Markets

Financial Sector Update for 06/15/2015: OMAM,FRFHF,FFH.TO,BX

Top Financial Stocks

JPM -0.37%

BAC -0.20%

WFC -0.32%

C -0.71%

USB -0.65%

Financial stocks were moderately lower Monday, with the NYSE Financial Sector Index dropping 0.5% and the S&P Financial 100 Index falling 0.3%.

In company news, OM Asset Management Ltd ( OMAM ) stumbled Monday after the wealth management firm announced plans for a secondary offering of 11 million shares now owned by a British subsidiary of the company's parent company.

OM Group ( UK ) Ltd will reduce its stake from 94.56 million shares, or more than 78% of the company, to around 69.3%, according to the preliminary prospectus. It also will issue 30-day options to buy up to 1.65 million shares to cover potential underwriter overallotments, which if fully exercised would further trim its stake to around 81.9 million shares, or about 68% of its outstanding stock.

OMAM shares were down more than 3% at $17.89 apiece, earlier sinking to a session low of $16.56 a share. The stock has traded within a range of $13.25 to $20.05 a share since its October 2014 initial public offering, rising more than 32% over that span.

In other sector news,

(+) FRFHF, (+0.4%) Calls special shareholders meeting to vote on a proposal to preserve the 41.8% voting power of the company's multiple voting shares owned by CEO and Board Chairman Prem Watsa.

(-) BX, (-0.9%) Acquires T4U Holding Brasil SA and more than 500 wireless towers in Brazil through its Phoenix Tower International portfolio company. Terms were not disclosed.

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

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

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