| Shares outstanding (000)
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Eaton Vance Corp. (NYSE: EV) earned $0.47 of adjusted earnings per diluted..."/>
My news for Investors
BOSTON, Feb. 22, 2012 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) earned $0.47 of adjusted earnings per diluted share(1) in the first quarter of fiscal 2012, an increase of 4 percent over the $0.45 of adjusted earnings per diluted share in the first quarter of fiscal 2011 and unchanged from the $0.47 of adjusted earnings per diluted share in the fourth quarter of fiscal 2011.
As determined under U.S. generally accepted accounting principles ("GAAP"), the Company earned $0.40 in the first quarter of fiscal 2012, $0.30 in the first quarter of fiscal 2011 and $0.40 in the fourth quarter of fiscal 2011. Adjusted earnings differed from GAAP earnings due to adjustments in connection with increases in the estimated redemption value of non-controlling interests in our affiliates redeemable at other than fair value, which totaled $0.07, $0.15 and $0.07 per diluted share in the first quarter of fiscal 2012, the first quarter of fiscal 2011 and the fourth quarter of fiscal 2011, respectively.
Net outflows of $1.1 billion from long-term funds and separate accounts in the first quarter of fiscal 2012 compare to net inflows of $1.8 billion in the first quarter of fiscal 2011 and net outflows of $2.7 billion in the fourth quarter of fiscal 2011.
Assets under management on January 31, 2012 were $191.7 billion, unchanged from January 31, 2011 and an increase of 2 percent from the $188.2 billion of managed assets as of October 31, 2011.
"Eaton Vance experienced sequentially improved net flows and a rising trend of managed assets in the first quarter of fiscal 2012," said Thomas E. Faust, Jr., Chairman and Chief Executive Officer. "For the balance of the year, we see both continuing challenges and growing opportunities."
Comparison to First Quarter of Fiscal 2011
Long-term fund net outflows of $1.2 billion in the first quarter of fiscal 2012 compare to $1.4 billion of long-term fund net inflows in the first quarter of fiscal 2011, and reflect $6.9 billion of fund sales and other inflows and $8.1 billion of fund redemptions and other outflows. The $0.4 billion of institutional separate account net outflows in the first quarter of fiscal 2012 compare to $0.5 billion of institutional separate account net inflows in the first quarter of fiscal 2011, and reflect gross inflows of $1.8 billion and $2.2 billion of outflows. The $0.5 billion of high-net-worth separate account net inflows in the first quarter of fiscal 2012 compare to $0.2 billion of high-net-worth separate account net inflows in the first quarter of fiscal 2011, and reflect gross inflows of $1.0 billion and $0.5 billion of outflows. Retail managed account gross inflows of $1.7 billion were offset by $1.7 billion of outflows in the first quarter of fiscal 2012, while retail managed account net outflows totaled $0.1 billion in the first quarter of fiscal 2011. Attachments 4 and 5 summarize the Company's assets under management and asset flows by investment mandate.
Revenue in the first quarter of fiscal 2012 decreased $13.0 million, or 4 percent, to $295.6 million from revenue of $308.6 million in the first quarter of fiscal 2011. Investment advisory and administration fees decreased 1 percent to $239.5 million, reflecting a slightly lower effective management fee rate as compared to the first quarter of fiscal 2011. Distribution and underwriter fees decreased 18 percent due to a decrease in average fund assets to which distribution fees apply and a reduction in underwriter fees collected on Class A fund sales. Service fee revenue decreased 14 percent due to a decrease in average fund assets subject to service fees.
Operating expenses decreased $6.5 million, or 3 percent, to $202.8 million in the first quarter of fiscal 2012 compared to operating expenses of $209.3 million in the first quarter of fiscal 2011. Compensation expense was substantially unchanged, as decreases in sales-based incentives offset compensation increases attributable to higher employee headcount and increases in base salaries, stock-based compensation and employee benefits. Distribution expense was substantially unchanged from the prior fiscal year's first quarter, as increases in Class C distribution expense were offset by lower marketing support payments. Service fee expense decreased 8 percent from the prior fiscal year's first quarter due to a decrease in assets subject to service fees. Amortization of deferred sales commissions decreased 44 percent, as a result of declines in Class B, Class C and private fund amortization expense. Fund expenses increased 46 percent from the first quarter of fiscal 2011 due to higher subadvisory expenses and fund subsidies. Other expenses decreased 2 percent, reflecting lower information technology and professional service expenses.
Operating income in the first quarter of fiscal 2012 was $92.8 million, a decrease of 7 percent from operating income of $99.3 million in the first quarter of fiscal 2011. The Company's operating margin declined to 31.4 percent in the first quarter of fiscal 2012 from 32.2 percent in the first quarter of fiscal 2011.
Interest and other income decreased 16 percent in the first quarter of fiscal 2012 compared to the first quarter of fiscal 2011 due to a decrease in average effective interest rates earned on the Company's cash balances and lower interest and dividend income of consolidated funds. In the first quarter of fiscal 2012, the Company recognized $6.4 million of net investment gains, including a $2.4 million gain related to the Company's April 2011 sale of its equity interest in Lloyd George Management, for which additional settlement payments were received during the quarter, and gains recognized on the Company's seed capital investments. The Company recognized $0.7 million of net investment losses in the first quarter of fiscal 2011. Also included in other income and expenses for the first quarter of fiscal 2012 were net gains of $6.0 million associated with a consolidated collateralized loan obligation ("CLO") entity, primarily attributable to an increase in the fair market value of the investments held by the entity. The CLO net gain included in other income and expenses was substantially offset by net gain attributable to non-controlling and other beneficial interests, as the consolidated CLO entity's gain is largely attributable to the CLO entity's outside investors rather than the Company. Included in other income and expenses for the first quarter of fiscal 2011 were net gains of $0.3 million associated with the consolidation of the CLO entity, which amounts were again substantially offset by net gain attributable to non-controlling and other beneficial interests.
The Company's effective tax rate, calculated as a percentage of income before income taxes and equity in net income of affiliates, was 35.7 percent and 37.3 percent in the first quarter of fiscal 2012 and fiscal 2011, respectively.
In the first quarter of fiscal 2012, net income attributable to non-controlling and other beneficial interests decreased $4.2 million from the first quarter of fiscal 2011, reflecting a $5.6 million increase in consolidated CLO entity gains attributable to other beneficial interest holders and a $0.3 million decrease in non-controlling beneficial interest associated with the Company's majority-owned subsidiaries and consolidated funds. Also included in non-controlling and other beneficial interests in the first quarter of fiscal 2012 and 2011 are $7.9 million and $19.1 million, respectively, of non-controlling interest value adjustments that relate to the profit growth of our subsidiary Parametric Portfolio Associates over the respective preceding twelve months ended December 31.
Adjusted net income attributable to Eaton Vance Corp. shareholders(2) was $55.4 million in the first quarter of fiscal 2012 compared to $55.7 million in the first quarter of fiscal 2011, a decrease of 1 percent. GAAP net income attributable to Eaton Vance Corp. shareholders was $47.3 million in the first quarter of fiscal 2012 and $37.5 million in the first quarter of fiscal 2011. Adjusted net income attributable to Eaton Vance Corp. shareholders differed from GAAP net income attributable to Eaton Vance Corp. shareholders primarily due to the increases in the estimated redemption value of non-controlling interests in our subsidiary Parametric Portfolio Associates described in the preceding paragraph.
Comparison to Fourth Quarter of Fiscal 2011
Long-term fund net outflows of $1.2 billion in the first quarter of fiscal 2012 compare to $3.1 billion of long-term fund net outflows in the fourth quarter of fiscal 2011. The $0.4 billion of institutional separate account net outflows in the first quarter of fiscal 2012 compare to institutional separate account net inflows of $0.5 billion in the fourth quarter of fiscal 2011. The $0.5 billion of net inflows into high-net-worth separate accounts in the first quarter of fiscal 2012 compare to $0.1 billion of net inflows in the fourth quarter of fiscal 2011. Retail managed account gross inflows of $1.7 billion were offset by $1.7 billion of outflows in the first quarter of fiscal 2012, while retail managed account net outflows totaled $0.2 billion in the fourth quarter of fiscal 2011. Attachments 4 and 5 summarize the Company's assets under management and asset flows by investment mandate.
Revenue in the first quarter of fiscal 2012 decreased $1.7 million, or 1 percent, to $295.6 million from $297.3 million in the fourth quarter of fiscal 2011. Investment advisory and administration fees were substantially unchanged, as average assets under management and effective management fee rates did not change materially. Distribution and underwriter fees decreased 2 percent and service fee revenue decreased 3 percent due to a decrease in average fund assets that pay these fees.
Operating expenses increased $10.1 million, or 5 percent, to $202.8 million in the first quarter of fiscal 2012 from $192.7 million in the fourth quarter of fiscal 2011. Compensation expense increased 19 percent from the fourth quarter of fiscal 2011, reflecting increases in bonus accruals, stock-based compensation, employee benefits, payroll taxes and base salaries. Distribution expense decreased 1 percent from the prior fiscal quarter due to decreases in marketing support payments, offset by increases in marketing expenses. Service fee expense decreased 5 percent due to a decrease in assets subject to service fees. Amortization expense decreased 20 percent from the prior fiscal quarter as a result of declines in Class B, Class C and private fund amortization expense. Fund expenses decreased 13 percent from the fourth quarter of fiscal 2011 due to a decrease in subadvisory fees and fund subsidies. Other expenses decreased 4 percent from the fourth quarter primarily due to decreases in information technology expenses.
Operating income in the first quarter of fiscal 2012 was $92.8 million, a decrease of 11 percent from operating income of $104.6 million in the fourth quarter of fiscal 2011. The Company's operating margin declined to 31.4 percent in the first quarter of fiscal 2012 from 35.2 percent in the fourth quarter of fiscal 2011.
Interest and other income increased 481 percent in the first quarter of fiscal 2012 compared to the fourth quarter of fiscal 2011 due to an increase in interest and dividend income of consolidated funds. The $6.4 million of net investment gains recognized in the first quarter of fiscal 2012, which included the $2.4 million gain related to the Lloyd George Management sale discussed above, compare to $2.5 million of net investment losses in the fourth quarter of fiscal 2011. Also included in other income and expenses for the first quarter of fiscal 2012 and fourth quarter of fiscal 2011 were consolidated CLO entity net gains of $6.0 million and net losses of $11.4 million, respectively, that are primarily attributable to changes in the fair market value of investments held by the entity. The net gains and losses of the consolidated CLO entity recognized in other income and expenses for the respective periods were substantially offset by gain and loss attributable to non-controlling and other beneficial interests.
The Company's effective tax rate, calculated as a percentage of income before income taxes and equity in net income of affiliates, was 35.7 percent and 45.5 percent in the first quarter of fiscal 2012 and fourth quarter of fiscal 2011, respectively. The decrease in the Company's effective tax rate was due primarily to changes in the amount of consolidated CLO entity gains or losses recognized, which are not subject to current tax.
Net income attributable to non-controlling and other beneficial interests increased $18.8 million in the first quarter of fiscal 2012 from the prior quarter due primarily to a $17.4 million decrease in non-controlling beneficial interest associated with the consolidated CLO entity and a $2.2 million decrease in non-controlling beneficial interest associated with the Company's majority-owned subsidiaries and consolidated funds. Also included in net income attributable to non-controlling and other beneficial interests for the first quarter of fiscal 2012 and the fourth quarter of fiscal 2011 are non-controlling interest value adjustments of $7.9 million and $8.5 million relating to our subsidiaries Parametric Portfolio Associates and Atlanta Capital Management that are attributable to their profit growth over the twelve months ended December 31, 2011 and October 31, 2011, respectively.
Adjusted net income attributable to Eaton Vance Corp. shareholders was $55.4 million in the first quarter of fiscal 2012 compared to $55.7 million in the fourth quarter, a decrease of 1 percent. GAAP net income attributable to Eaton Vance Corp. shareholders was $47.3 million in the first quarter of fiscal 2012 and $46.8 million in the fourth quarter of fiscal 2011. First quarter fiscal 2012 and fourth quarter fiscal 2011 adjusted net income attributable to Eaton Vance Corp. shareholders differed from GAAP net income attributable to Eaton Vance Corp. shareholders primarily due to the increases in the estimated redemption value of non-controlling interests in our subsidiaries Parametric Portfolio Associates and Atlanta Capital Management described in the preceding paragraph.
Cash and cash equivalents totaled $475.4 million on January 31, 2012 compared to $510.9 million on October 31, 2011. There were no outstanding borrowings against the Company's $200.0 million credit facility on January 31, 2012. During the first three months of fiscal 2012, the Company used $34.8 million to repurchase and retire approximately 1.4 million shares of its Non-Voting Common Stock under its repurchase authorization and paid $22.0 million of dividends to shareholders. Over the twelve months ended January 31, 2012, the Company used $206.6 million to repurchase and retire approximately 7.9 million shares of its Non-Voting Common Stock and paid $85.9 million in dividends to shareholders. Approximately 6.6 million shares of the current 8.0 million share repurchase authorization remains unused.
Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates offer individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
This news release contains statements that are not historical facts, referred to as "forward-looking statements." The Company's actual future results may differ significantly from those stated in any forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, client sales and redemption activity, the continuation of investment advisory, administration, distribution and service contracts, and other risks discussed from time to time in the Company's filings with the Securities and Exchange Commission.
(1) Adjusted earnings per diluted share reflects the add back of adjustments in connection with changes in the estimated redemption value of non-controlling interests in our affiliates redeemable at other than fair value ("non-controlling interest value adjustments"), closed-end structuring fees and other items management deems non-recurring or non-operating. See reconciliation provided in Attachment 2 for more information on adjusting items.
(2) Adjusted net income attributable to Eaton Vance Corp. shareholders reflects the add back of adjustments in connection with changes in the estimated redemption value of non-controlling interests in our affiliates redeemable at other than fair value, closed-end structuring fees and other items management deems non-recurring or non-operating. See reconciliation provided in Attachment 2 for more information on adjusting items.
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| Attachment 1
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| | Eaton Vance Corp.
| | Summary of Results of Operations
| | (in thousands, except per share figures)
| | (unaudited)
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| Three Months Ended
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| % Change
| % Change
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| January 31,
| October 31,
| January 31,
| Q1 2012 to
| Q1 2012 to
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| 2012
| 2011
| 2011
| Q4 2011
| Q1 2011
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| | Revenues:
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| Investment advisory and administration fees
| $
| 239,452
| $
| 239,751
| $
| 242,734
| -
| %
| (1)
| %
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| Distribution and underwriter fees
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| 22,515
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| 23,079
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| 27,327
| (2)
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| (18)
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| Service fees
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| 32,299
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| 33,281
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| 37,345
| (3)
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| (14)
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| Other revenue
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| 1,340
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| 1,212
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| 1,208
| 11
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| 11
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| Total revenues
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| 295,606
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| 297,323
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| 308,614
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| (4)
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| | Expenses:
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 J.P. Morgan Asset Management today announced an enhancement to its..."/>
My news for Investors
NEW YORK, Feb. 22, 2012 /PRNewswire/ -- J.P. Morgan Asset Management today announced an enhancement to its pooled Commingled Pension Trust Fund Stable Asset Income Fund (SAIF)[1] that will seek to ensure that the fund remains open and available to new investors.
Traditionally, most pooled stable value funds (which are made of up assets from many 401(k) plans) including SAIF, have allowed plan sponsors to terminate their participation in the fund at book value within twelve months of giving notice (known as a "12 month put option"). The risks associated with this put option have constrained wrap capacity. As a result, these products are at risk of becoming scarce, which could potentially limit plan sponsor and participant investment choices.
To ease this problem, J.P. Morgan Asset Management has eliminated the put option from SAIF. This change has no impact on individual participant-elected transactions. This enhancement ensures that SAIF remains a viable and available investment option for defined contribution plans.
"The stable value pooled fund marketplace is feeling certain unique pressures from wrap providers because of the book value put option," said portfolio manager Peter Chappelear, managing director and head of J.P. Morgan Asset Management's stable value business. "We evaluated various remedies to the problem, and determined that eliminating the put option was the only solution that provided complete relief while benefiting long-term investors."
With this enhancement, investors in SAIF will be able to remain fully invested even with growth in the size of the Fund and sponsors will not be subject to a potential delay when exiting the Fund. Also, retirement plan advisors will benefit from increased product availability made possible by the enhancement.
"Stable value funds play an important role as a fundamental building block in defined contribution plans," said Michael Falcon, Head of Retirement for J.P. Morgan Asset Management. "It's important that these products are able to perform as they were designed to, with uninterrupted access for participants who rely upon them. Our enhancement enables that."
About J.P. Morgan Asset Management – Retirement
J.P. Morgan Asset Management is a leading comprehensive retirement solutions provider dedicated to improving individual retirement outcomes. J.P. Morgan Retirement Plan Services provides bundled defined contribution services to more than 650 clients and 1.8 million plan-level participants, representing more than $125 billion in retirement plan assets as of December 31, 2011. J.P. Morgan Defined Contribution Investment Solutions manages more than $61 billion in defined contribution assets as of December 31, 2011.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under supervision of approximately $1.9 trillion and assets under management of $1.3 trillion (as of December 31, 2011), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high-net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. JPMorgan Chase & Co. (NYSE: JPM), the parent company of J.P. Morgan Asset Management, is a leading global asset management firm with assets of approximately $2.1 trillion and operations in more than 60 countries. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. and its affiliates worldwide. Those businesses include, but are not limited to, JPMorgan Chase Bank, N.A., J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated, and J.P. Morgan Alternative Asset Management, Inc.
[1] The Commingled Pension Trust Fund Stable Asset Income Fund (SAIF) of JPMorgan Chase Bank N.A. is a collective trust fund established and maintained by JPMorgan Chase Bank, N.A. under a declaration of trust. The fund is not required to file a prospectus or registration statement with the SEC, and accordingly, neither is available. The fund is available only to certain qualified retirement plans and governmental plans and is not offered to the general public. Units of the fund are not bank deposits and are not insured or guaranteed by any bank, government entity, the FDIC or any other type of deposit insurance. You should carefully consider the investment objectives, risk, charges, and expenses of the fund before investing.
SOURCE J.P. Morgan Asset Management Back to top
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 Even with the stock market soaring, many Americans report they..."/>
--Three-in-Four Americans Ages 18-34 Don't Currently Invest in Retirement Accounts Such as a 401(k) or IRA--
WHITING, Ind., Feb. 23, 2012 /PRNewswire/ -- Even with the stock market soaring, many Americans report they continue they still have reservations about investing in the stock market. Nearly four-in-ten (39 percent) U.S. adults report they don't currently have any types of financial investments, like 401(k)s or IRA retirement accounts, mutual funds or stocks. In addition, 61 percent of U.S. adults said they have reservations about investing in the stock market. Their concerns include not having enough money to invest (32 percent), not trusting the stock market (26 percent), thinking it's too complicated (17 percent) and being unsure of how to get started (11 percent). This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from February 7th-9th, 2012, among 2,339 U.S. adults ages 18 and older.
Even though many U.S. adults report they don't have financial investments, they are still keeping an eye on the market. Fifty-five percent of U.S. adults said they follow the stock market in some capacity, with one-quarter (25 percent) reporting they track its ups and downs at least once a week. When it comes to young adults, there was a significant difference between men and women. Fifty-nine percent of men ages 18-34 said they follow the stock market compared to 30 percent of women ages 18-34.
In addition, Americans aged 18-34 are the highest age group to report that they don't have financial investments. In fact, nearly three-in-four (73 percent) U.S. adults ages 18-34 said they don't currently invest in retirement accounts such as a 401 (k) or IRA, while more than half (55 percent) of those ages 18-34 said they don't have any financial investments at all.
"It's been a challenging few years for Americans of all ages and financial standing," said Jackie Warrick, President and Chief Savings Officer at CouponCabin.com. "As a result, many Americans have shied away from investing in the stock market. Among the reasons is complexity, as 35 percent of people we surveyed said they would be more likely to invest money in the market if it were less complicated."
While some Americans report they are intimidated by the complexity of the market, others said if the economy were more stable they would be more likely to invest.
- 39 percent said they were much or somewhat more likely to invest money in the market if the economy were more stable.
- 46 percent said they weren't any more or less likely to invest if the economy were more stable.
- 15 percent said they were much/somewhat less likely to invest.
Regardless of apprehensions in investing in the stock market, many U.S. adults said they would be open to learning more about the process. Forty-three percent would be at least somewhat likely to consider taking a course or class to learn more about the stock market and investments.
Warrick offers the following tips for beginning investors:
Dig into the basics: What's the difference between a stock and mutual fund? First, you'll want to become familiar with investing terms and language so you're clear on what everything means. That way, you know where your money is going. Hop online and or pick up an investing basics book to get you started.
Join a club: Many communities have stock market clubs and local organizations that bring together different levels of investors, whether you're a novice or an expert. Do a quick Internet search to see if there's a local group that fits your needs.
Speak up: Ask friends, family and colleagues for advice on finding resources to get you started, such as a broker recommendation or online resources they use. Don't forget to ask your HR department if your company has a program or recommendations in place to help beginning investors.
http://www.couponcabin.com/blog/post/investing-trends-and-habits-survey
Survey Methodology:
This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from February 7th-9th, 2012, among 2,339 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact: Allison Nawoj, anawoj@couponcabin.com.
About CouponCabin.com
CouponCabin.com is a leading online destination for coupons including online coupon codes, printables, grocery coupons and more. Shoppers have saved nearly $250 million since 2003 and with the largest selection of coupons guaranteed to work, CouponCabin is the best place to start searching for savings. The average user saves $19 in just 80 seconds on the site. With customized email newsletters, browser savings alerts, new coupon alerts and more, shoppers will never miss out on a great deal with CouponCabin. For more information, please visit http://www.CouponCabin.com.
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Credit Suisse announced today that it has temporarily suspended further..."/>
NEW YORK, Feb. 21, 2012 /PRNewswire/ -- Credit Suisse announced today that it has temporarily suspended further issuances of the VelocityShares Daily 2x VIX Short-Term ETNs (Ticker Symbol: "TVIX") due to internal limits on the size of the ETNs. This suspension does not affect the Early Redemption rights of noteholders as described in the pricing supplement. Other ETNs issued by Credit Suisse are not affected by this suspension.
(Logo: http://photos.prnewswire.com/prnh/20091204/CSLOGO )
As disclosed in the pricing supplement relating to the ETNs under the heading "Risk Factors—The Market Price of Your ETNs May Be Influenced By Many Unpredictable Factors," the market value of the ETNs may be influenced by, among other things, the levels of supply and demand for the ETNs. It is possible that the suspension, as described above, may influence the market value of the ETNs. Credit Suisse believes it is possible that the temporary suspension of further issuances may cause an imbalance of supply and demand in the secondary market for the ETNs, which may cause the ETNs to trade at a premium or discount in relation to their indicative value. Therefore, any purchase of the ETNs in the secondary market may be at a purchase price significantly different from their indicative value.
The pricing supplement relating to the ETNs can be found on EDGAR, the SEC website at: www.sec.gov.
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 49,700 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.
Credit Suisse has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this press release relates. Before you invest, you should read the prospectus in that registration statement and the applicable pricing supplement, the prospectus supplement dated March 25, 2009 and the prospectus dated March 25, 2009 that Credit Suisse has filed with the SEC for more complete information about Credit Suisse and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Credit Suisse or any agent or any dealer participating in this offering will arrange to send you the applicable pricing supplement and the prospectus supplement and prospectus if you so request by calling 1-800-221-1037.
"VelocityShares" and the VelocityShares logo are registered trademarks of VelocityShares Index & Calculation Services, a division of VelocityShares, LLC.
"VIX" is a trademark of the Chicago Board Options Exchange, Incorporated ("CBOE") and has been licensed for use by S&P. S&P does not sponsor, promote, or sell any product based on the Index and neither S&P nor CBOE make any representation herein regarding the advisability of investing in any product based on the Index.
This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change.
Copyright © 2012, CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.
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Eaton Vance Senior Income Trust (NYSE: EVF) (the "Fund"), a closed-end..."/>
My news for Investors
BOSTON, Feb. 21, 2012 /PRNewswire/ -- Eaton Vance Senior Income Trust (NYSE: EVF) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months and the six months ended December 31, 2011. The Fund's fiscal year ends on June 30, 2012.
For the three months ended December 31, 2011, the Fund had net investment income of $3,905,978 ($0.106 per common share). From this amount, the Fund paid dividends on preferred shares of $22,865 (equal to less than $0.001 for each common share), resulting in net investment income after the preferred dividends of $3,883,113 or $0.106 per common share. For the six months ended December 31, 2011, the Fund had net investment income of $7,585,114 ($0.206 per common share). From this amount, the Fund paid dividends on preferred shares of $46,103 (equal to $0.001 for each common share), resulting in net investment income after the preferred dividends of $7,539,011 or $0.205 per common share. In comparison, for the three months ended December 31, 2010, the Fund had net investment income of $3,997,404 ($0.109 per common share). From this amount, the Fund paid dividends on preferred shares of $66,290 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $3,931,114 or $0.107 per common share. For the six months ended December 31, 2010, the Fund had net investment income of $7,890,891 ($0.215 per common share). From this amount, the Fund paid dividends on preferred shares of $129,367 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $7,761,524 or $0.211 per common share.
Net realized and unrealized gains for the three months ended December 31, 2011 were $7,119,094 ($0.185 per common share). The Fund's net realized and unrealized losses for the six months ended December 31, 2011 were $9,606,097 ($0.270 per common share). In comparison, net realized and unrealized gains for the three months ended December 31, 2010 were $9,061,693 ($0.250 per common share). The Fund's net realized and unrealized gains for the six months ended December 31, 2010 were $16,768,984 ($0.460 per common share).
On December 31, 2011, net assets of the Fund applicable to common shares were $254,488,195. The net asset value per common share on December 31, 2011 was $6.92 based on 36,752,548 common shares outstanding. In comparison, on December 31, 2010, net assets of the Fund applicable to common shares were $260,808,046. The net asset value per common share on December 31, 2010 was $7.11 based on 36,669,972 common shares outstanding.
The Fund periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Fund portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.
The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $191.7 billion in assets as of January 31, 2012, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
| EATON VANCE SENIOR INCOME TRUST
| |
| SUMMARY OF RESULTS OF OPERATIONS
| |
| (in thousands, except per share amounts)
| |
|
|
|
|
|
|
|
|
| |
|
| Three Months Ended
|
| Six Months Ended
| |
|
| December 31,
|
| December 31,
| |
|
| 2011
|
| 2010
|
| 2011
|
| 2010
| | Gross investment income
| $5,349
|
| $5,316
|
| $10,468
|
| $10,644
| | Operating expenses
| (1,298)
|
| (1,180)
|
| (2,587)
|
| (2,455)
| | Interest expense
| (145)
|
| (139)
|
| (296)
|
| (298)
| |
| Net investment income
| $3,906
|
| $3,997
|
| $7,585
|
| $7,891
| | Net realized and unrealized gains (losses)
|
|
|
|
|
|
|
| | on investments
| $7,119
|
| $9,062
|
| ($9,606)
|
| $16,769
| | Preferred dividends paid from net investment income
| (23)
|
| (66)
|
| (46)
|
| (129)
| |
| Net increase (decrease) in net assets
|
|
|
|
|
|
|
| |
| from operations
| $11,002
|
| $12,993
|
| ($2,067)
|
| $24,531
| |
|
|
|
|
|
|
|
|
| | Earnings per Common Share Outstanding
|
|
|
|
|
|
|
| | Gross investment income
| $0.145
|
| $0.145
|
| $0.284
|
| $0.290
| | Operating expenses
| (0.035)
|
| (0.032)
|
| (0.070)
|
| (0.067)
| | Interest expense
| (0.004)
|
| (0.004)
|
| (0.008)
|
| (0.008)
| |
| Net investment income
| $0.106
|
| $0.109
|
| $0.206
|
| $0.215
| | Net realized and unrealized gains (losses)
|
|
|
|
|
|
|
| | on investments
| $0.185
|
| $0.250
|
| ($0.270)
|
| $0.460
| | Preferred dividends paid from net investment income
| (0.000)
| (1)
| (0.002)
|
| (0.001)
|
| (0.004)
| |
| Net increase (decrease) in net assets
|
|
|
|
|
|
|
| |
| from operations
| $0.291
|
| $0.357
|
| ($0.065)
|
| $0.671
| |
|
|
|
|
|
|
|
|
| | Net investment income
| $0.106
|
| $0.109
|
| $0.206
|
| $0.215
| | Preferred dividends paid from net investment income
| (0.000)
| (1)
| (0.002)
|
| (0.001)
|
| (0.004)
| | Net investment income after preferred dividends
| $0.106
|
| $0.107
|
| $0.205
|
| $0.211
| |
|
|
|
|
|
|
|
|
| | Net Asset Value at December 31 (Common Share )
|
|
|
|
|
|
|
| |
| Net assets (000)
|
|
|
|
| $254,488
|
| $260,808
| |
| Shares outstanding (000)
|
|
|
|
| 36,753
|
| 36,670
| |
| Net asset value per share outstanding
|
|
|
|
| $6.92
|
| $7.11
| |
|
|
|
|
|
|
|
|
| | Market Value Summary (Common Share )
|
|
|
|
|
|
 Federated Enhanced Treasury Income Fund (NYSE: FTT) today..."/>
My news for Investors
PITTSBURGH, Feb. 16, 2012 /PRNewswire/ -- Federated Enhanced Treasury Income Fund (NYSE: FTT) today announced that its Board of Trustees, as part of its evaluation of options to enhance shareholder value, has authorized a share repurchase program. The program will allow the fund to purchase up to 5% of its outstanding common shares as of Dec. 31, 2011, or 478,446 shares, in the open market at fund management's discretion. The amount and timing of share purchases will be subject to market conditions and investment considerations. The program will begin on March 1, 2012 and run for a one-year period.
The fund's Board of Trustees and investment adviser analyze options to enhance shareholder value and potentially reduce the discount between the market price of the fund's common shares and their net asset value per share (NAV). The investment adviser believes that the share repurchase program may further these goals because the program allows the fund to acquire its shares in the open market at a discount to NAV, which will increase the NAV and thereby benefit remaining shareholders while potentially providing additional liquidity in the trading of fund shares. The share repurchase program is the most recent in a series of actions the fund has taken to seek to enhance shareholder value, including the adoption of a managed distribution plan last year. The board will monitor the program and will continue to consider strategic options to enhance shareholder value over the long-term.
There is no assurance that the fund will purchase shares at any specific discount levels or in any specific amounts. The fund's repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. There is no assurance that the market price of the fund's shares, either absolutely or relative to NAV, will increase as a result of any share repurchases.
Federated Investors, Inc. (NYSE: FII) is one of the largest investment managers in the United States, managing $369.7 billion in assets as of Dec 31, 2011. With 134 funds, as well as a variety of separately managed account options, Federated provides comprehensive investment management worldwide to approximately 4,700 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
Certain statements made in this press release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: market developments; legal and regulatory developments; and other additional risks and uncertainties. As a result, neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.
SOURCE Federated Investors, Inc. Back to top
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 The Adelphia Recovery Trust (the "Trust") announced today that..."/>
WILMINGTON, Del., Feb. 16, 2012 /PRNewswire/ -- The Adelphia Recovery Trust (the "Trust") announced today that its Trustees have declared a distribution of $30 million in cash payable on or about March 1, 2012 to holders of interests in the Trust pursuant to the First Modified Fifth Amended Joint Chapter 11 Plan of Reorganization of Adelphia Communications Corporation and Certain Affiliated Debtors, dated as of January 3, 2007, as Confirmed (the "Plan"). The Trust has established a Record Date for purposes of this distribution of February 23, 2012.
A chart summarizing the distribution of cash to be made to each series of interests in the Trust is available in the "Important Documents Adelphia Recovery Trust" section of Adelphia's website at www.adelphiarestructuring.com. Upon distribution, a letter with additional information concerning the distribution will be delivered to holders and will be made available in the "Important Documents Adelphia Recovery Trust" section of Adelphia's website at www.adelphiarestructuring.com.
Interest holder inquiries regarding Trust distributions under the Plan should be directed to creditor.inquries@adelphia.com.
About Adelphia Recovery Trust
The Adelphia Recovery Trust is a Delaware Statutory Trust formed pursuant to the First Modified Fifth Amended Joint Chapter 11 Plan of Reorganization of Adelphia Communications Corporation and Certain Affiliated Debtors, which became effective February 13, 2007. The Trust holds certain litigation claims transferred pursuant to the Plan against various third parties and exists to prosecute the causes of action transferred to it for the benefit of holders of Trust interests.
Forward-Looking Statements
This press release contains forward-looking statements. All statements (other than statements of historical fact) contained in this release, including statements that address future plans, goals, expectations, activities, events or developments are forward-looking statements. The Trust has tried, where possible, to use words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "forecast," "initiative," "objective," "goal," "project," "outlook," "priorities," "target," "evaluate," "pursue," "seek," "potential," "continue," "designed," "impact," "may," "would," "could," "should," "will" and other similar expressions to identify forward-looking statements. Forward-looking statements are based on current expectations and are subject to substantial risks, uncertainties and other factors, many of which are beyond our control. The Trust cannot guarantee that any forward-looking statement will be realized, as actual results may differ materially from those identified or implied in any forward-looking statement. Among the factors that may cause actual results to differ materially are the following: changes in or interpretations of laws, regulations and policies; and the tax effects of various aspects of the Plan and the Trust. All forward-looking statements speak only as of the date they were made. The Trust does not undertake a duty to publicly update or revise such forward-looking statements or other information contained herein, whether as a result of new information, subsequent events, circumstances, changes in expectations or otherwise.
SOURCE Adelphia Recovery Trust Back to top
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 American Capital, Ltd. (Nasdaq: ACAS) announced today that its..."/>
My news for Investors
BETHESDA, Md., Feb. 16, 2012 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) announced today that its portfolio company Aptara, Inc. ("Aptara") was sold to iEnergizer (AIM: IBPO) for $144 million on February 7. American Capital and its affiliated funds received $134 million in proceeds, subject to post-closing adjustments, of which approximately $108 million was received by American Capital. American Capital's compounded annual rate of return earned over the life of its total senior, mezzanine debt and equity investments was 17%, including interest, dividends, and fees.
"We are extremely delighted with the results of our first exit of 2012," said Brian Graff, American Capital Senior Managing Director. "Our six year investment in Aptara has resulted in an attractive return for American Capital and its shareholders. We continue to search for new investment opportunities to put capital to work in a variety of industries, either as the sole investor in a One Stop Buyout® or with a sponsor in support of a private equity buyout."
Serving nine of the ten largest publishers in the world, Aptara is a Falls Church, VA based company that enriches content for capitalizing on all digital mediums. Aptara's services -- from content creation and design, to new media enhancements, technology solutions and production for all mobile devices and platforms -- help content providers effectively leverage their assets in the digital age.
"Since our initial investment and with continued support from American Capital, Aptara has achieved strong financial performance," said Eugene Krichevsky, American Capital Principal, Buyouts Group. "We have been fortunate to partner with an exceptional senior management team, which has driven significant growth and value creation despite the global recession. CEO Dev Ganesan and his team have positioned Aptara as the leader in the rapidly expanding digital publishing and content transformation industry, providing enhanced value-added services to its customers and expanding into new market verticals."
"Based in the U.S. and with nearly 5,000 employees, Aptara has capitalized on the fastest growing segments in the outsourced content management industry," said Sean Reid, American Capital Vice President, Buyouts Group. "The company remains well positioned for continued growth, given that the proliferation of eBooks and digitization has just begun."
American Capital first invested in Aptara in August 2005, supporting Aptara's recapitalization with $45 million in senior and junior subordinated debt and convertible preferred equity. Subsequent to the initial investment, American Capital and its affiliates made additional investments in Aptara totaling $50 million to support its growth. For more information about American Capital's investment in Aptara, please go to http://www.americancapital.com/our_portfolio/companies/aptara.html.
Since American Capital's 1997 IPO through the fourth quarter of 2011, the company has earned an 11% compounded annual return, including interest, dividends, fees and net gains, on 326 realizations of senior debt, subordinated debt, equity and structured products investments, totaling $17 billion of committed capital. American Capital earned a 29% compounded annual return on the exit of its equity investments, including dividends, fees and net gains.
For a chart showing a partial listing of American Capital's exited portfolio companies, please go to http://www.americancapital.com/our_portfolio/exited.html.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $68 billion in assets under management and seven offices in the U.S. and Europe. American Capital and European Capital will consider investment opportunities from $10 million to $300 million. For further information, please refer to www.americancapital.com
This press release contains forward-looking statements. The statements regarding expected results of American Capital are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
CONTACT:
Eugene Krichevsky, Principal, Buyouts Group (301) 951-6122
Sean Reid, Vice President, Buyouts Group (301) 951-6122
SOURCE American Capital, Ltd. Back to top
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 www.ingfunds.com ING Investments, LLC announced the..."/>
My news for Investors
SCOTTSDALE, Ariz., Feb. 17, 2012 /PRNewswire/ -- www.ingfunds.com ING Investments, LLC announced the monthly distributions on the common shares of two of its closed-end funds: ING Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD) and ING International High Dividend Equity Income Fund (NYSE: IID) (each a "Fund" and collectively, the "Funds"). With respect to each Fund, the distribution will be paid on March 15, 2012, to shareholders of record on March 5, 2012. The ex-dividend date is March 1, 2012. The distribution per share for each Fund is as follows:
|
Fund
|
Distribution Per Share
|
|
ING Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD)
|
$0.093
|
|
ING International High Dividend Equity Income Fund (NYSE: IID)
|
$0.086
|
Each Fund intends to make regular monthly distributions based on the past and projected performance of the Fund. The amount of monthly distributions may vary, depending on a number of factors. As portfolio and market conditions change, the rate of distributions on the common shares may change. There can be no assurance that a Fund will be able to declare a distribution in each period. Past Performance is no guarantee of future results.
The tax treatment and characterization of a Fund's distributions may vary significantly from time to time depending on the net investment income of the Fund and whether the Fund has realized gains or losses from its options strategy versus gain or loss realizations in the equity securities in the portfolio. Each Fund's distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital.
The portion of each Fund's monthly distributions estimated to come from the Fund's option strategy, for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of each Fund's option strategy is largely determined by movements in, and gain and loss realizations in the underlying equity portfolio. Under certain conditions, federal tax regulations may also cause some or all of the return of capital to be taxed as ordinary income. The final tax characteristics of the distributions cannot be determined with certainty until after the end of the calendar year, and will be reported to shareholders at that time.
IGD estimates that for the current fiscal year as of January 31, 2012, approximately 10% of each distribution is characterized as net investment income and 90% is characterized as return of capital.
IID estimates that for the current fiscal year as of January 31, 2012, approximately 7% of each distribution is characterized as net investment income, 26% is characterized as short-term capital gain and 67% is characterized as return of capital.
Certain statements made on behalf of the Funds in this release are forward- looking statements. The Funds 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 equity markets in general or the Funds investments specifically. Neither the Funds nor ING undertake any responsibility to update publicly or revise any forward-looking statement.
This information should not be used as a basis for legal and/or tax advice. In any specific case, the parties involved should seek the guidance and advice of their own legal and tax counsel.
ING Investment Management U.S. (ING IM U.S.) is a leading active asset management firm. As of December 31, 2011, ING IM U.S. manages approximately $166 billion for both affiliated and external institutions as well as individual investors. ING IM U.S. 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.
SHAREHOLDER INQUIRIES: ING Funds Shareholder Services at (800) 992-0180;
www.ingfunds.com
SOURCE ING Back to top
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One of America's scrappiest attorneys and human rights activists, Larry..."/>
NEW YORK, Feb. 21, 2012 /PRNewswire/ -- One of America's scrappiest attorneys and human rights activists, Larry Klayman, today took legal aim at a bedrock industry on Wall Street—mutual funds.
Klayman charges that unfair pricing policies of most mutual funds are costing investors, many of them seniors living on fixed income, more than $10 billion a year. "The industry better equalize its pricing or risk a lawsuit," he said.
"The playing field needs to be level so investors aren't paying differently like airline passengers do according to when they book flights. New mutual fund purchasers and those liquidating mutual fund shares have an unfair price advantage over existing shareholders.
"New shareholders are being partially subsidized by existing shareholders and regulators don't seem to mind an unequal sharing of the stock brokerage fees that mutual funds incur from ongoing buying and selling of portfolio securities."
According to Klayman, long-term shareholders also are bearing costs caused by frequent trading and market timing by short-term investors.
As money is shifted into and out of a fund by a shareholder engaging in frequent trading, a fund incurs costs for buying and selling securities, resulting in increased brokerage and administrative costs. These costs are born by all fund shareholders, including the long-term investors who do not generate them. Frequent trading also interferes with an advisor's ability to efficiently manage the fund, he added.
Researchers have proposed a remedy that is elegantly simple to apply called the Sacks Equalization Model (www.sacksmodel.com), a patented algorithm designed to level the mutual fund investment field.
In their research paper, "A New Method For Computing Mutual Fund NAV In Light Of Liquidity-Induced Transaction Costs," Professors Miles Livingston of the University of Florida and David Rakowski of Southern Illinois University Carbondale, said the model takes into account net value (NAV) of the mutual fund and accumulated stock brokerage fees.
The accumulated commission fees are then added to the net asset value per share prior to purchase of shares and subtracted from the net asset value per share prior to the liquidation of the shares, thereby leveling the field. And those monies flow back into the fund for the benefit of all shareholders.
Moreover this solves the problem of maintaining the true asset value for existing shareholders when there are rapid share liquidations, thereby protecting the true asset value of remaining shareholders and reducing operating costs making mutual funds from .5% to 1% more profitable per year.
The model was developed by retired stockbroker Seymour Sacks.
Klayman, who founded the public advocacy group Judicial Watch, attained notoriety filing lawsuits against the Clinton and Bush administrations, and more recently, as the founder of Freedom Watch, he sued the Supreme Leader, President Mahmoud Ahmadinejad, the Iranian Revolutionary Guard and the Islamic Republic of Iran for human rights violations and crimes against humanity. The case is headed for trial on April 6, 2012 in Washington, D.C. He also has cases pending concerning Obamacare and other matters of public interest and importance.
Klayman is a former prosecutor in the Justice Department and was on the trial team that succeeded in breaking up the telephone monopoly of AT&T. Klayman has authored the books Fatal Neglect and Whores: Why and How I Came to Fight the Establishment, and writes a weekly column for the conservative news website WorldNetDaily. On the NBC series The West Wing, John Diehl played a character patterned after Klayman called "Harry Klaypool."
For more information about Klayman or the Model, contact amazzone@transmediagroup.com.
|
CONTACT:
|
Adrienne Mazzone
|
|
|
561-750-9800
|
SOURCE Larry Klayman Back to top
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Avenue Income Credit Strategies Fund (NYSE: ACP), a closed-end management..."/>
My news for Investors
NEW YORK, Feb. 15, 2012 /PRNewswire/ -- Avenue Income Credit Strategies Fund (NYSE: ACP), a closed-end management investment company, today announced that portfolio data as of January 31, 2012, including performance, top ten largest holdings, top five industry holdings, and certain portfolio weightings, is now available to the public on the Fund's website at www.avenuecapital.com under "Strategies – Registered Closed-End Fund Strategy."
For more information or to request a hard copy of this data please call:
1-888-301-3838.
Investing involves risk and it is possible to lose money on any investment in the Fund.
The Fund's investment adviser is Avenue Capital Management II, L.P., and the Fund's subadviser is Avenue Europe International Management, L.P. Both entities are part of Avenue Capital Group.
SOURCE Avenue Income Credit Strategies Fund Back to top
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Salient Partners L.P. (Salient), a $16 billion asset management firm, is today..."/>
New Index Provides a Benchmark for the Performance of Risk-Parity Strategies
HOUSTON, Feb. 16, 2012 /PRNewswire/ -- Salient Partners L.P. (Salient), a $16 billion asset management firm, is today launching the Salient Risk Parity Index™. This first-of-its kind benchmark will enable investment managers to measure the performance and effectiveness of their risk-parity strategies against an industry standard, passive index.
Based on performance derived by Indxis, the third-party calculation agent for the Salient Risk Parity Index, the Index is shown to have generated returns greater than 10% in 13 of the 22 years since 1990 and suffered only three losing years: 1994 (-1.3%), 2001 (-10.7%), and 2008 (-9.2%). The compounded annual rate of return for the 22 year period was 11.1%. In contrast, a typical portfolio of 60% equities and 40% bonds produced compound annual returns of 6% over the same period and suffered a loss of more than 25% in 2008.
"The Salient Risk Parity Index has been created to fill what we see as a void in the money management arena," said Lee Partridge, Chief Investment Officer of Salient. "While equity strategists and stock fund managers can gauge their performance against indices such as the Dow Jones Industrial Average and S&P 500, investment managers who employ risk-parity strategies do not have a similar measurement tool. With risk-parity strategies becoming more prevalent in the marketplace, we feel investment managers need a daily benchmark that allows them to evaluate the effectiveness of their approach."
The Salient Risk Parity Index seeks to represent the performance of an equally risk-weighted allocation to global equity, interest rate, credit and commodity futures contracts and swaps. One-quarter of the Index's variance comes from each of the four asset classes and portfolio weights are rebalanced monthly.
The volatility target of the Salient Risk Parity Index is 10%, which is approximately equal to the long-run annual standard deviation of a typical portfolio asset allocation consisting of 60% equities and 40% debt. The Index is intended to represent a practical opportunity set of investments that encompasses the global investment market. Assets are selected by Salient's Index Committee from the universe of investable futures and standardized credit default swap indices with an emphasis on breadth and liquidity.
"Our analysis shows that the risk-parity strategy represented by the Index does quite well historically compared to more conventional allocation approaches," Mr. Partridge said. "Traditionally, investors seeking higher returns have increased their equity concentration. Risk-parity offers an alternative to this approach by allowing investors to target a specific level of risk which is sourced equally across asset classes. As you can see from the historical performance, The Salient Risk Parity Index exhibits fairly consistent year-to-year returns and an attractive risk-return tradeoff."
To view the Salient Risk Parity Index, please go to www.theriskparityindex.com
For more information about the Salient Risk Parity Index or Salient, please contact Chris Moon of JCPR at 973-850-7304 or cmoon@jcprinc.com.
About Salient Partners L.P.
Salient Partners L.P. is a $16 billion investment management firm based in Houston, Texas. The firm is a recognized innovator in the development, management and delivery of sophisticated, non-traditional investment solutions for both institutional and retail investors. Through its comprehensive investment approach, Salient identifies and develops leading strategies that help eliminate unrewarded risk, reduce investing costs and focus on the fundamental drivers of returns to deliver the full potential of all markets to investors. For more information about Salient and its professionals, visit www.salientpartners.com.
Contact: Chris Moon
JCPR
973-850-7304
cmoon@jcprinc.com
SOURCE Salient Partners L.P. Back to top
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Eaton Vance Corp. (NYSE: EV) earned $0.47 of adjusted earnings per diluted..."/>
My news for Investors
BOSTON, Feb. 22, 2012 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) earned $0.47 of adjusted earnings per diluted share(1) in the first quarter of fiscal 2012, an increase of 4 percent over the $0.45 of adjusted earnings per diluted share in the first quarter of fiscal 2011 and unchanged from the $0.47 of adjusted earnings per diluted share in the fourth quarter of fiscal 2011.
As determined under U.S. generally accepted accounting principles ("GAAP"), the Company earned $0.40 in the first quarter of fiscal 2012, $0.30 in the first quarter of fiscal 2011 and $0.40 in the fourth quarter of fiscal 2011. Adjusted earnings differed from GAAP earnings due to adjustments in connection with increases in the estimated redemption value of non-controlling interests in our affiliates redeemable at other than fair value, which totaled $0.07, $0.15 and $0.07 per diluted share in the first quarter of fiscal 2012, the first quarter of fiscal 2011 and the fourth quarter of fiscal 2011, respectively.
Net outflows of $1.1 billion from long-term funds and separate accounts in the first quarter of fiscal 2012 compare to net inflows of $1.8 billion in the first quarter of fiscal 2011 and net outflows of $2.7 billion in the fourth quarter of fiscal 2011.
Assets under management on January 31, 2012 were $191.7 billion, unchanged from January 31, 2011 and an increase of 2 percent from the $188.2 billion of managed assets as of October 31, 2011.
"Eaton Vance experienced sequentially improved net flows and a rising trend of managed assets in the first quarter of fiscal 2012," said Thomas E. Faust, Jr., Chairman and Chief Executive Officer. "For the balance of the year, we see both continuing challenges and growing opportunities."
Comparison to First Quarter of Fiscal 2011
Long-term fund net outflows of $1.2 billion in the first quarter of fiscal 2012 compare to $1.4 billion of long-term fund net inflows in the first quarter of fiscal 2011, and reflect $6.9 billion of fund sales and other inflows and $8.1 billion of fund redemptions and other outflows. The $0.4 billion of institutional separate account net outflows in the first quarter of fiscal 2012 compare to $0.5 billion of institutional separate account net inflows in the first quarter of fiscal 2011, and reflect gross inflows of $1.8 billion and $2.2 billion of outflows. The $0.5 billion of high-net-worth separate account net inflows in the first quarter of fiscal 2012 compare to $0.2 billion of high-net-worth separate account net inflows in the first quarter of fiscal 2011, and reflect gross inflows of $1.0 billion and $0.5 billion of outflows. Retail managed account gross inflows of $1.7 billion were offset by $1.7 billion of outflows in the first quarter of fiscal 2012, while retail managed account net outflows totaled $0.1 billion in the first quarter of fiscal 2011. Attachments 4 and 5 summarize the Company's assets under management and asset flows by investment mandate.
Revenue in the first quarter of fiscal 2012 decreased $13.0 million, or 4 percent, to $295.6 million from revenue of $308.6 million in the first quarter of fiscal 2011. Investment advisory and administration fees decreased 1 percent to $239.5 million, reflecting a slightly lower effective management fee rate as compared to the first quarter of fiscal 2011. Distribution and underwriter fees decreased 18 percent due to a decrease in average fund assets to which distribution fees apply and a reduction in underwriter fees collected on Class A fund sales. Service fee revenue decreased 14 percent due to a decrease in average fund assets subject to service fees.
Operating expenses decreased $6.5 million, or 3 percent, to $202.8 million in the first quarter of fiscal 2012 compared to operating expenses of $209.3 million in the first quarter of fiscal 2011. Compensation expense was substantially unchanged, as decreases in sales-based incentives offset compensation increases attributable to higher employee headcount and increases in base salaries, stock-based compensation and employee benefits. Distribution expense was substantially unchanged from the prior fiscal year's first quarter, as increases in Class C distribution expense were offset by lower marketing support payments. Service fee expense decreased 8 percent from the prior fiscal year's first quarter due to a decrease in assets subject to service fees. Amortization of deferred sales commissions decreased 44 percent, as a result of declines in Class B, Class C and private fund amortization expense. Fund expenses increased 46 percent from the first quarter of fiscal 2011 due to higher subadvisory expenses and fund subsidies. Other expenses decreased 2 percent, reflecting lower information technology and professional service expenses.
Operating income in the first quarter of fiscal 2012 was $92.8 million, a decrease of 7 percent from operating income of $99.3 million in the first quarter of fiscal 2011. The Company's operating margin declined to 31.4 percent in the first quarter of fiscal 2012 from 32.2 percent in the first quarter of fiscal 2011.
Interest and other income decreased 16 percent in the first quarter of fiscal 2012 compared to the first quarter of fiscal 2011 due to a decrease in average effective interest rates earned on the Company's cash balances and lower interest and dividend income of consolidated funds. In the first quarter of fiscal 2012, the Company recognized $6.4 million of net investment gains, including a $2.4 million gain related to the Company's April 2011 sale of its equity interest in Lloyd George Management, for which additional settlement payments were received during the quarter, and gains recognized on the Company's seed capital investments. The Company recognized $0.7 million of net investment losses in the first quarter of fiscal 2011. Also included in other income and expenses for the first quarter of fiscal 2012 were net gains of $6.0 million associated with a consolidated collateralized loan obligation ("CLO") entity, primarily attributable to an increase in the fair market value of the investments held by the entity. The CLO net gain included in other income and expenses was substantially offset by net gain attributable to non-controlling and other beneficial interests, as the consolidated CLO entity's gain is largely attributable to the CLO entity's outside investors rather than the Company. Included in other income and expenses for the first quarter of fiscal 2011 were net gains of $0.3 million associated with the consolidation of the CLO entity, which amounts were again substantially offset by net gain attributable to non-controlling and other beneficial interests.
The Company's effective tax rate, calculated as a percentage of income before income taxes and equity in net income of affiliates, was 35.7 percent and 37.3 percent in the first quarter of fiscal 2012 and fiscal 2011, respectively.
In the first quarter of fiscal 2012, net income attributable to non-controlling and other beneficial interests decreased $4.2 million from the first quarter of fiscal 2011, reflecting a $5.6 million increase in consolidated CLO entity gains attributable to other beneficial interest holders and a $0.3 million decrease in non-controlling beneficial interest associated with the Company's majority-owned subsidiaries and consolidated funds. Also included in non-controlling and other beneficial interests in the first quarter of fiscal 2012 and 2011 are $7.9 million and $19.1 million, respectively, of non-controlling interest value adjustments that relate to the profit growth of our subsidiary Parametric Portfolio Associates over the respective preceding twelve months ended December 31.
Adjusted net income attributable to Eaton Vance Corp. shareholders(2) was $55.4 million in the first quarter of fiscal 2012 compared to $55.7 million in the first quarter of fiscal 2011, a decrease of 1 percent. GAAP net income attributable to Eaton Vance Corp. shareholders was $47.3 million in the first quarter of fiscal 2012 and $37.5 million in the first quarter of fiscal 2011. Adjusted net income attributable to Eaton Vance Corp. shareholders differed from GAAP net income attributable to Eaton Vance Corp. shareholders primarily due to the increases in the estimated redemption value of non-controlling interests in our subsidiary Parametric Portfolio Associates described in the preceding paragraph.
Comparison to Fourth Quarter of Fiscal 2011
Long-term fund net outflows of $1.2 billion in the first quarter of fiscal 2012 compare to $3.1 billion of long-term fund net outflows in the fourth quarter of fiscal 2011. The $0.4 billion of institutional separate account net outflows in the first quarter of fiscal 2012 compare to institutional separate account net inflows of $0.5 billion in the fourth quarter of fiscal 2011. The $0.5 billion of net inflows into high-net-worth separate accounts in the first quarter of fiscal 2012 compare to $0.1 billion of net inflows in the fourth quarter of fiscal 2011. Retail managed account gross inflows of $1.7 billion were offset by $1.7 billion of outflows in the first quarter of fiscal 2012, while retail managed account net outflows totaled $0.2 billion in the fourth quarter of fiscal 2011. Attachments 4 and 5 summarize the Company's assets under management and asset flows by investment mandate.
Revenue in the first quarter of fiscal 2012 decreased $1.7 million, or 1 percent, to $295.6 million from $297.3 million in the fourth quarter of fiscal 2011. Investment advisory and administration fees were substantially unchanged, as average assets under management and effective management fee rates did not change materially. Distribution and underwriter fees decreased 2 percent and service fee revenue decreased 3 percent due to a decrease in average fund assets that pay these fees.
Operating expenses increased $10.1 million, or 5 percent, to $202.8 million in the first quarter of fiscal 2012 from $192.7 million in the fourth quarter of fiscal 2011. Compensation expense increased 19 percent from the fourth quarter of fiscal 2011, reflecting increases in bonus accruals, stock-based compensation, employee benefits, payroll taxes and base salaries. Distribution expense decreased 1 percent from the prior fiscal quarter due to decreases in marketing support payments, offset by increases in marketing expenses. Service fee expense decreased 5 percent due to a decrease in assets subject to service fees. Amortization expense decreased 20 percent from the prior fiscal quarter as a result of declines in Class B, Class C and private fund amortization expense. Fund expenses decreased 13 percent from the fourth quarter of fiscal 2011 due to a decrease in subadvisory fees and fund subsidies. Other expenses decreased 4 percent from the fourth quarter primarily due to decreases in information technology expenses.
Operating income in the first quarter of fiscal 2012 was $92.8 million, a decrease of 11 percent from operating income of $104.6 million in the fourth quarter of fiscal 2011. The Company's operating margin declined to 31.4 percent in the first quarter of fiscal 2012 from 35.2 percent in the fourth quarter of fiscal 2011.
Interest and other income increased 481 percent in the first quarter of fiscal 2012 compared to the fourth quarter of fiscal 2011 due to an increase in interest and dividend income of consolidated funds. The $6.4 million of net investment gains recognized in the first quarter of fiscal 2012, which included the $2.4 million gain related to the Lloyd George Management sale discussed above, compare to $2.5 million of net investment losses in the fourth quarter of fiscal 2011. Also included in other income and expenses for the first quarter of fiscal 2012 and fourth quarter of fiscal 2011 were consolidated CLO entity net gains of $6.0 million and net losses of $11.4 million, respectively, that are primarily attributable to changes in the fair market value of investments held by the entity. The net gains and losses of the consolidated CLO entity recognized in other income and expenses for the respective periods were substantially offset by gain and loss attributable to non-controlling and other beneficial interests.
The Company's effective tax rate, calculated as a percentage of income before income taxes and equity in net income of affiliates, was 35.7 percent and 45.5 percent in the first quarter of fiscal 2012 and fourth quarter of fiscal 2011, respectively. The decrease in the Company's effective tax rate was due primarily to changes in the amount of consolidated CLO entity gains or losses recognized, which are not subject to current tax.
Net income attributable to non-controlling and other beneficial interests increased $18.8 million in the first quarter of fiscal 2012 from the prior quarter due primarily to a $17.4 million decrease in non-controlling beneficial interest associated with the consolidated CLO entity and a $2.2 million decrease in non-controlling beneficial interest associated with the Company's majority-owned subsidiaries and consolidated funds. Also included in net income attributable to non-controlling and other beneficial interests for the first quarter of fiscal 2012 and the fourth quarter of fiscal 2011 are non-controlling interest value adjustments of $7.9 million and $8.5 million relating to our subsidiaries Parametric Portfolio Associates and Atlanta Capital Management that are attributable to their profit growth over the twelve months ended December 31, 2011 and October 31, 2011, respectively.
Adjusted net income attributable to Eaton Vance Corp. shareholders was $55.4 million in the first quarter of fiscal 2012 compared to $55.7 million in the fourth quarter, a decrease of 1 percent. GAAP net income attributable to Eaton Vance Corp. shareholders was $47.3 million in the first quarter of fiscal 2012 and $46.8 million in the fourth quarter of fiscal 2011. First quarter fiscal 2012 and fourth quarter fiscal 2011 adjusted net income attributable to Eaton Vance Corp. shareholders differed from GAAP net income attributable to Eaton Vance Corp. shareholders primarily due to the increases in the estimated redemption value of non-controlling interests in our subsidiaries Parametric Portfolio Associates and Atlanta Capital Management described in the preceding paragraph.
Cash and cash equivalents totaled $475.4 million on January 31, 2012 compared to $510.9 million on October 31, 2011. There were no outstanding borrowings against the Company's $200.0 million credit facility on January 31, 2012. During the first three months of fiscal 2012, the Company used $34.8 million to repurchase and retire approximately 1.4 million shares of its Non-Voting Common Stock under its repurchase authorization and paid $22.0 million of dividends to shareholders. Over the twelve months ended January 31, 2012, the Company used $206.6 million to repurchase and retire approximately 7.9 million shares of its Non-Voting Common Stock and paid $85.9 million in dividends to shareholders. Approximately 6.6 million shares of the current 8.0 million share repurchase authorization remains unused.
Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates offer individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
This news release contains statements that are not historical facts, referred to as "forward-looking statements." The Company's actual future results may differ significantly from those stated in any forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, client sales and redemption activity, the continuation of investment advisory, administration, distribution and service contracts, and other risks discussed from time to time in the Company's filings with the Securities and Exchange Commission.
(1) Adjusted earnings per diluted share reflects the add back of adjustments in connection with changes in the estimated redemption value of non-controlling interests in our affiliates redeemable at other than fair value ("non-controlling interest value adjustments"), closed-end structuring fees and other items management deems non-recurring or non-operating. See reconciliation provided in Attachment 2 for more information on adjusting items.
(2) Adjusted net income attributable to Eaton Vance Corp. shareholders reflects the add back of adjustments in connection with changes in the estimated redemption value of non-controlling interests in our affiliates redeemable at other than fair value, closed-end structuring fees and other items management deems non-recurring or non-operating. See reconciliation provided in Attachment 2 for more information on adjusting items.
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| Attachment 1
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| | Eaton Vance Corp.
| | Summary of Results of Operations
| | (in thousands, except per share figures)
| | (unaudited)
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| Three Months Ended
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| % Change
| % Change
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| January 31,
| October 31,
| January 31,
| Q1 2012 to
| Q1 2012 to
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| 2012
| 2011
| 2011
| Q4 2011
| Q1 2011
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| | Revenues:
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| Investment advisory and administration fees
| $
| 239,452
| $
| 239,751
| $
| 242,734
| -
| %
| (1)
| %
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| |
| Distribution and underwriter fees
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| 22,515
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| 23,079
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| 27,327
| (2)
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| (18)
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| Service fees
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| 32,299
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| 33,281
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| 37,345
| (3)
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| (14)
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| Other revenue
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| 1,340
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| 1,212
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| 1,208
| 11
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| 11
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| Total revenues
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| 295,606
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| 297,323
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| 308,614
| (1)
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| (4)
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| | Expenses:
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 J.P. Morgan Asset Management today announced an enhancement to its..."/>
My news for Investors
NEW YORK, Feb. 22, 2012 /PRNewswire/ -- J.P. Morgan Asset Management today announced an enhancement to its pooled Commingled Pension Trust Fund Stable Asset Income Fund (SAIF)[1] that will seek to ensure that the fund remains open and available to new investors.
Traditionally, most pooled stable value funds (which are made of up assets from many 401(k) plans) including SAIF, have allowed plan sponsors to terminate their participation in the fund at book value within twelve months of giving notice (known as a "12 month put option"). The risks associated with this put option have constrained wrap capacity. As a result, these products are at risk of becoming scarce, which could potentially limit plan sponsor and participant investment choices.
To ease this problem, J.P. Morgan Asset Management has eliminated the put option from SAIF. This change has no impact on individual participant-elected transactions. This enhancement ensures that SAIF remains a viable and available investment option for defined contribution plans.
"The stable value pooled fund marketplace is feeling certain unique pressures from wrap providers because of the book value put option," said portfolio manager Peter Chappelear, managing director and head of J.P. Morgan Asset Management's stable value business. "We evaluated various remedies to the problem, and determined that eliminating the put option was the only solution that provided complete relief while benefiting long-term investors."
With this enhancement, investors in SAIF will be able to remain fully invested even with growth in the size of the Fund and sponsors will not be subject to a potential delay when exiting the Fund. Also, retirement plan advisors will benefit from increased product availability made possible by the enhancement.
"Stable value funds play an important role as a fundamental building block in defined contribution plans," said Michael Falcon, Head of Retirement for J.P. Morgan Asset Management. "It's important that these products are able to perform as they were designed to, with uninterrupted access for participants who rely upon them. Our enhancement enables that."
About J.P. Morgan Asset Management – Retirement
J.P. Morgan Asset Management is a leading comprehensive retirement solutions provider dedicated to improving individual retirement outcomes. J.P. Morgan Retirement Plan Services provides bundled defined contribution services to more than 650 clients and 1.8 million plan-level participants, representing more than $125 billion in retirement plan assets as of December 31, 2011. J.P. Morgan Defined Contribution Investment Solutions manages more than $61 billion in defined contribution assets as of December 31, 2011.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under supervision of approximately $1.9 trillion and assets under management of $1.3 trillion (as of December 31, 2011), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high-net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. JPMorgan Chase & Co. (NYSE: JPM), the parent company of J.P. Morgan Asset Management, is a leading global asset management firm with assets of approximately $2.1 trillion and operations in more than 60 countries. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. and its affiliates worldwide. Those businesses include, but are not limited to, JPMorgan Chase Bank, N.A., J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated, and J.P. Morgan Alternative Asset Management, Inc.
[1] The Commingled Pension Trust Fund Stable Asset Income Fund (SAIF) of JPMorgan Chase Bank N.A. is a collective trust fund established and maintained by JPMorgan Chase Bank, N.A. under a declaration of trust. The fund is not required to file a prospectus or registration statement with the SEC, and accordingly, neither is available. The fund is available only to certain qualified retirement plans and governmental plans and is not offered to the general public. Units of the fund are not bank deposits and are not insured or guaranteed by any bank, government entity, the FDIC or any other type of deposit insurance. You should carefully consider the investment objectives, risk, charges, and expenses of the fund before investing.
SOURCE J.P. Morgan Asset Management Back to top
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 Third Avenue Management LLC ("TAM") today announced that on behalf of..."/>
NEW YORK, Feb. 16, 2012 /PRNewswire/ -- Third Avenue Management LLC ("TAM") today announced that on behalf of Third Avenue International Value Fund, other affiliated funds, and separately managed client accounts (collectively, the "Client Accounts"), it has completed the sale of 105,105,509, or 27.52%, of the outstanding common shares ("Shares") of Catalyst Paper Corporation ("Catalyst").
The sale transaction enabled TAM to dispose of its entire investment made in Shares on behalf of Client Accounts. TAM and its Client Accounts no longer have control or direction over or beneficial ownership of any Shares of Catalyst and TAM no longer has any intention to acquire ownership of, or control over, additional securities of Catalyst for its own account or on behalf of Client Accounts. The sale of Shares occurred in a US over-the-counter transaction on the NASDAQ Global Select Market.
The sale transaction was made in reliance on exemptions that permit a control person of an issuer to trade the issuer's securities if a notice of intention to distribute the securities is filed seven days in advance and certain other conditions are met in accordance with applicable securities legislation. TAM filed such a notice with Canadian securities regulators on February 8, 2011 and otherwise satisfies the conditions of the exemption in respect of the sale transaction.
The contact information set forth above may be used in order to obtain a copy of the report filed with Canadian securities regulators in connection with the completion of the sale transaction.
ABOUT THIRD AVENUE MANAGEMENT
Third Avenue Management LLC is a New York-based investment advisory firm that offers its services to private and institutional clients. Third Avenue adheres to a disciplined bottom-up value investment strategy, to identify investment opportunities in undervalued securities of companies with high quality assets, understandable businesses and strong management teams that have the potential to create value over the long term.
Third Avenue International Value Fund: TAVIX
Third Avenue Small-Cap Value Fund: TASCX
Third Avenue International Value Fund UCITS
Catalyst Paper Corporation: CTL.TO
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR SOLICITATION OF ANY OFFER TO SELL SHARES IN ANY JURISDICTION.
THIRD AVENUE FUNDS ARE OFFERED IN THE UNITED STATES BY PROSPECTUS ONLY AND ARE NOT QUALIFIED FOR DISTRIBUTION IN CANADA. PROSPECTUSES CONTAIN MORE COMPLETE INFORMATION ON ADVISORY FEES, DISTRIBUTION CHARGES, AND OTHER EXPENSES.
SOURCE Third Avenue Management LLC Back to top
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 American Capital, Ltd. (Nasdaq: ACAS) announced today that its..."/>
My news for Investors
BETHESDA, Md., Feb. 16, 2012 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) announced today that its portfolio company Aptara, Inc. ("Aptara") was sold to iEnergizer (AIM: IBPO) for $144 million on February 7. American Capital and its affiliated funds received $134 million in proceeds, subject to post-closing adjustments, of which approximately $108 million was received by American Capital. American Capital's compounded annual rate of return earned over the life of its total senior, mezzanine debt and equity investments was 17%, including interest, dividends, and fees.
"We are extremely delighted with the results of our first exit of 2012," said Brian Graff, American Capital Senior Managing Director. "Our six year investment in Aptara has resulted in an attractive return for American Capital and its shareholders. We continue to search for new investment opportunities to put capital to work in a variety of industries, either as the sole investor in a One Stop Buyout® or with a sponsor in support of a private equity buyout."
Serving nine of the ten largest publishers in the world, Aptara is a Falls Church, VA based company that enriches content for capitalizing on all digital mediums. Aptara's services -- from content creation and design, to new media enhancements, technology solutions and production for all mobile devices and platforms -- help content providers effectively leverage their assets in the digital age.
"Since our initial investment and with continued support from American Capital, Aptara has achieved strong financial performance," said Eugene Krichevsky, American Capital Principal, Buyouts Group. "We have been fortunate to partner with an exceptional senior management team, which has driven significant growth and value creation despite the global recession. CEO Dev Ganesan and his team have positioned Aptara as the leader in the rapidly expanding digital publishing and content transformation industry, providing enhanced value-added services to its customers and expanding into new market verticals."
"Based in the U.S. and with nearly 5,000 employees, Aptara has capitalized on the fastest growing segments in the outsourced content management industry," said Sean Reid, American Capital Vice President, Buyouts Group. "The company remains well positioned for continued growth, given that the proliferation of eBooks and digitization has just begun."
American Capital first invested in Aptara in August 2005, supporting Aptara's recapitalization with $45 million in senior and junior subordinated debt and convertible preferred equity. Subsequent to the initial investment, American Capital and its affiliates made additional investments in Aptara totaling $50 million to support its growth. For more information about American Capital's investment in Aptara, please go to http://www.americancapital.com/our_portfolio/companies/aptara.html.
Since American Capital's 1997 IPO through the fourth quarter of 2011, the company has earned an 11% compounded annual return, including interest, dividends, fees and net gains, on 326 realizations of senior debt, subordinated debt, equity and structured products investments, totaling $17 billion of committed capital. American Capital earned a 29% compounded annual return on the exit of its equity investments, including dividends, fees and net gains.
For a chart showing a partial listing of American Capital's exited portfolio companies, please go to http://www.americancapital.com/our_portfolio/exited.html.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $68 billion in assets under management and seven offices in the U.S. and Europe. American Capital and European Capital will consider investment opportunities from $10 million to $300 million. For further information, please refer to www.americancapital.com
This press release contains forward-looking statements. The statements regarding expected results of American Capital are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
CONTACT:
Eugene Krichevsky, Principal, Buyouts Group (301) 951-6122
Sean Reid, Vice President, Buyouts Group (301) 951-6122
SOURCE American Capital, Ltd. Back to top
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 Richard F. Aster, Jr., President of Aster Investment..."/>
LARKSPUR, Calif., Feb. 18, 2012 /PRNewswire/ -- Richard F. Aster, Jr., President of Aster Investment Management Company, Inc. and portfolio manager of Meridian Fund, Inc. died Thursday, February 16, 2012. He was 71.
"We are deeply saddened by the sudden and untimely passing of our esteemed colleague and friend," said Meridian Fund Vice Chairman James Glavin.
A team of investment professionals with a combined total of over 22 years of working closely with Richard Aster at Aster Investment Management Company have assumed management responsibilities for the Funds. The current investment management team will continue to manage the Meridian Fund portfolios using the same investment philosophies, processes, discipline and standards that Aster Investment Management Company has consistently and faithfully maintained over many years.
www.meridianfund.com
SOURCE Aster Investment Management Company, Inc. Back to top
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 The ten John Hancock Closed-End Funds listed in the table below announced..."/>
BOSTON, Feb. 13, 2012 /PRNewswire/ -- The ten John Hancock Closed-End Funds listed in the table below announced the earnings(1) for the three months ended January 31, 2012. The same data for the comparable three month period ended January 31, 2011 is also available below for the nine funds that were operational at that time.
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Three Months Ended 1/31/2012
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Ticker
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Fund Name
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Current Fiscal Year End
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Net Investment Income
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Per Common Share
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NAV
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Total Managed Assets
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Total Net Assets
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HPI
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Preferred Income Fund
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7/31
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$11,395,814
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$0.439
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$21.00
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$817,424,428*
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$544,624,428
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HPF
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Preferred Income Fund II
|
7/31
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$9,339,610
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$0.441
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$20.99
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$667,325,979*
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$445,025,979
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HPS
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Preferred Income Fund III
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7/31
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$11,980,711
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$0.381
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$18.01
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$854,111,227*
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$566,711,227
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BTO
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Bank and Thrift Opportunity Fund
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10/31
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$732,701
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$0.039
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$17.05
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$318,980,004
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$318,980,004
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HEQ
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Hedged Equity & Income Fund**
|
10/31
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$473,190
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$0.033
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$17.86
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$258,620,720
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$258,620,720
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JHS
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Income Securities Trust
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10/31
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$3,134,835
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$0.269
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$14.78
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$259,211,204*
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$172,211,204
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JHI
|
Investors Trust
|
10/31
|
$4,327,807
|
$0.505
|
$19.46
|
$254,513,928*
|
$166,813,928
|
|
|
|
|
|
PDT
|
Premium Dividend Fund
|
10/31
|
$10,927,323
|
$0.219
|
$13.39
|
$998,267,719*
|
$669,067,719
|
|
|
|
|
|
HTD
|
Tax-Advantaged Dividend Income Fund
|
10/31
|
$11,376,012
|
$0.301
|
$18.71
|
$1,050,102,979*
|
$706,102,979
|
|
|
|
|
|
HTY
|
Tax-Advantaged Global Shareholder Yield Fund
|
10/31
|
$1,226,569
|
$0.129
|
$11.98
|
$113,573,197
|
$113,573,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended 1/31/2011
|
T. Rowe Price has expanded its suite of interactive planning tools with..."/>
Ready-2-RetireTM offers engaging way for investors to contemplate retirement decisions
BALTIMORE, Feb. 15, 2012 /PRNewswire/ -- T. Rowe Price has expanded its suite of interactive planning tools with the launch of Ready-2-Retire (troweprice.com/ready2retire), a web-based tool that allows investors to envision how they might live in retirement.
Ready-2-Retire asks investors questions in a simple manner that helps them establish goals, set priorities, and understand risks. No personal financial account information is necessary to use the tool. When investors complete its questions, Ready-2-Retire produces a personal retirement profile summarizing their desired retirement lifestyle plan, their level of preparedness to minimize exposure to various risks they may face in retirement, and a list of next steps they may wish to take in the planning process.
"Ready-2-Retire helps people jump-start their retirement planning in a straightforward, non-threatening way," said Carol Waddell, head of product management and development in T. Rowe Price's Retirement Plan Services division. "The interactive, visual nature of the tool makes it easy to understand and use. The Summary Profile it presents also provides links to additional planning and educational resources."
Investors of any age can use Ready-2-Retire in their future planning, but the primary audience is likely to be those nearing retirement age, 80% of whom attempt to self-educate on the topic of retirement, according to LIMRA. With Ready-2-Retire, pre-retirees can think through the activities they want to participate in, their preferred living arrangements, and possible location changes, while also considering a variety of risks retirees may face – including longevity, inflation, investment, and health-care risks – and how they plan to address them.
"Ready-2-Retire gives investors an easy way to envision the kind of life they would like to lead in retirement and provides focus on potential risks that could stand in their way," said T. Rowe Price financial planner Judith Ward, CFP®. "It takes what for many people is an abstract concept – planning for retirement – and helps them visualize and prioritize what is most important to them. Ready-2-Retire is also effective at helping individuals and couples begin or continue a retirement planning dialogue, either with a financial advisor or each other."
Ready-2-Retire was developed by LIMRA and licensed to T. Rowe Price. Other T. Rowe Price retirement and financial planning tools include Retirement Income Estimator, Retirement Income Calculator, and Retirement Income Manager. Participants in certain corporate retirement plans administered by T. Rowe Price also have access to online financial advice tools from Morningstar and Financial Engines.
Founded in 1937, Baltimore-based T. Rowe Price is a global investment management organization with $489.5 billion in assets under management as of December 31, 2011. The organization provides a broad array of mutual funds, retirement plans, subadvisory services, and separate account management for individual and institutional investors and financial intermediaries – in addition to the services offered by Retirement Plan Services. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
Founded in 1916, LIMRA is a worldwide research, consulting, and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.
SOURCE T. Rowe Price Group Back to top
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Third Avenue Management LLC, an investment adviser to private and..."/>
NEW YORK, Feb. 15, 2012 /PRNewswire/ -- Third Avenue Management LLC, an investment adviser to private and institutional clients, today announced that the firm has joined forces with Jim Millstein, former Chief Restructuring Officer of the U.S. Department of Treasury and architect of the U.S. Government's successful restructuring of its loans and investment in AIG, moving forward together on several business endeavors.
Leveraging Third Avenue's long history and deep experience in distressed investing, Mr. Millstein is partnering with Third Avenue to create new investment products and strategies focused on companies experiencing some form of financial distress. In addition, Third Avenue has become an equity investor in Millstein & Co. With offices in New York and Washington, DC, Millstein & Co. was recently formed to provide financial and strategic advice in special situations, restructurings and recapitalization transactions.
In making the announcement, David Barse, Third Avenue's Chief Executive Officer, stated, "We are incredibly excited to be partnering with Jim Millstein. Jim is one of the most accomplished and respected professionals in the workout business, and his recent work for our government to help the U.S. through a crisis provides him with invaluable additional experience and expertise. His success in restructuring the government's investment in AIG, a behemoth multi-national company, makes him uniquely qualified to advise on the complex, global corporate restructurings that will take place over the course of the next decade in the wake of the current economic turmoil." He added, "Jim will immediately add to our historic ability to analyze and evaluate distressed situations for investment purposes, and he will bring a new dimension to our ability to take a leadership role in such situations to maximize investment returns for our clients in many of our products."
Commenting on the new venture, Mr. Millstein said, "Marty Whitman is a legend in the restructuring business. Third Avenue's expertise in distressed investing and the firm's entrepreneurial environment make Third Avenue an ideal partner for me in trying to raise capital and design and implement capital solutions for companies in distress. Third Avenue's strategic investment in Millstein & Co. will also help accelerate the build-out of our advisory business."
Prior to serving at the Treasury Department, Mr. Millstein spent 27 years in the private sector working on some of the biggest restructurings in history. As Global Co-Head of the Restructuring Group at Lazard Freres & Co., he managed restructurings for a diverse array of clients, including Charter Communications, the Republic of Argentina and the United Auto Workers. As a partner at Cleary, Gottlieb, Steen & Hamilton, Mr. Millstein represented Daewoo Corporation, EuroDisney and Pan American in their financial restructurings.
About Millstein & Co.
Millstein & Co. was recently formed to provide financial and strategic advice in special situations, restructurings and recapitalization transactions and invest in such transactions with its own capital or together with third-party investors, where requested or appropriate. www.millsteinandco.com
About Third Avenue Management
Third Avenue Management LLC is a New York-based investment advisory firm that offers its services to private and institutional clients. Third Avenue adheres to a disciplined bottom-up value investment strategy, to identify investment opportunities in undervalued securities of companies with high quality assets, understandable businesses and strong management teams that have the potential to create value over the long term. www.thirdave.com
SOURCE Third Avenue Management LLC Back to top
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A new study(1) from ING U.S. found that workplace retirement plan investors..."/>
My news for Investors
NEW YORK, Feb. 21, 2012 /PRNewswire/ -- A new study(1) from ING U.S. found that workplace retirement plan investors who used target date funds felt more secure about reaching their retirement goals and managing their portfolios than those who did not. Nearly three-quarters (71%) of target date investors indicated that target date funds made them feel more confident that they were making sound investment decisions.
The study was commissioned by ING Investment Management U.S. and the ING Retirement Research Institute.
Target date funds provide investors with automatic asset allocation over time through the convenience of a single age- and risk-appropriate investment. With a simplified approach to investing, target date funds have become increasingly popular among employers that sponsor retirement plans and their participants. Industry data shows that target date assets have grown from $15 billion in 2002 to $363 billion in 2011.(2)
When asked about various features available in target date funds, all respondents showed a strong preference for those that are managed by multiple investment managers and are able to provide a guaranteed income stream at retirement. More than nine-in-ten (93%) of target date investors and nearly three-quarters (71%) of those who did not use them would want a target date fund that provides stronger protection against market losses in the years leading up to and including retirement. Additionally, eight-in-ten (80%) of respondents using targets date funds and two-thirds (66%) of those not using them would prefer less market risk at that stage of the investment cycle.
"These findings suggest that diversified, age-adjusted target date funds, when effectively designed, may work better than traditional offerings in bridging the gap between investor knowledge and long-term retirement objectives," said Paul Zemsky, Chief Investment Officer of Multi-Asset Strategies for ING Investment Management.
"Like many of the latest 401(k) features, target date funds have evolved as a way to make saving for retirement easier and more automatic for the average plan investor," added Rick Mason, president of Corporate Markets, ING U.S. Retirement. "Today, these funds are being designed into the newest breed of guaranteed income solutions, like ING's new Lifetime Income Protection Program(3), which can help investors turn their retirement dollars into an income stream that won't run out."
Other key findings of the study include the following:
- Nearly nine-in-ten (88%) of target date investors had interest in a target date fund that offers guaranteed income at retirement.
- Almost the same amount (86%) of target date investors felt confident they knew the definition of "diversification" compared to a smaller number (71%) of those who did not use target date funds.
- More than six-in-ten (61%) of target date investors preferred multi-manager strategies while a much smaller number (14%) preferred a single-manager.
As a leader in helping Americans better prepare for their financial future, ING believes that research into the expectations, perceptions and behaviors of investors can help create programs that drive positive retirement outcomes.
To view a report containing detailed findings of this study, please visit the ING Retirement Research Institute.
(1) Findings are from an online survey conducted by Synovate, a leading global market research company, during the period of September 19-20, 2011. Respondents were 540 active defined contribution plan participants (212 invested in target date funds while 328 did not) between the ages of 25 and 69 and were the primary/joint financial decision maker for their account. Data was weighted by household income and gender to make the results representative of the U.S. population of retirement plan participants.
(2) According to Morningstar and Financial Research Corporation, 2011.
(3) The ING Lifetime Income Protection Program provides various target date asset allocation models or "portfolios." Each portfolio allocates amounts between target date collective trust funds (the "Funds") and multiple group variable annuity contracts ("Contracts") that offer guaranteed income for life during retirement through a Minimum Guaranteed Withdrawal Benefit A portfolio is not an investment separate from its allocation between the Funds and Contracts, is not an investment company and has not been registered with the Securities and Exchange Commission under the Investment Company Act of 1940 or the Securities Act of 1933.
Plan administrative services provided by ING Life Insurance and Annuity Company ("ILIAC") or ING Institutional Plan Services, LLC ("IPS"). Securities distributed by ING Financial Advisers, LLC ("IFA") (member SIPC) or other broker-dealers or selling firms with which it has a selling agreement. ILIAC, IPS and IFA are members of the ING family of companies. May not be available in all states.
About ING
ING U.S. constitutes the U.S.-based retirement, insurance and investment management operations of Dutch-based ING Groep N.V. In the U.S., the ING (NYSE: ING) family of companies offers a comprehensive array of financial services to retail and institutional clients, which includes retirement plans, life insurance, mutual funds, managed accounts, alternative investments, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 15 million customers across the nation. For more information, visit http://ing.us.
SOURCE ING Back to top
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 www.ingfunds.com ING Investments, LLC announced the..."/>
My news for Investors
SCOTTSDALE, Ariz., Feb. 17, 2012 /PRNewswire/ -- www.ingfunds.com ING Investments, LLC announced the monthly distributions on the common shares of two of its closed-end funds: ING Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD) and ING International High Dividend Equity Income Fund (NYSE: IID) (each a "Fund" and collectively, the "Funds"). With respect to each Fund, the distribution will be paid on March 15, 2012, to shareholders of record on March 5, 2012. The ex-dividend date is March 1, 2012. The distribution per share for each Fund is as follows:
|
Fund
|
Distribution Per Share
|
|
ING Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD)
|
$0.093
|
|
ING International High Dividend Equity Income Fund (NYSE: IID)
|
$0.086
|
Each Fund intends to make regular monthly distributions based on the past and projected performance of the Fund. The amount of monthly distributions may vary, depending on a number of factors. As portfolio and market conditions change, the rate of distributions on the common shares may change. There can be no assurance that a Fund will be able to declare a distribution in each period. Past Performance is no guarantee of future results.
The tax treatment and characterization of a Fund's distributions may vary significantly from time to time depending on the net investment income of the Fund and whether the Fund has realized gains or losses from its options strategy versus gain or loss realizations in the equity securities in the portfolio. Each Fund's distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital.
The portion of each Fund's monthly distributions estimated to come from the Fund's option strategy, for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of each Fund's option strategy is largely determined by movements in, and gain and loss realizations in the underlying equity portfolio. Under certain conditions, federal tax regulations may also cause some or all of the return of capital to be taxed as ordinary income. The final tax characteristics of the distributions cannot be determined with certainty until after the end of the calendar year, and will be reported to shareholders at that time.
IGD estimates that for the current fiscal year as of January 31, 2012, approximately 10% of each distribution is characterized as net investment income and 90% is characterized as return of capital.
IID estimates that for the current fiscal year as of January 31, 2012, approximately 7% of each distribution is characterized as net investment income, 26% is characterized as short-term capital gain and 67% is characterized as return of capital.
Certain statements made on behalf of the Funds in this release are forward- looking statements. The Funds 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 equity markets in general or the Funds investments specifically. Neither the Funds nor ING undertake any responsibility to update publicly or revise any forward-looking statement.
This information should not be used as a basis for legal and/or tax advice. In any specific case, the parties involved should seek the guidance and advice of their own legal and tax counsel.
ING Investment Management U.S. (ING IM U.S.) is a leading active asset management firm. As of December 31, 2011, ING IM U.S. manages approximately $166 billion for both affiliated and external institutions as well as individual investors. ING IM U.S. 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.
SHAREHOLDER INQUIRIES: ING Funds Shareholder Services at (800) 992-0180;
www.ingfunds.com
SOURCE ING Back to top
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T. Rowe Price has expanded its suite of interactive planning tools with..."/>
Ready-2-RetireTM offers engaging way for investors to contemplate retirement decisions
BALTIMORE, Feb. 15, 2012 /PRNewswire/ -- T. Rowe Price has expanded its suite of interactive planning tools with the launch of Ready-2-Retire (troweprice.com/ready2retire), a web-based tool that allows investors to envision how they might live in retirement.
Ready-2-Retire asks investors questions in a simple manner that helps them establish goals, set priorities, and understand risks. No personal financial account information is necessary to use the tool. When investors complete its questions, Ready-2-Retire produces a personal retirement profile summarizing their desired retirement lifestyle plan, their level of preparedness to minimize exposure to various risks they may face in retirement, and a list of next steps they may wish to take in the planning process.
"Ready-2-Retire helps people jump-start their retirement planning in a straightforward, non-threatening way," said Carol Waddell, head of product management and development in T. Rowe Price's Retirement Plan Services division. "The interactive, visual nature of the tool makes it easy to understand and use. The Summary Profile it presents also provides links to additional planning and educational resources."
Investors of any age can use Ready-2-Retire in their future planning, but the primary audience is likely to be those nearing retirement age, 80% of whom attempt to self-educate on the topic of retirement, according to LIMRA. With Ready-2-Retire, pre-retirees can think through the activities they want to participate in, their preferred living arrangements, and possible location changes, while also considering a variety of risks retirees may face – including longevity, inflation, investment, and health-care risks – and how they plan to address them.
"Ready-2-Retire gives investors an easy way to envision the kind of life they would like to lead in retirement and provides focus on potential risks that could stand in their way," said T. Rowe Price financial planner Judith Ward, CFP®. "It takes what for many people is an abstract concept – planning for retirement – and helps them visualize and prioritize what is most important to them. Ready-2-Retire is also effective at helping individuals and couples begin or continue a retirement planning dialogue, either with a financial advisor or each other."
Ready-2-Retire was developed by LIMRA and licensed to T. Rowe Price. Other T. Rowe Price retirement and financial planning tools include Retirement Income Estimator, Retirement Income Calculator, and Retirement Income Manager. Participants in certain corporate retirement plans administered by T. Rowe Price also have access to online financial advice tools from Morningstar and Financial Engines.
Founded in 1937, Baltimore-based T. Rowe Price is a global investment management organization with $489.5 billion in assets under management as of December 31, 2011. The organization provides a broad array of mutual funds, retirement plans, subadvisory services, and separate account management for individual and institutional investors and financial intermediaries – in addition to the services offered by Retirement Plan Services. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
Founded in 1916, LIMRA is a worldwide research, consulting, and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.
SOURCE T. Rowe Price Group Back to top
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Eaton Vance Limited Duration Income Fund (NYSE Amex: EVV) (the "Fund"), a..."/>
My news for Investors
BOSTON, Feb. 16, 2012 /PRNewswire/ -- Eaton Vance Limited Duration Income Fund (NYSE Amex: EVV) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months and the nine months ended December 31, 2011. The Fund's fiscal year ends on March 31, 2012. Effective September 30, 2011, the fiscal year-end of the Fund was changed from April 30 to March 31.
For the three months ended December 31, 2011, the Fund had net investment income of $32,308,790 ($0.275 per common share). From this amount, the Fund paid dividends on preferred shares of $93,689 (equal to $0.001 for each common share), resulting in net investment income after the preferred dividends of $32,215,101 or $0.274 per common share. For the nine months ended December 31, 2011, the Fund had net investment income of $97,472,444 ($0.831 per common share). From this amount, the Fund paid dividends on preferred shares of $334,302 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $97,138,142 or $0.828 per common share. In comparison, for the three months ended December 31, 2010, the Fund had net investment income of $34,825,614 ($0.297 per common share). From this amount, the Fund paid dividends on preferred shares of $207,982 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $34,617,632 or $0.295 per common share. For the nine months ended December 31, 2010, the Fund had net investment income of $100,845,255 ($0.860 per common share). From this amount, the Fund paid dividends on preferred shares of $665,341 (equal to $0.006 for each common share), resulting in net investment income after the preferred dividends of $100,179,914 or $0.854 per common share.
Net realized and unrealized gains for the three months ended December 31, 2011 were $44,096,881 ($0.376 per common share). The Fund's net realized and unrealized losses for the nine months ended December 31, 2011 were $73,461,120 ($0.626 per common share). In comparison, net realized and unrealized gains for the three months ended December 31, 2010 were $25,366,131 ($0.216 per common share). The Fund's net realized and unrealized gains for the nine months ended December 31, 2010 were $63,024,437 ($0.537 per common share).
On December 31, 2011, net assets of the Fund applicable to common shares were $1,899,724,183. The net asset value per common share on December 31, 2011 was $16.19 based on 117,344,153 common shares outstanding. In comparison, on December 31, 2010, net assets of the Fund applicable to common shares were $1,953,373,559. The net asset value per common share on December 31, 2010 was $16.65 based on 117,344,153 common shares outstanding.
The Fund periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Fund portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.
The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $191.7 billion in assets as of January 31, 2012, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
EATON VANCE LIMITED DURATION INCOME FUND
| | SUMMARY OF RESULTS OF OPERATIONS
| | (in thousands, except per share amounts)
| |
|
|
|
|
|
|
|
|
|
| |
|
| Three Months Ended
|
| Nine Months Ended
|
| |
|
| December 31,
|
| December 31,
|
| |
|
| 2011
|
| 2010
|
| 2011
|
| 2010
|
| | Gross investment income
| $40,788
|
| $44,208
|
| $122,212
|
| $127,017
|
| | Operating expenses
| (5,854)
|
| (6,092)
|
| (17,030)
|
| (16,709)
|
| | Interest expense
| (2,625)
|
| (3,290)
|
| (7,710)
|
| (9,463)
|
| |
| Net investment income
| $32,309
|
| $34,826
|
| $97,472
|
| $100,845
|
| | Net realized and unrealized gains (losses)
|
|
|
|
|
|
|
|
| | on investments
| $44,097
|
| $25,366
|
| ($73,461)
|
| $63,024
|
| | Preferred dividends paid from net investment income
| (94)
|
| (208)
|
| (334)
|
| (665)
|
| |
| Net increase (decrease) in net assets
|
|
|
|
|
|
|
|
| |
| from operations
| $76,312
|
| $59,984
|
| $23,677
|
| $163,204
|
| |
|
|
|
|
|
|
|
|
|
| | Earnings per Common Share Outstanding
|
|
|
|
|
|
|
|
| | Gross investment income
| $0.347
|
| $0.377
|
| $1.041
|
| $1.083
|
| | Operating expenses
| (0.050)
|
| (0.052)
|
| (0.145)
|
| (0.142)
|
| | Interest expense
| (0.022)
|
| (0.028)
|
| (0.065)
|
| (0.081)
|
| |
| Net investment income
| $0.275
|
| $0.297
|
| $0.831
| (1)
| $0.860
| (1)
| | Net realized and unrealized gains (losses)
|
|
|
|
|
|
|
|
| | on investments
| $0.376
|
| $0.216
|
| ($0.626)
|
| $0.537
|
| | Preferred dividends paid from net investment income
| (0.001)
|
| (0.002)
|
| (0.003)
|
| (0.006)
|
| |
| Net increase (decrease) in net assets
|
|
|
|
|
|
|
|
| |
| from operations
| $0.650
|
| $0.511
|
| $0.202
|
| $1.391
|
| |
|
|
|
|
|
|
|
|
|
| | Net investment income
| $0.275
|
| $0.297
|
| $0.831
|
| $0.860
|
| | Preferred dividends paid from net investment income
| (0.001)
|
| (0.002)
|
| (0.003)
|
| (0.006)
|
| | Net investment income after preferred dividends
| $0.274
|
| $0.295
|
| $0.828
|
| $0.854
|
| |
|
|
|
|
|
|
|
|
|
| | Net Asset Value at December 31 (Common Share )
|
|
|
|
|
|
|
|
| |
| Net assets (000)
|
|
|
|
| $1,899,724
|
| $1,953,374
|
| |
| Shares outstanding (000)
|
|
|
|
|
 Federated Enhanced Treasury Income Fund (NYSE: FTT) today..."/>
My news for Investors
PITTSBURGH, Feb. 16, 2012 /PRNewswire/ -- Federated Enhanced Treasury Income Fund (NYSE: FTT) today announced that its Board of Trustees, as part of its evaluation of options to enhance shareholder value, has authorized a share repurchase program. The program will allow the fund to purchase up to 5% of its outstanding common shares as of Dec. 31, 2011, or 478,446 shares, in the open market at fund management's discretion. The amount and timing of share purchases will be subject to market conditions and investment considerations. The program will begin on March 1, 2012 and run for a one-year period.
The fund's Board of Trustees and investment adviser analyze options to enhance shareholder value and potentially reduce the discount between the market price of the fund's common shares and their net asset value per share (NAV). The investment adviser believes that the share repurchase program may further these goals because the program allows the fund to acquire its shares in the open market at a discount to NAV, which will increase the NAV and thereby benefit remaining shareholders while potentially providing additional liquidity in the trading of fund shares. The share repurchase program is the most recent in a series of actions the fund has taken to seek to enhance shareholder value, including the adoption of a managed distribution plan last year. The board will monitor the program and will continue to consider strategic options to enhance shareholder value over the long-term.
There is no assurance that the fund will purchase shares at any specific discount levels or in any specific amounts. The fund's repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. There is no assurance that the market price of the fund's shares, either absolutely or relative to NAV, will increase as a result of any share repurchases.
Federated Investors, Inc. (NYSE: FII) is one of the largest investment managers in the United States, managing $369.7 billion in assets as of Dec 31, 2011. With 134 funds, as well as a variety of separately managed account options, Federated provides comprehensive investment management worldwide to approximately 4,700 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
Certain statements made in this press release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: market developments; legal and regulatory developments; and other additional risks and uncertainties. As a result, neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.
SOURCE Federated Investors, Inc. Back to top
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 Third Avenue Management LLC ("TAM") today announced that on behalf of..."/>
NEW YORK, Feb. 16, 2012 /PRNewswire/ -- Third Avenue Management LLC ("TAM") today announced that on behalf of Third Avenue International Value Fund, other affiliated funds, and separately managed client accounts (collectively, the "Client Accounts"), it has completed the sale of 105,105,509, or 27.52%, of the outstanding common shares ("Shares") of Catalyst Paper Corporation ("Catalyst").
The sale transaction enabled TAM to dispose of its entire investment made in Shares on behalf of Client Accounts. TAM and its Client Accounts no longer have control or direction over or beneficial ownership of any Shares of Catalyst and TAM no longer has any intention to acquire ownership of, or control over, additional securities of Catalyst for its own account or on behalf of Client Accounts. The sale of Shares occurred in a US over-the-counter transaction on the NASDAQ Global Select Market.
The sale transaction was made in reliance on exemptions that permit a control person of an issuer to trade the issuer's securities if a notice of intention to distribute the securities is filed seven days in advance and certain other conditions are met in accordance with applicable securities legislation. TAM filed such a notice with Canadian securities regulators on February 8, 2011 and otherwise satisfies the conditions of the exemption in respect of the sale transaction.
The contact information set forth above may be used in order to obtain a copy of the report filed with Canadian securities regulators in connection with the completion of the sale transaction.
ABOUT THIRD AVENUE MANAGEMENT
Third Avenue Management LLC is a New York-based investment advisory firm that offers its services to private and institutional clients. Third Avenue adheres to a disciplined bottom-up value investment strategy, to identify investment opportunities in undervalued securities of companies with high quality assets, understandable businesses and strong management teams that have the potential to create value over the long term.
Third Avenue International Value Fund: TAVIX
Third Avenue Small-Cap Value Fund: TASCX
Third Avenue International Value Fund UCITS
Catalyst Paper Corporation: CTL.TO
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR SOLICITATION OF ANY OFFER TO SELL SHARES IN ANY JURISDICTION.
THIRD AVENUE FUNDS ARE OFFERED IN THE UNITED STATES BY PROSPECTUS ONLY AND ARE NOT QUALIFIED FOR DISTRIBUTION IN CANADA. PROSPECTUSES CONTAIN MORE COMPLETE INFORMATION ON ADVISORY FEES, DISTRIBUTION CHARGES, AND OTHER EXPENSES.
SOURCE Third Avenue Management LLC Back to top
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BNY Mellon Asset Servicing, the global leader in investment management and..."/>
My news for Investors
New capability will help to provide data transparency
NEW YORK, Feb. 14, 2012 /PRNewswire/ -- BNY Mellon Asset Servicing, the global leader in investment management and investment services, has launched OmniAccess, a service developed to help fund asset managers and broker-dealers increase efficiency and streamline administrative processes.
The advantages of OmniAcess include:
- OmniAccess enables broker-dealers to place non-personal, account-level information regarding the funds they distribute on to a centralized platform.
- The platform permits more efficient processing of administrative information and offers fund asset managers access to enhanced information and generated reports for rapid reconciliation and verification.
- The platform was designed to improve data transparency between fund managers and their broker-dealer distributors. OmniAccess does this by providing the fund managers with direct access to the same information utilized by broker-dealers in the omnibus environment (trades from multiple shareholders are combined into a single account for more efficient trade processing).
"OmniAccess provides clients with the resources they need to optimally manage their shareholder serving obligations," said Michael DeNofrio, head of U.S. investor services within BNY Mellon Asset Servicing's Global Financial Institutions business. "It marks an advance in providing transparency and improves coordination between the funds and distributors."
"The trend of more firms holding their clients' mutual fund positions in a subaccounting position and maintaining an omnibus level account at the fund greatly impacts the way fund asset managers and broker-dealers do business," said Eileen Gilfedder, managing director of enterprise investor services for BNY Mellon Asset Servicing's Global Financial Institutions business. "The ability to offer enhanced data transparency capabilities will assist them in growing their business in today's changing investor servicing environment."
BNY Mellon is one of the largest providers of shareholder recordkeeping, which comprises mutual fund transfer agency services and subaccounting services. BNY Mellon is the second largest provider of mutual fund transfer agency services and is the largest provider of subaccounting services in the U.S., as ranked by The 2011 Mutual Fund Service Guide.
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through BNY Mellon and other related companies.
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 $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.
SOURCE BNY Mellon Back to top
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 American Capital, Ltd. (Nasdaq: ACAS) announced today that its..."/>
My news for Investors
BETHESDA, Md., Feb. 16, 2012 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) announced today that its portfolio company Aptara, Inc. ("Aptara") was sold to iEnergizer (AIM: IBPO) for $144 million on February 7. American Capital and its affiliated funds received $134 million in proceeds, subject to post-closing adjustments, of which approximately $108 million was received by American Capital. American Capital's compounded annual rate of return earned over the life of its total senior, mezzanine debt and equity investments was 17%, including interest, dividends, and fees.
"We are extremely delighted with the results of our first exit of 2012," said Brian Graff, American Capital Senior Managing Director. "Our six year investment in Aptara has resulted in an attractive return for American Capital and its shareholders. We continue to search for new investment opportunities to put capital to work in a variety of industries, either as the sole investor in a One Stop Buyout® or with a sponsor in support of a private equity buyout."
Serving nine of the ten largest publishers in the world, Aptara is a Falls Church, VA based company that enriches content for capitalizing on all digital mediums. Aptara's services -- from content creation and design, to new media enhancements, technology solutions and production for all mobile devices and platforms -- help content providers effectively leverage their assets in the digital age.
"Since our initial investment and with continued support from American Capital, Aptara has achieved strong financial performance," said Eugene Krichevsky, American Capital Principal, Buyouts Group. "We have been fortunate to partner with an exceptional senior management team, which has driven significant growth and value creation despite the global recession. CEO Dev Ganesan and his team have positioned Aptara as the leader in the rapidly expanding digital publishing and content transformation industry, providing enhanced value-added services to its customers and expanding into new market verticals."
"Based in the U.S. and with nearly 5,000 employees, Aptara has capitalized on the fastest growing segments in the outsourced content management industry," said Sean Reid, American Capital Vice President, Buyouts Group. "The company remains well positioned for continued growth, given that the proliferation of eBooks and digitization has just begun."
American Capital first invested in Aptara in August 2005, supporting Aptara's recapitalization with $45 million in senior and junior subordinated debt and convertible preferred equity. Subsequent to the initial investment, American Capital and its affiliates made additional investments in Aptara totaling $50 million to support its growth. For more information about American Capital's investment in Aptara, please go to http://www.americancapital.com/our_portfolio/companies/aptara.html.
Since American Capital's 1997 IPO through the fourth quarter of 2011, the company has earned an 11% compounded annual return, including interest, dividends, fees and net gains, on 326 realizations of senior debt, subordinated debt, equity and structured products investments, totaling $17 billion of committed capital. American Capital earned a 29% compounded annual return on the exit of its equity investments, including dividends, fees and net gains.
For a chart showing a partial listing of American Capital's exited portfolio companies, please go to http://www.americancapital.com/our_portfolio/exited.html.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $68 billion in assets under management and seven offices in the U.S. and Europe. American Capital and European Capital will consider investment opportunities from $10 million to $300 million. For further information, please refer to www.americancapital.com
This press release contains forward-looking statements. The statements regarding expected results of American Capital are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
CONTACT:
Eugene Krichevsky, Principal, Buyouts Group (301) 951-6122
Sean Reid, Vice President, Buyouts Group (301) 951-6122
SOURCE American Capital, Ltd. Back to top
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 Richard F. Aster, Jr., President of Aster Investment..."/>
LARKSPUR, Calif., Feb. 18, 2012 /PRNewswire/ -- Richard F. Aster, Jr., President of Aster Investment Management Company, Inc. and portfolio manager of Meridian Fund, Inc. died Thursday, February 16, 2012. He was 71.
"We are deeply saddened by the sudden and untimely passing of our esteemed colleague and friend," said Meridian Fund Vice Chairman James Glavin.
A team of investment professionals with a combined total of over 22 years of working closely with Richard Aster at Aster Investment Management Company have assumed management responsibilities for the Funds. The current investment management team will continue to manage the Meridian Fund portfolios using the same investment philosophies, processes, discipline and standards that Aster Investment Management Company has consistently and faithfully maintained over many years.
www.meridianfund.com
SOURCE Aster Investment Management Company, Inc. Back to top
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T. Rowe Price has expanded its suite of interactive planning tools with..."/>
Ready-2-RetireTM offers engaging way for investors to contemplate retirement decisions
BALTIMORE, Feb. 15, 2012 /PRNewswire/ -- T. Rowe Price has expanded its suite of interactive planning tools with the launch of Ready-2-Retire (troweprice.com/ready2retire), a web-based tool that allows investors to envision how they might live in retirement.
Ready-2-Retire asks investors questions in a simple manner that helps them establish goals, set priorities, and understand risks. No personal financial account information is necessary to use the tool. When investors complete its questions, Ready-2-Retire produces a personal retirement profile summarizing their desired retirement lifestyle plan, their level of preparedness to minimize exposure to various risks they may face in retirement, and a list of next steps they may wish to take in the planning process.
"Ready-2-Retire helps people jump-start their retirement planning in a straightforward, non-threatening way," said Carol Waddell, head of product management and development in T. Rowe Price's Retirement Plan Services division. "The interactive, visual nature of the tool makes it easy to understand and use. The Summary Profile it presents also provides links to additional planning and educational resources."
Investors of any age can use Ready-2-Retire in their future planning, but the primary audience is likely to be those nearing retirement age, 80% of whom attempt to self-educate on the topic of retirement, according to LIMRA. With Ready-2-Retire, pre-retirees can think through the activities they want to participate in, their preferred living arrangements, and possible location changes, while also considering a variety of risks retirees may face – including longevity, inflation, investment, and health-care risks – and how they plan to address them.
"Ready-2-Retire gives investors an easy way to envision the kind of life they would like to lead in retirement and provides focus on potential risks that could stand in their way," said T. Rowe Price financial planner Judith Ward, CFP®. "It takes what for many people is an abstract concept – planning for retirement – and helps them visualize and prioritize what is most important to them. Ready-2-Retire is also effective at helping individuals and couples begin or continue a retirement planning dialogue, either with a financial advisor or each other."
Ready-2-Retire was developed by LIMRA and licensed to T. Rowe Price. Other T. Rowe Price retirement and financial planning tools include Retirement Income Estimator, Retirement Income Calculator, and Retirement Income Manager. Participants in certain corporate retirement plans administered by T. Rowe Price also have access to online financial advice tools from Morningstar and Financial Engines.
Founded in 1937, Baltimore-based T. Rowe Price is a global investment management organization with $489.5 billion in assets under management as of December 31, 2011. The organization provides a broad array of mutual funds, retirement plans, subadvisory services, and separate account management for individual and institutional investors and financial intermediaries – in addition to the services offered by Retirement Plan Services. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
Founded in 1916, LIMRA is a worldwide research, consulting, and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.
SOURCE T. Rowe Price Group Back to top
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 The board of trustees (the "Board") of Avenue Income Credit Strategies..."/>
My news for Investors
NEW YORK, Feb. 13, 2012 /PRNewswire/ -- The board of trustees (the "Board") of Avenue Income Credit Strategies Fund (NYSE: ACP) (the "Fund") has approved the terms of the issuance of transferable rights ("Rights") by the Fund to its shareholders of record as of the record date entitling the holders of these rights to subscribe (the "Offer") for common shares of beneficial interest (the "Common Shares"). The Board, based on the recommendations and presentations of Avenue Capital Management II, L.P., the Fund's investment adviser (the "Adviser"), Avenue Europe International Management, L.P., the Fund's subadviser (the "Subadviser," and together with the Adviser, the "Avenue Managers") and others, has determined that it is in the best interests of the Fund and the holders of its Common Shares (the "Common Shareholders") to increase the assets of the Fund available for investment and thereby to conduct the Offer. In making this determination, the Board considered a number of factors, including potential benefits and costs (including potential dilution). In particular, the Board considered the Avenue Managers' belief that the Offer would better enable the Fund to take advantage more fully of existing and future investment opportunities that may be or may become available, consistent with the Fund's primary investment objective to seek a high level of current income with a secondary objective of capital appreciation. The Offer also seeks to provide an opportunity to existing Common Shareholders to purchase Common Shares at a discount to market price (subject to a sales load).
Subject to the registration statement for the Offer becoming effective under the Securities Act of 1933, as amended, the Fund will distribute to Common Shareholders of record one Right for each Common Share held on the record date. Common Shareholders will be entitled to purchase one new Common Share for every three Rights held (1 for 3); however any Common Shareholder who is issued fewer than three Rights will be entitled to subscribe for one Common Share of the Fund. Fractional Common Shares will not be issued.
The record date for the Offer is currently expected to be February 24, 2012 (the "Record Date"). The proposed subscription period is currently anticipated to expire on March 23, 2012, unless extended by the Fund (the "Expiration Date"). The Rights are transferable and are expected to be listed for trading on the New York Stock Exchange (the "NYSE") under the symbol "ACP RT" during the course of the Offer.
The subscription price per Common Share (the "Subscription Price") will be determined on the Expiration Date, and will be equal to 90% of the average of the last reported sales price of a Common Share of the Fund on the NYSE on the Expiration Date and each of the four (4) immediately preceding trading days (the "Formula Price"). If, however, the Formula Price is less than 80% of the Fund's net asset value per Common Share at the close of trading on the NYSE on the Expiration Date, the Subscription Price will be 80% of the Fund's net asset value per Common Share at the close of trading on the NYSE on that day. The estimated subscription price has not yet been determined by the Fund.
The Rights will be transferable, with the subscription period commencing on the Record Date and expiring on the Expiration Date, unless extended by the Fund. Rights may be exercised at any time during the subscription period.
Common Shareholders as of the Record Date ("Record Date Common Shareholders") who exercise all of their primary subscription Rights will be eligible for an over-subscription privilege entitling these Common Shareholders to subscribe, subject to certain limitations and allotment, for any additional Common Shares not purchased pursuant to the primary subscription.
The Fund expects to mail subscription certificates evidencing the Rights and a copy of the prospectus for the Offer to Record Date Common Shareholders within the United States shortly following the Record Date. To exercise their Rights, Common Shareholders who hold their Common Shares through a broker, custodian or trust company, should contact such entity to forward their instructions to either exercise or sell their Rights on their behalf. Common Shareholders who do not hold Common Shares through a broker, custodian or trust company, should forward their instructions to either exercise or sell their Rights by completing the subscription certificate and delivering it to the subscription agent for the Offer, together with their payment, at one of the locations indicated on the subscription certificate or in the prospectus.
The Fund is a recently organized, non-diversified, closed-end management investment company. The Fund's primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation. Depending on current market conditions and the Fund's outlook over time, the Fund seeks to achieve its investment objectives by opportunistically investing primarily in loan and debt instruments (and loan-related or debt-related instruments, including repurchase and reverse repurchase agreements and derivative instruments) of issuers that operate in a variety of industries and geographic regions. The Fund invests all or a substantial portion of its assets in below investment grade securities which are often referred to as high yield or "junk" securities. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund's Common Shares is determined by a number of factors, many of which are beyond the control of the Fund.
The Fund's investment adviser is Avenue Capital Management II, L.P. and the Fund's subadviser is Avenue Europe International Management, L.P. The Adviser and the Subadviser are both part of Avenue Capital Group which comprises four registered investment advisers that have expertise investing in stressed and distressed obligations throughout the world. Avenue Capital Group was founded in 1995 by Marc Lasry and Sonia E. Gardner. As of December 31, 2011, Avenue Capital Group had approximately $12.3 billion in assets under management.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The Fund's prospectus contains this and other information about the Fund and should be read carefully before investing. For further information regarding the Fund's Offer, or to obtain a prospectus, when available, please contact the Fund's Information Agent:
Georgeson Inc.
199 Water Street – 26th Floor
New York, NY 10038
(888) 867-6963
The information in this communication is not complete and may be changed. The Fund may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This communication is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
Filed Pursuant to Rule 497(a)
File No. 333-178838
Rule 482 Ad
SOURCE Avenue Income Credit Strategies Fund Back to top
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 Federated Enhanced Treasury Income Fund (NYSE: FTT) today..."/>
My news for Investors
PITTSBURGH, Feb. 16, 2012 /PRNewswire/ -- Federated Enhanced Treasury Income Fund (NYSE: FTT) today announced that its Board of Trustees, as part of its evaluation of options to enhance shareholder value, has authorized a share repurchase program. The program will allow the fund to purchase up to 5% of its outstanding common shares as of Dec. 31, 2011, or 478,446 shares, in the open market at fund management's discretion. The amount and timing of share purchases will be subject to market conditions and investment considerations. The program will begin on March 1, 2012 and run for a one-year period.
The fund's Board of Trustees and investment adviser analyze options to enhance shareholder value and potentially reduce the discount between the market price of the fund's common shares and their net asset value per share (NAV). The investment adviser believes that the share repurchase program may further these goals because the program allows the fund to acquire its shares in the open market at a discount to NAV, which will increase the NAV and thereby benefit remaining shareholders while potentially providing additional liquidity in the trading of fund shares. The share repurchase program is the most recent in a series of actions the fund has taken to seek to enhance shareholder value, including the adoption of a managed distribution plan last year. The board will monitor the program and will continue to consider strategic options to enhance shareholder value over the long-term.
There is no assurance that the fund will purchase shares at any specific discount levels or in any specific amounts. The fund's repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. There is no assurance that the market price of the fund's shares, either absolutely or relative to NAV, will increase as a result of any share repurchases.
Federated Investors, Inc. (NYSE: FII) is one of the largest investment managers in the United States, managing $369.7 billion in assets as of Dec 31, 2011. With 134 funds, as well as a variety of separately managed account options, Federated provides comprehensive investment management worldwide to approximately 4,700 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
Certain statements made in this press release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: market developments; legal and regulatory developments; and other additional risks and uncertainties. As a result, neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.
SOURCE Federated Investors, Inc. Back to top
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BNY Mellon Asset Servicing, the global leader in investment management and..."/>
My news for Investors
New capability will help to provide data transparency
NEW YORK, Feb. 14, 2012 /PRNewswire/ -- BNY Mellon Asset Servicing, the global leader in investment management and investment services, has launched OmniAccess, a service developed to help fund asset managers and broker-dealers increase efficiency and streamline administrative processes.
The advantages of OmniAcess include:
- OmniAccess enables broker-dealers to place non-personal, account-level information regarding the funds they distribute on to a centralized platform.
- The platform permits more efficient processing of administrative information and offers fund asset managers access to enhanced information and generated reports for rapid reconciliation and verification.
- The platform was designed to improve data transparency between fund managers and their broker-dealer distributors. OmniAccess does this by providing the fund managers with direct access to the same information utilized by broker-dealers in the omnibus environment (trades from multiple shareholders are combined into a single account for more efficient trade processing).
"OmniAccess provides clients with the resources they need to optimally manage their shareholder serving obligations," said Michael DeNofrio, head of U.S. investor services within BNY Mellon Asset Servicing's Global Financial Institutions business. "It marks an advance in providing transparency and improves coordination between the funds and distributors."
"The trend of more firms holding their clients' mutual fund positions in a subaccounting position and maintaining an omnibus level account at the fund greatly impacts the way fund asset managers and broker-dealers do business," said Eileen Gilfedder, managing director of enterprise investor services for BNY Mellon Asset Servicing's Global Financial Institutions business. "The ability to offer enhanced data transparency capabilities will assist them in growing their business in today's changing investor servicing environment."
BNY Mellon is one of the largest providers of shareholder recordkeeping, which comprises mutual fund transfer agency services and subaccounting services. BNY Mellon is the second largest provider of mutual fund transfer agency services and is the largest provider of subaccounting services in the U.S., as ranked by The 2011 Mutual Fund Service Guide.
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through BNY Mellon and other related companies.
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 $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.
SOURCE BNY Mellon Back to top
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Avenue Income Credit Strategies Fund (NYSE: ACP) (the "Fund") announces that..."/>
My news for Investors
NEW YORK, Feb. 17, 2012 /PRNewswire/ -- Avenue Income Credit Strategies Fund (NYSE: ACP) (the "Fund") announces that the U.S. Securities and Exchange Commission today declared effective the Fund's registration statement relating to the issuance of transferable rights ("Rights") by the Fund to its shareholders of record as of the record date entitling the holders of these rights to subscribe (the "Offer") for common shares of beneficial interest (the "Common Shares"). The board of trustees of the Fund (the "Board") approved the terms of the Offer on February 10, 2012. The Board, based on the recommendations and presentations of Avenue Capital Management II, L.P., the Fund's investment adviser (the "Adviser"), Avenue Europe International Management, L.P., the Fund's subadviser (the "Subadviser," and together with the Adviser, the "Avenue Managers") and others, determined that it is in the best interests of the Fund and the holders of its Common Shares (the "Common Shareholders") to increase the assets of the Fund available for investment and thereby to conduct the Offer. In making this determination, the Board considered a number of factors, including potential benefits and costs (including potential dilution). In particular, the Board considered the Avenue Managers' belief that the Offer would better enable the Fund to take advantage more fully of existing and future investment opportunities that may be or may become available, consistent with the Fund's primary investment objective to seek a high level of current income with a secondary objective of capital appreciation. The Offer also seeks to provide an opportunity to existing Common Shareholders to purchase Common Shares at a discount to market price (subject to a sales load).
The Fund will distribute to Common Shareholders of record one Right for each Common Share held on the record date. Common Shareholders will be entitled to purchase one new Common Share for every three Rights held (1 for 3); however any Common Shareholder who is issued fewer than three Rights will be entitled to subscribe for one Common Share of the Fund. Fractional Common Shares will not be issued.
The ex-date for the Offer is February 22, 2012. The record date for the Offer is February 24, 2012 (the "Record Date"). The subscription period will expire on March 23, 2012, unless extended by the Fund (the "Expiration Date"). The Rights are transferable and will be listed for trading on the New York Stock Exchange (the "NYSE") under the symbol "ACP RT" during the course of the Offer.
The subscription price per Common Share (the "Subscription Price") will be determined on the Expiration Date, and will be equal to 90% of the average of the last reported sales price of a Common Share of the Fund on the NYSE on the Expiration Date and each of the four (4) immediately preceding trading days (the "Formula Price"). If, however, the Formula Price is less than 80% of the Fund's net asset value per Common Share at the close of trading on the NYSE on the Expiration Date, the Subscription Price will be 80% of the Fund's net asset value per Common Share at the close of trading on the NYSE on that day. The estimated subscription price has not yet been determined by the Fund.
The Rights will be transferable, with the subscription period commencing on the Record Date and expiring on the Expiration Date, unless extended by the Fund. Rights may be exercised at any time during the subscription period.
Common Shareholders as of the Record Date ("Record Date Common Shareholders") who exercise all of their primary subscription Rights will be eligible for an over-subscription privilege entitling these Common Shareholders to subscribe, subject to certain limitations and allotment, for any additional Common Shares not purchased pursuant to the primary subscription.
The Fund expects to mail subscription certificates evidencing the Rights and a copy of the prospectus for the Offer to Record Date Common Shareholders within the United States shortly following the Record Date. To exercise their Rights, Common Shareholders who hold their Common Shares through a broker, custodian or trust company, should contact such entity to forward their instructions to either exercise or sell their Rights on their behalf. Common Shareholders who do not hold Common Shares through a broker, custodian or trust company, should forward their instructions to either exercise or sell their Rights by completing the subscription certificate and delivering it to the subscription agent for the Offer, together with their payment, at one of the locations indicated on the subscription certificate or in the prospectus.
The Fund is a recently organized, non-diversified, closed-end management investment company. The Fund's primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation. Depending on current market conditions and the Fund's outlook over time, the Fund seeks to achieve its investment objectives by opportunistically investing primarily in loan and debt instruments (and loan-related or debt-related instruments, including repurchase and reverse repurchase agreements and derivative instruments) of issuers that operate in a variety of industries and geographic regions. The Fund invests all or a substantial portion of its assets in below investment grade securities which are often referred to as high yield or "junk" securities. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund's Common Shares is determined by a number of factors, many of which are beyond the control of the Fund.
The Fund's investment adviser is Avenue Capital Management II, L.P. and the Fund's subadviser is Avenue Europe International Management, L.P. The Adviser and the Subadviser are both part of Avenue Capital Group which comprises four registered investment advisers that have expertise investing in stressed and distressed obligations throughout the world. Avenue Capital Group was founded in 1995 by Marc Lasry and Sonia E. Gardner. As of January 31, 2012, Avenue Capital Group had approximately $12.5 billion in assets under management.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The Fund's prospectus contains this and other information about the Fund and should be read carefully before investing. For further information regarding the Fund's Offer, or to obtain a prospectus, when available, please contact the Fund's Information Agent:
Georgeson Inc.
199 Water Street – 26th Floor
New York, NY 10038
(888) 867-6963
The information in this communication is not complete and may be changed. The Fund may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This communication is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
Filed Pursuant to Rule 497(a)
File No. 333-178838
Rule 482 Ad
SOURCE Avenue Income Credit Strategies Fund Back to top
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 Richard F. Aster, Jr., President of Aster Investment..."/>
LARKSPUR, Calif., Feb. 18, 2012 /PRNewswire/ -- Richard F. Aster, Jr., President of Aster Investment Management Company, Inc. and portfolio manager of Meridian Fund, Inc. died Thursday, February 16, 2012. He was 71.
"We are deeply saddened by the sudden and untimely passing of our esteemed colleague and friend," said Meridian Fund Vice Chairman James Glavin.
A team of investment professionals with a combined total of over 22 years of working closely with Richard Aster at Aster Investment Management Company have assumed management responsibilities for the Funds. The current investment management team will continue to manage the Meridian Fund portfolios using the same investment philosophies, processes, discipline and standards that Aster Investment Management Company has consistently and faithfully maintained over many years.
www.meridianfund.com
SOURCE Aster Investment Management Company, Inc. Back to top
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T. Rowe Price has expanded its suite of interactive planning tools with..."/>
Ready-2-RetireTM offers engaging way for investors to contemplate retirement decisions
BALTIMORE, Feb. 15, 2012 /PRNewswire/ -- T. Rowe Price has expanded its suite of interactive planning tools with the launch of Ready-2-Retire (troweprice.com/ready2retire), a web-based tool that allows investors to envision how they might live in retirement.
Ready-2-Retire asks investors questions in a simple manner that helps them establish goals, set priorities, and understand risks. No personal financial account information is necessary to use the tool. When investors complete its questions, Ready-2-Retire produces a personal retirement profile summarizing their desired retirement lifestyle plan, their level of preparedness to minimize exposure to various risks they may face in retirement, and a list of next steps they may wish to take in the planning process.
"Ready-2-Retire helps people jump-start their retirement planning in a straightforward, non-threatening way," said Carol Waddell, head of product management and development in T. Rowe Price's Retirement Plan Services division. "The interactive, visual nature of the tool makes it easy to understand and use. The Summary Profile it presents also provides links to additional planning and educational resources."
Investors of any age can use Ready-2-Retire in their future planning, but the primary audience is likely to be those nearing retirement age, 80% of whom attempt to self-educate on the topic of retirement, according to LIMRA. With Ready-2-Retire, pre-retirees can think through the activities they want to participate in, their preferred living arrangements, and possible location changes, while also considering a variety of risks retirees may face – including longevity, inflation, investment, and health-care risks – and how they plan to address them.
"Ready-2-Retire gives investors an easy way to envision the kind of life they would like to lead in retirement and provides focus on potential risks that could stand in their way," said T. Rowe Price financial planner Judith Ward, CFP®. "It takes what for many people is an abstract concept – planning for retirement – and helps them visualize and prioritize what is most important to them. Ready-2-Retire is also effective at helping individuals and couples begin or continue a retirement planning dialogue, either with a financial advisor or each other."
Ready-2-Retire was developed by LIMRA and licensed to T. Rowe Price. Other T. Rowe Price retirement and financial planning tools include Retirement Income Estimator, Retirement Income Calculator, and Retirement Income Manager. Participants in certain corporate retirement plans administered by T. Rowe Price also have access to online financial advice tools from Morningstar and Financial Engines.
Founded in 1937, Baltimore-based T. Rowe Price is a global investment management organization with $489.5 billion in assets under management as of December 31, 2011. The organization provides a broad array of mutual funds, retirement plans, subadvisory services, and separate account management for individual and institutional investors and financial intermediaries – in addition to the services offered by Retirement Plan Services. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
Founded in 1916, LIMRA is a worldwide research, consulting, and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.
SOURCE T. Rowe Price Group Back to top
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 Lord, Abbett & Co. LLC ("Lord Abbett"), an independent,..."/>
- Adds New Firm Gateway with Focus on Easy Access -
JERSEY CITY, N.J., Feb. 13, 2012 /PRNewswire/ -- Lord, Abbett & Co. LLC ("Lord Abbett"), an independent, privately held investment management firm, announced the launch of a new Individual Investor site featuring streamlined account access and engaging investment resources along with other valuable retirement saving tools and educational content. In addition, a new "gateway" site makes it easier to access the firm's various service offerings.
The newly redesigned website for individual investors and shareholders (www.lordabbett.com/investor) features a number of improvements, including more intuitive navigational access, comprehensive product information, enhanced educational content, engaging video and audio commentary and valuable retirement calculators. In addition, shareholders can easily access account information with more details, reflecting many of the features in our Dalbar award-winning shareholder statement.
"The launch of this new Website makes it easier to access the product information, value-added content and resources investors need to improve their financial knowledge while working with their financial advisor to achieve their investment goals," said Mike Weldon, Partner, Director of Retail Marketing. "This continues our focus on providing a quality investment experience for our clients."
The new gateway (www.lordabbett.com) provides easy access to in-depth information regarding the firm's history, philosophy and investment approach, as well as career opportunities and community involvement. In addition, the site allows users to select the appropriate Lord Abbett website–individual investor, financial advisor or institutional services–based on their relationship with the firm.
Key features and highlights of the new investor site include:
Streamlined & Mobile Account Access—Better ways for clients to view, manage, and administer their accounts and easy access from their mobile devices to make purchases, exchanges, and redemptions.
Timely & Educational Market Commentary—Content and resources covering an array of investing topics from investing basics to in-depth discussions of current market, economic and retirement trends from Lord Abbett's thought leaders.
Centralized Fund Information—Details about Lord Abbett funds; from performance, portfolio characteristics, and dividend and capital gain distributions; to fees, fund documents, and commentary.
Retirement Planning Features— An expansive collection of articles focusing on critical retirement topics and the challenges and opportunities individuals face when preparing for retirement, along with answers to frequently asked questions concerning account eligibility, contributions, and distributions.
Tools & Calculators—A wide range of financial planning resources, including savings and income calculators, qualified distribution options, Roth conversion, and legacy planning.
Video & Audio Content—Lord Abbett portfolio managers and thought leaders share their views on a range of topics, including economic trends, investment strategies, and market moves.
The firm re-launched its award-winning financial advisor website in February, 2011, and is currently developing a new website for its institutional clients.
For more information on Lord Abbett, please visit www.lordabbett.com.
About Lord Abbett
Lord, Abbett & Co. LLC is an independent, privately held firm with a singular focus on the management of money. As one of the oldest money management firms in the United States, Lord Abbett has consistently provided generations of clients and their financial advisors with a quality investment experience since 1929. Lord Abbett manages approximately $110.4 billion in assets (as of December 31, 2011) across a full range of mutual funds, institutional and separately managed accounts, including $2.9 billion for which Lord Abbett provides investment models to managed account sponsors.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Lord Abbett Funds. This and other important information is contained in a fund's summary prospectus and/or prospectus. To obtain a prospectus or summary prospectus on any Lord Abbett mutual fund, contact your investment professional or Lord Abbett Distributor LLC at 888-522-2388, or visit us at www.lordabbett.com. Read the prospectus carefully before investing.
Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC.
Shares of Lord Abbett mutual funds are not deposits or obligations of any bank, are not guaranteed by any bank, and are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of principal amount invested.
SOURCE Lord, Abbett & Co. LLC Back to top
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Eaton Vance Limited Duration Income Fund (NYSE Amex: EVV) (the "Fund"), a..."/>
My news for Investors
BOSTON, Feb. 16, 2012 /PRNewswire/ -- Eaton Vance Limited Duration Income Fund (NYSE Amex: EVV) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months and the nine months ended December 31, 2011. The Fund's fiscal year ends on March 31, 2012. Effective September 30, 2011, the fiscal year-end of the Fund was changed from April 30 to March 31.
For the three months ended December 31, 2011, the Fund had net investment income of $32,308,790 ($0.275 per common share). From this amount, the Fund paid dividends on preferred shares of $93,689 (equal to $0.001 for each common share), resulting in net investment income after the preferred dividends of $32,215,101 or $0.274 per common share. For the nine months ended December 31, 2011, the Fund had net investment income of $97,472,444 ($0.831 per common share). From this amount, the Fund paid dividends on preferred shares of $334,302 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $97,138,142 or $0.828 per common share. In comparison, for the three months ended December 31, 2010, the Fund had net investment income of $34,825,614 ($0.297 per common share). From this amount, the Fund paid dividends on preferred shares of $207,982 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $34,617,632 or $0.295 per common share. For the nine months ended December 31, 2010, the Fund had net investment income of $100,845,255 ($0.860 per common share). From this amount, the Fund paid dividends on preferred shares of $665,341 (equal to $0.006 for each common share), resulting in net investment income after the preferred dividends of $100,179,914 or $0.854 per common share.
Net realized and unrealized gains for the three months ended December 31, 2011 were $44,096,881 ($0.376 per common share). The Fund's net realized and unrealized losses for the nine months ended December 31, 2011 were $73,461,120 ($0.626 per common share). In comparison, net realized and unrealized gains for the three months ended December 31, 2010 were $25,366,131 ($0.216 per common share). The Fund's net realized and unrealized gains for the nine months ended December 31, 2010 were $63,024,437 ($0.537 per common share).
On December 31, 2011, net assets of the Fund applicable to common shares were $1,899,724,183. The net asset value per common share on December 31, 2011 was $16.19 based on 117,344,153 common shares outstanding. In comparison, on December 31, 2010, net assets of the Fund applicable to common shares were $1,953,373,559. The net asset value per common share on December 31, 2010 was $16.65 based on 117,344,153 common shares outstanding.
The Fund periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Fund portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.
The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $191.7 billion in assets as of January 31, 2012, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
EATON VANCE LIMITED DURATION INCOME FUND
| | SUMMARY OF RESULTS OF OPERATIONS
| | (in thousands, except per share amounts)
| |
|
|
|
|
|
|
|
|
|
| |
|
| Three Months Ended
|
| Nine Months Ended
|
| |
|
| December 31,
|
| December 31,
|
| |
|
| 2011
|
| 2010
|
| 2011
|
| 2010
|
| | Gross investment income
| $40,788
|
| $44,208
|
| $122,212
|
| $127,017
|
| | Operating expenses
| (5,854)
|
| (6,092)
|
| (17,030)
|
| (16,709)
|
| | Interest expense
| (2,625)
|
| (3,290)
|
| (7,710)
|
| (9,463)
|
| |
| Net investment income
| $32,309
|
| $34,826
|
| $97,472
|
| $100,845
|
| | Net realized and unrealized gains (losses)
|
|
|
|
|
|
|
|
| | on investments
| $44,097
|
| $25,366
|
| ($73,461)
|
| $63,024
|
| | Preferred dividends paid from net investment income
| (94)
|
| (208)
|
| (334)
|
| (665)
|
| |
| Net increase (decrease) in net assets
|
|
|
|
|
|
|
|
| |
| from operations
| $76,312
|
| $59,984
|
| $23,677
|
| $163,204
|
| |
|
|
|
|
|
|
|
|
|
| | Earnings per Common Share Outstanding
|
|
|
|
|
|
|
|
| | Gross investment income
| $0.347
|
| $0.377
|
| $1.041
|
| $1.083
|
| | Operating expenses
| (0.050)
|
| (0.052)
|
| (0.145)
|
| (0.142)
|
| | Interest expense
| (0.022)
|
| (0.028)
|
| (0.065)
|
| (0.081)
|
| |
| Net investment income
| $0.275
|
| $0.297
|
| $0.831
| (1)
| $0.860
| (1)
| | Net realized and unrealized gains (losses)
|
|
|
|
|
|
|
|
| | on investments
| $0.376
|
| $0.216
|
| ($0.626)
|
| $0.537
|
| | Preferred dividends paid from net investment income
| (0.001)
|
| (0.002)
|
| (0.003)
|
| (0.006)
|
| |
| Net increase (decrease) in net assets
|
|
|
|
|
|
|
|
| |
| from operations
| $0.650
|
| $0.511
|
| $0.202
|
| $1.391
|
| |
|
|
|
|
|
|
|
|
|
| | Net investment income
| $0.275
|
| $0.297
|
| $0.831
|
| $0.860
|
| | Preferred dividends paid from net investment income
| (0.001)
|
| (0.002)
|
| (0.003)
|
| (0.006)
|
| | Net investment income after preferred dividends
| $0.274
|
| $0.295
|
| $0.828
|
| $0.854
|
| |
|
|
|
|
|
|
|
|
|
| | Net Asset Value at December 31 (Common Share )
|
|
|
|
|
|
|
|
| |
| Net assets (000)
|
|
|
|
| $1,899,724
|
| $1,953,374
|
| |
| Shares outstanding (000)
|
|
|
|
|
 Federated Investors, Inc. today announced that monthly fund..."/>
My news for Investors
PITTSBURGH, Feb. 15, 2012 /PRNewswire/ -- Federated Investors, Inc. today announced that monthly fund composition and performance data for Federated Enhanced Treasury Income Fund (NYSE: FTT), Federated Premier Municipal Income Fund (NYSE: FMN) and Federated Premier Intermediate Municipal Income Fund (NYSE: FPT) as of Jan. 31, 2012 are now available in the Products section of FederatedInvestors.com. To order hard copies of this data or to be placed on a mailing list, call 800-245-0242 x5588079, email CEinfo@federatedinv.com or write to Federated Investors, 1001 Liberty Avenue, Floor 23, Pittsburgh, PA 15222.
Federated Investors, Inc. (NYSE: FII) is one of the largest investment managers in the United States, managing $369.7 billion in assets as of Dec. 31, 2011. With 134 funds, as well as a variety of separately managed account options, Federated provides comprehensive investment management worldwide to approximately 4,700 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
SOURCE Federated Investors, Inc. Back to top
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 Eaton Vance Corp. (NYSE: EV) will host a conference call and webcast at..."/>
My news for Investors
BOSTON, Feb. 15, 2012 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) will host a conference call and webcast at 11:00 AM EST on Wednesday, February 22, 2012 to discuss financial results for the fiscal quarter ended January 31, 2012. The call will follow a news release announcing first quarter earnings that will be issued at approximately 9:00 AM on February 22, 2012.
To participate in the conference call, please call 877-407-0778 (domestic) or 201-689-8565 (international) and refer to "Eaton Vance Corp. First Quarter Earnings." A webcast of the conference call can also be accessed via Eaton Vance's website, www.eatonvance.com. Beginning later the same day, a replay of the call will be available for one week by calling 877-660-6853 (domestic) or 201-612-7415 (international) or by accessing Eaton Vance's website, www.eatonvance.com. Listeners to the telephone call-in replay must enter the account number 286 and the confirmation code 389028.
On February 22, 2012, prior to the conference call, the full earnings release will be available on Eaton Vance's website, www.eatonvance.com under "press releases." Charts and graphs illustrating key performance measures will also be available in that section prior to the start of the call.
Eaton Vance Corp. (NYSE: EV) is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $191.7 billion in assets as of January 31, 2012, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information, visit www.eatonvance.com.
SOURCE Eaton Vance Corp. Back to top
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T. Rowe Price has expanded its suite of interactive planning tools with..."/>
Ready-2-RetireTM offers engaging way for investors to contemplate retirement decisions
BALTIMORE, Feb. 15, 2012 /PRNewswire/ -- T. Rowe Price has expanded its suite of interactive planning tools with the launch of Ready-2-Retire (troweprice.com/ready2retire), a web-based tool that allows investors to envision how they might live in retirement.
Ready-2-Retire asks investors questions in a simple manner that helps them establish goals, set priorities, and understand risks. No personal financial account information is necessary to use the tool. When investors complete its questions, Ready-2-Retire produces a personal retirement profile summarizing their desired retirement lifestyle plan, their level of preparedness to minimize exposure to various risks they may face in retirement, and a list of next steps they may wish to take in the planning process.
"Ready-2-Retire helps people jump-start their retirement planning in a straightforward, non-threatening way," said Carol Waddell, head of product management and development in T. Rowe Price's Retirement Plan Services division. "The interactive, visual nature of the tool makes it easy to understand and use. The Summary Profile it presents also provides links to additional planning and educational resources."
Investors of any age can use Ready-2-Retire in their future planning, but the primary audience is likely to be those nearing retirement age, 80% of whom attempt to self-educate on the topic of retirement, according to LIMRA. With Ready-2-Retire, pre-retirees can think through the activities they want to participate in, their preferred living arrangements, and possible location changes, while also considering a variety of risks retirees may face – including longevity, inflation, investment, and health-care risks – and how they plan to address them.
"Ready-2-Retire gives investors an easy way to envision the kind of life they would like to lead in retirement and provides focus on potential risks that could stand in their way," said T. Rowe Price financial planner Judith Ward, CFP®. "It takes what for many people is an abstract concept – planning for retirement – and helps them visualize and prioritize what is most important to them. Ready-2-Retire is also effective at helping individuals and couples begin or continue a retirement planning dialogue, either with a financial advisor or each other."
Ready-2-Retire was developed by LIMRA and licensed to T. Rowe Price. Other T. Rowe Price retirement and financial planning tools include Retirement Income Estimator, Retirement Income Calculator, and Retirement Income Manager. Participants in certain corporate retirement plans administered by T. Rowe Price also have access to online financial advice tools from Morningstar and Financial Engines.
Founded in 1937, Baltimore-based T. Rowe Price is a global investment management organization with $489.5 billion in assets under management as of December 31, 2011. The organization provides a broad array of mutual funds, retirement plans, subadvisory services, and separate account management for individual and institutional investors and financial intermediaries – in addition to the services offered by Retirement Plan Services. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
Founded in 1916, LIMRA is a worldwide research, consulting, and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.
SOURCE T. Rowe Price Group Back to top
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 Lord, Abbett & Co. LLC ("Lord Abbett"), an independent,..."/>
- Adds New Firm Gateway with Focus on Easy Access -
JERSEY CITY, N.J., Feb. 13, 2012 /PRNewswire/ -- Lord, Abbett & Co. LLC ("Lord Abbett"), an independent, privately held investment management firm, announced the launch of a new Individual Investor site featuring streamlined account access and engaging investment resources along with other valuable retirement saving tools and educational content. In addition, a new "gateway" site makes it easier to access the firm's various service offerings.
The newly redesigned website for individual investors and shareholders (www.lordabbett.com/investor) features a number of improvements, including more intuitive navigational access, comprehensive product information, enhanced educational content, engaging video and audio commentary and valuable retirement calculators. In addition, shareholders can easily access account information with more details, reflecting many of the features in our Dalbar award-winning shareholder statement.
"The launch of this new Website makes it easier to access the product information, value-added content and resources investors need to improve their financial knowledge while working with their financial advisor to achieve their investment goals," said Mike Weldon, Partner, Director of Retail Marketing. "This continues our focus on providing a quality investment experience for our clients."
The new gateway (www.lordabbett.com) provides easy access to in-depth information regarding the firm's history, philosophy and investment approach, as well as career opportunities and community involvement. In addition, the site allows users to select the appropriate Lord Abbett website–individual investor, financial advisor or institutional services–based on their relationship with the firm.
Key features and highlights of the new investor site include:
Streamlined & Mobile Account Access—Better ways for clients to view, manage, and administer their accounts and easy access from their mobile devices to make purchases, exchanges, and redemptions.
Timely & Educational Market Commentary—Content and resources covering an array of investing topics from investing basics to in-depth discussions of current market, economic and retirement trends from Lord Abbett's thought leaders.
Centralized Fund Information—Details about Lord Abbett funds; from performance, portfolio characteristics, and dividend and capital gain distributions; to fees, fund documents, and commentary.
Retirement Planning Features— An expansive collection of articles focusing on critical retirement topics and the challenges and opportunities individuals face when preparing for retirement, along with answers to frequently asked questions concerning account eligibility, contributions, and distributions.
Tools & Calculators—A wide range of financial planning resources, including savings and income calculators, qualified distribution options, Roth conversion, and legacy planning.
Video & Audio Content—Lord Abbett portfolio managers and thought leaders share their views on a range of topics, including economic trends, investment strategies, and market moves.
The firm re-launched its award-winning financial advisor website in February, 2011, and is currently developing a new website for its institutional clients.
For more information on Lord Abbett, please visit www.lordabbett.com.
About Lord Abbett
Lord, Abbett & Co. LLC is an independent, privately held firm with a singular focus on the management of money. As one of the oldest money management firms in the United States, Lord Abbett has consistently provided generations of clients and their financial advisors with a quality investment experience since 1929. Lord Abbett manages approximately $110.4 billion in assets (as of December 31, 2011) across a full range of mutual funds, institutional and separately managed accounts, including $2.9 billion for which Lord Abbett provides investment models to managed account sponsors.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Lord Abbett Funds. This and other important information is contained in a fund's summary prospectus and/or prospectus. To obtain a prospectus or summary prospectus on any Lord Abbett mutual fund, contact your investment professional or Lord Abbett Distributor LLC at 888-522-2388, or visit us at www.lordabbett.com. Read the prospectus carefully before investing.
Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC.
Shares of Lord Abbett mutual funds are not deposits or obligations of any bank, are not guaranteed by any bank, and are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of principal amount invested.
SOURCE Lord, Abbett & Co. LLC Back to top
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 Eaton Vance Corp. (NYSE: EV) will host a conference call and webcast at..."/>
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BOSTON, Feb. 15, 2012 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) will host a conference call and webcast at 11:00 AM EST on Wednesday, February 22, 2012 to discuss financial results for the fiscal quarter ended January 31, 2012. The call will follow a news release announcing first quarter earnings that will be issued at approximately 9:00 AM on February 22, 2012.
To participate in the conference call, please call 877-407-0778 (domestic) or 201-689-8565 (international) and refer to "Eaton Vance Corp. First Quarter Earnings." A webcast of the conference call can also be accessed via Eaton Vance's website, www.eatonvance.com. Beginning later the same day, a replay of the call will be available for one week by calling 877-660-6853 (domestic) or 201-612-7415 (international) or by accessing Eaton Vance's website, www.eatonvance.com. Listeners to the telephone call-in replay must enter the account number 286 and the confirmation code 389028.
On February 22, 2012, prior to the conference call, the full earnings release will be available on Eaton Vance's website, www.eatonvance.com under "press releases." Charts and graphs illustrating key performance measures will also be available in that section prior to the start of the call.
Eaton Vance Corp. (NYSE: EV) is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $191.7 billion in assets as of January 31, 2012, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information, visit www.eatonvance.com.
SOURCE Eaton Vance Corp. Back to top
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 Third Avenue Management LLC ("TAM") today announced that on behalf of..."/>
NEW YORK, Feb. 16, 2012 /PRNewswire/ -- Third Avenue Management LLC ("TAM") today announced that on behalf of Third Avenue International Value Fund, other affiliated funds, and separately managed client accounts (collectively, the "Client Accounts"), it has completed the sale of 105,105,509, or 27.52%, of the outstanding common shares ("Shares") of Catalyst Paper Corporation ("Catalyst").
The sale transaction enabled TAM to dispose of its entire investment made in Shares on behalf of Client Accounts. TAM and its Client Accounts no longer have control or direction over or beneficial ownership of any Shares of Catalyst and TAM no longer has any intention to acquire ownership of, or control over, additional securities of Catalyst for its own account or on behalf of Client Accounts. The sale of Shares occurred in a US over-the-counter transaction on the NASDAQ Global Select Market.
The sale transaction was made in reliance on exemptions that permit a control person of an issuer to trade the issuer's securities if a notice of intention to distribute the securities is filed seven days in advance and certain other conditions are met in accordance with applicable securities legislation. TAM filed such a notice with Canadian securities regulators on February 8, 2011 and otherwise satisfies the conditions of the exemption in respect of the sale transaction.
The contact information set forth above may be used in order to obtain a copy of the report filed with Canadian securities regulators in connection with the completion of the sale transaction.
ABOUT THIRD AVENUE MANAGEMENT
Third Avenue Management LLC is a New York-based investment advisory firm that offers its services to private and institutional clients. Third Avenue adheres to a disciplined bottom-up value investment strategy, to identify investment opportunities in undervalued securities of companies with high quality assets, understandable businesses and strong management teams that have the potential to create value over the long term.
Third Avenue International Value Fund: TAVIX
Third Avenue Small-Cap Value Fund: TASCX
Third Avenue International Value Fund UCITS
Catalyst Paper Corporation: CTL.TO
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR SOLICITATION OF ANY OFFER TO SELL SHARES IN ANY JURISDICTION.
THIRD AVENUE FUNDS ARE OFFERED IN THE UNITED STATES BY PROSPECTUS ONLY AND ARE NOT QUALIFIED FOR DISTRIBUTION IN CANADA. PROSPECTUSES CONTAIN MORE COMPLETE INFORMATION ON ADVISORY FEES, DISTRIBUTION CHARGES, AND OTHER EXPENSES.
SOURCE Third Avenue Management LLC Back to top
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 Aberdeen Asia-Pacific Income Fund, Inc. (NYSE AMEX: FAX) (the..."/>
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PHILADELPHIA, Feb. 13, 2012 /PRNewswire/ -- Aberdeen Asia-Pacific Income Fund, Inc. (NYSE AMEX: FAX) (the "Fund"), a closed-end bond fund, announced today that it will pay a monthly distribution of US 3.5 cents per share on March 16, 2012 to all shareholders of record as of February 29, 2012.
The Board's policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital. This policy is subject to regular review at the Board's quarterly meetings unless market conditions require an earlier evaluation. The next review is scheduled to take place in March 2012.
For the 12 months to January 31, 2012, the Fund has paid total distributions amounting to $0.42 per share. The composition of distributions paid by the Fund since the beginning of the Fund's fiscal year, November 1, 2011, will be estimated through the payment date, and announced at the time of payment of the distribution.
The Fund is managed by Aberdeen Asset Management Asia Limited, advised by Aberdeen Asset Management Limited and sub-advised by Aberdeen Asset Management Investment Services Limited. The Fund's shares trade on the NYSE AMEX under the symbol "FAX".
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Plan.
Closed-end funds have a one-time initial public offering and then are subsequently traded on the secondary market through one of the stock exchanges. The investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that a fund will achieve its investment objective. Past performance does not guarantee future results.
If you wish to receive this information electronically, please contact InvestorRelations@aberdeen-asset.com
www.aberdeenfax.com
Aberdeen Asset Management Asia Limited and Aberdeen Asset Management Limited are registered investment advisers under the Investment Advisers Act of 1940.
SOURCE Aberdeen Asia-Pacific Income Fund, Inc. Back to top
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 www.ingfunds.com ING Investments, LLC announced the..."/>
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SCOTTSDALE, Ariz., Feb. 17, 2012 /PRNewswire/ -- www.ingfunds.com ING Investments, LLC announced the monthly distributions on the common shares of two of its closed-end funds: ING Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD) and ING International High Dividend Equity Income Fund (NYSE: IID) (each a "Fund" and collectively, the "Funds"). With respect to each Fund, the distribution will be paid on March 15, 2012, to shareholders of record on March 5, 2012. The ex-dividend date is March 1, 2012. The distribution per share for each Fund is as follows:
|
Fund
|
Distribution Per Share
|
|
ING Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD)
|
$0.093
|
|
ING International High Dividend Equity Income Fund (NYSE: IID)
|
$0.086
|
Each Fund intends to make regular monthly distributions based on the past and projected performance of the Fund. The amount of monthly distributions may vary, depending on a number of factors. As portfolio and market conditions change, the rate of distributions on the common shares may change. There can be no assurance that a Fund will be able to declare a distribution in each period. Past Performance is no guarantee of future results.
The tax treatment and characterization of a Fund's distributions may vary significantly from time to time depending on the net investment income of the Fund and whether the Fund has realized gains or losses from its options strategy versus gain or loss realizations in the equity securities in the portfolio. Each Fund's distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital.
The portion of each Fund's monthly distributions estimated to come from the Fund's option strategy, for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of each Fund's option strategy is largely determined by movements in, and gain and loss realizations in the underlying equity portfolio. Under certain conditions, federal tax regulations may also cause some or all of the return of capital to be taxed as ordinary income. The final tax characteristics of the distributions cannot be determined with certainty until after the end of the calendar year, and will be reported to shareholders at that time.
IGD estimates that for the current fiscal year as of January 31, 2012, approximately 10% of each distribution is characterized as net investment income and 90% is characterized as return of capital.
IID estimates that for the current fiscal year as of January 31, 2012, approximately 7% of each distribution is characterized as net investment income, 26% is characterized as short-term capital gain and 67% is characterized as return of capital.
Certain statements made on behalf of the Funds in this release are forward- looking statements. The Funds 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 equity markets in general or the Funds investments specifically. Neither the Funds nor ING undertake any responsibility to update publicly or revise any forward-looking statement.
This information should not be used as a basis for legal and/or tax advice. In any specific case, the parties involved should seek the guidance and advice of their own legal and tax counsel.
ING Investment Management U.S. (ING IM U.S.) is a leading active asset management firm. As of December 31, 2011, ING IM U.S. manages approximately $166 billion for both affiliated and external institutions as well as individual investors. ING IM U.S. 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.
SHAREHOLDER INQUIRIES: ING Funds Shareholder Services at (800) 992-0180;
www.ingfunds.com
SOURCE ING Back to top
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Crawford & Company (www.crawfordandcompany.com) (NYSE: CRDA and CRDB), the..."/>
My news for Investors
Revenues Reach Annual Record of $1.125 Billion
Full Year Earnings Increase 60%
ATLANTA, Feb. 13, 2012 /PRNewswire/ -- Crawford & Company (www.crawfordandcompany.com) (NYSE: CRDA and CRDB), the world's largest independent provider of claims management solutions to insurance companies and self-insured entities, today announced its financial results for the fourth quarter and year ended December 31, 2011.
Consolidated Results
Full year consolidated revenues before reimbursements totaled a record of more than $1.125 billion for 2011, increasing $94.9 million from 2010. Net income attributable to shareholders of Crawford & Company in 2011 was $45.4 million, increasing 60% over net income in 2010 of $28.3 million. Full year 2011 diluted earnings per share were $0.85 for CRDA and $0.83 for CRDB, respectively, compared with diluted earnings per share for each class of $0.53 in the prior year.
The 2011 difference in earnings per share between CRDA and CRDB is due to the payment of a higher per share dividend on CRDA than CRDB beginning in the third quarter of 2011, and the impact that has on the earnings per share calculation according to generally accepted accounting principles. Further references in this release will generally be only to CRDB, as that presents a more dilutive measure.
Fourth quarter 2011 consolidated revenues before reimbursements totaled $265.6 million, a decrease of 12% from $301.5 million in the 2010 fourth quarter. Fourth quarter 2011 net income attributable to shareholders of Crawford & Company was $4.5 million, decreasing 70% from $14.8 million in the 2010 fourth quarter. Fourth quarter 2011 diluted earnings per CRDB share was $0.08 compared with diluted earnings per share of $0.28 in the prior-year quarter.
During the 2011 fourth quarter, the Company recorded $4.6 million in special charges, consisting of a $3.4 million write-off of deferred financing costs related to the repayment of its then-outstanding Term Loan B and $1.2 million in severance expense related to the Broadspire segment. The Company also recorded a tax benefit of $5.5 million related to a change in the valuation allowance for foreign tax credits. In the third quarter of 2011, the Company recorded a gain of $7.0 million ($5.9 million net of tax) related to the final settlement of a previously disclosed arbitration award. Excluding the arbitration award, tax adjustment, and other special charges, 2011 fourth quarter and full-year net income attributable to shareholders of Crawford & Company would have been $1.9 million and $37.0 million, respectively, and diluted earnings per CRDB share would have been $0.03 and $0.67, respectively.
During the 2010 fourth quarter, the Company recorded a net $3.5 million goodwill impairment charge related in part to additional consideration paid for the purchase of its Broadspire business. This was in addition to the $7.3 million goodwill impairment charge recorded in the 2010 second quarter for related matters. The Company recorded special charges in early 2010 of $2.0 million related to severance costs and $2.7 million for a loss on a sublease. Excluding these impairment charges and other special charges, 2010 fourth quarter and full-year net income attributable to shareholders of Crawford & Company would have been $17.8 million and $43.4 million, respectively, and diluted earnings per CRDB share would have been $0.33 and $0.81, respectively.
Diluted earnings per CRDB share and the related non-GAAP adjusted diluted earnings per CRDB share, including the reconciliation for the impact of the arbitration award, tax adjustments, special charges and credits, and goodwill impairment charges, are set out in the table below:
| |
| Fourth Quarter
| Fourth Quarter
|
| Full Year
| Full Year
| |
| 2011
| 2010
|
| 2011
| 2010
| | Reported diluted earnings per CRDB share
| $
| 0.08
| $
| 0.28
|
| $
| 0.83
| $
| 0.53
| | Add (deduct):
|
|
|
|
|
| | Arbitration award
| —
| —
|
| (0.11)
| —
| | Tax adjustments
| (0.10)
| —
|
| (0.10)
| 0.04
| | Special charges and credits
| 0.05
| —
|
| 0.05
| 0.05
| | Goodwill impairment charges
| —
| 0.05
|
| —
| 0.19
| | Adjusted diluted earnings per CRDB share on a non-GAAP basis
| $
| 0.03
| $
| 0.33
|
| $
| 0.67
| $
| 0.81
| |
|
|
|
|
|
| |
| | | | | | | | | | | |
Balance Sheet and Cash Flow
Crawford & Company's consolidated cash and cash equivalents position as of December 31, 2011 totaled $77.6 million compared with $93.5 million at December 31, 2010.
The Company generated $36.7 million of cash from operations during 2011, compared with $26.2 million during 2010. As previously announced, in December 2011 we entered into a new five-year $325.0 million senior secured revolving credit facility with a syndicate of banks, replacing a $100.0 million revolving credit facility and repaying $218.6 million outstanding under a syndicated Term Loan B.
Management's Comments
Mr. Jeffrey T. Bowman, chief executive officer of Crawford & Company, stated, "We are very pleased to report record revenues of $1.125 billion for the full year and a 60% increase in our earnings. We saw revenue growth in three of our four segments driven by an increase in overall claims received during the year.
"Our fourth quarter 2011 operating results reflect an expected decline in our Legal Settlement Administration segment and weakness in the Americas segment. These were partially offset by a sequential improvement in our Broadspire and EMEA/AP segments over 2011's third quarter.
"As previously announced, during the 2011 fourth quarter we entered into a new revolving credit facility which provides us with numerous benefits, including the financial flexibility to pursue our strategic plans. We believe this agreement is a reflection of our solid operational performance.
"In our Legal Settlement Administration segment, we saw a decline in work required to support the Gulf Coast Claims Facility (GCCF) special project. This project continues to wind down and we expect activity to decline significantly through the first half of 2012. However, we still have a healthy backlog of awarded projects in this segment and are confident in the future of this business.
"The Americas segment saw a sharp decline in case referrals during the 2011 fourth quarter as relatively mild weather in the U.S. and Canada reduced industry-wide claim volumes and our related revenues. This drop in new cases and related revenues offset increased catastrophe revenues from the completion of Hurricane Irene claims in the 2011 fourth quarter.
"Our EMEA/AP segment turned in its best performance of the year during the fourth quarter. As reported previously, this part of our business continued to be positively impacted by revenues from an increase in weather-related claims activity in our Australian market throughout 2011. We expect the recent catastrophic flooding and related events in Thailand to benefit this segment in 2012.
"In Broadspire we were keenly focused on business development execution and cost control measures during the quarter. We saw continuing progress on both fronts and were successful in narrowing our operating loss during the 2011 fourth quarter. We continue to focus on driving operating improvement during 2012. The turnaround of Broadspire is one of the key objectives for our management team."
Mr. Bowman concluded, "As we enter 2012, we are capitalizing on the strength of our global footprint and increasing technological integration and innovation. We expect to expand market share, to drive efficiencies in all our operations and to deliver sequential quarterly operating improvement in our Broadspire operation as we seek to return it to profitability."
2011 Segment Results For the Fourth Quarter and Full Year
Americas
Americas revenues before reimbursements were $82.0 million in the fourth quarter of 2011, substantially unchanged from $82.1 million in the 2010 fourth quarter. During the 2011 fourth quarter compared with the 2010 fourth quarter, the impact of changes in foreign exchange rates for this segment was insignificant. Operating earnings in the 2011 fourth quarter in the segment were nearly break-even, compared with $2.4 million, or 3% of revenues in the 2010 fourth quarter.
For the year, Americas revenues before reimbursements increased 7% to $357.7 million compared with $334.9 million in 2010. During 2011, the U.S. dollar weakened against foreign currencies in the segment, resulting in a positive exchange rate impact to revenues of $7.8 million on this segment's revenues from 2010 to 2011. Operating earnings decreased from $20.7 million in 2010 to $19.9 million in 2011, representing an operating margin of 6% in both 2010 and 2011.
EMEA/AP
Fourth quarter 2011 revenues before reimbursements for the EMEA/AP segment increased 11% to $86.2 million from $77.9 million for the same period of 2010. During the 2011 fourth quarter compared with the 2010 fourth quarter, the U.S. dollar weakened against most major foreign currencies, resulting in a positive exchange rate impact to revenues of $3.8 million in this segment. Operating earnings decreased to $8.0 million in the 2011 fourth quarter, down 17% from last year's fourth quarter operating earnings of $9.6 million. The related operating margin was 9% in the 2011 fourth quarter, decreasing from 12% in the 2010 fourth quarter.
For the year, revenues before reimbursements from our EMEA/AP segment totaled $340.2 million, a 19% increase from $285.8 million in 2010. During 2011, the U.S. dollar weakened against most major foreign currencies, resulting in a positive exchange rate impact to revenues of $19.5 million on this segment's revenues from 2010 to 2011. EMEA/AP operating earnings increased to $28.4 million in 2011, an increase of 14% from 2010 operating earnings of $24.8 million. The operating margin declined from 9% in 2010 to 8% in 2011.
Broadspire
Revenues before reimbursements from the Broadspire segment were $58.2 million in the 2011 fourth quarter, down 4% from $60.7 million in the 2010 quarter. Broadspire had an operating loss of $2.3 million in the 2011 fourth quarter, or a negative operating margin of 4%, compared with an operating loss of $6.9 million, or a negative operating margin of 11%, in the prior-year period.
For the year, Broadspire segment revenues before reimbursements decreased 4% to $234.8 million compared with $245.5 million in 2010. Broadspire recorded an operating loss of $11.4 million in 2011, or a negative operating margin of 5%, compared with an operating loss of $11.7 million, or a negative operating margin of 5% in 2010.
Legal Settlement Administration
Legal Settlement Administration revenues before reimbursements were $39.2 million in the 2011 fourth quarter, compared with $80.8 million in the 2010 fourth quarter. Operating earnings totaled $8.8 million in the 2011 fourth quarter, or 22% of revenues, compared with $27.8 million, or 34% of revenues, in the prior-year period.
For the year, Legal Settlement Administration revenues before reimbursements were $192.6 million, compared with $164.2 million in 2010. Operating earnings were $51.3 million, increasing 8% from $47.7 million in 2010, with the related operating margin decreasing from 29% in 2010 to 27% in 2011.
2012 Guidance
Crawford's business is dependent, to a significant extent, on case volumes. The Company cannot predict the future trend of case volumes for a number of reasons, including the fact that the frequency and severity of weather-related claims and the occurrence of natural and man-made disasters, which are a significant source of claims and revenue for the Company, are generally not subject to accurate forecasting. Notwithstanding the foregoing, however, Crawford & Company is providing initial guidance for 2012 as follows:
- Consolidated revenues before reimbursements between $990 million and $1.03 billion.
- Consolidated operating earnings between $63.0 million and $70.0 million.
- Consolidated cash provided by operating activities between $30.0 and $35.0 million.
- After reflecting stock-based compensation expense, net corporate interest expense, customer-relationship intangible asset amortization expense, and income taxes, net income attributable to shareholders of Crawford & Company on a GAAP basis between $30.5 million and $35.5 million, or $0.52 to $0.62 diluted earnings per CRDB share.
Crawford & Company's management will host a conference call with investors on Monday, February 13, 2012 at 3:00 p.m. EST to discuss earnings and other developments. The call will be recorded and available for replay through February 28, 2012. You may dial 1-855-859-2056 (404-537-3406 international) to listen to the replay. The access code is 47598056. Alternatively, please visit our web site at www.crawfordandcompany.com for a live audio web cast and related financial presentation.
Further information regarding the Company's financial position, operating results, and cash flows for the quarter and year ended December 31, 2011 is shown on the attached unaudited condensed consolidated financial statements.
In the normal course of business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations. In the foregoing discussion and analysis of segment results of operations, we do not include a gross up of segment expenses and revenues for these pass-through reimbursed expenses. The amounts of reimbursed expenses and related revenues offset each other in our results of operations with no impact to our net income (loss) or operating earnings (loss). A reconciliation of revenues before reimbursements to consolidated revenues determined in accordance with GAAP is self-evident from the face of the accompanying unaudited condensed consolidated statements of operations.
Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker ("CODM") to evaluate the financial performance of our operating segments and make resource allocation decisions. Unlike net income, our operating earnings measure is not a standard performance measure found in GAAP. However, since it is our segment measure of profitability presented in conformity with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") Topic 280 "Segment Reporting," it is not considered a non-GAAP financial measure requiring reconciliation pursuant to Securities and Exchange Commission ("SEC") guidance contained in Regulation G and Item 10(e) of Regulation S-K. We believe this measure is useful to others in that it allows them to evaluate segment operating performance using the same criteria our management and CODM use. Operating earnings represent segment earnings excluding income tax expense, net corporate interest expense, amortization of customer-relationship intangible assets, stock option expense, special charges and credits, and certain unallocated corporate and shared costs. Net income or loss attributable to noncontrolling interests has also been removed from operating earnings.
Income tax expense, net corporate interest expense, amortization of customer-relationship intangible assets, and stock option expense are recurring components of our net income, but they are not considered part of our segment operating earnings because they are managed on a corporate-wide basis. Income tax expense is based on statutory rates in effect in each of the jurisdictions in which we provide services, and vary throughout the world. Net corporate interest expense results from capital structure decisions made by management and affecting the Company as a whole. Amortization expense is a non-cash expense for customer-relationship intangible assets resulting from business combinations. Stock option expense represents the non-cash costs generally related to stock options and employee stock purchase plan expenses which are not allocated to our operating segments. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings in order to better assess the results of each segment's operating activities on a consistent basis.
Special charges and credits may arise from events (such as expenses related to restructurings, losses on subleases, arbitration awards, and goodwill impairment charges) that are not allocated to any particular segment since they historically have not regularly impacted our performance and are not expected to impact our future performance on a regular basis.
Following is a reconciliation of segment operating (loss) earnings to net income attributable to shareholders of Crawford & Company on a GAAP basis and the related margins as a percentage of revenues before reimbursements for all periods presented (in thousands, except percentages):
| |
| Quarter ended
|
| Year ended
| |
| December
31, 2011
| %
Margin
| December
31, 2010
| %
Margin
|
| December
31, 2011
| %
Margin
| December
31, 2010
| %
Margin
| | Operating (Loss) Earnings:
|
|
|
|
|
|
|
|
|
| | Americas
| $
| (238)
| —%
| $
| 2,416
| 3%
|
| $
| 19,851
| 6%
| $
| 20,748
| 6%
| | EMEA/AP
| 7,956
| 9%
| 9,619
| 12%
|
| 28,421
| 8%
| 24,828
| 9%
| | Broadspire
| (2,250)
| (4)%
| (6,948)
| (11)%
|
| (11,434)
| (5)%
| (11,712)
| (5)%
| |
 The board of trustees (the "Board") of Avenue Income Credit Strategies..."/>
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