Meanwhile, analysts believe that challenges faced by active asset managers amid a rise in passive investing will likely continue for the combined company and investors should expect more consolidation of this kind in the sector, according to a USA Today report. And now with the deal, it has "more than a puncher's chance" to reclaim its place as an industry leader in active management. In his report, Chappatta noted that Franklin's assets under management have been stagnant for years, at about $700 billion for the past 18 months from a peak of $921 billion in mid-2014. has escaped a "fund purgatory" by its planned acquisition on Legg Mason Inc., according to Bloomberg Opinion columnist Brian Chappatta.
According to the sources, the Wall Street bank has two additions, Viswas Raghavan and James Casey, to be global co-heads of investment banking and also moved a number of managers to "rainmaker" roles in a newly set up committee of 18 global chairs, focused on clinching deals.įranklin Resources Inc. is doing a sweeping leadership makeover at its investment banking business, sources told Reuters.
The transaction is expected to close in the next 12 to 15 months. and unit Radius Bank in a cash-and-stock deal valued at $185 million. is buying Boston-based Radius Bancorp Inc. will merge into Ally Financial's unit, Ally Bank.Įlsewhere, online lender LendingClub Corp. Under the deal, CardWorks unit Merrick Bank Corp. for $2.65 billion in a cash-and-stock deal expected to close in the third quarter. agreed to buy nonprime credit card and consumer finance lender CardWorks Inc. Plans are presently underway for the establishment of a second servicing facility in the western United States with occupancy scheduled for late 1999.Ally Financial Inc.
The tremendous growth of our enterprise in the last 12 months has enabled us to accelerate our plans for expansion and we anticipate continued success in the execution of our overall strategic business plan.’ĬardHolder Management Services, L.L.C., a CardWorks company, will continue to operate out of its Plainsview, New York servicing facility where it employs more than 500 people in customer service, collections, risk management and portfolio management. In 1997, CMS established Merrick Bank in Salt Lake City, Utah to purchase distressed credit card portfolios and to extend credit to consumers exclusively through non-prime MasterCard and Visa cards.ĭonald M Berman, Chairman and Chief Executive Officer for CardWorks, said ‘The development of CardWorks as our holding company is an important step toward achieving our short and long term goals in the non-prime credit card business. in 1996 to expand CardHolder Management Services, L.P.’s business, and to capitalize on opportunities in the non-prime credit card business. CMS received an equity investment from Hyperion Partners II, L.P. With a demonstrated expertise in non-prime credit card servicing, lending and asset management. CardHolder Management Services provides third-party customer service, collection and portfolio management for more than one million MasterCard and VISA credit card accounts approximately 50 financial institutions.įounded in 1986, CMS is a nationally recognized servicer of credit card and debit card products. (‘CMS’) announced that it has formed a new holding company, CardWorks, L.P.
0 kommentar(er)
