residential mortgage-backed securities, commercial mortgage-backed securities and leveraged loans.
The combination of a slowing global economy and a continued correction in financial asset values will dampen 2008 earnings and returns for the investment banks, it said.
Goldman lowered its first-quarter and 2008 estimates for its large-cap universe which includes Bear Stearns (BSC.N: Quote, Profile, Research), Lehman (LEH.N: Quote, Profile, Research), Morgan Stanley (MS.N: Quote, Profile, Research), JPMorgan Chase (JPM.N: Quote, Profile, Research) and Merrill Lynch (MER.N: Quote, Profile, Research) to reflect continued challenges in the credit markets.
25 Feb 2008
(Reuters) - Goldman Sachs said it expects additional writedowns of about $1 billion to $12 billion each for several U.S. large-cap brokers in the first quarter, with Citigroup (C.N: Quote, Profile, Research) estimated to record the highest amount of about $12 billion.
Goldman expects these writedowns to be spread across residential mortgage-backed securities, commercial mortgage-backed securities and leveraged loans.
The combination of a slowing global economy and a continued correction in financial asset values will dampen 2008 earnings and returns for the investment banks, it said.
Goldman lowered its first-quarter and 2008 estimates for its large-cap universe which includes Bear Stearns (BSC.N: Quote, Profile, Research), Lehman (LEH.N: Quote, Profile, Research), Morgan Stanley (MS.N: Quote, Profile, Research), JPMorgan Chase (JPM.N: Quote, Profile, Research) and Merrill Lynch (MER.N: Quote, Profile, Research) to reflect continued challenges in the credit markets.
Davy Selects Odyssey’s WealthManagerTM
February 25, 2008
Davy Selects Odyssey’s WealthManagerTM as Management Platform for Private Clients
NEW YORK--(BUSINESS WIRE)--Odyssey Financial Technologies, a global provider of Private Wealth and Asset Management solutions and services, is pleased to announce that Irish financial services group Davy has selected Odyssey’s WealthManager as its wealth management platform in a multimillion euro deal.
Davy is the first company in Europe to employ Odyssey’s leading wealth management technology. Odyssey’s WealthManager is widely used by a range of blue chip firms in the US and Canada.
As Ireland's leading institutional, corporate and private client broker, Davy has expanded its range of wealth management services in recent years to provide access to global investment opportunities in property, private equity and alternative asset classes. Davy Private Clients, its wealth management division, has in excess of €10 billion of funds under management and now employs 250 people.
Davy’s relationship managers will manage both the relationships and portfolios of their private clients with WealthManager. Davy will also use the WealthManager platform to manage the investment needs of individuals, charities, families, and foundations by creating tailored investment strategies, leveraging the expertise of the group and its world-class investment specialists. Odyssey’s WealthManager was chosen after an extensive search for an application that would deliver these services through a single Wealth and Relationship Management portal.
Commenting on the deal, Eamonn Doyle, chief operations officer in Davy, said:
“As Ireland’s economy has been transformed over the last decade, Davy Private Clients has experienced dramatic growth in demand for wealth management services. We see further significant growth in the wealth management arena in Ireland in the coming years and that is why we are now making such a substantial investment in our technology.
“Client relationships are at the core of any wealth management offering so we are delighted to be able to team up with Odyssey whose WealthManager will enable Davy to effectively manage complex and diversified portfolios on behalf of our clients.’’
In January 2008, Odyssey Financial Technologies announced the acquisition of Xeye, a leading provider of wealth management technology in the North American market whose products included WealthManager. Commenting on the deal with Davy, Steve D’Souza, General Manager, Northern Europe, Odyssey Financial Technologies said:
“We are extremely pleased to have Davy as our newest client in the region. The WealthManager platform will increase the amount of time relationship managers can spend with their clients, thereby improving the Davy client experience. We look forward to a long partnership with Davy as they grow their business, improve the quality of the client interaction, and support the use of ‘best practices’ by their portfolio managers.”
About Davy
Davy is Ireland’s leading provider of stockbroking, wealth management and financial advisory services. Davy offers a broad range of services to private clients, small businesses, corporations and institutional investors, and organises its activities around four interrelated business areas – Capital Markets, Corporate Finance, Private Clients and Research. Founded in 1926, Davy has continually broken new ground in the industry by pioneering the expansion of financial and capital markets in Ireland, and providing new opportunities for investors and growing companies.
Davy is the wealth manager of choice in Ireland with over €10 billion of clients’ assets under management. Each day it handles almost half of all trading in Irish equities. It acts as primary adviser to the majority of listed and unlisted Irish companies and arranger on most Irish corporate bond issues. And since 2000 Davy has been responsible for 70% of the funds raised on the Irish Stock Exchange. Davy is an independent company owned by management and staff. Employing over 500 people, the head office is in Dublin and there are three regional offices in Belfast, Cork and Galway.
For further information, please visit: http://www.davy.ie
About Odyssey Financial Technologies
Odyssey is an industry leader in the global provision of wealth and asset management solutions and services to the Private Banking, Mass Affluent and Retail Banks as well as Institutional and Fund Managers. More than 180 financial institutions in 30 countries have chosen Odyssey solutions. Odyssey focuses on providing a comprehensive range of components for portfolio management (PMS), advisory process, customer relationship (CRM), compliance, risk, analytics and Enterprise Data Management (EDM). The components are deployed on a single scalable wealth and asset management platform, facilitating the enterprise-wide implementation of solutions and data management.
Founded in Luxembourg in 1995, Odyssey today has offices in the key financial centers, including London, New York, Singapore, Zurich, Frankfurt, Brussels, Geneva, Madrid, Toronto and Tokyo. Odyssey’s operational head office and main development centre is located in Lausanne, Switzerland. Throughout this knowledgeable network Odyssey employs over 600 professionals.
For further information, please visit: http://www.odyssey-group.com.
Contacts
©Odyssey Financial Technologies
In North America, Contact: Lara DeVido
LDeVido@ca.odyssey-group.com
tel: + 1 917 639 4161
fax: +1 212 884 0444
or
In Europe, Contact: Valérie Michiels
info@odyssey-group.com
tel: + 352 42 60 80 1
fax: + 352 42 91 92
Davy Selects Odyssey’s WealthManagerTM as Management Platform for Private Clients
NEW YORK--(BUSINESS WIRE)--Odyssey Financial Technologies, a global provider of Private Wealth and Asset Management solutions and services, is pleased to announce that Irish financial services group Davy has selected Odyssey’s WealthManager as its wealth management platform in a multimillion euro deal.
Davy is the first company in Europe to employ Odyssey’s leading wealth management technology. Odyssey’s WealthManager is widely used by a range of blue chip firms in the US and Canada.
As Ireland's leading institutional, corporate and private client broker, Davy has expanded its range of wealth management services in recent years to provide access to global investment opportunities in property, private equity and alternative asset classes. Davy Private Clients, its wealth management division, has in excess of €10 billion of funds under management and now employs 250 people.
Davy’s relationship managers will manage both the relationships and portfolios of their private clients with WealthManager. Davy will also use the WealthManager platform to manage the investment needs of individuals, charities, families, and foundations by creating tailored investment strategies, leveraging the expertise of the group and its world-class investment specialists. Odyssey’s WealthManager was chosen after an extensive search for an application that would deliver these services through a single Wealth and Relationship Management portal.
Commenting on the deal, Eamonn Doyle, chief operations officer in Davy, said:
“As Ireland’s economy has been transformed over the last decade, Davy Private Clients has experienced dramatic growth in demand for wealth management services. We see further significant growth in the wealth management arena in Ireland in the coming years and that is why we are now making such a substantial investment in our technology.
“Client relationships are at the core of any wealth management offering so we are delighted to be able to team up with Odyssey whose WealthManager will enable Davy to effectively manage complex and diversified portfolios on behalf of our clients.’’
In January 2008, Odyssey Financial Technologies announced the acquisition of Xeye, a leading provider of wealth management technology in the North American market whose products included WealthManager. Commenting on the deal with Davy, Steve D’Souza, General Manager, Northern Europe, Odyssey Financial Technologies said:
“We are extremely pleased to have Davy as our newest client in the region. The WealthManager platform will increase the amount of time relationship managers can spend with their clients, thereby improving the Davy client experience. We look forward to a long partnership with Davy as they grow their business, improve the quality of the client interaction, and support the use of ‘best practices’ by their portfolio managers.”
About Davy
Davy is Ireland’s leading provider of stockbroking, wealth management and financial advisory services. Davy offers a broad range of services to private clients, small businesses, corporations and institutional investors, and organises its activities around four interrelated business areas – Capital Markets, Corporate Finance, Private Clients and Research. Founded in 1926, Davy has continually broken new ground in the industry by pioneering the expansion of financial and capital markets in Ireland, and providing new opportunities for investors and growing companies.
Davy is the wealth manager of choice in Ireland with over €10 billion of clients’ assets under management. Each day it handles almost half of all trading in Irish equities. It acts as primary adviser to the majority of listed and unlisted Irish companies and arranger on most Irish corporate bond issues. And since 2000 Davy has been responsible for 70% of the funds raised on the Irish Stock Exchange. Davy is an independent company owned by management and staff. Employing over 500 people, the head office is in Dublin and there are three regional offices in Belfast, Cork and Galway.
For further information, please visit: http://www.davy.ie
About Odyssey Financial Technologies
Odyssey is an industry leader in the global provision of wealth and asset management solutions and services to the Private Banking, Mass Affluent and Retail Banks as well as Institutional and Fund Managers. More than 180 financial institutions in 30 countries have chosen Odyssey solutions. Odyssey focuses on providing a comprehensive range of components for portfolio management (PMS), advisory process, customer relationship (CRM), compliance, risk, analytics and Enterprise Data Management (EDM). The components are deployed on a single scalable wealth and asset management platform, facilitating the enterprise-wide implementation of solutions and data management.
Founded in Luxembourg in 1995, Odyssey today has offices in the key financial centers, including London, New York, Singapore, Zurich, Frankfurt, Brussels, Geneva, Madrid, Toronto and Tokyo. Odyssey’s operational head office and main development centre is located in Lausanne, Switzerland. Throughout this knowledgeable network Odyssey employs over 600 professionals.
For further information, please visit: http://www.odyssey-group.com.
Contacts
©Odyssey Financial Technologies
In North America, Contact: Lara DeVido
LDeVido@ca.odyssey-group.com
tel: + 1 917 639 4161
fax: +1 212 884 0444
or
In Europe, Contact: Valérie Michiels
info@odyssey-group.com
tel: + 352 42 60 80 1
fax: + 352 42 91 92
NumeriX Names Dr. Meng Lu Senior VP, Financial Engineering
25 Feb 2008
NumeriX Names Dr. Meng Lu Senior VP, Financial Engineering
Dr. Lu Will Lead Proven, Client-driven Analytics Development Strategy
NEW YORK--(BUSINESS WIRE)--NumeriX, the award-winning, independent leader in pricing and risk analytics for fixed income, credit, foreign exchange, hybrids, cross currency, commodities, inflation rate and equity derivatives, today announced that Dr. Meng Lu, has been promoted to Senior Vice President of NumeriX’s Financial Engineering Group.
The NumeriX Financial Engineering Group, all of whom are recipients of Ph.D.’s or advanced degrees in finance, is the main point of contact for all NumeriX customers, serving as a bridge between the NumeriX development and quantitative teams. This unique, customer-facing group ensures a dynamic feedback process whereby NumeriX’s products are continually enhanced to meet the most demanding needs of derivative market participants.
“This is an exciting time for NumeriX, and we are pleased to expand the scope of Meng’s role and responsibilities as he takes charge of the Financial Engineering Group,” said Steven R. O’Hanlon, President and COO of NumeriX. “The complex derivatives market has grown enormously over the last year, which has led to a surge in demand for high-end analytics that accurately price these instruments. With Meng’s oversight, the Financial Engineering Group will ensure that NumeriX remains the leader in pricing and risk analytics.”
Dr. Lu’s promotion to lead the Financial Engineering Group is a direct response to the requirements set forth by NumeriX’s rapidly expanding customer base consisting of more than 275 end user customers and more than 40 partners. NumeriX has been growing at a rate greater than 50 percent for more than four years and expects an increase to triple digit growth in the next 18 months.
Dr. Lu, who joined NumeriX in 2000, has more than seven years of experience in the derivatives pricing industry as a financial engineer and quantitative analyst specializing in fixed income and equity derivatives at NumeriX and other financial institutions. Dr. Lu assumed management of the Financial Engineering Group last summer and is charged with ensuring the advancement of the company’s product line with client-driven features and enhancements; a strategy implemented since 2004.
About NumeriX
NumeriX is the award-winning, independent leader in pricing and risk analytics for fixed income, credit, foreign exchange, hybrids, cross currency, commodities, inflation rate and equity derivatives. NumeriX has a financial engineering and quantitative team composed largely of PhDs on the same scale as the very largest of financial institutions. More than 275 clients across 25 countries rely on NumeriX for speed and accuracy in valuing their structured products and derivatives. Trading and risk platform vendors leverage NumeriX analytics to gain a time-to-market advantage by embedding the power of NumeriX into their systems. Founded in 1996, the company is privately held and has offices in New York, Chicago, Santa Fe, Toronto, London, Paris, Singapore and, Tokyo. For more information visit www.numerix.com or type NUMX on the BLOOMBERG PROFESSIONAL® service.
Contacts
LEWIS PR
Dan Gaffney, 617-226-8844
numerix@lewispr.com
NumeriX Names Dr. Meng Lu Senior VP, Financial Engineering
Dr. Lu Will Lead Proven, Client-driven Analytics Development Strategy
NEW YORK--(BUSINESS WIRE)--NumeriX, the award-winning, independent leader in pricing and risk analytics for fixed income, credit, foreign exchange, hybrids, cross currency, commodities, inflation rate and equity derivatives, today announced that Dr. Meng Lu, has been promoted to Senior Vice President of NumeriX’s Financial Engineering Group.
The NumeriX Financial Engineering Group, all of whom are recipients of Ph.D.’s or advanced degrees in finance, is the main point of contact for all NumeriX customers, serving as a bridge between the NumeriX development and quantitative teams. This unique, customer-facing group ensures a dynamic feedback process whereby NumeriX’s products are continually enhanced to meet the most demanding needs of derivative market participants.
“This is an exciting time for NumeriX, and we are pleased to expand the scope of Meng’s role and responsibilities as he takes charge of the Financial Engineering Group,” said Steven R. O’Hanlon, President and COO of NumeriX. “The complex derivatives market has grown enormously over the last year, which has led to a surge in demand for high-end analytics that accurately price these instruments. With Meng’s oversight, the Financial Engineering Group will ensure that NumeriX remains the leader in pricing and risk analytics.”
Dr. Lu’s promotion to lead the Financial Engineering Group is a direct response to the requirements set forth by NumeriX’s rapidly expanding customer base consisting of more than 275 end user customers and more than 40 partners. NumeriX has been growing at a rate greater than 50 percent for more than four years and expects an increase to triple digit growth in the next 18 months.
Dr. Lu, who joined NumeriX in 2000, has more than seven years of experience in the derivatives pricing industry as a financial engineer and quantitative analyst specializing in fixed income and equity derivatives at NumeriX and other financial institutions. Dr. Lu assumed management of the Financial Engineering Group last summer and is charged with ensuring the advancement of the company’s product line with client-driven features and enhancements; a strategy implemented since 2004.
About NumeriX
NumeriX is the award-winning, independent leader in pricing and risk analytics for fixed income, credit, foreign exchange, hybrids, cross currency, commodities, inflation rate and equity derivatives. NumeriX has a financial engineering and quantitative team composed largely of PhDs on the same scale as the very largest of financial institutions. More than 275 clients across 25 countries rely on NumeriX for speed and accuracy in valuing their structured products and derivatives. Trading and risk platform vendors leverage NumeriX analytics to gain a time-to-market advantage by embedding the power of NumeriX into their systems. Founded in 1996, the company is privately held and has offices in New York, Chicago, Santa Fe, Toronto, London, Paris, Singapore and, Tokyo. For more information visit www.numerix.com or type NUMX
Contacts
LEWIS PR
Dan Gaffney, 617-226-8844
numerix@lewispr.com
Subscribe to:
Posts (Atom)