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NEW YORK Jeffrey Gundlachs DoubleLine Capital is bidding to buy San Francisco-based fund manager RS Investments, in a move that would build the firms equity offerings, two sources told Reuters on Friday.
DoubleLine and Cleveland-based Victory Capital are among a handful of bidders for RS Investments, in a deal that could be valued up to $275 million, said the sources, both of whom wished to remain anonymous because the sales process is confidential.
Guardian Life Insurance Company of America, the parent of RS Investments, tapped Morgan Stanley in June to find a buyer for the business, which has $20 billion in assets under management. Second round bids for RS Investments were due Friday.
Gundlach and a spokesperson at Victory were not immediately available for comment. Guardian Life declined to comment.
If DoubleLine wins the business, it would be the firms first acquisition in its five-year history.
Also, it would position DoubleLine, which is known for its fixed-income expertise, to win over investors that are looking to get back into equities once the Federal Reserve begins raising rates, which many expect it to do next month, said Todd Rosenbluth, a senior director at SP Capital IQ.
I think DoubleLine is well positioned for rising rates because they tend to have a low duration approach, Rosenbluth said. But equities tend to do better than fixed income in a rising rate environment.
DoubleLine, whose co-founder Gundlach is widely followed for his investment calls including correctly predicting that US Treasury yields would fall last year, reported its 18th consecutive month of new money inflows in July.
RS Investments has 25 mutual funds and a total of $19.8 billion in assets under management, according to the firms Web site.
Two of its top-performing funds, the $86 million RS Small
Cap Equity Fund and the $2.5 billion RS Small Cap
Growth Fund have been in the top 5.0 percent of their categories for the past one, three and five years, according to
In fact, investors poured in $1.2 billion into the RS Small Cap Growth Fund in the first seven months of the year, making it the top fund in inflows in the category year to date, according to Lipper.
(Reporting By Jessica Toonkel and Jennifer Ablan)
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Peter Hoffmann Named Special Advisor
Antonio Treminio Named Vice President Strategic Planning
MONTREAL, August 7th, 2015 -- ROI Land Investments Ltd. (OTCQB:ROII) (ROI or the Company), a diversified real estate land development investment company, announced today that it has hired Martin Scholz as a Vice President of Investors Relations. In the role, Mr. Scholz will focus on fostering relationships with institutional investors to raise capital and identify new real estate investment opportunities.
We are incredibly excited to welcome Martin to the ROI team, said Sami B. Chaouch, Chairman of ROI. Over the course of his career, Martin has built a deep set of contacts in the real estate industry and a strong network of institutional investors in Europe. His significant business development experience from his time at Deutsche Bank will prove extremely valuable in helping ROI expand our corporate platform and lay a solid foundation for growth. In addition, his knowledge and business savvy will prove useful as ROI continues to grow.
Mr. Scholz joins ROI after spending 20 years as a financial consultant for Deutsche Bank and a regional director for the brokers mobile sales force. While at Deutsche Bank, Scholz managed a team of financial advisors and was responsible for providing a range of financial and estate planning services to individuals and families. Additionally, he was involved in organizational planning, strategic management and advising entrepreneurs on how to successfully develop their businesses.
ROI also announced today it has appointed Peter Hoffmann as Special Advisor, German Markets and Real Estate Market Intelligence, and Antonio Treminio as Vice President, Strategic Planning.
Mr. Hoffmann previously served as a consultant to ROI, focusing on leveraging his network in Germany to introduce retail and institutional investors to the Company. He brings over 25 years of real estate investment experience, including working as a Director, Managing Partner and the owner of real estate investment companies such as Pyramiddevcor Group of Companies and Petox Marketing Inc. in Montreal, the latter of which has assets under management of $250 million.
Mr. Treminio was named Vice President, Strategic Planning after serving as a special advisor to ROI. In his new role, Mr. Treminio will continue to overseestrategic planning for ROIs corporate development, communications and investor relations activities with special focus in the US and Japanese financial markets. He has over 20 years of experience working with small- and micro-cap companies to secure financing and grow their businesses. Mr. Treminio began his career as a private banker at Dean Witter Reynolds.
Assembling a top management team is crucial for ROI to continue to grow and prosper, added Chaouch. Martin, Peter and Antonio each bring a unique skill set and experience that are invaluable as we look to develop our existing portfolio and acquire new assets.
About ROI Land Investments Ltd.
ROI Land Investments, Ltd. (ROI) is a diversified real estate investment company specializing in land development. ROIs business model consists of acquiring attractive land developments free of zoning restrictions, obtaining the necessary development permits, outsourcing the development of the infrastructure and profiting from the sale of the subdivided land units to known large regional developers.
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the companys financing plans; (ii) trends affecting the companys financial conditions or results of operations; (iii): the companys growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words may, would, will, expect, estimate, anticipate, believe, intend, and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the companys ability to control, and that actual results may differ materially from those projected in the forward-looking statements, as a result of various factors including the risk disclosed in the companys statements and reports filed with the US Securities amp; Exchange Commission. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
For more information please visit our website: www.ROILandInvestments.com
Investor / Media Contacts:
KCSA Strategic Communications
Brad Nelson / Elizabeth Barker
212-896-1249 / 212-896-1203
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ROI Land Investments LTD via Globenewswire
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SC pension funds worth falls as investments dont keep up Eds: APNewsNow. COLUMBIA, SC
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Scharf Investments Llc just filed its quarterly 13F. Dated 15/08/2015, the 13f filing reveals the active investment manager has a portfolio value of $3.90 billion, representing an increase of $290.87 million from the previous quarter when it was $3.61 billion. Note: This filling reprents about 144.98% of Scharf Investments Llcs assets, which which are listed in the US.
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On Aug 17, 2015, we issued an updated research report on Pinnacle West Capital Corporation (PNW - Analyst Report). The company is benefiting from improving economic conditions, cost savings and an expanding customer base but commodity price fluctuations and stringent environmental regulations pose challenges.
Pinnacle West Capitals second quarter earnings were lower than the Zacks Consensus Estimate and the year-ago quarter. Milder weather patterns in its service territories during the second quarter had an adverse impact on demand for this Zacks Rank #3 (Hold) stock.
Improving economic conditions in its service territories are having a direct impact on retail customer growth. The company expects retail customer growth of 23% annually from 2015 to 2017 and about 1.52.5% in 2015 driven by improving economic conditions in the US and particularly in Arizona.
To effectively address electric load growth, Pinnacle West steadily invests in the diversification and expansion of its asset base. In 2014, the company invested $883 million and has allocated investments of around $3.5 billion from 2015 through 2017. Pinnacle West is focused primarily on expanding its traditional generation, distribution and transmission operations.
However, coal still dominates Pinnacle Wests generation mix and is subject to comprehensive regulations by federal, state and local regulatory agencies. The final version of the Clean Power Plan, announced by the Obama administration, calls for the reduction in carbon emissions by 32% by 2030 from 2005 levels. If implemented without any downward revision in the emission slab, Pinnacle West would face cost pressure that will affect its profitability.
The company is also affected by weather patterns in Arizona, with demand attaining its peak during the hot summer months. Mild weather patterns could have an adverse impact on the companys earnings. During the second quarter, mild weather, led by one of the coolest May on record, reduced Pinnacles earnings by 6 cents per share year over year.
Some better-ranked stocks in the utility space include Alliant Energy Corporation (LNT - Snapshot Report), American Electric Power Co., Inc. (AEP - Analyst Report) and DTE Energy Company (DTE - Analyst Report).. All three stocks hold a Zacks Rank #2 (Buy).
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