Tag Archives: Financial Services

Bernanke Admits To Congress: We Are Printing Money, Just 'Not Literally'

By Agustino Fontevecchia, Forbes Staff

In his semi-annual testimony before the House Committee on Financial Services, Fed Chairman Ben Bernanke was very clear about how the central bank engages in quantitative easing.  We are printing money, just not literally, the Chairman told policymakers, while contradicting himself regarding recent record highs in stock markets, first attributing them both to the strength of the economy and the impacts of monetary policy.  The market didn’t seem to care, rallying tepidly upon the release of the prepared remarks and remaining range-bound through most of the session. …read more

Source: FULL ARTICLE at Forbes Latest

U.S. Government Seeks To Set Internet Poker Free…Through New Regulations

By Darren Heitner, Contributor

The Internet Poker Freedom Act of 2013 is a piece of legislation that if passed in its current form would establish a program for the licensing of Internet poker by States and federally recognized Indian tribes.  The bill [H.R. 2666] was introduced by Representative Joe Barton (R-Tex) in the U.S. House of Representatives last week and was referred to the Committee on Energyand Commerce and the Committee on Financial Services.  It has a long way to go prior to becoming law, but the 102-page bill is now an at least an issue that Congress will address. …read more

Source: FULL ARTICLE at Forbes Latest

Morgan Stanley Profit Falls, But Beats Wall Street Expectations

By The Associated Press

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By CHRISTINA REXRODE

NEW YORK — Morgan Stanley says profit and revenue dropped in the first quarter. Results beat Wall Street‘s expectations, but the stock still fell in pre-market trading.

Revenue from the investment bank slipped, while revenue from asset management rose.

Earnings totaled $1.2 billion, down about 12 percent from a year earlier. a share, those earnings amounted to 61 cents, beating the 57 cents expected by analysts polled by FactSet.

Revenue totaled $8.5 billion. That was down 5 percent from a year earlier, but it beat analyst expectations of $8.3 billion.

The earnings and revenue exclude the effect of an accounting charge related to the value of the bank’s debt.

Shares of Morgan Stanley (MS) fell in pre-market trading, down 7 cents to $21.40.

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From: http://www.dailyfinance.com/2013/04/18/morgan-stanley-earnings/

Bank of America to Pay $500M to Settle Investor Lawsuit

By The Associated Press

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By CHRISTINA REXRODE

NEW YORK — As soon as Bank of America puts one mortgage-related lawsuit behind it, another always seems to rear its head.

The bank announced Wednesday that it would pay $500 million to settle a class-action lawsuit led by pension funds and other investors who say they were misled about $350 billion worth of mortgage-backed investments they bought from Countrywide, a mortgage lender Bank of America Corp. (BAC) bought in 2008. The bank portrayed the settlement as good news because it resolved the bulk of securities claims related to residential mortgage-backed securities.

But financial analysts, in a conference call to discuss the bank’s first-quarter results, peppered bank executives with questions about another pending settlement. Bank of America is still waiting for court approval for a similar settlement it made with Bank of New York Mellon Corp. (BNY) almost two years ago. If it doesn’t get the go-ahead, Bank of America could have to spend more to resolve the claims.

Bank of America’s stock slumped nearly 5 percent to $11.70. While its earnings were just shy of what analysts expected, it was the bank’s latest liability from mortgage lawsuits that “seems to be the big question for investors,” banking analyst Meredith Whitney said on the conference call.

Chief Financial Officer Bruce Thompson told analysts that the bank felt “very good” about settling the pension funds’ lawsuit. But he acknowledged the uncertainty of potential lawsuits and declined to predict how much the bank might have to spend on litigation in the future.

“I don’t think anyone is going to ever, at this point, declare complete victory,” Thompson said, though he added that the bank was moving through “this pipeline of items” in “a pretty meaningful way.”

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Bank of America’s current troubles are the latest fallout from its decision to buy Countrywide, which was known for making exotic mortgages that later went bad as borrowers defaulted. The purchase catapulted the bank into a spot at the top of the nation’s mortgage scene, but it’s been an albatross ever since, bringing lawsuits, investigations and quarterly losses. Hard-to-predict legal expenses have been a bane to Bank of America and throughout the banking industry.

It was just last quarter that two mortgage-related settlements overshadowed the bank’s results. In early January, the bank took a charge of $2.7 billion to settle a dispute with Fannie Mae, which forced Bank of America to buy back mortgages it had sold to the agency before the crisis. It also took a $1.1 billion charge to settle government accusations that it and other banks had wrongfully foreclosed on some homeowners. The charges sent fourth-quarter earnings down sharply.

Brian Moynihan has been wading through issues dating back to the financial crisis ever since he became CEO in

From: http://www.dailyfinance.com/2013/04/18/bank-america-lawsuit/

American Express Profit Boosted by Higher Cardmember Spending

By Reuters

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Credit card company American Express Co.’s quarterly revenue came in below analyst expectations as cardmember spending growth remained muted.

Cardmember spending in the first quarter increased 7 percent, adjusted for foreign currency translations. This was the fourth successive quarter of single-digit growth after nine quarters of double-digit growth.

Expense accounts have come under greater scrutiny as companies look to cut costs to protect profit margins, hurting the credit card lender, which gets more than a quarter of its U.S. billed business from affluent corporate customers.

However, American Express‘s billed business was up 6 percent at $224.5 billion and total cards in force crossed 100 million during the quarter.

The company has the lowest delinquency rate among the large credit card companies, including JPMorgan Chase & Co. (JPM), Discover Financial Services, Capital One Financial Corp. (COF), Bank of America Corp. (BAC) and Citigroup Inc. (C).

It set aside $497 million to cover future bad loans in the quarter, 21 percent more than it had provisioned last year, reflecting its larger lending portfolio.

American Express Co. (AXP), which lends directly to consumers and also competes with Visa Inc. (V) and MasterCard Inc. (MA) to process credit card transactions, said global network and merchant services revenue increased 4 percent to $1.3 billion.

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Consolidated expenses during the quarter remained in check, rising marginally, as the company looks to control costs and maintain a leaner operating structure.

The company said in January it would cut about 5,400 jobs as part of a global restructuring and took a related $600 million charge.

Profit for the quarter ended March 31 rose to $1.28 billion, or $1.15 a share, from $1.26 billion, or $1.07 a share, a year earlier.

Total revenue, net of interest expense, increased 4 percent to $7.88 billion.

Analysts on average had expected earnings of $1.12 a share on revenue of $8.03 billion, according to Thomson Reuters I/B/E/S.

American Express shares were marginally down in trading after the bell. They closed Wednesday at $64.13 on the New York Stock Exchange.

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From: http://www.dailyfinance.com/2013/04/18/american-express-earnings/

Bank of America's Quarterly Profit Soars as Revenues Sink

By Reuters

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Richard Drew/AP

Bank of America reported a lower-than-expected first-quarter profit and its revenue fell, sending the No. 2 U.S. bank’s shares down 3 percent before the bell on Wednesday.

Net income quadrupled to $2.62 billion, or 20 cents a share, from $653 million, or 3 cents a share a year earlier as expenses dropped and the bank set aside less money to cover bad loans. But total adjusted revenue fell 8.4 percent to $23.85 billion.

Analysts on average had expected Bank of America to earn 22 cents a share, according to Thomson Reuters I/B/E/S.

Bank of America Corp. (BAC) shares dropped 3.3 percent before the bell to $11.88.

Earnings in the year-earlier period were affected by a host of one-time items including a $4.8 billion charge related to the value of its debt.

Chief Executive Brian Moynihan has made progress in building capital and settling mortgage-related lawsuits since taking over in January 2010. But he is under pressure to show that the bank can produce higher earnings at a time of low interest rates, stricter regulations and volatile economic conditions.

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Bank of America, the last of the big four U.S. banks to report results, has pledged to cut $8 billion in expenses by mid-2015 and has said it could reduce expenses in its division that handles delinquent mortgages by $1 billion by the end of 2013.

The bank showed signs of progress in these efforts in the quarter, with total expenses falling 5.2 percent to $18.15 billion.

As with other big banks this quarter, Bank of America results were also boosted by reduced credit losses as borrowers did a better job of making their payments. The bank’s provision for loan losses fell 29.2 percent to $1.71 billion.

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From: http://www.dailyfinance.com/2013/04/17/bank-of-america-earnings/

U.S. Bancorp's Q1 Earnings Miss Wall Street Forecasts

By The Associated Press

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Richard Drew/AP

MINNEAPOLIS — U.S. Bancorp’s first-quarter net income rose 7 percent as lower costs offset falling revenue, which was shy of most Wall Street predictions.

Shares slipped in premarket trading Tuesday.

The Minneapolis bank earned $1.43 billion, or 73 cents a share, up from $1.34 billion, or 67 cents a share, in the same quarter last year.

The bank attributed growth to a 4 percent decrease in noninterest expense to $2.47 billion and a 16 percent reduction in its provision for credit losses — or the amount of money set aside to cover soured loans — to $403 million.

Net interest income edged up less than 1 percent to $2.71 billion. Net interest income combines interest on loans that the bank collects and interest on deposits and debt that the bank pays out. It is a measure of the bank’s ability to profit from its lending.

The company’s average total loans rose 6 percent to $12.3 billion on higher demand for both residential mortgages and commercial loans, while average deposits increased 7 percent.

But noninterest income, which includes revenue from fees and other sources, fell 3 percent to $2.17 billion.

Total revenue fell 1 percent to $4.87 billion from $4.93 billion. Analysts polled by FactSet had expected $5.02 billion.

U.S. Bancorp (USB) shares fell 11 cents to $33.20 in premarket trading.

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From: http://www.dailyfinance.com/2013/04/16/us-bancorp-earnings-wall-street/

JPMorgan Earnings Soar to $6.1 Billion in First Quarter

By David Schepp

Filed under: , , , ,

Mark Lennihan/AP

NEW YORK — JPMorgan Chase, the country’s biggest bank by assets, says its first-quarter earnings soared, even as revenue fell slightly.

The bank made $6.1 billion in the first quarter, after stripping out payments to preferred shareholders. That was up 34 percent from the same period a year ago, when it made $4.6 billion.

On a per-share basis, that amounted to $1.59. That blew away the estimates of analysts polled by FactSet, who had been expecting $1.39.

Revenue was $25.8 billion, after stripping out the effect of an accounting charge. That beat analyst estimates of $25.7 billion, though it was down 3 percent from the same period a year ago.

Shares of JPMorgan Chase & Co. (JPM) are down 1 percent in pre-market trading, off 51 cents to $48.80.

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From: http://www.dailyfinance.com/2013/04/12/jpmorgan-first-quarter-earnings-soar/

The SEC Needs Funding

By Andrew Marder, The Motley Fool

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The Securities and Exchange Commission gets funding in a way that should make everyone happy. Instead of being funded by tax revenues, its funding comes from a fee levied on transactions made by the entities that it oversees. Last year, that fee was $0.02 for every $1,000 in transactions. In addition, the SEC can’t generate extra cash or overcharge, because as of last year, it has to make the amount it collects match an amount designated by Congress. 

So it may come as some surprise to see that politicians are fighting over how much it should be allowed to raise in order to fund itself next year — maybe that’s not surprising as politicians are natural born fighters. Right now, the SEC‘s battle for funding is playing out on a small scale between the members of the House Committee on Financial Services. One side says one thing, and one says the opposite, but the summary is this: The SEC is going to be underfunded.

What the SEC wants
The SEC is asking for a 15% increase in funding that will add 560 full-time equivalent employees to help take on the tasks at hand. Those tasks include overseeing 1,400 new advisors that are required to register with the SEC along with its usual duties — you know, keeping an eye on the 10,000 investment professionals with $44 trillion in assets under management. 

That increase just isn’t going to come. In fact, the agency will be lucky just to have the level of funding it saw last year — keeping in mind, that funding has no impact on the deficit.

Ideology gone mad
The clash on Capitol Hill comes down to the disagreement on the level of regulation that should exist. Those in favor of cutting funding to the SEC argue that its rules make it harder for small banks, and increase the amount of paperwork and bureaucracy that little guys are subject to. Those in favor of increasing funding argue that the world is getting bigger and more complicated, and that regulation protects individuals.

Both sides have valid points, and the SEC is anything but perfect. Just this week, a federal judge admonished the SEC for its “regrettable inaction” in the Madoff case . But the commission isn’t going to get better by not having the people or resources that it needs.

The past failures of the SEC don’t mean that it’s a worthless part of the U.S. regulatory landscape. While its detractors call for more focus on the JOBS Act and less on the Dodd-Frank Act, that’s not really up to the agency. Those laws were passed by Congress, and handing them to an underfunded commission isn’t going to make them go away or become a perfect piece of legislation.

The SEC is dealing with increased oversight and increasingly sophisticated financial instruments. On top of that, the institutions under the SEC‘s gaze are increasingly powerful. Banks like JPMorgan Chase and Bank of America

From: http://www.dailyfinance.com/2013/04/11/the-sec-needs-funding/

WNS to Release Fiscal 2013 Fourth Quarter and Full Year Financial and Operating Results on April 17,

By Business Wirevia The Motley Fool

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WNS to Release Fiscal 2013 Fourth Quarter and Full Year Financial and Operating Results on April 17, 2013

NEW YORK & MUMBAI, India–(BUSINESS WIRE)– WNS (Holdings) Limited (NYS: WNS) , a leading provider of global Business Process Outsourcing (BPO) services, today announced it will release its fiscal 2013 fourth quarter and full year financial and operating results at approximately 6:00 a.m. Eastern on Wednesday, April 17, 2013.

Following the release, WNS management will host a call on April 17, 2013 at 8:00 a.m. Eastern. Chief Executive Officer, Keshav Murugesh and Chief Financial Officer, Deepak Sogani will review the results of the fiscal fourth quarter and full year ended March 31, 2013 on the teleconference.

To participate in the call, please use the following details: +1-866-277-1184; international dial-in +1-617-597-5360; participant passcode 37185223.

A replay will be available for one week following the call at +1-888-286-8010; international dial-in +1-617-801-6888; passcode 99626595, as well as on the WNS website, www.wns.com, beginning two hours after the end of the call.

About WNS

WNS (Holdings) Limited (NYS: WNS) , is a leading global business process outsourcing company. WNS offers business value to 200+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics and Healthcare and Utilities. WNS delivers an entire spectrum of business process outsourcing services such as finance and accounting, customer care, technology solutions, research and analytics and industry specific back office and front office processes. As of December 31, 2012, WNS had 25,931 professionals across 31 delivery centers worldwide including Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, United Kingdom and the United States. For more information, visit www.wns.com.

Safe Harbor Provision

This document includes information which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events. Factors that could cause actual results to differ materially from those expressed or implied are discussed in our most recent Form 20-F and other filings with the …read more

Source: FULL ARTICLE at DailyFinance

Navigant Announces First Quarter 2013 Earnings Release and Conference Call

By Business Wirevia The Motley Fool

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Navigant Announces First Quarter 2013 Earnings Release and Conference Call

CHICAGO–(BUSINESS WIRE)– Navigant (NYS: NCI) today announced that it will publish its financial results for the first quarter ended March 31, 2013 at 7:00 a.m. Eastern Time on Thursday, April 25, 2013. Following the release, Julie Howard, Chief Executive Officer, will host a conference call to discuss the Company’s business and financial results at 10:00 a.m. Eastern Time. The conference call may be accessed via the Navigant website (www.navigant.com/investor_relations) or by dialing 888.593.8430 (312.470.7390 for international callers) and referencing pass code “NCI.” The web cast will be archived for approximately 90 days.

About Navigant

Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries. More information about Navigant can be found at www.navigant.com.

Navigant
Paul Longhini
Investor Relations
312.583.5836
plonghini@navigant.com

KEYWORDS:   United States  North America  Illinois

INDUSTRY KEYWORDS:

The article Navigant Announces First Quarter 2013 Earnings Release and Conference Call originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Source: FULL ARTICLE at DailyFinance

Insperity First Quarter Earnings Conference Call Monday, April 29

By Business Wirevia The Motley Fool

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Insperity First Quarter Earnings Conference Call Monday, April 29

HOUSTON–(BUSINESS WIRE)– Insperity, Inc. (NYS: NSP) , a leading provider of human resources and business performance solutions for America’s best businesses, will release its first quarter earnings prior to the open of the New York Stock Exchange on Monday, April 29, 2013. A teleconference hosted by Insperity’s management will be held at 10 a.m. ET to discuss the quarter and business trends. Investors, analysts, media and other interested persons may access the call at 877-651-0053, conference i.d. number 34198043. The call will also be webcast live at http://ir.insperity.com. A replay of the conference call will be available at 855-859-2056, conference i.d. number 34198043, for one week after the call. The webcast will be archived for one year. The conference call script and company guidance for the second quarter and full year 2013 will be posted to the Insperity Investor Relations website after the call concludes.

Insperity, a trusted advisor to America’s best businesses for more than 27 years, provides an array of human resources and business solutions designed to help improve business performance. InsperityTM Business Performance Advisors offer the most comprehensive suite of products and services available in the marketplace. Insperity delivers administrative relief, better benefits, reduced liabilities and a systematic way to improve productivity through its premier Workforce OptimizationTM solution. Additional company offerings include Human Capital Management, Payroll Services, Time and Attendance, Performance Management, Organizational Planning, Recruiting Services, Employment Screening, Financial Services, Expense Management, Retirement Services and Insurance Services. Insperity business performance solutions support more than 100,000 businesses with over 2 million employees. With 2012 revenues of $2.2 billion, Insperity operates in 57 offices throughout the United States. For more information, visit http://www.insperity.com.

Insperity, Inc.
Investor Relations Contact:
Douglas S. Sharp, (281) 348-3232
Senior Vice President of Finance,
Chief Financial Officer and Treasurer
or
News Media Contact:
Jason Cutbirth, (281) 312-3085
Senior Vice President of Marketing
jason.cutbirth@insperity.com

KEYWORDS:   United States  North America  Texas

INDUSTRY KEYWORDS:

The article Insperity First Quarter Earnings Conference Call Monday, April 29 originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights …read more

Source: FULL ARTICLE at DailyFinance

Citrix ShareFile Helps Financial Firms Meet Compliance Requirements with New Archiving Capability

By Business Wirevia The Motley Fool

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Citrix ShareFile Helps Financial Firms Meet Compliance Requirements with New Archiving Capability

SANTA CLARA, Calif.–(BUSINESS WIRE)– Citrix today announced that ShareFile, the company’s popular secure file sharing service, now offers Archiving for Financial Services to help firms comply with data archiving regulations. This offering enables financial services organizations to satisfy their record-keeping requirements under SEC and FINRA rules and avoid costly fines associated with not meeting regulatory requirements. In the past year, customer adoption in the financial sector doubled as more institutions turned to ShareFile for a secure and easy-to-use solution to store and send large files. Today’s news helps the company further address the market.

Registered Investment Advisors (RIAs) and Broker-Dealers (BDs) are required to maintain records of customer contact in alignment with archiving regulations. Many use one service to collaborate and share documents that are not covered by archiving laws, while simultaneously maintaining a separate system for their regulated documents. ShareFile simplifies the user experience into one secure solution.

Key Benefits

ShareFile Archiving for Financial Services helps users comply with record-keeping requirements, such as SEC and FINRA, by offering retained, indexed, auditable and searchable records of client communications for the period required or longer. Account files, folders, sent messages, active and inactive links and notifications are archived rather than deleted when no longer needed.

Frontier Wealth Management and Pennsylvania Trust are among the first companies to select ShareFile Archiving for Financial Services to help them achieve compliance.

Quotes

According to Terri McClure, Senior Analyst, Enterprise Strategy Group, “Given concerns about data security, the threat of lost IP (intellectual property), regulatory compliance violations, or worse, Enterprise Strategy Group has long maintained that organizations should increasingly focus on gaining control of individual employees’ online file sharing accounts by providing and standardizing on one IT-approved solution for the entire organization.”

“Our customers’ needs and workstyles inform every design choice that we make,” said Jesse Lipson, VP & GM, Data Sharing, Citrix. “Today, it is more critical than ever for financial institutions to maintain access to accurate records of their communications with customers to ensure they remain compliant with industry regulations. ShareFile offers the most complete electronic record keeping solution for compliance on the market, providing customers with the ease and assurance that they can access the data they want when they most need …read more
Source: FULL ARTICLE at DailyFinance

Sheridan Titman, Ph.D., Renowned Academic on Quantitative Investing, Becomes Advisor to Gerstein Fis

By Business Wirevia The Motley Fool

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Sheridan Titman, Ph.D., Renowned Academic on Quantitative Investing, Becomes Advisor to Gerstein Fisher


Bringing decades of groundbreaking research on quantitative equity strategies, mutual funds, and real estate finance, Dr. Titman will work closely with Gerstein Fisher’s Investment Strategy Group on research and investment strategy

NEW YORK–(BUSINESS WIRE)– Independent investment management firm Gerstein Fisher announced that it has entered into a research and strategic collaboration with Dr. Sheridan Titman.

Dr. Titman currently serves as a professor of finance at the University of Texas at Austin, where he holds the McAllister Centennial Chair in Financial Services at the McCombs School of Business, and as a research associate at the National Bureau of Economic Research. He just completed a term as the 2012 President of the American Finance Association, the premier academic organization devoted to the study and promotion of knowledge about financial economics. Dr. Titman holds a B.S. degree from the University of Colorado, Boulder and an M.S. and Ph.D. from Carnegie Mellon University.

Over the course of his career, Dr Timan‘s work has included both theoretical and empirical research on asset pricing, corporate finance, and real estate and energy finance, and he has authored several noted papers on the phenomenon of momentum, a key component of Gerstein Fisher‘s multi-factor equity investment strategies. In 1993, the year of Gerstein Fisher‘s founding, a landmark study on the profitability of momentum strategies by Dr. Titman and Dr. Narasimhan Jegadeesh was published, suggesting that building portfolios that are overexposed to past strong-performing stocks and underexposed to recent weak performers could earn investors abnormally large returns over a six-to-twelve month horizon.

With shared research interests that include momentum, quantitative investment strategies, the evaluation of mutual fund performance, and real estate investing, as well as a common commitment to educating individual investors, both Dr. Titman and members of the Gerstein Fisher Investment Strategy Group are looking forward to a vibrant and productive collaboration.

“Sheridan’s trailblazing research on factor-based investing has contributed substantively to our firm’s investment philosophy” said Gregg S. Fisher, Gerstein Fisher‘s Founder and Chief Investment Officer. “It is a true privilege to have the opportunity now to collaborate directly on investment strategy with such a preeminent mind in our field.”

When asked why Dr. Titman chose to work with Gerstein Fisher, he explained, “Gerstein Fisher distinctly combines an impressive sophistication in …read more
Source: FULL ARTICLE at DailyFinance

Assurant Paying $14 Million to Settle New York Investigation

By Eric Volkman, The Motley Fool

Filed under:

Assurant has reached a $14 million agreement with New York’s Department of Financial Services over its business practices in relation to forced-place loans.   Without admitting or denying any wrongdoing, the company is to pay the settlement amount, modify some of its business practices, and establish a refund opportunity program for eligible property owners, among other requirements.

Forced-place insurance providers, including Assurant, were collectively the target of a DFS investigation into the industry’s business practices. The investigation found that premiums for such insurance could be several times higher than those for voluntary insurance.

Forced-place is a type of insurance taken out by a lender on a piece of property. This occurs at times when a borrower cannot or will not continue to carry the homeowner insurance required by the terms of their mortgage.

According to the DFS, Assurant is the largest force-placed insurer in the country.

The article Assurant Paying $14 Million to Settle New York Investigation originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in Assurant. The Motley Fool has no position in Assurant. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Source: FULL ARTICLE at DailyFinance

Assurant and Subsidiaries Reach Agreement with New York Department of Financial Services

By Business Wirevia The Motley Fool

Filed under:

Assurant and Subsidiaries Reach Agreement with New York Department of Financial Services

NEW YORK–(BUSINESS WIRE)– Assurant, Inc. (NYS: AIZ) , a premier provider of specialty insurance and insurance-related products and services, and its subsidiaries American Security Insurance Company (ASIC) and American Bankers Insurance Company of Florida (ABIC), reached an agreement with the New York Department of Financial Services (NYDFS) regarding lender-placed insurance in the State of New York.

Under the terms of the agreement, ASIC and ABIC, both part of Assurant Specialty Property, will:

  • Make a $14 million settlement payment, without admitting or denying any wrongdoing
  • Modify certain lender-placed business practices consistent with new regulations expected to be issued by the NYDFS that will apply to all New York-licensed lender-placed insurers of properties in the state
  • File its new lender-placed program and new rates in New York
  • Establish a refund opportunity program to be administered by an independent third party, through which New York property owners with ASIC or ABIC polices issued on or after Jan. 1, 2008 may be eligible for refunds of a portion of their premiums. Additional details and requirements will be available beginning in May 2013 at www.NY-AmericanSecurityFPIRefund.com.

In commenting on the agreement, Gene Mergelmeyer, president and chief executive officer of Assurant Specialty Property said: “With matters resolved with the New York Department of Financial Services, we look forward to filing our next generation lender-placed product as we continue to meet the needs of our clients and customers in New York with outstanding service and support.”

Assurant is a premier provider of specialized insurance products and related services in North America and select worldwide markets. Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has approximately $29 billion in assets and $8 billion in annual revenue. www.assurant.com

Assurant, Inc.
Media:
Shawn Kahle, 212-859-7047
Vice President, Corporate Communications, Assurant
shawn.kahle@assurant.com
or
Robert Byrd, 770-763-2319
Senior Director, Communications, Assurant Specialty Property
robert.byrd@assurant.com
or
Investor Relations:
Francesca Luthi, 212-859-7197
Senior Vice President, Investor Relations
francesca.luthi@assurant.com
or<br …read more
Source: FULL ARTICLE at DailyFinance

Jamie Dimon Agrees With Occupy Wall Street: 'Too Much Inequality'

By Eamon Murphy

Jamie Dimon agrees there is financial inequality

Filed under: , , ,

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Jamie Dimon has said many notable things over the years, from calling a multibillion dollar trading loss “a complete tempest in a teapot” to answering a critical analyst’s doubts by explaining, “That’s why I’m richer than you.” The JPMorgan Chase (JPM) CEO made news again Tuesday, while delivering the keynote address at the 2013 Annual Greater Louisville Inc. meeting.

According to Chris Otts of The Courier-Journal, Dimon told his audience that the United States has “too much inequality.” This isn’t a novel insight — the Occupy Wall Street protests were predicated on this idea, expressed through the slogan “we are the 99 percent” — but it’s striking to hear it coming from Wall Street‘s most outspoken defender of financial elites.

“It doesn’t mean we blame the successful,” Dimon continued, sounding more characteristic, “but it’s true. You want to have problems in society? Have inequality.” Dimon mentioned “struggling inner-city public schools” in particular, Otts reports.

The statements represent a rhetorical softening for Dimon, who has in the past rejected the anti-banker sentiment that arose after the financial crisis of 2008. “Acting like everyone who’s been successful is bad and because you’re rich you’re bad, I don’t understand it,” he said in late 2011 at an investors’ conference in New York. Since then, a lot has changed for JPMorgan: the bank, seen as the most successful of the financial behemoths during the crisis, was recently the subject of a “scathing” Senate panel report that accused Dimon and other executives of hiding trading losses from investors and regulators.

According to The New York Times, a criminal investigation of this affair — known popularly, after the trader who caused the losses, as “the London Whale” — is “at an advanced stage.”

Over at AlterNet, Lynn Stuart Parramore traces “The Spectacular Rise and Fall of Jamie Dimon, Wall Street’s Golden Boy,” presenting his life story as “a critique of the American Dream.” Dimon, she argues, was singularly concerned with pursuing wealth, although in his early days as JPM CEO he “was widely perceived as a smart and cautious leader, shrewdly avoiding many of the fancy financial engineering tricks that were all the rage on Wall Street.” And a society that has long viewed material flourishing as a sign of God’s favor — perhaps in some secularized form, more recently — embraced the “success” Dimon so often touts, along with his self-professed prudence (embodied by his favorite catchphrase, “fortress balance sheet”), as a sign of goodness. President Barack Obama, for instance, held up JPMorgan and its leader as worthy examples of American finance: “there are a lot of banks that are actually pretty well managed,” the president said in Feb. 2009, explaining why his administration did not seek to replace executives at bailed-out firms, “JPMorgan being a good example. Jamie Dimon, …read more
Source: FULL ARTICLE at DailyFinance

Navigant Introduces Navigant Research

By Business Wirevia The Motley Fool

Filed under:

Navigant Introduces Navigant Research


Research group provides market intelligence for today’s highly regulated industries

CHICAGO–(BUSINESS WIRE)– Navigant (NYS: NCI) today announced the debut of Navigant Research—the firm’s market research arm dedicated to helping clients make informed business decisions about the challenges and opportunities they face both today and in the future. The services of Navigant Research include those of Pike Research, which joined Navigant in July 2012.

“The addition of Navigant Research‘s offerings highlights Navigant’s commitment to finding innovative ways to assist our clients in understanding and meeting the demands of the regulated markets we serve,” commented Lee Spirer, Executive Vice President and Global Business Leader for Navigant. “Further, it enables us to engage with clients beyond the discrete consulting services Navigant provides.”

With its foundation rooted in the cleantech industry and combined with Navigant’s proprietary energy market research and benchmarking services, Navigant Research is a leading provider of market intelligence for the energy industry. All research generated by the team is conducted and analyzed by a global network of highly respected industry analysts. The team is recognized for its depth of industry expertise, its proven research methodologies, and the ability to articulate current market conditions and understand future trends across global energy markets.

“We are excited to move forward as Navigant Research, and leverage our analysts’ expertise to expand Navigant’s research offerings into additional industry sectors,” said Clint Wheelock, Managing Director for Navigant Research. “Having access to timely market intelligence is critical to Navigant clients’ understanding of and preparation for the unique business challenges of the industries in which they operate.”

To learn more about Navigant Research, go to www.navigantresearch.com.

About Navigant

Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be …read more
Source: FULL ARTICLE at DailyFinance

GE Names Jamie Miller Senior Vice President and Chief Information Officer

By Business Wirevia The Motley Fool

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GE Names Jamie Miller Senior Vice President and Chief Information Officer

FAIRFIELD, Conn.–(BUSINESS WIRE)– GE today announced that Jamie Miller has been named senior vice president and chief information officer (CIO). In this role, Miller will lead the information technology teams across the company to further leverage technology to enable speed, growth and profitability.

Miller, 44, will report to Jeff Immelt, GE chairman and CEO. She will be based at GE global headquarters in Fairfield, CT.

“As a company doing business in nearly 160 countries, we have seen the growing strategic importance of information technology in enabling efficient operations and business processes,” said Immelt. “Jamie is the right person to lead this effort. She has a strong track record of building and developing high performing teams, delivering innovative business solutions, and partnering with global leaders in executing large scale transformational projects.”

Miller previously was vice president, controller and chief accounting officer for GE, where she led a globally distributed GE controllership team comprised of about 3,500 accountants. Prior to joining GE in 2008, she served as the senior vice president, chief accounting officer and controller of WellPoint, Inc. She was also a partner with PricewaterhouseCoopers LLP, where she served in a number of roles including Financial Services leader for the Chicago practice. Miller also served as vice president, corporate controller and chief accounting officer at Genworth Financial (formerly GE Financial Assurance).

Miller graduated from Miami University in Oxford, Ohio, in 1990 with a B.S. degree in Accountancy. She is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants.

In the CIO role, Miller succeeds Charlene Begley, who has taken a leave of absence for personal health reasons.

Jan Hauser, partner in the Accounting Consulting Services department of the PricewaterhouseCoopers National Professional Services Group, will succeed Miller as vice president, controller and chief accounting officer for GE. She is a respected presence in the accounting community, having served as an SEC fellow, and playing strategic roles with key standard-setting bodies.

GE (NYS: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company’s website at www.ge.com.

Navigant Appoints Eugene Raffone as Human Capital Officer

By Business Wirevia The Motley Fool

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Navigant Appoints Eugene Raffone as Human Capital Officer

CHICAGO–(BUSINESS WIRE)– Navigant (NYS: NCI) today announced that Eugene (Gene) Raffone, has joined the firm as Executive Director and Human Capital Officer.

“I am delighted to welcome Gene to Navigant and my senior leadership team,” said Andrew Bosman, Navigant Chief Administration Officer. “Gene is a seasoned professional services executive whose breadth of global experiences positions him well to lead Navigant’s Human Capital function as we continue to advance the firm as a premier place to work – and to work with – because of our unparalleled talent.”

Raffone joins Navigant from Accenture where he served in various human resources positions during his more than 20 year tenure. Most recently, he was the Human Resources lead for the firm’s Healthcare industry team. There he partnered with business leaders to create innovative strategies for growing the talent base in the practice, focusing on sourcing, training and retention of practitioners. In addition, throughout his career at Accenture, Raffone led a variety of highly visible, global process areas including performance management, career management, employee engagement and executive compensation. He holds a bachelor’s degree in Finance from Fairfield University and an MBA in International Business and Organizational Development from the University of Notre Dame.

“I am pleased to be joining Navigant, a firm with a strong brand and wide array of expertise and talents,” said Raffone. “I look forward to building upon the solid foundation that is in place while leveraging my expertise to ensure Navigant is globally competitive in retaining and attracting top talent; fielding the best teams on behalf of clients; and at the forefront of innovative program design and human capital regulatory compliance.”

About Navigant

Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.

<span …read more
Source: FULL ARTICLE at DailyFinance