Schroders says it has reached an agreement to acquire Adveq Holding AG (Adveq). It describes its planned new buy as a high-quality specialist private equity solutions business with strong year-on-year growth in assets under management since inception 20 years ago.
The Bank of New York Mellon Corporation has today reported first quarter net income applicable to common shareholders of US$880m, or $0.83 per diluted common share. Net income applicable to common shareholders was $804m, or $0.73 per diluted common share, in the first quarter of 2016, and $822m, or $0.77 per diluted common share, in the fourth quarter of 2016.
Said Gerald L Hassell, chairman and chief executive officer: "We again delivered double-digit earnings per share growth and positive operating leverage on a year-over-year basis, reflecting the strength of our dynamic, well-diversified business model. Our performance in the quarter benefited from our investments in capabilities that address growing client demands in areas such as collateral optimisation for both the buy and sell side and middle-office services for asset managers. In addition, our overall asset management flows improved to their highest levels since 2014 and assets under custody and/or administration hit a record level.
"We have been delivering high returns on tangible common equity while generating significant levels of capital. During the first quarter, we returned nearly $1.1bn to shareholders through share repurchases and dividends and strengthened our key regulatory capital ratios."
"The progress we are making in digitizing our firm and harnessing emerging technologies should result in an increasingly distinctive client experience, new sources of value for our clients and reduced structural costs for our company. We see ourselves as being an investments platform company that integrates the best of what we and others have to offer for the benefit of our clients and the marketplace," Hassell concluded.
BNY Mellon Alternative Investment Services says it will provide fund administration services for PGIM Real Estate's US real estate funds, representing approximately US$33bn in net assets under management.
The majority (56%) of European real estate investors said they would review and most likely delay plans to sell property assets in light of a French presidential election victory for far Marine Le Pen's party, according to new research by Intertrust, a global provider of trust, fund and corporate services.
When will politicians realise that the last thing that the electorate wants is more politics? In addition to campaigning for Scottish independence, British exit from the European Union, local and council elections throughout the UK, we now have a general election planned for June 8.
Which means we face six weeks of non-stop onslaught upon our voting senses, and wave after tedious wave of political debate, argument, counter-argument, claim, counter-claim and of course endless monstrous lies.
I think I might need to get out more. Watching a teaser trailer of the planned new Star Trek series, Discovery, I found myself looking at the starship and thinking: that looks more like a Klingon Bird of Prey.
Oh dear, perhaps I've crossed the thin dividing line that separates fans of Star Trek from the Trekkie obsessives. One of whom we encountered first hand in our early days in London, wandering around the Forbidden Planet store with a large model of the Enterprise dangling from her neck...
I was offered this Deep Purple interview by a PR company this morning, and thought, what the heck, it makes for a welcome break from tedious financial matters, even if I never liked heavy metal in any shape or form. Enjoy, or not...