| People: Tremont; Royal Bank of Scotland/Dresdner Kleinwort; Morley ...
Year-long plans for management changes at New York based Tremont Group Holdings, an investment manager of fund of hedge fund products, have been put in place as its president Rupert Allan takes on the expanded role of chief executive from June. At the same time Robert Schulman steps aside from the job to become president of the Rye Investment Management, the group single manager division, which accounts for $3.5bn in assets. Allan will also be in charge of the company's flagship Tremont Capital Management fund of hedge funds operations. He said the goal was to increase the size of Tremont's current fund of hedge fund assets under management in the next two years. That would also mean further expansion, particularly in Europe and Asia he said. Royal Bank of Scotland has hired Dresdner Kleinwort's former global head of credit and equity derivatives Matteo Mazzocchi, who quit last November, to spearhead the growth of its structured and exotic products division, says Financial News.
Beacon's parent company to invest in new press
ACCOMAC -- The Eastern Shore News and Chincoteague Beacon will be acquiring a printing press and new production facility to produce livelier, more colorful and higher-quality newspapers for readers and advertisers, Publisher Rick Jensen announced Tuesday. The $6.5 million project will require the move of the newspapers' production facility from their downtown Salisbury, Md., location to a north Salisbury industrial park, Jensen said. .
Who's Buying Now?
It's a new week, which means it's time to check the most interesting insider purchases. After reading through numerous filings using insider tracking tool Form 4 Oracle, here are my top five now: The week's buying Company Closing Price 4/4/07 Total Value of Stock Purchased 52-Week Change .
business notes
Smith, of White Rock, received his 40-year pin during a recognition event at the Executive Plaza Hotel & Conference Centre April 2. Osmond received his CMA designation in 1966. CMA B.C. is holding recognition events across B.C. this year. Pins will be presented to CMAs who have been a part of the strategic financial management profession for 25 to 50 years. Feel the love Awakening Heart Learning & Healing Centre is hosting a Sealed With Love amateur poetry contest. Eligible entries are original works on the theme Love in My Community. Submissions should be no longer than 20 lines. The winning entry – chosen for creativity and sentiment – will be read at the opening of the Sealed With Love Community Celebration April 22. The winner will also receive $50.
Translating Strategy into Business Results
The one thing that every senior leader must do is translate strategy into business results. The ways and means of accomplishing this are the fodder for countless articles, books, research and consulting efforts. The success rate is arguably less than desired. So why is this so hard? This is the essential challenge in our dynamic business world that typically involves complex change in product lines, organizational structures, marketing practices, human resource policies and, in fact, possibly every other aspect of the business, depending on strategy and goals. There are many ways of going about this translation, but they all have common elements that can be found in the current practices (and demonstrated success) of project management. First, let me reference my own article from a year ago, “The Emerging Project Management Profession".
MORNING WATCH, April 10
Early indications point to a flat open, with no major news to guide the market in early trade. Two hours before the opening bell on Wall Street, stock index futures indicated that both the Dow Jones Industrial Average ($INDU) and the NASDAQ ($COMPQ) would open the trading session little changed.
Among the stocks to watch Tuesday, Citigroup (C) fell in overseas trading after the company announced plans to cut 17,000 jobs, or approximately 5% of its workforce. Alcoa (AA) is expected to see action. The Dow component kicks off the first quarter earnings-reporting season with a report due out after the closing bell today.
Bank of New York (BK) and Morgan Stanley (MS) host annual shareholder meetings. Applied Materials (AMAT) is trading up after Bank of America raised its rating to buy.
If Blackstone Is Selling, Why Are You Buying?: Matthew Lynn
March 21 (Bloomberg) -- One by one, the big companies of the alternative investment industry are selling. Blackstone Group LP, the leveraged buyout firm that has spent $160 billion taking companies private in the past two decades, has just announced its initial public offering. Fortress Investment Group LLC, which manages hedge and private- equity funds, listed its shares in February and the stock almost doubled on the first day it was traded. In Europe, booming hedge funds are queuing up to go public. Polar Capital Holdings Plc did so last month, and Marshall Wace LLP raised 1.5 billion euros ($2 billion) through an IPO for one of its hedge funds late last year. Yet if Blackstone, Fortress and other alternative- investment managers are selling their shares, should you be buying? Probably not.
Delray to assume road ownership responsibilities
Delray Beach has reached agreement with Palm Beach County to assume ownership of three county roads located within the city. County Commissioners recently approved an agreement wherein the city will assume "jurisdictional control, maintenance responsibilities, and ownership" of Jefferson Road from Military Trail east to Whatley Road, Lincoln Road from Jefferson Road south then east to Whatley Road and Whatley Road from Lincoln Road north to West Atlantic Avenue. The roads are wholly within city limits, commissioners said, and the city has agreed to the transfer of the responsibility for operation and maintenance of the public rights-of-way. .
Fitch Upgrades Redwood Trust's Structured Finance CDO Asset ...
NEW YORK--(BUSINESS WIRE)--Fitch has upgraded Redwood Trust Inc.'s (Redwood) structured finance collateralized debt obligation (CDO) asset manager rating from 'CAM2' to 'CAM1-'. Redwood's previous CAM rating was re-scaled to match Fitch's 2007 criteria prior to Fitch's annual review and CAM rating update. The upgrade can be attributed to Redwood's strong CDO performance track record as well as the enhancements made to its technology platform that improve the firm's CDO administration capabilities and increase scalability. Redwood's rating reflects the company's experienced portfolio management team and the quality of its proven prime residential real estate underwriting process. Redwood has organized its operations to further integrate all areas of the firm in its management of its CDO portfolios.
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