IPO data on brokerdealer.com made available by NASDAQ and Renaissance Capital.
Enovation Controls, which provides natural gas engine control and fuel systems for commercial vehicles, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
BrokerDealer.com blog post courtesy of extract from FinAlternatives.com
Pershing Square Capital Management plans to move forward with a listed permanent capital vehicle later this year, the $15 billion hedge fund told investors.
The New York-based firm said it will raise an undisclosed amount in an initial public offering later this year. The money would serve to protect Pershing Square’s investments against redemptions.
“Because we are an active, control and influence-oriented investor, we have avoided being fully invested because of the risk of investor redemptions,” firm founder William Ackman wrote. “We will hopefully begin to address this issue with the initial public offering of Pershing Square Holdings Ltd., targeted for later this year, which will increase the amount of our capital that is permanent.” Continue reading
BrokerDealer.com blog post courtesy of extracts from ETF Trends.com, written by Todd Shriber.
Moribund financial services exchange traded funds got some much-needed good news Wednesday when Bank of America (NYSE: BAC) announced the Federal Reserve granted it permission to raise its dividend to common stockholders for the first time in seven years.
BofA said it will pay a quarterly dividend of 5 cents per share up from the paltry penny a share it had been paying since early 2009. Today’s news removes some of the embarrassment suffered by the bank in April when it said it would be forced to suspend its planned $4 billion share repurchase plan and its previously announced dividend increase due to a calculation error related to the company’s acquisition of Merrill Lynch during the financial crisis.
The BofA dividend news sent shares of the Financial Select Sector SPDR (NYSEArca: XLF), the largest U.S. sector ETF, up 0.6% while the iShares U.S. Financials ETF (NYSEArca: IYF) added 0.55%. XLF and IYF have BofA weights of 5.76% and 4.41%, respectively. Continue reading
Fidelity Investments and investment banker/brokerdealer Credit Suisse have formed a partnership that gives Fidelity’s retail brokerage clients access to participate in initial public offerings and follow-on equity offering underwritten by Credit Suisse. The partnership opens up IPO investing for customers of Fidelity’s registered investment advisor (RIA) network, its family office clients and its retail brokerage customers who qualify.
For Credit Suisse, the arrangement opens up its potential investor base to a wide arena of new customers. “It gives us the ability to distribute shares into the mass market that we didn’t have before,” David Hermer, Credit Suisse’s head of equity capital markets for the Americas, told New York Times DealBook.
About 232 companies have gone public so far this year, nearly 79 percent more compared with those in the period a year earlier, according to data from Renaissance Capital. By Mr. Hermer’s reckoning, the I.P.O. surge is still only in its early stages.
Credit Suisse completed 63 book-run IPOs in the first half of 2014, its most active half-year period on record. For that period, Credit Suisse ranks number two for IPOs in the U.S. and in the EMEA area–Europe, the Middle East and Africa. Looking ahead, Credit Suisse is working on several high-profile deals, including the much-anticipated IPO for Chinese internet company Alibaba.
And, the thinking goes, the more companies that Credit Suisse helps take public, the more that Fidelity customers benefit. The IPO participation is open to Fidelity investors with a minimum of $500,000 in retail assets.
Courtesy of AP
BrokerDealer.com blog post courtesy of extract from Bloomberg LP
July 25- Alan C. “Ace” Greenberg, who as chief executive officer of Bear Stearns Cos. transformed a small bond shop into the fifth-largest U.S. securities firm before it collapsed in 2008 in one of the key events of the global credit crisis, has died. He was 86.
He died Friday at Mount Sinai Hospital in New York of complications from cancer, his son, Ted Greenberg, said in an e-mail.
An amateur magician and bridge player, Mr. Greenberg took over New York-based Bear Stearns in 1978, when it was a private partnership with about 1,000 employees and $46 million in capital. He expanded shareholders’ equity to $1.8 billion and headcount reached 6,300 by 1993, when he handed power to James “Jimmy” Cayne, himself a one-time professional bridge player. Mr. Greenberg stayed on with Bear Stearns as an equities trader.
The forced sale of 85-year-old Bear Stearns to JPMorgan Chase & Co. in March 2008 followed a bank run by clients that left Bear Stearns on the brink of bankruptcy. The firm’s troubles traced to 2007, when two of its hedge funds tied to the real estate market collapsed. In a 2010 book, Mr. Greenberg said the run on Bear Stearns in 2008 stemmed from “a groundless rumor” that it had a liquidity problem at a time when it had $18 billion in cash reserves.
On March 16, 2008, JPMorgan Chief Executive Officer Jamie Dimon agreed to buy Bear Stearns for $2 per share, later raised to $10. The stock had traded at $172 in January 2007. After the sale, Mr. Greenberg became vice chairman emeritus of JPMorgan.
“It’s hard to imagine a financial services industry without Ace,” Mr. Dimon and the firm’s head of asset management, Mary Erdoes, said Friday in a memo to employees.