On Thursday, Shares of Bank of America Corporation (NYSE:BAC), lost -0.69% to $17.37.
Neuberger Berman, one of the world’s leading private, employee-owned investment managers, declared that it has reached a contract with Merrill Lynch Alternative Investments LLC the alternative investment business of Bank of America Corp., whereby Neuberger Berman will acquire the administration rights to certain Merrill Lynch traditional non-registered and 40-Act-registered private equity fund of funds. Merrill Lynch selected Neuberger Berman following an extensive due diligence process focused on private equity investment expertise, 40-Act capabilities and dedication to client service. Key private equity professionals from Merrill Lynch will be joining Neuberger Berman concurrent with the transaction.
Anthony Tutrone, Global Head of Alternatives at Neuberger Berman, commented, “We are delighted to add these Merrill Lynch funds and team members to our growing platform of traditional and registered alternative investments. This transaction provides an exciting opportunity to deliver our extensive alternative investment capabilities to a broader audience through our ongoing relationship with Bank of America Merrill Lynch and U.S. Trust. We will maintain the level of investment excellence established at the existing funds and provide new and innovative products counting 40-Act private equity funds of funds to address the growing demand for private equity from a wider range of investors.”
Keith Glenfield, Head of the Alternative Investments at Bank of America Merrill Lynch, said, “Neuberger Berman’s strong alternative investments capabilities and commitment to client service align well with our mission to provide best-in-class solutions to assist our clients achieve their aims.”
Terms of the deal are unrevealed. The transaction is predictable to close in August 2015.
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide.
Bank of America Corporation, through its auxiliaries, provides banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, large corporations, and governments worldwide.
Shares of Baxter International Inc. (NYSE:BAX), inclined 0.98% to $72.34, during its last trading session.
PharmaEngine, Inc. (4162.TWO) declared that (1) its license partner, Merrimack Pharmaceuticals, Inc. (MACK), has received the notification from the US Food and Drug Administration (FDA) for the acceptance and the grant of the priority review designation for their New Drug Application (NDA); and (2) its sublicense partner, Baxalta Incorporated, a wholly owned partner of Baxter International Inc., has received the acceptance of Market Authorization Application (MAA) from the European Medicines Agency (EMA), of MM-398 (irinotecan liposome injection, also known as “nal-IRI,”) in the treatment of patients with metastatic adenocarcinoma of the pancreas who have been formerly treated with gemcitabine-based therapy.
A priority review designation is granted to medicines that the US FDA determines, have the potential to provide noteworthy improvements in the safety or effectiveness. The aim is for the FDA to take action on the marketing application within 6 months of receipt (contrast with 10 months under standard review) of the NDA submission. .
Baxter International Inc., develops, manufactures, and markets products for people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions. The company’s BioScience segment processes recombinant and plasma-based proteins to treat hemophilia and other bleeding disorders; plasma-based therapies to treat immune deficiencies, alpha-1 antitrypsin deficiency, burns and shock, and other chronic and acute blood-related conditions; and biosurgery products.
Finally, MBIA Inc. (NYSE:MBI), ended its last trade with -4.86% loss, and closed at $8.62.
National Public Finance Guarantee Corporation (National), an indirect partner of MBIA Inc., declared that Thomas M. Metzold will join the company as Managing Director and Head of Capital Markets in early August. In this newly created position, Mr. Metzold will be responsible for leading National’s secondary markets business and for coordinating the firm’s outreach to buy and sell-side municipal bond trading desks. Mr. Metzold joins National following a 28-year career at Eaton Vance Administration, where he was a Senior Municipal Portfolio Advisor and portfolio manager for about $5.5 billion of municipal assets.
Mr. Metzold is a Chartered Financial Analyst and a member of the Association of Investment Administration and Research (AIMR), the National Federation of Municipal Analysts and the Boston Municipal Analysts Forum. Mr. Metzold holds an MBA from the State University of New York at Albany and a B.S. degree in Finance from Siena College.
MBIA Inc. provides financial guarantee insurance services to public finance markets in the United States and internationally. The company operates through U.S. Public Finance Insurance, and International and Structured Finance Insurance segments.
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