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
Thursday, February 28, 2008
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.
Wednesday, February 27, 2008
Fannie Mae Posts Nearly $3.6B Loss in 4Q 2007
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
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
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.
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