Archive for January, 2014

Wealth Management News – January 31

Sat Feb 1, 2014 3:06am IST


Friday, January 31st, 2014 EN No Comments

Calamos Asset Management Inc.: Calamos Closed-End Funds (NASDAQ: CHI …

NAPERVILLE, Ill., Jan. 31, 2014 /PRNewswire/ — Calamos Investments®* announced today the declaration of monthly distributions on each common share for its five closed-end funds.


(Level Rate)




CHI(inception 06/26/2002)

Calamos Convertible Opportunities and Income Fund





CHY (inception 05/28/2003)

Calamos Convertible and High Income Fund





CSQ(inception 03/26/2004)

Calamos Strategic Total Return Fund





CGO (inception 10/27/2005)

Calamos Global Total Return Fund





CHW (inception 06/27/2007)

Calamos Global Dynamic Income Fund





Additional information about Calamos closed-end funds can be found on our Web site at:,,, and

Monthly distributions offer shareholders the opportunity to accumulate more shares in a fund via the automatic dividend reinvestment plan. For example, if a fund’s shares are trading at a premium, distributions will be automatically reinvested through the plan at NAV or 95% of the market price, whichever is greater; if shares are trading at a discount, distributions will be reinvested at the market price through an open market purchase program. Thus, the plan offers current shareholders an efficient method of accumulating additional shares with a potential for cost savings. Please see the dividend reinvestment plan for more information.

The Calamos closed-end funds employ a level rate distribution policy, paying monthly distributions at the stated rates. Under the level rate distribution policy, distributions paid to common shareholders typically include net investment income and net realized short-term capital gains. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. There is no guarantee that the funds will realize capital gains in any given year. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV. Distributions from the funds are generally subject to Federal income taxes. For purposes of maintaining the level rate distribution policy, the funds may realize short-term capital gains on securities that, if sold at a later date, would have resulted in long-term capital gains. Maintenance of a level rate distribution policy may increase transaction and tax costs associated with the funds. Please see for more information.

Important Notes about Performance and Risk
Past performance is no guarantee of future results. As with other investments, market price will fluctuate with the market and upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment.

About Calamos
Calamos Investments LLC is a diversified global investment firm offering innovative investment strategies including equity, lower-volatility equity, fixed income, convertible and alternative investments. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the consultants and financial advisors who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in London and New York. For more information visit  

*Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP and Calamos Financial Services LLC.


SOURCE Calamos Investments

Jennifer McGuffin, Director of Corporate Communications, Calamos Advisors LLC, Direct: 630.245.1780,


Friday, January 31st, 2014 EN No Comments

Altium Wealth Management acquires Matofsky & Company

photoAltium Wealth Management in Purchase has acquired the assets of Matofsky Company in Montebello, the companies announced Wednesday.

Robert H. Matofsky has joined Altium as a director and member of its leadership team.

“We are pleased to welcome Robert to our firm. He is a well‐respected member of our community and the industry, and we believe he will add strength and depth to our growing practice,” Anthony DeStefano, managing director and co-founding partner of Altium said in a statement.

The companies did not disclose financial details about their transaction.

Twitter: @Ernie_G_journo


Wednesday, January 29th, 2014 EN No Comments

Butterfield Receives Three Citywealth Awards

butterfieldButterfield [comprising Bermuda-based The Bank of N.T. Butterfield Son Limited and its international subsidiaries] has received three Financial Centre Awards from Citywealth, the UK-based publisher of wealth-management industry news and directories.

Butterfield was named Private Bank of the Year – Caribbean, Trust Company of the Year – Caribbean and Trust Company of the Year – Switzerland.

Butterfield was also named Runner Up to Legis Group in the category Trust Company of the Year – Guernsey. In January, Butterfield announced that it had reached an agreement in principle to acquire Legis Group’s Guernsey-based trust and fiduciary services business, subject to regulatory and other approvals, which is expected to be completed during the first quarter 2014.

Brendan McDonagh [On left in picture], Butterfield’s Chairman Chief Executive Officer said, “We are pleased to have been recognised by our peers in the wealth management sector with these prestigious awards.

“Wealth management businesses are important at Butterfield, and these awards demonstrate that our people and services are among the most respected in the industry. We congratulate our private banking teams in Bermuda and the Cayman Islands, and our trust teams in Bermuda, the Cayman Islands and The Bahamas, Switzerland and Guernsey on receiving these honours.”

Bob Moore [On right in picture], Executive Vice President and Head of Group Trust at Butterfield said, “It is a great accomplishment to receive these awards. Butterfield’s focus has been on the development of a cohesive global trust business that provides exemplary client service and bespoke solutions that draw upon our multi-jurisdictional expertise and presence.

“These awards highlight the depth and strength of our teams’ expertise, and their commitment to client service.”

Now in their third year, the Citywealth International Financial Centre Awards were established to highlight the excellence of the advisers and managers in the private wealth sector in major international financial centres.

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Wednesday, January 29th, 2014 EN No Comments

Sotheby’s to Pay Special Dividend, Buy Back Shares

Sotheby’s will pay investors a special dividend and buy back shares, months after activist investor Daniel Loeb called for a management shakeup at the auction house.

Sotheby’s shares rose 7 percent in premarket trading on Wednesday.

The company said it would pay shareholders a $300 million special dividend in March and buy back stock worth $150 million under a new share repurchase program.

Daniel Loeb’s hedge fund, Third Point LLC, held a 9.3 percent stake in the company as of Oct. 1.

Loeb said in October that he was seeking to replace Sotheby’s Chief Executive Bill Ruprecht and likened the 269-year-old auction house to “an old master painting in desperate need of restoration.”


Wednesday, January 29th, 2014 EN No Comments

Bank of Montreal takes over F&C Asset Management for £708million

BMO said the acquisition would position it as a “globally significant money manager, providing attractive cross-sell potential into wealth markets in the UK and the rest of Europe”.

The FC business will form the centrepiece of its ­European operations.

It added: “This enhanced scale is expected to improve prospects for winning institutional mandates in faster growing market segments and provides an advantage in the consultant driven US and UK ­institutional markets.”

FC’s chief executive Richard Wilson hailed “a unique opportunity to broaden and accelerate our ambitions”.

Numis analyst David McCann said: “While this appears to be a done deal, we would still argue that a counter bid is not completely impossible.”

FC shares gained 7p to 123½p.


Wednesday, January 29th, 2014 EN No Comments

Carson Wealth Management Group Elects Steve Lockshin To Executive Board

/PRNewswire-iReach/ — Industry powerhouse Steve Lockshin is joining forces with Carson Wealth Management Group’s executive board to help guide the explosive growth of the firm’s three companies Carson Wealth, Peak Advisor Alliance and Carson Institutional Alliance. Ron Carson, founder and CEO of Carson Wealth Management Group, announced today that Lockshin, founder and chairman of Convergent Wealth Advisors, LLC, was elected to the executive board at the group’s most recent meeting. Lockshin is the second member of the board that currently holds a top-ten ranking on the Barron’s Top 100 Financial Advisor list (Lockshin and Carson each hold the second and seventh rankings, respectively in 2013).


“For the last 20 years, Steve has been a trailblazer in the wealth management industry by delivering high-quality service and scale to both investors and advisors,” said Carson. “Steve continues to challenge the status quo of the financial services industry and is a true advocate for investors and the fiduciary standard. I am pleased he will bring his first-hand experiences and candor to our group as we position our firm for continued growth.”


Lockshin founded Convergent Wealth Advisors (formerly CMS Financial Services) in 1994 and served as CEO for 18 years. During that time, he founded CMS Reporting, now known as Fortigent, LLC, a leading provider of outsourced wealth management solutions with more than $70 billion in assets on its platform. Since turning over the reigns as CEO, Lockshin has focused his efforts on serving as a champion for the fiduciary standard.  In September 2013, his book “Get Wise to Your Advisor,” was published and offers investors insight needed to find an advisor who will put the client’s financial well being first. Lockshin holds the Investment Management Consultants Association’s Certified Investment Management Analyst designation and the Investment Strategist Certificate.

“Steve really understands what it takes to run a successful business while putting the interests of investors first,” said Carson. “By sitting at the Carson table, he will bring his expertise and passion to a broader audience.”


“Carson Wealth Management Group has a successful track record for delivering superior service to high-net-worth investors seeking True Wealth by offering education, open communication and unparalleled service,” Lockshin said. “The firm also helps like-minded independent financial advisors elevate their game through a comprehensive and process-driven approach that includes extensive practice management knowledge and operational efficiencies to make doing the right thing for clients easy.”

“Ron and his firm have become an essential part of the financial services fabric,” said Lockshin. “It is a brand synonymous with the highest levels of integrity and success in the industry today. I am honored that the board has invited me to share my perspective as an advisor and a business owner during this important time of the firm’s evolution.”

About Carson Wealth Management Group

Carson Wealth Management Group was founded by Ron Carson in 1983.Through its three companies, Carson Wealth, Peak Advisor Alliance and Carson Institutional Alliance, the organization offers a range of services to high-net-worth investors and financial advisors serving the affluent marketplace. Based in Omaha, Neb., Carson Wealth Management Group’s mission is to inspire clients, both investors and financial advisors, to achieve True Wealth through education, communication, and service, which exceed their expectations. For more information, please visit

Convergent Wealth Advisors, LLC, is separate from and not affiliated with Carson Wealth Management Group, which is not responsible for Convergent’s services, policies, or content.

Media Contact: Jessica Taylor, Impact Communications, 913-649-5009,

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SOURCE Carson Wealth Management Group

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Tuesday, January 28th, 2014 EN No Comments

Bank of Montreal Agrees to Buy U.K.’s F&C for $1.2 Billion

(Updates shares in fifth paragraph, adds analyst comment.)

Jan. 28 (Bloomberg) — Bank of Montreal agreed to buy FC Asset Management Plc, the manager of the oldest U.K. investment fund, for 708 million pounds ($1.2 billion) in the second- largest takeover in its 196-year history.

Canada’s fourth-largest lender by assets will pay 120 pence a share in cash, the firms said today in a joint statement. FC shareholders will also receive their 2 pence dividend for 2013.

FC “is intended to form the centerpiece of BMO Global Asset Management’s European operations,” the companies said. Bank of Montreal, like other Canadian lenders, is expanding its money-management arm abroad amid a slowdown in domestic consumer lending. It’s acquiring a London-based firm whose assets shrank last year as institutional clients pulled funds.

“This transaction is a good strategic fit and financial fit,” Bank of Montreal Chief Executive Officer William Downe, 61, said today in a conference call with investors. “It supports the accelerating expansion of our wealth business, and it further strengthens our competitive position in the market.”

FC rose 6.1 percent to 124 pence at the close of trading in London. The shares surged 25 percent yesterday, when FC said it was in talks with the Toronto-based bank and was likely to recommend a bid. Bank of Montreal rose 0.1 percent to C$70.54 at 4 p.m. in Toronto.

Rival Offers

The price “represents an attractive valuation from the standpoint of the Canadian bank,” said David Cumming, global head of equities at Standard Life Investments, which holds a 10 percent stake in FC. “Consequently, we intend to keep our options open should another suitor for FC emerge.”

Bank of Montreal’s offer may flush out other bidders, Arun Melmane, a Canaccord Genuity analyst, said today in a note to clients. The deal is expected to be completed after May 1, the bank said.

“The length of time needed for regulatory approval could bring other potential bidders into the arena,” Melmane said. He called the all-cash offer “in the ballpark of the intrinsic value of FC.”

FC, which earns more than 90 percent of its revenue in mainland Europe and the U.K., said separately today that its assets under management shrank 9 percent to 82.1 billion pounds at the end of December from 90.1 billion pounds as of Sept. 30. The decline was due to the withdrawal of more than 10 billion pounds by Dutch insurer Achmea BV, which was announced in May.

Wealth Expansion

“FC has had its challenges with declining assets under management and elevated expenses,” Robert Sedran, an analyst with Canadian Imperial Bank of Commerce, said in a note to clients. Bank of Montreal is “making the bet that it has reached an inflection point on both issues.”

Activist investor Edward Bramson stepped down as FC’s chairman five months ago, and his Sherborne Investors LLC sold about 19 percent of the outstanding stock in November, data compiled by Bloomberg show. He had sought to boost the fund manager’s performance by cutting costs and focusing on traditional business areas such as investment trusts and managing fixed-income assets for insurers.

Adding FC will lift the assets being overseen to about $269 billion for the lender’s BMO Global Asset Management business, according to a presentation. The FC assets will increase Bank of Montreal’s fixed-income weightings to 42 percent of the combined portfolio from 34 percent. European clients, who represented 4 percent of Bank of Montreal’s wealth customers, will account for more than half under the combined platform.

“Adding a larger fixed income and a European component really helps to round out what is a broad global offering,” Downe said in the call.

Colonial Fund

FC takes its name from the 146-year-old Foreign Colonial fund that began in 1868. Bank of Montreal was founded by Scottish, American and French-Canadian merchants and fur traders in 1817.

Bank of Montreal bought London-based Pyrford International Plc in 2007 for C$41 million ($37 million). Four years later, it purchased Hong Kong-based Lloyd George Management, which had an office in the U.K., and introduced its BMO Global Asset Management brand. The lender expanded its U.S. wealth management platform with its biggest takeover, the C$4.1 billion purchase of Milwaukee-based consumer bank Marshall Ilsley Corp. in July 2011.

Bank of Montreal earned C$574 million profit from its wealth business last year, or 14 percent of the lender’s overall net income, according to financial statements. About 96 percent of the bank’s overall profit comes from Canada and the U.S., statements show.

The FC deal will “modestly” add to earnings in the first year and provide an internal rate of return of 15 percent, Bank of Montreal said.

–With assistance from Sarah Jones and Howard Mustoe in London. Editors: Keith Campbell, Jacqueline Thorpe

To contact the reporters on this story: Gavin Finch in London at; Doug Alexander in Toronto at

To contact the editor responsible for this story: Keith Campbell at


Tuesday, January 28th, 2014 EN No Comments

State Street posts modest growth

State Street posts modest growth

State Street has recorded positive revenue and earnings per share growth across the last quarter of 2013 after winning nearly US$400 million in new asset servicing mandates and earning management fees of nearly US$300 million.

In results released yesterday State Street said it had increased its revenue from US$2.43 billion in the third quarter of 2013 to US$2.46 billion in the fourth quarter, while also lifting its earnings per common share (EPS) from US$1.17 to US$1.22 in the same period.

Return on equity (ROE) for shareholders also increased from 10.8 per cent in the third quarter of 2013 to 10.9 per cent in the fourth quarter, which was also an increase from 9.3 per cent in the fourth quarter of 2012.

The fourth quarter results capped off a positive year of growth for State Street with revenue increasing 2.4 per cent to US$9.88 billion from US$9.65 billion in 2012, while EPS of US$4.62 increased by 10 per cent from US$4.20 in 2012. ROE increased by 10.5 per cent in 2013 from 10.3 per cent in 2012.

State Street also said that it had secured new asset servicing mandates during the fourth quarter of 2013 worth $392 billion, as well as net new assets to be managed worth $5 billion.

As a result of this State Street increased its servicing and management fees, with the former increased 1.7 per cent in the fourth quarter of 2013 to $1.23 billion.

Management fees also increased by 5.1 per cent for the quarter to $290 million, with State Street attributing the growth in both fee areas to stronger global equity markets and net new business.

“Our fourth quarter and full-year results reflect the strength of the core business and our continued focus on our key priorities to deliver value for our clients and shareholders, State Street chair, president and chief executive officer Joseph L. Hooley said.

“2013 was a very good year for State Street despite both the ongoing headwinds created by the low rate environment and the increasing regulatory cost and complexity. Importantly, for the full year, we grew our core asset servicing and asset management fees by almost 10 per cent compared to 2012.”


Monday, January 27th, 2014 EN No Comments

BMO courts UK wealth management firm

To add new firepower to its business mix, Bank of Montreal is courting one of the world’s oldest wealth management firms.

Canada’s fourth-largest lender is in “advanced” talks with Britain’s FC Asset Management PLC about a $1.3-billion acquisition. If successful, a takeover by BMO would immediately boost the bank’s small, but growing, wealth management platform outside of Canada.

More Related to this Story

With a rich history and £90-billion ($166-billion) in assets under management, FC is a well-known name across the Atlantic Ocean. However, the storied firm is in the midst of a restructuring as it struggles to stanch fund outflows and copes with an expensive debt burden, allowing BMO to swoop in and buy it on the cheap.

A U.K. foray for BMO would come after the bank’s rivals struck similar wealth management deals abroad. In 2010, Royal Bank of Canada inked its own billion-dollar U.K. wealth management deal, while both Toronto-Dominion Bank and Canadian Imperial Bank of Commerce recently nabbed U.S. wealth management acquisitions.

Wealth management is a hot sector for Canadian banks. As developed markets recover from the crisis, investors have more reason to put their savings back into play. The more money these firms manage, the more fees they earn. Asset managers are also relatively safe acquisition targets because their revenues are fee-based, so they don’t chew up much bank capital.

BMO is keen on expanding in wealth management after investing heavily in its own suite of products, particularly low-cost exchange-traded funds. The endeavour is quickly paying off, with the bank’s earnings from wealth management jumping 59 per cent in 2013 from the year before.

Any extra wealth management earnings will only help the bank offset slower growth from its U.S. retail banking arm, where earnings took a hit in the fourth quarter and where revenues are starting to fall.

While a U.K. deal may seem like a stretch for BMO, chief executive officer Bill Downe recently told a crowd of investors that few people appreciate what the bank has been doing in wealth management around the world.

BMO has consistently invested abroad since the downturn, and “the businesses that we have in Europe, the distribution of wealth that we have now in the Middle East, the strength of the business in mainland China and Hong Kong, in Singapore, all tie into a much better global wealth platform than I think many people appreciate,” he said at a conference in Toronto.

Mr. Downe also noted that wealth management will continue to be a focus for his bank, particularly as Canadians slow their borrowing at home, limiting growth in the retail banking business.

However, it could take time for FC to have a meaningful impact on BMO’s bottom line. Fifty-seven per cent of assets under its watch belong to strategic partners, such as pension funds and insurers who outsourced some of their investing duties. Many of these firms now want their money back, either because they prefer to manage the funds in-house, or their governments are forcing them to repatriate the money.

High-profile clients withdrawing funds include insurer Friends Life, which was once a £27.5-billion client for FC, amounting to roughly a quarter of its assets under management, as well as a Portuguese pension mandate. FC is struggling with debt, some of which carries a 9-per-cent interest rate and comes due in 2016.

BMO declined to comment Monday, but jointly confirmed with FC its offer would be worth 120 pence.

Bank of Montreal (BMO)

Close: $70.46, down $1.54


Monday, January 27th, 2014 EN No Comments