Archive for 'Business Services'

CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of NYMEX Brent 25-Day (Platts) futures and options contracts to begin trading December 12 with February 2012 being the first listed month. These contracts are listed with, and subject to, the rules and regulations of NYMEX.

“Our new NYMEX Brent 25-Day contracts will offer customers a critical hedging solution to manage their price risk, at a time when the Brent market is undergoing a significant transformation,” said Gary Morsches, Managing Director, Energy Products, CME Group. “Customers have expressed strong interest in a transparently settled Brent futures contract that more closely reflects the hedging needs of the underlying physical Brent market. We’re confident our new contracts are well aligned with the Platts 25-day basis and will provide market participants with transparency and superior convergence against the physical Brent market to enable them to begin managing their price risk today.”

Final settlement of NYMEX Brent 25-Day (Platts) futures and options contracts will be based on the Platts 25-day Brent (BFOE) cash assessment and use the Platts Market on Close (MOC) methodology, which is the industry standard for Brent pricing. Options to be listed will include an average price option and underlying calendar swap, as well as American-style and European-style options. These contracts will be listed for electronic trading on CME Globex, open-outcry and over-the-counter clearing on CME ClearPort.

CME Group will work with Platts on an ongoing basis to maintain contract specifications in close alignment with the Brent (BFOE) cash market, including adopting a revised expiry schedule beginning in March 2015.

The CME Group Energy complex offers the most benchmarks in its asset class, with market participants trading an average daily volume of 1.8 million contracts on CME Globex, CME ClearPort and the trading floor.

As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk.  CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.  CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago.  CME Group also operates CME

Clearing, one of the world’s leading central counterparty clearing providers, which offers clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort®. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.

CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc.  CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc.  All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.

CME-G

CONTACT: Media, Damon Leavell, +1-212-299-2547, or Allan Schoenberg, +44.203.379.3830, news@cmegroup.com, www.cmegroup.mediaroom.com, or Investors, John Peschier, +1-312-930-8491

Web Site: http://www.cmegroup.com

Federal Regulators OK New Sovereign Bank Charter

Federal Regulators OK New Sovereign Bank Charter

Federal Regulators OK New Sovereign Bank Charter-Image by afagen via Flickr

Sovereign Bank, a wholly-owned indirect subsidiary of Banco Santander, S.A. announced today that it has received formal approval from federal regulators to convert from a savings bank to a national bank. Additionally, Santander Holdings USA, Inc., which directly owns Sovereign Bank, has received approval to become a bank holding company. The respective conversions will take effect in early 2012.

The conversion to a National Bank charter is just one of several major initiatives underway to strengthen Sovereign and Santander’s position in the United States.

The shift to a National Bank provides Sovereign with greater flexibility to meet the financial needs of more clients and customer segments, including in particular, large corporations. To support the Bank’s continued growth, Sovereign has been making significant investments to implement Santander’s state-of-the-art information technology platform.

“We are very pleased to have received approval to convert to a National Bank,” said Jorge Moran, Sovereign Bank President and CEO and Santander U.S. Country Head.  “This is a significant step in our strategic growth plans and will allow us to provide more and better services to our customers and clients.”

About Santander Holdings USA, Sovereign and Banco Santander

Santander Holdings USA, Inc. (SAN.MC, STD.N) is a wholly owned subsidiary of Banco Santander, S.A., and wholly owns Sovereign Bank and Santander Consumer USA. Banco Santander is a retail and commercial bank, headquartered in Spain, with a presence in 10 main markets: Spain, Portugal, Germany, the UK, Poland, Brazil, Mexico, Chile, Argentina and the U.S. Founded in 1857, Santander more than 100 million customers, 14,709 branches – more than any other international bank – and more than 190,000 employees. For more information on Santander, visit http://www.santander.com.

Sovereign Bank is a financial institution with principal markets in the northeastern United States. Sovereign has more than 700 branches, nearly 2,300 ATMs, and approximately 8,000 team members. For more information on Sovereign Bank, visit http://www.sovereignbank.com or call 877-SOV-BANK.

Cautionary Statement Regarding Forward-Looking Information

Santander Holdings USA, Inc., Banco Santander, S.A. and Sovereign Bank caution that this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements concerning our future business development and the impact of Sovereign Bank’s charter conversion. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates, and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors and other key factors indicated in our past and future filings and reports, including those with the U.S. Securities and Exchange Commission, could adversely affect the development of our business. Other unknown or unpredictable factors could cause actual developments to differ materially from those in the forward-looking statements. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information. Any person at any time acquiring securities must do so only on the basis of such person’s own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation.

CONTACT: Bryan Hurst, Office: +1-617-346-7438, Mobile: +1-857-207-2086, bhurst@sovereignbank.com

Web Site: http://www.sovereignbank.com

ING Prime Rate Trust (Trust), a diversified closed-end management investment company listed on the New York Stock Exchange (NYSE: PPR), has announced today its intention to redeem the remaining portion of its outstanding auction-rate preferred shares (ARPS). The Trust’s Board of Trustees has approved a redemption that will be paid primarily by drawing on leverage available under the Trust’s credit facilities. The redemption would provide liquidity at par for the holders of the remaining ARPS.

The Trust expects to redeem approximately $25 million of the ARPS currently outstanding, approximately 100% by series, subject to satisfying the notice and other requirements that apply to ARPS redemptions. Upon completion of such notice and other requirements, the Trust will issue a formal redemption notice to the paying agent and record holders. The Trust expects to issue a formal redemption notice by the third week of November and anticipates that the redemption of the $25 million of ARPS will be completed by mid- to late December 2011.

In December 2009, the Trust announced its intention to redeem up to $100 million of the $225 million ARPS then outstanding, through a series of four quarterly periodic redemptions of up to $25 million each.  In September 2010, the Trust’s Board of Trustees approved the continuation of the program for quarterly redemptions of the outstanding ARPS of the Trust in amounts of up to $25 million each quarter subject to management’s discretion to modify or cancel the program at any time. The amount and timing of subsequent redemptions of ARPS will be at the discretion of the Trust’s Board of Trustees and management, subject to market conditions and investment considerations.

The Depository Trust Company (DTC) will determine how partial series redemptions will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for its customers who are beneficial owners of the ARPS (street name shareholders), in turn will determine how redeemed shares are to be allocated among its customers. The procedures used by broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.

SHAREHOLDER INQUIRIES: ING Funds Shareholder Services at (800) 992-0180

Certain statements made on behalf of the Trust in this release may be considered forward-looking statements. The Trust’s actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in markets in general or the Trust’s investments specifically. Neither the Trust nor ING undertakes any responsibility to update publicly or revise any forward-looking statement.

ING Investment Management (ING IM) is a leading U.S.-based active asset management firm. As of September 30, 2011, ING IM manages approximately $163 billion for both institutions and individual investors. ING IM has the experience and resources to invest responsibly across asset classes, geographies and investment styles. Through our global asset management network, we provide clients with access to domestic, regional and global investment solutions.

With an emphasis on active management, our investment mission is to find unrecognized value ahead of consensus. To this end, our portfolio management teams seek original insights on markets and securities and a vision of investment potential that differs from the consensus view. We apply our proprietary research and analytics, portfolio diagnostics and risk management to the development of investment solutions in pursuit of our clients’ objectives. We believe this is best achieved by structuring our investment platforms as entrepreneurial, skills-based strategy teams united by shared resources.

ING Investment Management is committed to investing responsibly and delivering client-oriented investment solutions and advisory services across asset classes, geographies and styles. We serve a variety of institutional clients, including public, corporate and union retirement plans, endowments and foundations, and insurance companies, as well as individual investors via intermediary distribution partners such as banks, broker/dealers and independent financial advisers.

CONTACT: Dana Ripley, dana.ripley@us.ing.com, +1-770-980-4865

Viacom (NYSE: VIA, VIA.B) Pulls Out of NYSE

Viacom (NYSE: VIA, VIA.B) Pulls Out of NYSE

Viacom (NYSE: VIA, VIA.B) Pulls Out of NYSE-Image via Wikipedia

Viacom Inc. (NYSE: VIA, VIA.B) today announced the transfer of its stock exchange listing to The NASDAQ Global Select Market from The New York Stock Exchange.

The company said that the voluntary transfer to The NASDAQ Global Select Market, an exchange of The NASDAQ OMX Group Inc. (Nasdaq: NDAQ), will be more cost effective, while continuing to provide Viacom shareholders with strong execution and liquidity.  Viacom’s Class A common stock will trade on NASDAQ under the symbol “VIA” and its Class B common stock will trade under the symbol “VIAB” beginning December 1, 2011.

About Viacom

Viacom is home to the world’s premier entertainment brands that connect with audiences through compelling content across television, motion picture, online and mobile platforms in more than 160 countries and territories. With approximately 160 media networks reaching approximately 700 million global subscribers, Viacom’s leading brands include MTV, VH1, CMT, Logo, BET, CENTRIC, Nickelodeon, Nick Jr., TeenNick, Nicktoons, Nick at Nite, COMEDY CENTRAL, TV Land, Spike TV and Tr3s. Paramount Pictures, America’s oldest film studio and creator of many of the most beloved motion pictures, continues today as a major global producer and distributor of filmed entertainment. Viacom operates a large portfolio of branded digital media experiences, including many of the world’s most popular properties for entertainment, community and casual online gaming.

For more information about Viacom and its businesses, visit www.viacom.com.

Cautionary Statement Concerning Forward-Looking Statements

This news release contains both historical and forward-looking statements. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements reflect the Company’s current expectations concerning future results, objectives, plans and goals, and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause actual results, performance or achievements to differ. These risks, uncertainties and other factors include, among others: the public acceptance of the Company’s programs, motion pictures and other entertainment content on the various platforms on which they are distributed; technological developments and their effect in the Company’s markets and on consumer behavior; competition for audiences and distribution; the impact of piracy; economic conditions generally, and in advertising and retail markets in particular; fluctuations in the Company’s results due to the timing, mix and availability of the Company’s motion pictures; changes in the Federal communications laws and regulations; other domestic and global economic, business, competitive and/or regulatory factors affecting the Company’s businesses generally; and other factors described in the Company’s news releases and filings with the Securities and Exchange Commission, including its 2011 Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. The forward-looking statements included in this document are made only as of the date of this document, and the Company does not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances. Reconciliations for any non-GAAP financial information contained in this news release are included in this news release or available on the Company’s website at www.viacom.com .

CONTACT: Carl Folta, Executive Vice President, Corporate Communications, +1-212-258-6352, carl.folta@viacom.com, or Investors: James Bombassei, Senior Vice President, Investor Relations, +1-212-258-6377, james.bombassei@viacom.com

Web Site: http://www.viacom.com

Bank of America Lawsuit Nearing Deadline

Only 10 days remain before the Nov. 22, 2011, lead plaintiff deadline in a case filed against Bank of America (NYSE: BAC) (“BAC”) alleging the bank misled investors regarding a $10 billion claim by American International Group (NYSE: AIG).

According to the lawsuit, BAC, Merrill Lynch & Co. and Countrywide Financial sold $28 billion in mortgage-backed securities to AIG. After analyzing data from hundreds of thousands of loans, in Jan. 2011 AIG allegedly informed BAC that it felt the risk of the securities had been misrepresented and was prepared to sue the banking giant for more than $10 billion.

AIG finally filed a lawsuit against BAC on Aug. 8, 2011, following months of reported negotiations. On the news, BAC shares fell sharply, losing 20 percent of their value.

Investors with losses over $500,000 who purchased Bank of America common stock during the class period, from Feb. 25, 2011, to Aug. 5, 2011, are encouraged to contact Partner Reed R. Kathrein, who is leading Hagens Berman’s investigation. Reed R. Kathrein can be reached at (510) 725-3000 or via email at BACSecurities@hbsslaw.com.

The lawsuit centers around claims that BAC failed to fully disclose the risks of a pending legal battle with AIG.

Individuals with direct non-public information that may help advance the investigation are encouraged to contact the firm. The SEC recently finalized new rules as part of its implementation of the whistleblower provisions in the Dodd-Frank Wall Street Reform Bill. The new rules protect whistleblowers from employer retaliation and allow the SEC to reward those who provide information leading to a successful enforcement with up to 30 percent of the recovery.

Investors can also learn more about this investigation at www.hbsslaw.com/BACsecurities.

About Hagens Berman

Seattle-based Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The National Law Journal has rated Hagens Berman as one of the top plaintiffs’ firms in the country five times. More information about the firm is available at www.hbsslaw.com, and the firm’s securities law blog is at www.meaningfuldisclosure.com.

Media Contact: Mark Firmani, Firmani + Associates Inc., 206.443.9357 or mark@firmani.com

Web Site: http://www.hbsslaw.com

Deals involving smart mobility and business analytics came on strong in 3Q11, driving two deals each with values above US$10b — the first time two deals of that size occurred in the same quarter since 1Q 2000. Hundreds more transactions were driven by cloud computing, information security, social networking, online and mobile games, health care IT and internet and mobile video. Many deals combined two or more of these trends.

Growth in the aggregate value of private equity (PE) transactions drove the overall sequential increase in value. PE aggregate value increased 82% sequentially to US$14.6b in 3Q11 and increased 86% YOY. PE firms contributed 6 of the 11 3Q11 deals valued above US$1b. Of note, the big-ticket PE deals in the third quarter occurred across a broad spectrum of technologies targeting different industries, including health care, financial services and education.

As they did in 2Q11, big-ticket deals dominated in 3Q11, with the top 11 deals totaling US$40.1b in value, or 71% of all disclosed in the quarter. Average values per deal also climbed – 14% over the previous quarter and 26% YOY – to US$221m, the highest level in 11 years.

Joe Steger, Global Technology Transaction Advisory Services Leader at Ernst & Young, says:

“In the face of market volatility and macroeconomic uncertainties that are dampening other industries, the megatrends driving global technology M&A so far have continued to push deal values higher. The increase in values is due primarily to the period of hyper-innovation that technology companies are experiencing. Technology companies have been delivering rapid waves of innovation around smart mobility, cloud computing, business intelligence/analytics, social networking, information security and other new technologies. Remaining competitive and transforming that innovation into economically actionable products and services often requires significant M&A activity.”

“Big data” looms large

One focus of technology M&A in 3Q11 was “big data.” As Steger explains, “Business systems, mobile applications, social networking platforms and smart metering systems are generating an ever-increasing mass of data that is getting harder to analyze as it grows exponentially in size. Companies are struggling with what has come to be known as the ‘big data’ problem. Technologies that help companies make sense of it all can provide important customer information and insights.”

There were roughly two dozen deals in this business intelligence/analytics category in the third quarter, including one of the deals above US$10b. The growth in business intelligence/analytics deals appears to be extending into the fourth quarter as well.

Top trends include integration

Cloud computing, smart mobility, information security and social networking continue to dominate deal-driving trends. There were multiple 3Q deals involving security technologies together with cloud, mobile or both. “As time passes, we’re also seeing technologies related to these technology trends integrate with each other – and with just about everything else,” Steger says.

Deal volume ticks down – again

Deal volume dipped 2% for the second consecutive quarter, to 759 deals in 3Q11. “This year’s deal volume plateau comes after a string of eight consecutive quarters without a volume decline from 1Q09 to 1Q11,” Steger says. To put it in context, published reports indicate that 3Q11 deal volume for all industries declined far more – by about 9%, compared with the 2% technology decline. Deal volume level has remained in a range between 700 and 800 deals in each of the last five quarters (beginning with 3Q10). This may be the technology industry’s near-term naturally sustainable level, according to the report.

Cross-border slowdown

Cross-border deals declined 11% each in volume and value in 3Q11, compared with 2Q11. This quarter represented one of the occasional pauses in a generally upward trend that has seen cross-border deals increasing as a percentage of the volume and value of all deals since 2009.

Outlook clouded by global trends

While global technology M&A provided a counterpoint to the global macroeconomic malaise prevalent in the third quarter, the question remains whether such robust values can be maintained in the face of uncertainty and extreme equity market volatility. “Although macroeconomic volatility makes it hard to predict whether M&A transactions will continue to grow or take a pause in the short term, the multiple disruptive technology megatrends occurring now and driven by smart mobility, cloud computing and social networking, make long-term M&A growth a relatively safe bet,” says Steger.

About the report

Global Technology M&A Update, July-September 2011 is based on Ernst & Young’s analysis of FactSet Mergerstat data for July through September 2011. FactSet Mergerstat data was last accessed for this second quarter report on 6 October 2011. Deal activity and valuations may fluctuate slightly based on the date that the FactSet Mergerstat database is accessed. Only disclosed value deals are used in all value analysis.  Full report is available at www.ey.com.

Ernst & Young’s Global Technology Center

The technology industry is in a constant state of change — driven by continuous innovation, shifting markets, converging industries, consumer demand and the need for first-mover advantage. Ernst & Young’s Global Technology Center connects a worldwide team of more than 14,000 technology professionals to help you navigate the challenges of this continuous change. We provide assurance and tax guidance through a network of experienced advisors to help you manage risk, transform business performance and sustain improvement. We can help you deliver cost-effective innovation, balance product portfolios, maintain effective supply chains, and identify, execute and integrate strategic growth transactions. Our global technology network leverages our leading market share position in serving technology companies to provide you with timely, reliable information. Our teams use a cross-discipline, collaborative approach to help you achieve your business objectives. We encourage our people to use their ingenuity and initiative to help you develop approaches, create options and seize opportunities. It’s how Ernst & Young makes a difference.

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com.

This news release has been issued by EYGM Limited, a member of the global Ernst & Young organization that also does not provide any services to clients.

CONTACT: Tehira Taylor, Ernst & Young Global Media Relations, +44 (0)20 7980 0703, tehira.taylor@uk.ey.com; or Hannah James, Fleishman-Hillard, +1-212-453-2104, Hannah.james@fleishman.com

Web Site: http://www.ey.com

Allstate (NYSE: ALL) Board OK’s Stock Repurchase

The Allstate Corporation (NYSE: ALL) today announced that its board of directors has approved plans to issue preferred stock and senior unsecured debt to fund a new $1.0 billion share repurchase program and repay maturing debt. The board also approved a quarterly dividend of 21 cents per share.

“We believe this is an opportune time to repurchase common stock given Allstate’s current valuation,” said Thomas J. Wilson, Allstate’s chairman, president and chief executive officer. “As a result, we plan to adjust our capital structure to capture this opportunity while maintaining our strong capital position. Our $1.0 billion share repurchase program and upcoming 2012 debt maturity will be funded by issuing a combination of preferred stock and senior unsecured notes totaling $1.25 billion, market conditions permitting.” The share repurchase program will be made through open market purchases and may include an accelerated repurchase program. The program is expected to be completed by March 31, 2013.

The board also approved a quarterly dividend of 21 cents on each outstanding share of the corporation’s common stock, payable in cash on January 3, 2012 to stockholders of record at the close of business on November 30, 2011.

This press release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. We believe that these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We assume no obligation to update any forward-looking statements as a result of new information or future events or developments.

Allstate has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents Allstate has filed with the SEC for more complete information about Allstate and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Allstate will arrange to send you the prospectus if you request it by calling tollfree 1-800-416-8803.

The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer known for its “You’re In Good Hands With Allstate®” slogan. Now celebrating its 80th anniversary as an insurer, Allstate is reinventing protection and retirement to help nearly 16 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®.

CONTACT: Maryellen Thielen, Media Relations, +1-847-402-5600, or Robert Block or Christine Ieuter, Investor Relations, +1-847-402-2800

Web Site: http://www.allstate.com

Business Shifting Strategy to Cash Management

Business Shifting Strategy to Cash Management

Business Shifting Strategy to Cash Management-Image by BlatantWorld.com via Flickr

Companies today are placing a greater value on the historic role of their treasury department in managing cash and liquidity as a direct consequence of  the current economic and credit environment, according a survey by the Association for Financial Professionals (AFP) released today at the AFP Annual Conference.  At the same time, treasury responsibilities continue to expand to include critical finance activities ranging from accounting and SEC compliance to financial planning and analysis to serving as a valued internal financial consultant to the company.

The AFP Strategic Role of Treasury Survey , underwritten by SunTrust, found that the role of corporate treasury, the subset of finance that assures that a company has enough cash on hand to meet its needs, in the last five years has become more strategic than operational. Not surprisingly, companies are also keeping a close eye on how they measure financial performance.

“At many companies, treasurers and their staff are interacting directly with senior management, including the board. Their expertise in forecasting and budgeting is even required at the business unit level as companies seek to calculate ROI on a project basis,” said Jim Kaitz, AFP’s president and CEO.  “Time is also critical.  Companies need to know how they are performing according to plan, so we are seeing an increased focus on financial metrics.”

“SunTrust is pleased to sponsor the 2011 Strategic Role of Treasury Survey,” said Eric Brewer, Executive Vice President of Treasury & Payment Solutions at SunTrust Banks, Inc. “This timely report captures the perspectives of senior-level financial professionals and offers analysis which highlight emerging trends and subtle shifts in the treasury function.”

Key survey findings:

Eighty-one percent of senior-level financial professionals report that treasury is playing a greater strategic role in their organizations than it did five years earlier.

Treasury’s greater strategic role is the result of:

  • Increased importance of cash management and liquidity given economic and credit market volatility (78 percent)
  • Senior management and boards seeking increased visibility into liquidity and risk exposures (70 percent)
  • Closer monitoring of financial metrics on projects and other activities (44 percent)

Treasury takes a leadership role in key finance functions, including bank relationship management, global treasury management, borrowing, investing and cash flow forecasting.

Treasury also plays critical roles in financial risk management, working capital management, financial planning & analysis, risk management, mergers & acquisitions, counterparty risk analysis, business continuity planning, enterprise risk management and capital structure.

  • In 87 percent of organizations, the treasury group acts as an internal financial consultant to other departments.
  • This expanded strategic scope has occurred even while many treasury departments committed a greater percentage of resources to traditional cash management responsibilities.  The dual expansion was able to occur due to automation, professional development leading to expanded employee skill sets, and by recruiting employees with broadened skill sets.

View the full report on www.afponline.org/research

About AFP®

The Association for Financial Professionals (AFP), headquartered outside Washington, D.C., serves a network of more than 16,000, members with news, economic research and data, treasury certification programs, networking events, financial analytical tools, training, and public policy representation to legislators and regulators. AFP is the daily resource for the finance profession.

AFP’s global reach extends to over 150,000 treasury and financial professionals worldwide, including AFP of Canada; London-based gtnews, an on-line resource for the treasury and finance community; and bobsguide, a financial IT solutions network.

CONTACT: CONTACT: David Johnson, Association for Financial Professionals, Media Specialist, +1-301-907-2962, pr@afponline.org

Web Site: http://www.AFPonline.org

Report on Employment Statistics Released by Feds

Modest Job Growth in a Sluggish Economy is all We can Muster
There is not enough demand to support more than the modest job growth seen in September and October. And therefore, look for more of the same late this year and into the winter. While it may be enough to barely escape recession, the gain in jobs and incomes is not enough to offset consumer pessimism. The economy is simply not strong enough to deliver more than 125,000 jobs a month and continues to struggle to deliver even that much. There is no help on the way from monetary or fiscal policy, at the federal, state, or local level. It all adds up to a labor market struggle, continuing right through the upcoming holiday season and into winter.

About The Conference Board
The Conference Board is a global, independent business membership and research association working in the public interest. Our mission is unique: To provide the world’s leading organizations with the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org

Follow The Conference Board
Twitter | Facebook | LinkedIn

CONTACT: Carol Courter, The Conference Board, +1-212-339-0232, courter@conference-board.org

Web Site: http://www.conference-board.org

Equity Markets Drive Pension Funds Higher

Equity Markets Drive Pension Funds Higher

Strong asset returns and no change in liabilities in October drove a 4.7 percentage-point increase in the funded status of the typical U.S. corporate pension plan, according to BNY Mellon Asset Management.  The increase, fueled by strong performances in the equity markets, brought the funded status for the typical plan to 74.8 percent.

Year to date, the funded status has declined 10.3 percentage points, according to the BNY Mellon Pension Summary Report for October.

For the month of October, assets for the typical corporate plan increased 6.8 percent, according to BNY Mellon.  The rebound in equities reversed a three-month trend of falling stock values, the report said.

Plan liabilities are calculated using the yields of long-term investment grade corporate bonds.  As there was no material movement in these yields, the liabilities held steady.

“Apparent progress toward a solution to the European debt crisis resulted in investor optimism,” said Jeffrey B. Saef, managing director, BNY Mellon Asset Management, and head of the Investment Strategy & Solutions Group.  “However, as the probability of a resolution rises and recedes, we see continuing market volatility.”

Saef added that global events such as the European debt crisis and the U.S. budget negotiations have become important factors for pension funds as they make asset allocation decisions.   “If favorable outcomes can be achieved for these issues, it could set the stage for continuing the rally in equities that we saw in October. Such a rally would provide significant relief to the funding pressures that sponsors face.”

Notes to Editors:

BNY Mellon Asset Management is one of the world’s leading asset management organizations, encompassing BNY Mellon’s affiliated investment management firms and global distribution companies. Information about BNY Mellon Asset Management can be found at www.bnymellonam.com.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com and through Twitter @bnymellon.

All information source BNY Mellon Asset Management as of September 30, 2011. This press release is qualified for issuance in the US only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Asset Management to members of the financial press and media and the information contained herein should not be construed as investment advice.  Past performance is not a guide to future performance. A BNY Mellon Company(SM)

 

CONTACT: Mike Dunn, +1-212-922-7859, mike.g.dunn@bnymellon.com

Web Site: http://www.bnymellon.com

 Page 1 of 15  1  2  3  4  5 » ...  Last »