Artisan Partners: 4Q Earnings Snapshot
MILWAUKEE (AP) _ Artisan Partners Asset Management Inc. (APAM) on Monday reported fourth-quarter net income of $32.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Milwaukee-based company said it had net income of 57 cents. Earnings, adjusted for non-recurring costs, came to 61 cents per share.
Artisan Partners: 3Q Earnings Snapshot
MILWAUKEE (AP) _ Artisan Partners Asset Management Inc. (APAM) on Tuesday reported third-quarter profit of $42.5 million.
On a per-share basis, the Milwaukee-based company said it had profit of 77 cents. Earnings, adjusted for non-recurring costs, came to 79 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.
BlackRock to open new 1,000-job innovation center in Atlanta
ATLANTA (AP) — Georgia Gov. Nathan Deal says a technology solutions provider that's the world's largest asset management firm will open a new innovation center in Atlanta and create roughly 1,000 jobs.
Sutherland Asset Management: 2Q Earnings Snapshot
NEW YORK (AP) _ Sutherland Asset Management Corp. (SLD) on Tuesday reported second-quarter net income of $15.3 million.
The New York-based company said it had profit of 48 cents per share. Earnings, adjusted for non-recurring gains, were 47 cents per share.
The real estate investment trust posted revenue of $61.6 million in the period. Its adjusted revenue was $35.2 million.
Artisan Partners: 2Q Earnings Snapshot
MILWAUKEE (AP) _ Artisan Partners Asset Management Inc. (APAM) on Tuesday reported second-quarter profit of $42 million.
The Milwaukee-based company said it had net income of 72 cents per share. Earnings, adjusted for non-recurring costs, were 76 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.
HARTFORD, Conn. (AP) — The president of billionaire Steven Cohen's investment firm in Connecticut has resigned, shortly after the firm was sued over alleged hostile, sexist and discriminatory conduct by male executives.
Douglas Haynes resigned from Stamford-based Point72 Asset Management on Friday. A company spokeswoman declined to comment Monday on whether Haynes' departure was related to the lawsuit and referred to a statement that said the lawsuit is "without merit."
Insurer AIG is buying Validus in deal worth about $5.56B
NEW YORK (AP) — Insurer AIG is buying Validus, a provider of reinsurance, primary insurance, and asset management services, in a deal worth approximately $5.56 billion.
American International Group Inc. said Monday that it will pay $68 for each share of Validus Holdings Ltd. That's a 45.5 percent premium to the Bermuda company's Friday closing price of $46.72.
Shares of Validus rose almost 5 percent before the market opened.
Insider Q&A: Market stability in uncertain times
It's a topsy-turvy time around the globe and normally, that would take a toll on major markets. Yet it has been surprisingly calm of late, particularly in the U.S.
John Vail, chief global strategist at Nikko Asset Management and expert on global markets, talked to The Associated Press for his take on the unusual state of affairs in global markets. Vail also heads up the investment strategy group for the firm, one of Asia's largest asset managers.
A Greenwich asset manager announced its dissolution Wednesday, three years after moving its headquarters to Connecticut with state backing.
Under founder Len Tannenbaum, Fifth Street Asset Management managed two affiliates called Fifth Street Finance and Fifth Street Senior Floating Rate Corp. that loaned money to commercial enterprises. Earlier this month, Fifth Street Asset Management announced a sale of assets to Oaktree Capital Management.
NEW YORK (AP) — An activist investor has bought a "meaningful" stake in Barnes & Noble Inc. and is urging the bookseller to sell itself.
Sandell Asset Management Corp. CEO Thomas E. Sandell, in a letter to Barnes & Noble's board, said "the public market for retail stocks is contributing to a risky and inhospitable environment" and the company would be better served if it were private or part of a larger company.
Deutsche Bank Q1 profits rise as legal costs dwindle
FRANKFURT, Germany (AP) — Germany's Deutsche Bank says net profit more than doubled in the first three months of the year as the bank pressed ahead with cost-cutting and saw more customer money flowing into its asset management business.
Net profit of 575 million euros ($626 million) exceeded 236 million euros from the same quarter a year ago and beat analyst expectations of 487 million euros as compiled by financial information provider FactSet.
Standard Life and Aberdeen agree on terms for merger
LONDON (AP) — Standard Life has agreed to buy Aberdeen Asset Management for 3.8 billion pounds ($4.7 billion) to create Britain's largest asset management firm.
Aberdeen shareholders will receive 0.757 Standard Life shares for each share they own, giving them 33.3 percent of the combined company. Keith Skeoch, chief executive of Standard Life, and Martin Gilbert of Aberdeen, will be co-chief executives.
NEW YORK (AP) — European banking giant Deutsche Bank announced plans to raise at least $8.5 billion in capital and sell off a stake in its asset management business, in a move to help shore up the troubled German firm.
Deutsche Bank will issue 687.5 million new shares later this month, the bank said Sunday, in an effort to take advantage of the recent run up in the bank's stock price.
LONDON (AP) — British asset management firms Aberdeen and Standard Life are in talks about a possible merger that could create one of the country's largest fund managers.
The move would create an 11 billion-pound ($13.5 billion) company, reflecting the combined market capitalization of the two firms, overseeing assets worth 660 billion pounds ($811 billion).
Ex-portfolio manager convicted of securities fraud charges
NEW YORK (AP) — A former portfolio manager at an asset management firm was convicted of securities and wire fraud charges on Thursday.
Stefan Lumiere, who worked at Visium Asset Management LP, was convicted in Manhattan federal court by a jury that deliberated less than two hours.
Executive search and leadership consulting firm RSR Partners announced Wednesday its acquisition of Higdon Partners, an asset management recruiting and advisory boutique.
Greenwich-based RSR Partners brought Higdon Partners under its umbrella to add more resources and experience to its professional search and advisory group and supplement its financial services practice, according to managing director Graham Michener.
Brazil state oil co. Petrobras sells pipeline unit for $5.2B
RIO DE JANEIRO (AP) — The board of Brazilian state-run oil giant Petrobras has approved the sale of a key natural gas pipeline unit to a group of investors led by Toronto-based Brookfield Asset Management.
Petrobras says the group will pay $5.2 billion over five years to acquire a 90 percent stake in the Nova Transportadora do Sudeste unit.
A settlement of class-action litigation against Fifth Street Asset Management has been reached, on the heels of its disclosure last week of an inquiry by the Securities and Exchange Commission that is ongoing.
The Greenwich-based company has more than $5 billion in assets under management, with more than 80 percent of its portfolio invested by fellow publicly traded entities Fifth Street Finance (Nasdaq: FSC) and Fifth Street Senior Floating Rate (Nasdaq: FSFR).