BOSTON, March 19 (Reuters) – Morningstar Inc <MORN.O>
plans to buy credit rating firm Realpoint LLC to expand its
challenge to the three major rating agencies in structured
finance, one of the most lucrative parts of the business.
Chicago-based Morningstar said on Friday it will pay $52
million for Realpoint, a spinoff from GMAC Commercial Mortgage
Securities Inc [GMACC.UL]. Realpoint, based in Horsham,
Pennsylvania, focuses on structured credit products such as
commercial mortgage backed securities.
BOSTON, March 18 (Reuters) – Yale University Chief
Investment Officer David Swensen’s losses on big bets in
private equity, real estate and commodities have not deterred
the noted contrarian.
Yale disclosed on Thursday that it had increased significantly
its allocations to those sometimes risky and illiquid asset
classes at the end of its last fiscal year in June 2009.
NEW YORK (Reuters) – Famed short-seller James Chanos said his decision to short health care companies last year proved to be the wrong move, as federal spending on health care seems about to rise rather than fall.
Chanos, who borrows and then sells stocks he expects can be repurchased later at a lower price, early last year told the markets on multiple occasions he expected a wide range of health care companies would suffer when federal funding was cut back.
NEW YORK (Reuters) – Scott Sperling, co-president of private equity powerhouse Thomas H. Lee Partners LP, has learned some hard lessons from the record boom and resulting swoon his industry just experienced.
“We need to be careful that we not push pricing beyond what makes sense,” Sperling said on Tuesday at the Reuters Private Equity and Hedge Funds Summit in New York. “Hopefully, we all learned that lesson and there will be a level of prudence going forward.”
BOSTON, March 1 (Reuters) – Andreas Halvorsen’s $12 billion
hedge fund firm, Viking Global Investors, is off to a better
start than last year, when it suffered one of its worst
quarters since the fund opened.
In a rare bout of underperformance, Viking’s main global
equity fund trailed the Standard & Poor’s 500 Index by more
than 15 percentage points in the second quarter of 2009, among
its worst quarterly records since the fund opened in 1999,
according to industry sources.
BOSTON (Reuters) – When is $3 not necessarily worth $3? When it is the value assigned to General Growth Properties’ <GGWPQ.PK> vast collection of residential real estate lots, mostly assembled by Howard Hughes in the 1950s.
Mall owner Simon Property Group <SPG.N> has made an unsolicited offer to acquire bankrupt competitor General Growth for $9 a share. That would consist of $6 in cash, plus a stake in a spinoff of General Growth’s Maryland, Nevada and Texas residential developments that Simon valued at $3 per share.
BOSTON, Feb 10 (Reuters) – Former TCW bond fund manager
Jeffrey Gundlach fired back at his old employer on Wednesday,
charging the firm owed him and his team as much as $1.25
billion under a 2007 “oral agreement.”
In a response to TCW’s Jan. 7 lawsuit against him, Gundlach
said he was wrongfully dismissed and he denied stealing any of
the firm’s intellectual property.
BOSTON, Feb 9 (Reuters) – Popular financial blogger
Michelle Leder, who helped uncover numerous corporate
shenanigans buried in securities filings, said she will expand
her website, Footnoted.org, after joining Morningstar Inc
<MORN.O> this month.
Investment research firm Morningstar, based in Chicago,
announced on Tuesday it acquired the site, to be renamed
Footnoted.com, for an undisclosed price.
BOSTON (Reuters) – Top U.S. money managers posted quarterly profits that largely met analysts’ expectations on Thursday but failed to satisfy investors who had bet on even bigger increases. Shares across the industry sold off sharply.
Among companies that reported results on Thursday, Invesco Ltd <IVZ.N> led the downward stock action, as its shares closed 6.8 percent lower on the New York Stock Exchange. Shares of Franklin Resources <BEN.N> ended down 3.4 percent and T. Rowe Price Group <TROW.O> stock lost 3.9 percent. Janus Capital Group <JNS.N> shares dropped 1.9 percent.
BOSTON, Jan 28 (Reuters) – Top U.S. money managers reported
sharply higher fourth-quarter profits on Thursday, bolstered by
the stock market’s strong rise.
Net inflows were steady but showed little sign that
investors were growing more attracted to stocks, despite the