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Financial Services Top Stories Of The Day – February 2, 2007 February 2, 2007

Posted by notapundit in Economic News.
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NYSE GROUP SWINGS TO 4Q PROFIT

Big Board operator earns $45.5 million, or 29c a share, compared with a year-ago loss of $20.3 million. Results boosted by Archipelago acquisition. Excluding items, it earns 45c a share, a penny shy of expectations. Shares fall 1%.

CREDIT SUISSE HIRES UK PRIME BROKERAGE PRO

Roy Martins, formerly with Morgan Stanley, will head Credit Suisse’s Delta One derivatives unit in its prime brokerage business in London, reporting jointly to regional prime services head, Simon Yates, and global head, Philip Vasan.

LEHMAN HIRES UBS’ HITE FOR HEALTH-CARE BANKING

Christopher Hite joins Lehman Brothers to run East Coast health-care investment banking, focused on the life-sciences sector. Hite was recently a managing director at UBS. He will report to Casey Safreno, global head of health-care banking.

SULZBERGERS MOVES ASSETS FROM MORGAN STANLEY

Ochs-Sulzberger family, which controls the New York Times, is moving most of its personal assets from Morgan Stanley after a prolonged campaign by a Morgan Stanley money manager for changes to publishers’ corporate governance.

FORTRESS INVESTMENT TO PRICE THURSDAY

Fortress Investment is set to make its market debut on NYSE next week in what will be first U.S.-listed IPO of an alternative investment manager. Pricing is expected Thursday. Firm intends to sell 34.3 million shares at $16.50-$18.50 a share.

FTC SEEKS PROTECTION OF CONSUMERS WITH HIGH DEBT

Federal Trade Commission says two firms that acted illegally to either collect debts or offer bogus methods to lower debt, based in Florida and Canada, have been shut down. It says it will continue to target such preying activities against high-debt consumers.

LEHMAN NAMES EMERGING EUROPE FIXED INCOME HEAD

Lehman Brothers says it has appointed Soroosh Shambayati as head of fixed income emerging markets for Europe. Shambayati joined Lehman from Citigroup, where he spent the past six years.

SEC TO NAME DELOITTE PARTNER DEPUTY CHIEF ACCOUNTANT

SEC will name James Kroeker, a partner in national office of Deloitte & Touche, as its new deputy chief accountant, according to individuals familiar with the matter, who spoke on condition they not be identified.

ICE TRADER DATA FORTHCOMING, CFTC SAYS

IntercontinentalExchange says it will hand over to the government data showing traders’ individual positions in electronic natural gas futures market within next few weeks, says a Commodity Futures Trading Commission spokesman.

HOLDERS WANT CURBS ON CALPINE EFFORTS

Calpine shareholders have complained about the way an investment bank is exploring a possible stock-rights offering on the company’s behalf, saying their committee has been shut out of the process.

EX-HEDGE FUND MANAGER WHITTIER INDICTED

Former head of Idaho hedge-fund company Wood River Capital Management LLC has been indicted on criminal charges that he engaged in a securities fraud scheme that allegedly cost investors $88 million, prosecutors say.

LEHMAN BOOSTS DIVIDEND, CONTINUES STOCK BUYBACK

Financial-services firm announces continuation of its common stock repurchase program with up to 100 million shares, nearly 20% of its shares outstanding. It also increases quarterly dividend by 25% to 15c.

SIMON PROPERTY 4Q NET JUMPS 69%, BOOSTS DIVIDEND

REIT posts net income of $227 million, or 92c a share. Funds from operations rises 7% to $450.4 million, or $1.57 a share, 2c higher than Wall Street expected. Revenue rises 4% to $927 million. It increases its quarterly dividend 10% to 84c.

EVANS RANDALL, IVG TO BUY SWISS RE HQ

Private investment banking firm Evans Randall has joined forces with IVG Asticus, the London arm of German property company IVG Immobilien to buy the London headquarters of Swiss Reinsurance.

DATA UNABLE TO CURB ABX SUBPRIME INDEXES’ WEAKNESS

The benchmark derivative indexes measuring subprime mortgage risk continued to show record weakness despite upbeat data on the housing market released earlier in the trading session.

DEUTSCHE BANK 4Q PROFIT HITS RECORD

Germany’s largest bank says its net profit tripled to $2.3 billion, coming in ahead of analysts’ calls for $1.84 billion, as investment-banking and trading activities see strong growth. CEO says 2008 could exceed expectations.

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