Sector Update: Financial

By Staff,

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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 ( BK ) 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 own.

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 regulatory approvals.

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 operational risks.

(-) 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.

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
Referenced Stocks: BK

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