| PNC to acquire Central Jersey wealth management services firm
PNC Financial Services Group Inc. has agreed to acquire a provider of portfolio accounting and wealth management services. PNC Chairman and CEO James Rohr said Albridge Solutions Inc. of Lawrenceville, N.J., will broaden the offerings of PNC's PFPC Worldwide Inc. investment services unit. Albridge provides consolidated client account information from hundreds of data sources including mutual funds, managed accounts banking, brokerage, insurance and retirement. It works with 150 financial institutions and more than 100,000 financial advisers whose assets under management exceed $1trillion. PNC (NYSE:PNC) of Pittsburgh is one of the nation's largest diversified financial services organizations, providing retail and business banking, real estate finance and asset-based lending, wealth management, asset management and global fund services.
UPDATE: CIBC To Sell Some Businesses To Oppenheimer Holdings
TEL AVIV (Dow Jones) -- CIBC has agreed to sell part of CIBC World Markets to Oppenheimer Holdings, the companies said on Sunday. CIBC is selling its U.S. domestic investment-banking, equities, leveraged- finance and related debt-capital-markets businesses. The deal between the two Toronto investment banks also includes CIBC's Israeli investment-banking and equities business and parts of other U.S. capital-markets-related businesses in the U.K. and Asia. Under the terms, five years after the deal closes, CIBC will receive a payment -- at least $5 million a year -- based on the performance of Oppenheimer's combined capital-markets businesses over that period. CIBC also gets warrants to buy 1 million Oppenheimer (OPY) shares exercisable at the end of the period.
China's entrepreneurship, wealth, investment revolution: outsourcing, tourism, finance job
Why is China's economy and trade booming? What is really inside Chinese society, banking, management, outsourcing, education, politics, individual life? How to do investing, travel, trade inside China? Talk to provocative thinker George Zhibin Gu. essential business and investment book : China and the new world order, by George Zhibin Gu Reviewed by China Venture News, http://www.chinaventurenews.com The subject of Chinese entrepreneurship continues to resonate with global investors and especially the venture capital markets. George Zhibin Gu, author, business consultant and investment banker in his latest book, China and the New World Order, brilliantly reflects on how entrepreneurship, globalization and the borderless communities are reshaping a new China. The author received his education at Nanjing University in China and Vanderbilt University and the University of Michigan in the United States, he holds two MS degrees and a PhD from the University of Michigan.
(AFX UK Focus) 2007-11-21 08:52 GMT: Credit Agricole's Calyon streamlines structured credit arm; appoints new head
PARIS (Thomson Financial) - Credit Agricole's investment banking arm Calyon has appointed a new head of structured credit markets as part of its move to reorganise its structured credit business unit "in line with the current market environment". Calyon has renamed its credit markets product line Calyon Structured Credit Markets. The unit is made up of 100 professionals in 5 main centres, Hong Kong, London, New York, Paris, and Tokyo. Benjamin Jacquard is taking on the role of Global Head of Structured Credit Markets. helen.beresford@thomson.com hem/ra COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
CIBC sells some global businesses
CIBC has agreed to sell its U.S. domestic investment banking, equities, leveraged finance and related debt capital markets businesses to Oppenheimer Holdings Inc., the company announced yesterday. The transaction also includes CIBC's Israeli investment banking and equities business, and parts of other U.S. capital markets-related businesses in Britain and Asia. CIBC chief executive Gerald McCaughey said the transaction allows the bank to “redeploy capital over time to further support the continued growth of our strong and profitable U.S. and international operations, as well as our core Canadian businesses." New York-based Oppenheimer says the businesses employ more than 700 people and their annualized revenue based on CIBC's most recently published results for the nine months ended July 31, 2007, is in excess of $400 million.
China's capitalist, entrepreneurship revolution: finance, consumer, banking, politics, job
Why is China's business and trade leaping forward? Is China to dominate world finance, banking, investment, technology, management, outsourcing, wealth, leadership, politics? How about India and Japan? Get inside analysis and info from provocative thinker George Zhibin Gu. essential business and investment book : China and the new world order, by George Zhibin Gu Reviewed by China Venture News, http://www.chinaventurenews.com The subject of Chinese entrepreneurship continues to resonate with global investors and especially the venture capital markets. George Zhibin Gu, author, business consultant and investment banker in his latest book, China and the New World Order, brilliantly reflects on how entrepreneurship, globalization and the borderless communities are reshaping a new China.
(AFX UK Focus) 2007-11-20 23:29 GMT: H&R Block boss resigns as chairman, CEO
KANSAS CITY, Mo. (AP) - H&R Block Inc. said Tuesday that Mark Ernst has resigned as chairman, president and chief executive of the tax preparation and accounting services company. He is being replaced as chairman by former Securities and Exchange Commission boss Richard Breeden, who led a dissident shareholder group that won three seats on the board. Former Aetna Inc. executive Alan Bennett was named interim CEO while H&R Block looks for a permanent replacement. H&R Block shares gained 25 cents, or 1.3 percent, to $19.32 Tuesday. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business. H&R Block has been restructuring in an effort to survive the collapse of the mortgage markets caused by rising interest rates and falling home prices.
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