Archive for January, 2012

Wall Street ends off lows, suggesting resilience


New York: US stocks edged lower on Monday on stalled Greek debt talks, but an afternoon rally cut losses in a sign of the underlying resilience the market has shown early in the year.

Major indexes had fallen more than 1 percent as negotiations between the Greek government and private bondholders over the restructuring of 200 billion euros of debt failed to reach an agreement before the start of a summit of European leaders.

But by the afternoon those losses were cut sharply. Optimism that the US markets can shrug off Europe’s troubles has fueled gains in 2012, with the SP 500 up 4.7 percent this month. Money managers, some of whom missed the upward move, appear willing to buy on intraday declines.

“The action that we’ve seen today is very similar to what we’ve seen throughout most of the year so far,” said Ryan Larson, head of equity trading at RBC Global Asset Management in Chicago. “We see the resilience showing in US markets and I think that’s a theme that we’ve seen throughout 2012.”

“The US appears to be slowly, slowly in the early stages of a decoupling from the euro zone,” he said.

Financial shares were hurt the most by developments in Europe. The sector lost 1 percent, the biggest drag on the SP 500. Bank of America fell 3 percent to USD 7.06.

Material, technology and telecoms stocks led the turnaround after the close of European markets. The SP 500 materials sector, which is up over 11 percent already this year, finished barely lower on Monday.

But volume was low at just 6.2 billion shares on the NYSE, Amex, and Nasdaq. That indicated participation was light and likely amplified market movements. The 200-day moving average for volume at those venues is 7.8 billion.

Peter Lee, chief technical strategist at UBS Wealth Management, said many of his clients, who include some big institutional investors, are still cautious after the SP 500 has climbed over 22 percent from lows in October.

“Some buyers are supporting this market, and we think it may be short-covering,” he said. “It gives the market the illusion it is strong.”

The Dow Jones industrial average dropped 6.74 points, or 0.05 percent, to 12,653.72. The Standard Poor’s 500 Index lost 3.31 points, or 0.25 percent, to 1,313.02. The Nasdaq Composite Index fell 4.61 points, or 0.16 percent, to 2,811.94.

European stock markets were down over 1 percent. The FTSEurofirst 300, a measure of Europe’s biggest companies, fell 1 percent.

Even though the euro zone crisis drags on, the SP 500 was on track for its best month since October, helped by stronger US economic data and a easing of conditions in Europe’s financial system following backing from global central banks.

Technical analysts will take comfort from the fact that the SP 500 held above the psychologically important 1,300 level after crossing it for the first time in six months earlier in January. The bounce off the level on Monday was to a tee.

Germany sought to tone down reports it was pushing for Greece to give up control over its budget policy to European institutions. Greece was unlikely to accept that scenario, presenting yet another obstacle to a second bailout package for Athens.

Apple shares helped cap losses on the Nasdaq after Morgan Stanley said the iPhone maker could add China Telecom and China Mobile as distributors over the next year. Apple rose 1.3 percent to USD 453.01.

Swiss engineering group ABB agreed to buy US electrical components maker Thomas Betts Corp for USD 3.9 billion in cash, sending shares of the company up 23.1 percent to USD 71.31.

Consumer spending, the main pillar of the US economy, was flat in December as households added to savings after the largest rise in income in nine months. Although the data pointed to a slow start for spending in 2012, economists were cautiously optimistic that an improving labor market will support demand.

Chris Cordaro, chief investment officer at RegentAtlantic Capital, a wealth management firm in Morristown, New Jersey, believes equities will finish sharply higher this year as Europe’s problems are resolved and investors buy into stock valuations that were beaten down through much of last year.

“We could definitely end the year much higher on equities,” he said. “We have been favoring equities in our portfolio. We have just increased our exposure to emerging markets.”

Bureau Report

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Tuesday, January 31st, 2012 EN No Comments

Wall Street ends off lows, suggesting resilience

New York: US stocks edged lower on Monday on stalled Greek debt talks, but an afternoon rally cut losses in a sign of the underlying resilience the market has shown early in the year.

Major indexes had fallen more than 1% as negotiations between the Greek government and private bondholders over the restructuring of €200 billion of debt failed to reach an agreement before the start of a summit of European leaders.

But by the afternoon those losses were cut sharply. Optimism that the US markets can shrug off Europe’s troubles has fueled gains in 2012, with the SP 500 up 4.7% this month. Money managers, some of whom missed the upward move, appear willing to buy on intraday declines.

“The action that we’ve seen today is very similar to what we’ve seen throughout most of the year so far,” said Ryan Larson, head of equity trading at RBC Global Asset Management in Chicago. “We see the resilience showing in US markets and I think that’s a theme that we’ve seen throughout 2012.”

“The US appears to be slowly, slowly in the early stages of a decoupling from the euro zone,” he said.

Financial shares were hurt the most by developments in Europe. The sector lost 1%, the biggest drag on the SP 500. Bank of America fell 3% to $7.06.

Material, technology and telecoms stocks led the turnaround after the close of European markets. The SP 500 materials sector, which is up over 11% already this year, finished barely lower on Monday.

But volume was low at just 6.2 billion shares on the NYSE, Amex, and Nasdaq. That indicated participation was light and likely amplified market movements. The 200-day moving average for volume at those venues is 7.8 billion.

Peter Lee, chief technical strategist at UBS Wealth Management, said many of his clients, who include some big institutional investors, are still cautious after the SP 500 has climbed over 22% from lows in October.

“Some buyers are supporting this market, and we think it may be short-covering,” he said. “It gives the market the illusion it is strong.”

The Dow Jones industrial average dropped 6.74 points, or 0.05%, to 12,653.72. The Standard Poor’s 500 Index lost 3.31 points, or 0.25%, to 1,313.02. The Nasdaq Composite Index fell 4.61 points, or 0.16%, to 2,811.94.

European stock markets were down over 1%. The FTSEurofirst 300, a measure of Europe’s biggest companies, fell 1%.

Even though the euro zone crisis drags on, the SP 500 was on track for its best month since October, helped by stronger US economic data and a easing of conditions in Europe’s financial system following backing from global central banks.

Technical analysts will take comfort from the fact that the SP 500 held above the psychologically important 1,300 level after crossing it for the first time in six months earlier in January. The bounce off the level on Monday was to a tee.

Germany sought to tone down reports it was pushing for Greece to give up control over its budget policy to European institutions. Greece was unlikely to accept that scenario, presenting yet another obstacle to a second bailout package for Athens.

Apple shares helped cap losses on the Nasdaq after Morgan Stanley said the iPhone maker could add China Telecom and China Mobile as distributors over the next year. Apple rose 1.3% to $453.01.

Swiss engineering group ABB agreed to buy US electrical components maker Thomas Betts Corp for $3.9 billion in cash, sending shares of the company up 23.1% to $71.31.

Consumer spending, the main pillar of the US economy, was flat in December as households added to savings after the largest rise in income in nine months. Although the data pointed to a slow start for spending in 2012, economists were cautiously optimistic that an improving labor market will support demand.

Chris Cordaro, chief investment officer at RegentAtlantic Capital, a wealth management firm in Morristown, New Jersey, believes equities will finish sharply higher this year as Europe’s problems are resolved and investors buy into stock valuations that were beaten down through much of last year.

“We could definitely end the year much higher on equities,” he said. “We have been favoring equities in our portfolio. We have just increased our exposure to emerging markets.”

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Tuesday, January 31st, 2012 EN No Comments

Former President of OPUBCO Communications Group to Join American Fidelity …

OKLAHOMA CITY–(EON: Enhanced Online News)–American Fidelity Corporation (AFC), Oklahoma’s largest provider of
insurance, financial and asset management products and services, today
announced David Thompson as president and CEO of its trust and
investment management group composed of several companies, including
InvesTrust, a national trust bank with expertise in personal and
corporate trust, investment management and custodial services. Thompson
will head AFC’s asset management subsidiary, ASC Holding, established in
1997, to provide investment advice to individuals, foundations and
corporations seeking to optimize returns while safeguarding equity.

“American Fidelity is widely respected in our community and across the
country as one of the best-managed and strongest diversified financial
service companies in America”

Bill Cameron, chairman and CEO of AFC, announced the appointment of
Thompson and commended the retiring president and CEO of the company’s
trust and asset management business, Dan Junkin, for his leadership.

“We are grateful to Dan for establishing our trust and asset management
businesses almost 14 years ago in a transaction that enabled his
respected firm, Asset Services Company, to become part of American
Fidelity. This was a transaction that provided the immediate financial
resources and management support required to recruit and retain
exceptional talent, as well as to build a substantial asset management
business capable of offering the array of sophisticated products sought
by clients. Dan is a key part of our success, and we are pleased he has
agreed to continue with the company to support David during the
transition,” Cameron said.

“Wealth and asset management is a relationship-driven business,”
continued Cameron. “David is a highly-respected and experienced leader
and businessman here in Oklahoma as well as across our country. He
instinctively comprehends the challenges individuals and companies face
working to consistently manage their wealth and assets in today’s
economy. I’ve personally known David for more than 25 years and have
watched him adapt to the demands of changing business situations. He has
effectively led a substantial organization. He is respected, trusted and
understands why personal service is so vital to the success of this
business group. I am confident he is the right person to build on the
success we have enjoyed, and he will position us for even greater growth
in the years to come.”

Junkin said he appreciated the opportunity presented to him by Bill
Cameron to have his successful financial services firm become part of
AFC. “In retrospect, it is quite apparent now that merging my firm with
American Fidelity was indeed the right strategic business move for both
companies. This is an exceptional company, and its diversified portfolio
of financial businesses allowed us to tailor investment solutions for
our individual and corporate clients. I am pleased David is joining the
company, and being familiar with his considerable business and community
experience, I know he has the vision and talent to truly build on our
success.”

“American Fidelity is widely respected in our community and across the
country as one of the best-managed and strongest diversified financial
service companies in America,” commented Thompson. “The company’s trust
and asset management business group is well-positioned for continued
growth with an impressive roster of individual and corporate clients as
well as exceptional talent. The ability to align investment strategies
with the expectations and desires of clients and adhere to sound
investment practices is a hallmark of this business group. These
qualities will be the foundation on which we will continue to build the
wealth and asset management business. I am truly honored and excited to
have the opportunity to work for such a prominent and highly-principled
company and to take the lead in expanding this important part of
American Fidelity’s business.”

Prior to joining AFC, Thompson was president and publisher of OPUBCO
Communications Group, which included among its businesses the Oklahoman,
the state’s largest daily print and online news source. He also served
as vice president of advertising for the Charlotte Observer, the largest
news organization in North Carolina. During his 37 year career in news
and publishing, he received a number of awards and honors recognizing
his leadership and achievements. Actively involved in the communities
where he has lived, Thompson is the immediate past chairman of the
Greater Oklahoma City Chamber of Commerce and chaired the successful
United Way Campaign in 2009.

For more information on ASC, InvesTrust, or American Fidelity, please
visit the following websites:

http://www.assetservicescompany.com/

http://www.investrust.com/

http://www.afadvantage.com/

About American Fidelity Corporation

American Fidelity Corporation (AFC) is a holding company for a variety
of organizations dedicated to helping Customers with their financial
security goals. Its entities include American Fidelity Assurance
Company, Asset Services Company, American Fidelity General Agency,
American Fidelity Health Services Administration, American Fidelity
Property Company and the Alcott Group, among other holdings.

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Tuesday, January 31st, 2012 EN No Comments

OCBC’s Menon Says He’s `Positive’ on US, Asian Stocks

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Monday, January 30th, 2012 EN No Comments

RDR outsourcing: how to keep ahead of the curve

RDR outsourcing: how to keep ahead of the curve

Much has been written on the retail distribution review (RDR) and how it will impact on advisers: obviously most relevant for wealth managers is the extent they can take over retail investment management.

Much less has been written on how doing so will change the face and scope of wealth management businesses, however. Frequently, there has been an assumption the sector will merely be providing what it always has, albeit via slightly different distribution channels and another layer of intermediation.

Probe deeper, however, and this assumption looks more and more shaky. A wholesale and semi-commoditised service could scarcely seem more different from a discreet client arrangement.

Quite apart from the changing audiences that wealth managers are trying to serve, there is the impact on their own businesses. Installing an entire internal architecture capable of servicing advisers will obviously make new demands on resources, create new sets of priorities and ultimately create new winners.

So how is wealth management being changed by its new role at one end of the retail investment supply chain, and how do you get ahead of the curve?

A cultural change

Fraser Donaldson, head of funds analysis at Defaqto, which provides consultancy services to advisers looking to outsource, says wealth managers have been forced to change culturally and institutionally in just the three years he has worked in the sector.

Primarily this has been structural: the businesses that will soak up the bulk of adviser assets in the immediate aftermath of the RDR are those that have already made the biggest investment in dealing desks, aftercare staff, rigorous reporting systems and a unitised, standardised product.

‘Those managers who are serious are investing a lot in broker teams and service support desks. For someone like Brooks Macdonald, around 90% of their model portfolio capital is adviser business,’ said Donaldson.

‘It’s different from the private client world in the sense that it is less about a bespoke personal arrangement and much more about due diligence, performance charges and what is the ongoing [aftercare] service that you can provide for me?

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Monday, January 30th, 2012 EN No Comments

Why now could be perfect time to invest in your firm

Why now could be perfect time to invest in your firm

Challenging markets and regulatory pressures may be leading many wealth management firms to batten down the hatches and strip out costs, but there are plenty who believe that now is actually the time to be investing heavily in their businesses.

Several wealth managers, including private client giants Brewin Dolphin and Charles Stanley, have seen their profits slide over the past year on the back of falling fee income from reduced assets under management. Conventional wisdom and indeed shareholder pressure may suggest austerity is the solution, but several business leaders, along with academic research, state that the opposite is more beneficial in both the short and the long term.

David Carter, an independent business adviser whose clients have included Lloyds TSB and GazProm, said: ‘Now is the time to put together the best team, systems, products and service. Customers are worried and there will be a flight to quality.

‘It is a question of short-termism versus long-termism. It is an amazing opportunity to thrive because weak competition will die and it will become a more competitive marketplace.’

Significant investment needed

Berry Asset Management is one such firm that has been investing significantly in its business.

Chief executive Jamie MacLeod said the company has made substantial long-term capital investments designed to improve both its internal systems and its reach into the adviser market ahead of the retail distribution review (RDR).

‘I like choppy waters and big winds – it gives you a chance, particularly if you are evolving a business, to make real progress moving it forward,’ he said. ‘We are using the market situation to really invest in our business and prepare ourselves for a more appealing environment.’

Berry has overhauled its back office through a tie-up with SEI and upgraded its premises, moving from Chelsea Harbour to a more central office on Pall Mall.

To make the firm more ‘RDR-centric’, Berry has also moved its model portfolios onto adviser platforms, such as Novia, and built a team of three regional business development managers from scratch with a fourth set to join soon.

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Monday, January 30th, 2012 EN No Comments

Retirement and the sandwich generation

By Paul Barker

Increasing lifespans are forcing a rising number of Canadians in their 40s and 50s to take a whole new approach to retirement.

Not only do they have to think about their own elder years after decades spent supporting their children, but increasing longevity means they may also be responsible for their parents underfunded retirements.

“People outliving their savings is a big issue and it gets compounded by increased life expectancy,” says Reg Swamy, vice-president of Private Trust at TD Wealth Management.

“The implications of this could mean increasing your savings or increasing your working years.”

With the 65-plus population expected to double in the next 30 years, it’s important to contemplate not just your own prolonged life expectancy but that of your parents.

Children need to gather all the facts about their aging parents’ affairs, have some level of control or oversight over them, get help along the way from other family members or seek professional help as needed.

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“This allows you to reduce the unexpected or unplanned risks, which then means that you can better plan for and focus on your own affairs,” Mr. Swamy says.

A recent survey conducted by Credit Canada and Capital One Canada that found 70% of Canadians aged 40 to 50 are concerned they will be unable to afford to take care of their parents.

“We know some families are scared to bring up the subject because they’re concerned they won’t be able to provide financial support if it’s needed, but this will just delay the inevitable,” said Laurie Campbell, executive director of Credit Canada.

Gary Clementi, a 53-year-old Oakville, Ont., resident, has learned what members of this demographic group are quickly finding out: Their parents are running out of money to live on themselves, forget about leaving an estate behind for their heirs.

A sales executive at Rogers Communications Inc., Mr. Clementi has a daughter who is 11, an 84-year-old mother who suffers from Alzheimer’s and a father, who turns 86 in April and who almost died in 2009 after being diagnosed with acute pancreatitis.

“He was hospitalized on and off for about four months,” he says. “In that period of time, we thought we were going to lose him. We really thought he was finished, but my dad is a fighter.”

After he was released from hospital, Mr. Clementi and his sister, Laura, 55, moved their parents into a retirement complex and also assumed full responsibility of their finances.

“We had to rejig my dad’s portfolio to ensure that there was enough cash flow being kicked out between that and his pension to cover the cost of the retirement home, which you can appreciate is quite expensive. They are not cheap. It sucks him dry on a monthly basis.

“The remaining equity has to be treated very carefully and invested in a way that is risk-free or almost as risk-free as you can get. In these markets that is not an easy achievement. At the end of the day, my sister and I will have to let the inheritance, so to speak, carry the costs for the rest of their lives.”

The situation hasn’t changed his retirement strategy, but has put a new “slant” on life.

“My sister and I have a serious responsibility here,” he says. “That responsibility is to ensure the welfare of the two of them.”

Leanne Kaufman, vice-president of the professional practice group at RBC Wealth Management and author of The Executor’s Handbook, says a retirement plan should be flexible and change with the stages of life.

“It is also important to have full communication and disclosure amongst all children/beneficiaries, even if they will not all act as executor,” Ms. Kaufman says. “This will set the necessary expectations and hopefully avoid disputes and hard feelings at the time the parents pass away.”

Mr. Swamy advises creating a series of “what-if” scenarios, both positive and negative, conducting cash- flow planning and exploring the role insurance policies will play when it comes to looking after a parent.

“Caring for family can be a major constraint on both your time and finances,” he says. “It is important to plan ahead and consider different contingencies, including care-giving or financial support for parents and children.

“The reality is this: The money that you think you have and are going to save when you retire is going to be less because of this factor. Transparency is very important. Once you have all the facts you can assess what the impact is going to be.”

Mr. Clementi says an additional concern is that his mother, who physically is healthy, will likely outlive his father, who required emergency surgery for a perforated colon in December, but has since recovered.

“When he is gone we are going to have another element to deal with in that she will have to be put into a long-term care facility for her condition. My father being healthy has taken away a big chunk of our day-to-day burden of dealing with Mom.”

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Saturday, January 28th, 2012 EN No Comments

Hansen Opening Davidson and Garrard Office In Lexington

 
Davidson and Garrard, Inc. (DG), a registered investment adviser based in Lynchburg, is expanding its presence in the Shenandoah Valley by opening an office in Lexington, Virginia. The office, located at 15 N Randolph Street, will be managed by David Hansen, who has worked with D G since 2009.

In making the announcement, Bill Paxton, CEO and Principal with D G said, “David has led our significant growth in larger markets in northern and central Virginia over the past two years. Since he and his family reside in Lexington, it was a natural step for David to bring D G’s wealth management services to the individuals and businesses in the central Shenandoah Valley area.”

A 1980 magna cum laude graduate of Vanderbilt University with a B.A. in Economics and Philosophy, Hansen received a law degree from Washington Lee School of law in 1984, where he was named a Burks Scholar Teaching Fellow. He is the founder of Hansen Capital, LLLP, a private investment partnership he started in 2003. While operating Hansen Capital, he also maintained a legal practice focused on the formation and regulation of hedge funds and general corporate matters. From 2007-2009 he worked on the organization, start-up and successful opening of CornerStone Bank, N.A., based in Lexington, of which he is a founding shareholder and director.

Before returning to Lexington in 2004, Hansen lived in Atlanta, Georgia where he was Of Counsel at the law firm of Morris, Manning and Martin and worked in the areas of corporate finance and transactions. He also served as Vice President and General Counsel for Magellan Health Services, Inc., a Fortune 1000 publicly-traded health care company specializing in behavioral health care.

“Davidson Garrard has a proven and prudent approach to providing comprehensive wealth management for individuals and fiduciaries as well as institutional investment advisory solutions for non-profits and smaller businesses. I am proud to be able to introduce the investment philosophy and extensive resources of D G to our local area,” said Hansen.

Hansen is a past President and board member of the Rockbridge Area Free Clinic, is a Vestry Member of R. E. Lee Memorial Episcopal Church and continues to serve on the board of directors of CornerStone Bank, N.A. He and his wife, Anne, a physician specializing in public health, have four children.

Davidson Garrard, Inc. was founded in 1987 and is registered with the Securities and Exchange Commission (SEC) as an Investment Adviser. The firm’s eight portfolio managers have over 165 years of combined experience and manage over $470 million for individuals and small businesses. More information can be found on the firm’s website is www.dg-g.com

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Saturday, January 28th, 2012 EN No Comments

Sanlam unit eyes UK acquisitions

SANLAM Private Investments (SPI) yesterday said it was on the prowl for acquisitions in Europe where consolidation in the stockbroking and wealth management business was creating opportunities to buy companies.

The company has already completed the purchase of leading UK stockbroking firm Merchant Securities Group through Sanlam Private Investment Holdings UK.

Last year it also bought two UK private client investment management businesses, Principal Investment Management and Border Asset Management, and a trust business in Switzerland.

In an interview yesterday, the CEO of SPI, Daniël Kriel, said while Sanlam was focusing on “bedding down” the transactions, it would continue to be on the lookout for possible acquisitions.

He said there had been consolidation in the UK stockbroking market where up to 15 small firms had “disappeared from the market” through mergers or outright purchases, or closed down because of tough business conditions. “That in itself has created opportunities for us,” he said.

“But the focus for the next six months will be to bed down the acquisitions we have made so far and integrate them fully into the Sanlam wealth cluster.

“We are (however) not closing the door on further acquisitions in order to build a client proposition for our high net worth clients in SA and Europe. (The intention is to) offer an integrated service that is based on a seamless offering,” Mr Kriel said.

He said Sanlam chose the UK as the market from which to make acquisitions because its South African clients were more comfortable with a UK-based stockbroking and securities business. This was probably due to common business practices and language.

“Historically, most high net worth clients like dealing with London ,” said Mr Kriel.

He said Merchant Securities would continue to focus on small institutional clients and high net worth clients.

“We have got a very good model because we have a team which includes highly respected analysts,” he said. “We are already very much on budget of what we want to achieve by the end of this financial year … and have a good pipeline of business,” he said.

kamhungas@bdfm.co.za

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Friday, January 27th, 2012 EN No Comments

Key Businesses of Morgan Stanley Smith Barney Corporate Equity Solutions …

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We Recommend…

    Firm Leads Rule 144 and 10b5-1 Broker Rankings with 17.0% and 23.4% of market share, respectively

    NEW YORK–(BUSINESS WIRE)–Morgan Stanley Smith Barney‘s Rule 144 and 10b5-1 businesses rank #1 for 2011 as reported by The Washington Service, a premier provider of insider trading data and analytics to securities professionals. Morgan Stanley Smith Barney captured 17 percent of the $48.4 billion Rule 144 market. In 10b5-1 Trading Plans, the Firm secured a 23.4 percent share of the overall $16.4 billion market.

    “We are delighted with this achievement reported by The Washington Service. This reinforces Morgan Stanley Smith Barney’s dominant market share and leadership position in providing executive equity solutions, specifically in the Rule 144 and 10b5-1 space,” said Colbert Narcisse, Managing Director and Head of Corporate Equity Solutions at Morgan Stanley Smith Barney.

    With one of the largest and most experienced staffs of professionals dedicated to equity solutions for corporate executives, Morgan Stanley Smith Barney Executive Financial Services provides advice and guidance on liquidity, diversification and hedging strategies for Insiders and Affiliates. The group advises on sales of control and restricted stock, exercise of stock options, and manages implementation of the 10b5-1 Preset Diversification Program® in coordination with corporate counsel.

    Morgan Stanley Smith Barney, a global leader in wealth management, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust services. For further information about Morgan Stanley Smith Barney, please visit www.morganstanleysmithbarney.com.

    Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

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    Friday, January 27th, 2012 EN No Comments