Bank of America sells part of Columbia Management to Ameriprise Financial for as much as $1.2BSeptember 30th, 2009 BofA sells some asset management ops to AmeripriseNEW YORK — Bank of America Corp. said Wednesday it is selling the long-term asset management business of one of its units to Ameriprise Financial Inc.
JPMorgan Chase shuffles management of investment banking team, names Jes Staley CEO of unitSeptember 30th, 2009 JPMorgan shuffles investment banking managementNEW YORK — JPMorgan Chase is shuffling the management duties of its investment bank and asset management units. The New York-based bank holding company says Steve Black will become executive chairman of the investment bank business.
Chola DBS sells mutual fund business to L&T FinanceSeptember 25th, 2009 CHENNAI - City-based Cholamandalam DBS Finance, a non-banking finance company, has decided sell its mutual fund subsidiary Cholamandalam Asset Management to L&T Finance for Rs.45 crore. "We have been taking several initiatives to strengthen the company's core business.
London-based Rio Tinto sells Alcan Composites to Swiss Schweiter Technologies for $349 millionSeptember 22nd, 2009 Rio Tinto sells building materials unit for $349MMELBOURNE, Australia — Anglo-Australian mining giant Rio Tinto has advanced its debt reduction plans by selling building materials manufacturer Alcan Composites to Swiss machinery producer Schweiter Technologies for $349 million, the two companies said Tuesday. The sale of Alcan Composites, which is based in Sins, Switzerland, will be completed by the end of the year, the companies said in statements.
Barclays says BlackRock offer for asset management arm is compellingAugust 6th, 2009 Barclays backs BlackRock offer for BGILONDON — British bank Barclays PLC said Thursday that U.S. investment manager BlackRock Inc.'s offer for its asset management arm, Barclays Global Investors, was a "compelling proposal" that could generate as much as $14.2 billion pounds.
French insurer Axa says 1st half net profit fell 39 percent as financial crisis hits earningsAugust 5th, 2009 Axa H1 net profit falls 39 percentPARIS — Axa SA said its net profit fell 39 percent in the first half as the global financial crisis hammered earnings at both its life and savings and asset management businesses. France's largest insurer reported net profit of euro1.32 billion ($1.9 billion) in the six months ended June 30, down from euro2.2 billion a year earlier.
Citigroup sells entire stake in Nikko Asset Management for $795M to Sumitomo TrustJuly 30th, 2009 Citigroup sells stake in Japanese asset managerNEW YORK — Citigroup Inc. said Thursday it is selling its entire majority stake in a Japanese asset management company to The Sumitomo Trust and Banking Co Ltd.
Reliance Capital eyes major expansion, banking, overseas forayJuly 5th, 2009 MUMBAI - The Anil Dhirubhai Ambani Group's Reliance Capital has unveiled an ambitious plan for the next three-five years, including an entry into banking industry, globalisation of operations and tripling the customer base to 50 million. We have drawn up exciting growth plans for the next three to five years, Anil Ambani, chairman of Reliance Capital, informed his shareholders ahead of the company's annual general meeting here later this month.
Reliance-partnered India Fund in Canada next monthJune 24th, 2009 TORONTO - Toronto-based Lawrence Asset Management Inc. is re-launching the Lawrence India Fund in Canada next month in partnership with Reliance Asset Management.
Thales launches new AMS offeringJune 17th, 2009 PARIS - European aerospace major Thales Wednesday announced the launch of a new innovative asset management services (AMS) offering to provide comprehensive material management services including on-site inventory, repair management and return to inventory. The AMS covers all Thales' avionics equipment as a well as a range of components from other original equipment manufacturers.
Fugitive commodities futures trader charged with swindling hundreds in $312 million fraudJune 16th, 2009 Fugitive commodities trader charged in $312M fraudCHICAGO — A fugitive businessman was charged in a federal indictment unsealed Tuesday with swindling hundreds of investors out of $312 million with bogus claims about profits he made in the commodities futures trading markets. Philip J. Baker, 44, was charged in the 27-count indictment with boasting that companies and commodities futures pools he controlled had been profitable for 13 years when in reality they had lost $38 million.
BlackRock to pay $13.5 billion in cash and stock for Barclays asset management arm & iSharesJune 12th, 2009 BlackRock to become world's biggest money managerLOS ANGELES — Ending weeks of speculation, U.S. investment manager BlackRock Inc.
BlackRock to pay $6.6B in cash, plus stock for Barclays PLC's asset management arm & iSharesJune 12th, 2009 BlackRock to buy asset management arm of BarclaysLOS ANGELES — After weeks of speculation, U.S. investment manager BlackRock Inc.
HSBC India to go slow in consumer credit businessApril 16th, 2009 KOLKATA - HSBC India will go slow in the consumer credit business in 2009 following high level of 'impairment' of assets last year, a top official said here Thursday. 'We continue to do lending in the retail space,' Naina Lal Kidwai, who was appointed the country head of HSBC India Thursday, told reporters.
LIC posts huge jump in December premium collectionFebruary 5th, 2009 CHENNAI - State-owned Life Insurance Corp (LIC) posted new business income last December worth Rs.69.61 billion (Rs.6,961 crore), selling over 4.65 million policies. According to figures released by Insurance Regulatory and Development Authority (IRDA) Friday, it was a huge jump that LIC registered when compared to the collection in November: Rs.33.46 billion (Rs.3,346 crore) from selling 2.58 million policies.
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