Financial Stocks Slightly Underwater; Affiliated Managers Adds Another $5 Bln to AUM with Deal


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Top Financial Stocks

JPM +0.4%

BAC +0.5% to near 52 week highs.

WFC +0.6%, 52 week highs.

C +0.04%

USB +0.02%, hit 52 week highs.

Financial stocks are slightly lower with the NYSE Financial Sector Index sliding about 0.1% and the S&P Financial 100 Index less than 0.1%.

In company news, Affiliated Managers Group Inc. ( AMG ) has turned narrowly lower again, sinking about 0.3% to under $209 a share after earlier posting small gains after announcing plans to acquire a majority equity interest in SouthernSun Asset Management.

Financial terms of the transaction were not disclosed but the companies said the SouthernSun partners will still hold a substantial equity stake in the business after the deal closes while also continuing to direct its day-to-day operations.

SouthernSun was founded nearly 25 years ago and currently has around $5 billion in assets under management, using a fundamental, research-driven process to guide portfolio decisions. AMG provides investment management services to mutual funds, institutional clients and high net worth individuals and had around $508 billion under management at the end of its September quarter.

In other sector news,

(+) PAYX, (+4.3%, hits six year highs) Payroll services firm reports fiscal Q2 EPS of $0.43, up from $0.41 last year and beating analyst expectations by $0.01 per share. Revenue rise 7.2% year over year to $610.5 mln, also topping the Thomson Reuters consensus by $11.5 mln.

(+) AIG, (+0.7%) Reversing earlier losses that followed the insurer announcing plans for a Jan. 17, 2014, redemption of nearly $1.2 bln of its 4.25% three-year notes maturing Sept. 15, 2014.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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