Tue, May 19, 2:02 PM
- "Prior to the financial crisis, consolidation was a consistent profitable investment theme in financial stocks," says KBW. The reverse has been true since, and the "fragmentation" of the giants is creating the best opportunities in the sector.
- Taking a very rough measure, the team notes the eight largest banks have made 104 acquisitions since 2010 versus 228 divestitures. Two notable recent moves are RBS's spin-off of Citizens Financial Group and GE's promise to unload $200B of financial assets.
- For who might benefit, look to those on the buy side of some these "forced" sales. KBW's list: Colony Financial (NYSE:CLNY), Invesco (NYSE:IVZ), Oaktree Capital (NYSE:OAK), PrivateBancorp (NASDAQ:PVTB), Raymond James (NYSE:RJF), Signature Bank (NASDAQ:SBNY), and SVB Financial (NASDAQ:SIVB).
Wed, May 13, 12:02 PM
- Vanguard Group, Guggenheim Investments, and First Trust are among U.S. ETF providers lining up bank credit lines or expanding existing ones in order to meet a rash of redemptions in some future market panic, writes Ashley Lau and Michael Flaherty.
- At issue are ETFs in less liquid corners of the fixed-income world - bank loans (also known as senior or leveraged loans) and high-yield come to mind.
- State Street (NYSE:STT) and Invesco's (NYSE:IVZ) PowerShares have credit lines for their respective senior loan ETFs (SRLN, BKLN, VVR), with SRLN having exclusive access to $100M of the $300M total credit facility State Street has in place.
- BlackRock (NYSE:BLK) hasn't opened any lines for its bond funds as it doesn't trade in these less liquid areas, but it has opened a line for some its emerging market stock ETFs.
- Senior loan ETFs: BKLN, OXLC, PPR, EFR, VVR, PHD, SRLN, NSL, BGB, BGX, FCT, SNLN, EVF, ECC, AFT, BSL, TSLF, FTSL, TLI, BHL
Thu, Apr. 30, 7:55 AM
- Q1 income of $272.1M or $0.63 per share vs. $261.6M and $0.60 one year ago.
- Ending AUM of $798.3B up 1.4% Y/Y. Total net inflows of $1.7B for the quarter vs. $900M of outflows one year ago. Active fund inflows of $6.8B vs. $3.2B.
- Investment management fees of $1.023.6B down 0.9% from Q4. Service and distribution fees of $213.4M down 2%. Performance fees f $51.7M vs. $19M.
- Conference call at 9 ET
- Previously: Invesco beats by $0.03, beats on revenue (April 30)
- IVZ flat premarket
Thu, Apr. 30, 7:33 AM
Mon, Apr. 13, 4:10 PM
Wed, Mar. 11, 4:11 PM
- Aequitas NEO - backed by Royal Bank of Canada (NYSE:RY) and with investments from Invesco (NYSE:IVZ) and one of Canada's largest pension funds - is expected to launch late this month, reports the WSJ.
- The investments from Invesco and B.C. Investment Management give the new exchange a major source of volume and listings to be able to compete with TSE operator TMX Group, which already has its hands full with U.S. exchanges taking business.
Tue, Mar. 10, 4:32 PM
Mon, Mar. 2, 8:03 AM| Mon, Mar. 2, 8:03 AM | 2 Comments
Thu, Feb. 26, 1:51 PM
- PowerShares (NYSE:IVZ) temporarily suspended creations yesterday while taking over full management of the funds from partner Deutsche Asset & Wealth Management.
- With creations allowed again, the funds are no longer susceptible to big premiums such as those seen in closed-end funds, writes Chris Dietrich. Still watch closely, at least for today. PowerShares: "It is possible that the market value of the funds’ shares may be affected by the resumption of issuances of shares of the funds, and the market value may be higher or lower than the intraday indicative value of the shares.":
- The funds: DBC, DBV, DBE, DBO, DBP, DGL, DBS, DBB, DBA, UUP, UDN.
- Previously: PowerShares temporarily suspends creations on 11 ETFs (Feb. 25)
Wed, Feb. 25, 12:39 PM
- The move comes as PowerShares (a unit of IVZ) takes over management of the funds from what had been a joint arrangement with Deutsche Asset & Wealth Management.
- PowerShares: "There may be increases in the spread they quote between offers to buy and sell shares ... In addition, there could be a significant variation between the market price at which shares are traded and the shares’ net asset value ... Invesco believes that any potential impact to the market in shares of the funds will not extend beyond the time of the suspension.”
- Those affected: DBC, DBV, DBE, DBO, DBP, DGL, DBS, DBB, DBA, UUP, UDN.
Tue, Feb. 10, 4:45 PM
Thu, Jan. 29, 10:10 AM
- Adjusted Q4 net income of $272.6M or $0.63 per share vs. $258.1M and $0.58 one year ago. Ending AUM of $792.4B up 1.8% Y/Y.
- Performance fees of $19M up 84.5% from the previous quarter. Service and distribution fees of $217.7M down 2%. Investment management fees of $1.033B down 3.6%.
- Previously: Invesco beats by $0.01, misses on revenue (Jan. 29)
- IVZ +3.4%
Thu, Jan. 29, 7:38 AM
Wed, Jan. 28, 5:30 PM
- ABT, AIT, ALLY, ALV, ALXN, APD, BABA, BAX, BC, BEAV, BMS, BX, CAH, CAM, CELG, CHKP, CL, CLFD, CMS, COH, COP, CRR, CSH, DGX, DHX, DOW, DST, EMC, EPD, F, GLOP, HAE, HAR, HGG, HOG, HP, HSY, HUB.B, ITG, IVZ, JBLU, KELYA, KEM, KMT, LLL, LRN, LSTR, MD, MJN, MMYT, MTH, NDAQ, NOC, NOK, NYCB, OSTK, OXY, PENN, PHM, POT, PSX, PSXP, RCI, RCL, RDS.A, RGLD, RGS, RTN, RYL, SHW, SILC, SWK, SXC, TCB, TDY, TKR, TMO, TWC, UBSI, VIAB, VLO, VLY, VRTS, WCC, WILN, WRLD, XEL, ZMH
Tue, Jan. 6, 2:17 PM
- The 10-year yield has plunged all the way down to 1.94% and one would figure on some nice increases in book value for the mortgage REITs (REM -0.1%), but on the flip side are narrowing interest rate spreads (especially as the Fed still seems to be intent on hiking short rates), and what hedging losses the companies are taking.
- Other ETFs: MORT, MORL
- Individual names: Annaly Capital (NLY +0.4%), American Capital Agency (AGNC), Armour Residential (ARR -1%), CYS Investments (CYS -0.2%), Invesco Mortgage (IVZ -2.7%), New York Mortgage Trust (NYMT -0.5%), Hatteras Financial (HTS -0.3%), Western Asset Mortgage (WMC -2.7%), Ellington Residential (EARN -0.4%), Javelin Mortgage (JMI -3%).
Dec. 22, 2014, 3:14 PM
- "ETFs are attractive to investors in part because of their tax efficient structure, and Schwab (NYSE:SCHW) ETFs have delivered on this expectation for the past five years, with no distributed capital gains since the first Schwab ETFs launched in 2009," says SVP John Sturiale, taking a victory lap.
- Schwab's announcement comes days after ProShares said it expects none of its 130 ETFs to distribute capital gains, and Invesco's (NYSE:IVZ) PowerShares said nine of its 116 ETFs will distribute.
- Seven large ETF providers have now declared, and just 74 of 712 funds will issue capital gains distributions.
- For Schwab, it has 21 ETFs with $25.9B in AUM.
Invesco Ltd is an investment management company operating in more than 20 countries. It provides retail and institutional clients with an array of investment management capabilities. It has presence in the institutional and retail markets.
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