Financial stocks were higher Monday with the NYSE Financial
Sector Index adding about 1.0% and the S&P Financial 100 Index
up about 1.2%.
In company news, BNY Mellon (
) was higher shortly before the closing bell and the financial
service company today announcing a deal to acquire the remaining
65% stake in HedgeMark International LLC that it already doesn't
Financial terms of the transaction were not disclosed.
HedgeMark International provides managed account and risk
analytic services for hedge funds. BK has owned a 35% interest in
the firm since 2011. HedgeMark CEO Ken Phillips is expected to
retire once the deal has its expected Q2 close, subject to
Shares were up 1.7% at $31.89 apiece in recent trade, keeping
less than 10 cents of its session high. The stock has a 52-week
range of $26.64 to $35.66 a share.
In other sector news,
(+) C, Late Friday cuts its target Basel III Tier 1 common
capital ratio to 9.5% percent from 10%, after the Federal Reserve
made the bank increase the portion of its equity that supports
(-) MCO, Announces conditional open offer to acquire up to 2.65
million shares of ICRA Ltd (ICRA.BO) for 2,000 Indian rupees, or
$32.19 each, boosting its stake above 50%. It currently has a 28.5%
stake in the Indian credit rating agency.
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