US M&A News and Trends
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Giovannini Barrier 4 and 7
Giovannini Barrier 4 and 7 Godfried de Vidts and Mark Austen Joint submission of European Primary Dealers Association and the European Repo Committee Clearing and Settlement Advisory and Monitoring Experts’ Group 12 June 2006 EPDA Mission EPDA Mandate Provide a representative forum for EMU government primary dealers Address, seek consensus and resolve primary and secondary market issues in EMU government bond markets Focus on integration and efficiency of European government bond markets EPDA Objectives Consult with key market participants, including EU DMOs/Treasuries, Central Banks, EU Commission and ECB on: Recommendations for efficient primary market procedures and practices Promotion of an efficient, integrated, transparent and liquid secondary market Providing best practice recommendations Issuing comment letters on regulatory and legal proposals Information, education and research projects and conferences 21 EPDA Executive Members Executive members represent 164 dealerships in the EMU ABN Amro ING Bank Barclays Capital J.P. Morgan BNP Paribas Lehman Brothers Calyon Merrill Lynch IXIS CIB Morgan Stanley Citigroup Nomura Securities Credit Suisse RBS Deutsche Bank Société Générale Dresdner Bank UBS Goldman Sachs Unicredit Banca Mobiliare HSBC 15 EPDA Clearing and Settlement Working Group Representatives from Clearing and Settlement departments Barclays Capital HSBC BNP Paribas ING Bank IXIS CIB J.P. Morgan Citigroup Credit Suisse Lehman Brothers Deutsche Bank Merrill Lynch Dresdner Bank Nomura Securities Goldman Sachs UBS ICMA -
SCI's 8 Annual Securitization Pricing, Valuation & Risk Seminar
SCI’s 8th Annual Securitization Pricing, Valuation & Risk Seminar June 2015, New York SCI will be hosting its fast growing Securitisation Pricing & Risk Seminar in June 2015 in New York. 200 registered for this event in 2014 with both trading and pricing professionals in attendance. Our objective is to build this event to make it the definitive pricing event for securitised assets, and to succeed we need to build it out strongly over the next few years with the backing and partnership of firms such as yours. As ever the agenda will cover a good mix of relevant and pertinent discussions such as: relative value; valuation and audit; regulations; updates on CLO & ABS valuations, and discussions on primary market issuance. This is also great networking event, offering a focussed discussion environment. For a list of delegates attending in 2014 see page 2 of this document. We encourage you to join your peers and sponsor this event: panel speaking, workshops, exhibition space, client invitations and more are available to sponsors. Why sponsor? SCI gives you a platform designed to help you get your message across: Take part in topical debate at the forefront of market discussion Reach a closely targeted audience of investor and sell‐side clients Be seen as a domain expert and thought-leader via an uncluttered, focussed agenda Reach new and existing customers throughout the conference Why SCI? A well established event with a track record of having a strong, senior turnout Programme devised around current market issues and hand-picked speakers Event builds on SCI’s highly regarded daily news coverage Gold Sponsorship package: a. -
BMO Selectclass® Growth Portfolio*
BMO Global Tax Advantage Funds BMO SelectClass® Growth Portfolio* IdeAl InveSTOr You are seeking long-term capital appreciation with some element of capital preservation. Growth Aggressive Growth E Q U I T Y F I X E D I N C O Balanced 25% M 100% E F I X turn E D 75% Y Y I T T Re N I I U C U 52.5% 47.5% Q E O Q M Security E E Y I T U Q E 25% F I X E WHY InveST In THIS FUnd? 75% D I N C O M A comprehensive investment E management solution that provides the Risk following benefits: • Diversification by asset class, geography InveSTMenT OBJeCTIve and market capitalization • Professionally constructed and optimized This Portfolio’s objective is to provide long-term growth by investing primarily in portfolios to reduce risk and enhance mutual funds invested in equity securities and, to a lesser extent, in mutual funds return potential invested in fixed income securities. • Manager selection and monitoring to ensure your assets are managed by POrTFOlIO COMPOSITIOn knowledgeable investment specialists • Automatic portfolio rebalancing Fund % Portfolio Advisor Fixed Income A corporate class structure to allow you BMO Bond Fund 15.00 Jones Heward Investment Counsel Inc. to accumulate capital as tax efficiently BMO World Bond Fund 5.00 Insight Investment Management Limited as possible BMO Global High Yield Bond Fund 5.00 PIMCO Canada Corp. • Each BMO SelectClass Portfolio is a series Total Fixed Income 25.00 class of BMO Global Tax Advantage Funds Equity Inc., allowing you to switch among the 4 Portfolios and 10 other classes without BMO U.S. -
Mark Mason at the RBC Financial Institutions Conference 2020
TRANSCRIPT 2020 RBC Capital Markets Financial Institutions Conference Wednesday, March 11th, 2020 HOST Gerard Cassidy, RBC Capital Markets Analyst SPEAKER Mark Mason, Citi Chief Financial Officer QUESTION AND ANSWER GERARD CASSIDY: Good morning, everyone. This is Gerard Cassidy from RBC Capital Markets. Thank you for joining us. Our second fireside chat today is with Citigroup. We have Mark Mason, the Chief Financial Officer. Mark became the Chief Financial Officer back in February of 2019. And as we all know, Citigroup is one of our largest banks in the United States as well as the world with almost $2 trillion in assets. They've got a market cap of about $108 billion. And with us, as I mentioned, Mark Mason, CFO. Welcome, Mark. MARK MASON: Thank you, Gerard. It's nice to be here. Thanks for having me. GERARD CASSIDY: You're very welcome, and it's a real privilege and we're very lucky to have you with us, and again, thank you. Let's start off with maybe a macro question for you. There's been increasing concern about the possibility of a macroeconomic slowdown. And given your global presence, what are you seeing out there and what do you think are the biggest business risks faced by large universal banks like Citigroup? MARK MASON: Sure. When I think about that question, I really have to think back to the way we ended the year. If you think about the way we ended 2019, there were concerns around trade, around the unrest in Hong Kong. We had just experienced three rate cuts in the back half of the year. -
Golden Capital Large Cap Core Select UMA Wells Fargo Funds Management
Golden Capital Large Cap Core Product Placed on Watch Select UMA Wells Fargo Funds Management, LLC Style: US Large Cap Year Founded: 1971 Sub-Style: Blend GIMA Status: Approved 525 Market Street, 12th Floor Firm AUM: $512.5 billion Firm Ownership: Wells Fargo & Co. San Francisco, California 94105 Firm Strategy AUM: $368.6 million Professional-Staff: 1468 PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS Wells Fargo Asset Management's large cap core equity investment Number of stock holdings: 45 to 50 ---------------06/21------ 12/20 strategy's primary objective is long-term capital appreciation. Wells ---------- P/E ratio: Below the S&P 500 Wells Index*** Wells Fargo's goal is to produce excess returns above the S&P 500 Index. Fargo Fargo Golden's large cap core investment philosophy is to construct an actively Cash level over market cycle: 0 to 3% Number of stock holdings 52 505 52 managed, core portfolio of companies that exhibit the likelihood to meet Risk (standard deviation): Similar to/Below the S&P 500 or exceed earnings expectations. Golden uses proprietary, multifactor Dividend Yield 1.3% 1.4% 1.4% models that combine valuation, earnings and momentum factors to Average turnover rate: 30 to 60% identify the characteristics within each company that make it Distribution Rate — — — Use ADRs: No unsustainably cheap. Risk is managed through diversification by 19.79x 25.40x 23.00x avoiding concentration in any one security or industry while generally Capitalization: Mega, Large and Medium Wtd avg P/E ratio ¹ adhering to sector weights of +/- 5% to those of the S&P 500 Index. -
Nomura Securities International, Inc. (“Nomura” Or “Respondent”)
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 86372 / July 15, 2019 ADMINISTRATIVE PROCEEDING File No. 3-19248 ORDER INSTITUTING In the Matter of ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF NOMURA SECURITIES THE SECURITIES EXCHANGE ACT INTERNATIONAL, INC., OF 1934, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS Respondent. I. The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) against Nomura Securities International, Inc. (“Nomura” or “Respondent”). II. In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the “Offer”) which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, admitting only the Commission’s jurisdiction over it and the subject matter of these proceedings, Respondent consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions (“Order”), as set forth below. III. On the basis of this Order and Respondent’s Offer, the Commission finds1 that: Summary 1. These proceedings arise out of Nomura’s failure reasonably to supervise three -
2Nd Quarter 2021 SWMG Newsletter
June 2021 MAIN OFFICE Market Summary FLINT, MICHIGAN 5206 Gateway Centre, Suite 300 Flint, MI 48507 The economic recovery is on very solid ground and stronger than Phone: 810-732-7411 many expected. For the first quarter, our economy grew 6.4% as Fax: 810-732-8190 measured by GDP*. Second quarter growth could very well be in FLORIDA OFFICE 712 S. Oregon Ave. double digits and would put us back to where we were in the fourth Tampa, FL 33606 quarter of 2019 before the pandemic began. The market returns Phone: 813-251-1879 Fax: 813-251-1716 reflect a strong economic recovery and continued stimulus as the PEARL PLANNING S&P 500 now sits at or near all-time highs. Last year, the number of 8031 Main Street, Suite 302 stocks that had positive returns were dominated by very few. This Dexter, MI 48130 Phone: 734-274-6744 year, they are much more broadly reflected, especially given the Fax: 734-274-6754 recovery of the energy, hospitality and travel sectors. StephensWMG.com Interest rates rose slightly for a period before the Federal Reserve FINANCIAL MARKET clarified their position and comments from earlier in June. The fear UPDATE* Year-to-date change as of 06/30/21 is that rising inflation will lead to rising interest rates. Recent comments from the Federal Reserve Open Market Committee • S&P 500 Index…………………15.25% indicate they are expecting future inflation to be in the 3.4% range. • Bloomberg Commodity Index….....21.15% The Fed Reserve Chair, Jerome Powell, subsequently reassured that • MSCI EAFE $$ (International)…....…8.83% there is no plan to raise rates in the short-term. -
J.P. Morgan's Expression of Interest to Act As Global Co-Ordinator And
CONFIDENTIAL J.P. Morgan’s expression of interest to act as Global Co-ordinator and Bookrunner in connection with the Íslandsbanki IPO J.P. Morgan is pleased to express its interest to act as Global Co-ordinator and Bookrunner in connection with the sale process of the Icelandic State Financial Investments’ holdings in Íslandsbanki. J.P. Morgan is a leading global investment bank with a market capitalisation of $427bn and total assets of $3.4trn (December 2020). J.P. Morgan’s global headquarters are in New York, while our European headquarters are in London. We have a strong presence and track record in the Nordic region and our commitment to the region is evidenced by our local offices across the region. J.P. Morgan offers ISFI a full range of investment banking services and will provide first class advice in connection with the sale process of its holdings in Íslandsbanki. We are a global leader in areas such as equity and equity linked capital markets, debt capital markets, M&A advisory, ratings advisory and equity and debt sales, research and trading. J.P. Morgan team for Íslandsbanki Senior project leadership and sponsorship Andreas Lindh, Co-Head of EMEA FIG Stefan Weiner, Head of Northern Europe ECM Kari Hallgrimsson, Senior Country Sponsorship Nordic FIG Advisory European ECM Christian Kornhoff, Executive Director Vittorio Rivaroli, Executive Director Filiph Nilsson, Analyst Emese Pavlik, Associate Kim-Jonas Pellikka, Analyst Vincent Collan, Analyst FIG DCM Ratings Advisory Kiran D. Karia, Executive Director Jens Rasmussen, Executive Director J.P. Morgan contact details Andreas Lindh Registered address: Full legal name: Taunustor 1 J.P. -
Market Perspectives
Market Perspectives Jason Castelli, CFA February 19, 2021 A Walk Down Memory Lane Over my 20+ year career in the financial services industry, I've experienced the tech Investment Strategy Team wreck, 9/11, the subprime lending and US housing crisis, the near-collapse of the global financial system, the massive interventions taken by central banks and Jason Castelli, CFA governments, a trade war between the two largest global economies and most Larbi Moumni, CFA recently, a historic recession brought on by a global pandemic. I've seen the rise and Nadeem Kassam, MBA, CFA fall of Canadian titans like Nortel, Research in Motion (now BlackBerry) and Valeant Pharmaceutical (now Bausch Health Co.), outright fraud with Bre-x Minerals and Sino- Forest, and of course, the egregious deception by rating agencies, US mortgage Mutual Funds & ETFs lenders and investment banks unloading worthless paper on unsuspecting purchasers. While it is human nature to remember adverse events so that we can avoid repeating Spencer Barnes, MSc, CIM® past mistakes, there have been many positives. First, from the first day I started in the industry, the S&P/TSX and S&P 500 have gained a cumulative 157% and 182% (not including dividends), respectively. This is impressive wealth creation despite the historical turmoil. We've seen significant technological advances in areas like Structured Notes & telecommunications, robotics and artificial intelligence, resulting in shifts in how we Alternatives work, communicate and live our personal lives. We're on the cusp of commercializing Chris Cafley, CFA space, which will open up another new wave of innovation. -
BMO Private Equity Trust PLC
BMO Private Equity Trust PLC Annual Report and Accounts 31 December 2019 BMO Private Equity Trust PLC Celebrating1 | BMO Private 20 Equity years Trust PLC– 1999 to 2019 Report and Accounts 2019 | PB 2 | BMO Private Equity Trust PLC Report and Accounts 2019 | 1 Overview Overview Contents Chairman’s statement Strategic Auditor’s Report Overview Independent Auditor’s Report 40 Company Overview 2 Report Financial Highlights 3 Summary of Performance 4 Financial Report Statement of Comprehensive Income 46 5 Balance Sheet 47 Chairman’s Statement Statement of Changes in Equity 48 Governance Statement of Cash Flows 49 Strategic Report Notes to the Financial Statements 50 Strategic Report – Introduction 7 M DisclosuresAIF 63 Principal Policies 9 Report Promoting the Success and Sustainability of the Company 11 Sustainability and ESG 12 Annual General Meeting Key Performance Indicators 13 Notice of Annual General Meeting 64 Investment Manager 14 Investment Manager’s Review 15 Other Information Auditor’s Shareholder Information 69 Portfolio Summary 19 Top Ten Holdings 20 History 70 Report Portfolio Holdings 22 Historical Record 70 Principal Risks 24 Alternative Performance Measures 71 Glossary of Terms 73 Governance Report w Ho to Invest 75 Corporate Information 76 d of BoarDirectors 26 Financial Report of the Directors 27 Report Corporate Governance Statement 31 Report of the Audit Committee 33 Report of the Nomination Committee 35 Directors’ Remuneration Report 36 Report of the Management Engagement Committee 38 Statement of Directors’ Responsibilities 39 AGM Other Information 2 | BMO Private Equity Trust PLC Report and Accounts 2019 | 1 185155 PET AR19 PRINT.indd 1 16/04/2020 13:58 BMO Private Equity Trust PLC Company Overview The Company BMO Private Equity Trust PLC (‘the Company’) is an investment trust and its Ordinary Shares are traded on the Main Market of the London Stock Exchange. -
An Acuris Company Restructuring Data
Restructuring Insights - UK An Acuris Company Restructuring Data - Europe 27 May 2020 Restructuring Insights - UK Restructuring Insights - UK An Acuris Company Debtwire Europe CONTENTS AUTHORS Introduction 3 Joshua Friedman Restructuring Data Analysis 5 Global Head of Restructuring Data Creditor/Investor Analysis 19 +1 (212) 574 7867 [email protected] UK Restructurings: Marketplace & Current Issues 25 Timelines and Tables 28 Shab Mahmood Contacts 35 Restructuring Analyst Disclaimer 36 +44 203 741 1323 [email protected] Juan Mariño, CFA Restructuring Analyst +44 203 741 1364 [email protected] Donald Ndubuokwu Restructuring Analyst [email protected] 2 Restructuring Insights - UK An Acuris Company Introduction: Restructuring Data - Europe As part of the roll-out of Debtwire’s Restructuring Data - Europe, this inaugural Restructuring Insights Report serves as a preview of the power, breadth and depth of the data that will be available to subscribers. Debtwire’s global team of legal, financial, credit and data professionals has been producing analysis and data reports on a variety of restructuring topics and in jurisdictions across the globe. In a natural evolution of that data-driven direction, we have compiled and enhanced the data underlying those reports and combined it with Debtwire’s exclusive editorial coverage and financial research to create a searchable Restructuring Database, which will allow subscribers to craft bespoke data-driven answers to a wide variety of research questions and to enhance business development. With the expansion to cover Europe, the Restructuring Data platform now includes bankruptcy and restructuring situations in North America (US Chapter 11s, Chapter 7s and Chapter 15s), Asia-Pacific (NCLT processes in India) and Europe. -
Jpm at the Bofa Securities Future Of
JPM AT THE BOFA SECURITIES FUTU R E OF FINANCIALS VIRTUA L CONFERENCE 2020 TRANSCRIPT November 9, 2020 MANAGEMENT DISCUSSION SECTION Erika Najarian Analyst, BofA Securities, Inc. Hey. Good morning, everybody. It's Erika Najarian again, and welcome to our third session of the day. There's no doubt you'll recognize our next guest, not only is she the most influential – one of the most influential women in the banking industry but also one of the most influential people in the banking industry. From JPMorgan, we welcome Marianne Lake. Formerly the CFO for the company, Marianne was named Chief Executive Officer for Consumer Lending in April 2019. Marianne, thank you so much for joining us today. ...................................................................................................................................................................................................................................................... Marianne Lake Chief Executive Officer of Consumer Lending, JPMorgan Chase & Co. And thank you for having me, Erika. Hello, everyone. QUESTION AND ANSWER SECTION Erika Najarian Analyst, BofA Securities, Inc. Q So, I thought I'd start off. And you have such a great vantage point at JPMorgan. You see about 10 billion credit transactions a year, credit card transactions per year, coupled with the fact that most macroeconomic data points are reported on a lagging basis. Can you provide an update on the health of the consumer? .....................................................................................................................................................................................................................................................