Yesterday, 9:39 AM
- Founded in 1988 and based in NYC, Ryan Labs Asset Management specializes in liability driven investing and total return fixed income strategies, and has about $5.1B in AUM. Sun Life's (NYSE:SLF) purchase of the company is expected to close this quarter.
- Sun Life started its third-party business in Canada last year, and this purchase will extend its footprint in the U.S.
- Source: Press Release
Tue, Jan. 6, 3:30 PM
- It's been a rough start to the year for the group as investors - who had bid up the names at least partly in hope of higher interest rates giving a boost to returns - rethink those assumptions yet again as the 10-year Treasury yield tumbles below 2%.
- MetLife (MET -2.5%), Prudential (PRU -1.5%), Manulife (MFC -2.2%), Sun Life (SLF -3.2%), Lincoln National (LNC -2.8%), Primerica (PRI -1.5%), Voya Financial (VOYA -2.1%).
Nov. 5, 2014, 5:59 PM
Nov. 5, 2014, 5:48 PM
Oct. 15, 2014, 10:49 AM
- Bank earnings models will no doubt need to be tweaked as the sure thing of higher rates becomes somewhat less sure, with the 10-year U.S. Treasury yield plunging all the way down to 2%, and 30-day Fed Funds futures - just weeks ago pricing in 100% chance of a rate hike by June 2015 - now sees no move until December 2015.
- The XLF is lower by 1.9% and the Regional Banking ETF (NYSEARCA:KRE) is down 2.1% (the S&P 500 is off a mere 1.1%). Among individual names, KeyCorp (KEY -6.4%), First Bancorp (FBP -6.4%), Regions Financial (RF -4%), U.S. Bancorp (USB -2.2%), Fifth Third (FITB -2.6%), Bank of America (BAC -4%), Citigroup (C -3.3%), JPMorgan (JPM -2.8%), Wells Fargo (WFC -1.9%).
- Financial ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, SEF, IYG, FXO, FNCL, KBWB, RKH, QABA, FINU, KRU, RWW, KBWR, RYF, FINZ, KRS
- Life insurers were also waiting on higher rates and they're slipping more than the averages as well. MetLife (MET -3.7%), Prudential (PRU -2.9%), Manulife (MFC -3.5%) Sun Life (SLF -3.4%), Lincoln Financial (LNC -3.9%).
- Insurance ETFs: KIE, IAK, KBWP, KBWI
- Previously: BofA call: Assumption about higher rates not so sure anymore
Aug. 7, 2014, 10:22 AM
- Underlying net income from continuing operations of $499M or $0.81 per share vs. $373M and $0.62 a year ago. Underlying ROE of 12.9%. Dividend of $0.36.
- Individual Insurance & Wealth unit insurance sales of $75M up 14% from a year ago, individual wealth sales of $1.1B up 23%.
- MFS Investment Management AUM of $439B up 24%, with net sales of $17B and asset appreciation of $68.2B.
- Previously: Sun Life Financial EPS of $0.81
- SLF +0.9%
Aug. 6, 2014, 7:27 PM
Aug. 6, 2014, 5:17 PM
Jun. 26, 2014, 7:42 AM| 1 Comment
May. 15, 2014, 8:38 AM
- Scotiabank (BNS) owns 37% of CI Financial (CIFAF) - Canada's largest independent wealth manager - and is looking to "monetize" its investment after a 44% run for CI's stock since the start of 2013 puts the value of its holdings at $3.8B.
- The move seems counter to the bank's emphasis on wealth management - it accounts for 20% of earnings, up from 3% a decade ago - but management says it can sustain that growth with its own AUM, and notes the purchase of the rest of DundeeWealth for $2.3B in 2011.
- There should be plenty of interest among Canadian banks and life insurers who are eager for more wealth management assets. CIBC (CM) is in the running to buy Russell Investments, and SunLife (SLF) and Manulife (MFC) have devoted more of their resources to asset management. One hitch: Scotiabank needs to find more than one buyer as its agreement with CI states it cannot sell more than 20% of the business to one purchaser.
- "This is a crippling decision they made," says CI chairman Bill Holland, calling himself shocked by the move.
May. 6, 2014, 7:29 PM
May. 6, 2014, 5:58 PM| Comment!
Mar. 20, 2014, 10:54 AM
- Much of the financial sector is lit up bright green, continuing to outperform following yesterday's suggestion by the FOMC and Janet Yellen that rate hikes could come sooner than expected. XLF +1.1%, KBE +1.6%, KRE +1.6%.
- At new 52-week or even multi-year highs are JPMorgan (JPM +2.3%), Wells Fargo (WFC +1.7%), Morgan Stanley (MS +1.4%), and Bank of America (BAC +1.6%).
- Regional lenders: U.S. Bancorp (USB +1%), Huntington (HBAN +1.5%), PNC (PNC +1.3%), BB&T (BBT +1.5%), Fifth Third (FITB +1.8%), First Niagara (FNFG +2.1%).
- Leading among the life insurers are Lincoln National (LNC +1.9%), Protective Life (PL +1.6%), Manulife (MFC +1.2%), and Sun Life (SLF +1.1%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, KIE, IAT, SEF, IYG, IAK, FXO, PFI, KBWB, RKH, QABA, FNCL, FINU, KRU, RWW, KBWR, RYF, PSCF, KBWI, KBWP, KRS, FINZ
Feb. 12, 2014, 5:34 PM| Comment!
Feb. 12, 2014, 5:22 PM
Jan. 27, 2014, 3:40 PM
- The prospect of higher rates helped the life insurers on their big 2013 run, but - priced in and with rates still pretty low - what's going to be the catalyst going forward? Maybe capital management, namely repurchases, writes Adam Cancryn. Buybacks can be made when convenient and boosts EPS in this slow growth environment, while dividends lock the company into a quarterly payout schedule it may not want to keep.
- Acquisitions? Sector valuations are a lot closer to historical norms now, says Macquarie's Sean Dargan, and a deal might be the way for a company looking to spur growth and attract investor attention. "At the end of the day, you want there to be earnings growth, not just EPS growth due to share repurchase," Dargan says. "If you can't do that organically, I think it makes sense to be acquisitive."
- The bottom line is lower rates fed through (in a negative way) to the bottom line very slowly, and higher rates are going to boost income just as slowly. Performance going forward might be less about industry conditions and more about individual strategic decisions.
- "We started out the year recommending everything," says RayJay's Steven Schwartz. "We're down to four companies, which tells you where my head is at."
- Names of interest: MET, PRU, MFC, SLF, PRI, VOYA, PL, LNC.
SLF vs. ETF Alternatives
Sun Life Financial Inc provides diversified financial services. It offers savings, life and health insurance, and retirement and pension products to individuals and groups through its operations in Canada, United States, United Kingdom and Asia.
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