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By Dana Wilkie Principal Financial Group Inc., the seller of life insurance and retirement products, is seeking to exit banking to limit U.S. oversight. The insurer filed a draft application to end its status as a savings and loan holding company to avoid Federal Reserve regulation that may limit investing and require the Des Moines, Iowa-based company to [...]
By RADI KHASAWNEH Hedges added after a boom in variable annuity sales last year caused losses for MetLife Inc. and Prudential Financial Inc. in the third quarter. MetLife reported a $1.09 billion loss on a portfolio of derivatives that include variable annuity hedges in the third quarter, according to a Nov. 7 filing with the Securities and Exchange Commission. To continue reading click here This is just a sample article [...]
Credit Suisse AG is searching for equity long/short and fixed incomerelated absolute return strategies to add to its pair of UCITS-only multi-manager programs, according to Oliver Wiedemeijer, portfolio manager of the programs. To continue reading click here:
By Bill Rochelle Bankruptcy Judge Shelley Chapman in New York transferred venue of the Patriot Coal Corp. reorganization to St. Louis this week. Saying she had “considerable regret” about the move, Chapman really had no choice. Patriot incorporated two subsidiaries in New York on the eve of bankruptcy. Otherwise, there were no venue “hooks” in New York. [...]
Leveraged buyout volume could rise by 25 to 70 percent in 2013, pending resolution of the fiscal cliff. Investment banks are approaching consulting firms such as Alvarez & Marsal, which advises both buyers and sellers on LBOs, for due diligence on companies intended to be sold in the first quarter of next year. To continue reading click here
U.S. investors are buying 65 percent more notes linked to a basket of U.K., European and Japanese stock indexes this year, spurred by a 12 percent average gain in the benchmarks since May. Banks have sold $908 million of U.S. notes tied to the Euro Stoxx 50 Index of the 50 largest euro-area companies, the U.K.’s FTSE 100 Index, and Japan’s Tokyo Stock Price Index, known as the Topix [...]
Traders are betting Western Wind Energy Corp.’s executives will persuade suitors to top what’s already the most expensive valuation for an alternative-energy takeover on record. Shares of Western Wind, the Vancouver-based operator and developer of wind farms and solar projects that put itself up for sale in July, closed yesterday 11 percent above a C$2.50-a-share proposal from Brookfield [...]
Apollo Global Management LLC will give investors a greater share of deal fees in its next flagship fund than it offered in the past, according to two people familiar with the situation and fund documents viewed by Bloomberg News. Apollo Investment Fund VIII LP, which is seeking $12 billion, will direct 80 percent of fees it charges portfolio [...]
Gramercy Advisors LLC, the $3.2 billion emerging-markets hedge fund, started a distressed credit fund with $200 million in commitments, according to a letter to investors, a copy of which was obtained by Bloomberg News. The Gramercy Distressed Opportunity Fund II invests in stressed performing, distressed and defaulted emerging market corporate and sovereign debt, Robert Koenigsberger, managing partner and chief [...]
San Bernardino will put off paying $13 million to California’s retirement system and $3.4 million for pension bonds issued in 2005, in a provisional spending plan. The City Council voted 5-2 for the fiscal road map yesterday to meet a court imposed Nov. 30 deadline for a balanced interim municipal budget while in bankruptcy proceedings. In addition [...]
