On Wednesday, Shares of JPMorgan Chase & Co. (NYSE:JPM), inclined 1.42% to $70.08.
JPMorgan Chase & Co., declared the appointment of Adam Pillay as Real Estate Asia Pacific Platform Specialist. Mr. Pillay is responsible for advising institutional investors on Asia Pacific real estate investing, in addition to forging strong client relationships across a global real assets platform with $84 billion in assets under administration and leadership positions in real estate, infrastructure and maritime investing. Mr. Pillay brings more than a decade of experience at real assets investment firms, counting the CIM Group and Macquarie Capital. Based in New York, he reports to Doug Doughty, Global Head of Business Development, Global Real Assets, J.P. Morgan Asset Administration.
With one of the broadest real estate footprints in the region, J.P. Morgan Global Real Assets’ Asia Pacific real estate platform has nearly 50 professionals, offices in five cities across Asia Pacific, and investment strategies across the risk/return spectrum from core to opportunistic. The platform covers 90% of the investable real estate market in Asia Pacific.
JPMorgan Chase & Co. provides various financial services worldwide. The company operates through four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset Administration.
Shares of Genworth Financial, Inc. (NYSE:GNW), declined -3.01% to $7.41, during its last trading session.
Genworth Financial declared it has reached exclusive negotiations with AXA S.A. after receiving an irrevocable offer to purchase its lifestyle protection insurance business. The company anticipates to accept the offer and execute an associated purchase agreement upon completion of the French works council1 consultation process. The sale price is predictable to be about $510 million2 and the company will record an after-tax loss of about $310 million in the second quarter of 2015 related to the predictable sale and pension settlement costs. Net proceeds from the transaction, net of pension settlement costs and transaction related expenses, are estimated to be about $400 million. Genworth plans to use these proceeds to advance compliance with the Private Mortgage Insurer Eligibility Requirements and to reduce debt levels. The sale is predictable to close by the end of 2015 and is subject to other customary conditions, counting requisite regulatory approvals.
“This transaction is another important step toward simplifying our business portfolio and increasing the financial flexibility and strength of Genworth,” said Tom McInerney, President and CEO. “This sale also provides the opportunity for our employees in the business and the purchaser to have a strong business to grow going forward.”
Genworth Financial, Inc. provides insurance, retirement, and homeownership solutions in the United States and internationally. It operates through U.S. Life Insurance, International Mortgage Insurance, U.S. Mortgage Insurance, International Protection, and Runoff segments.
Finally, Cowen Group, Inc. (NASDAQ:COWN), ended its last trade with 0.84% gain, and closed at $5.99.
Cowen Group, and Concept Capital Markets, LLC declared the signing of a definitive agreement under which Cowen will acquire Concept Capital, a leading independent provider of prime brokerage services. While financial terms of the deal were not revealed, Cowen Group anticipates the acquisition to be accretive to earnings in 2015. The transaction was approved by the board of directors of both companies.
“Concept Capital’s strong presence among emerging hedge fund clients complements Cowen’s focus on providing best-in-class products and services to institutional clients,” said Peter A. Cohen, Chairman and CEO of Cowen Group. “Given the changing prime broker landscape, many investment managers are looking for alternative prime solutions and there are a limited number of organizations offering a similar kind of value proposition as Concept Capital on Cowen’s platform. Combining Concept Capital with Cowen’s business will allow us to better service these funds by providing focused prime broker services, supported by non-conflicted trade execution and world-class equity research.”
Cowen Group, Inc. is a publicly owned asset administration holding company. Through its auxiliaries, the firm provides alternative investment administration, investment banking, research, and sales and trading services for its clients. It manages separate client focused portfolio through its auxiliaries.
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