CIBC to Purchase 41 Percent Stake in American Century Investments
CIBC to Purchase 41 Percent Stake in American Century Investments
Kansas City, KS (PRWEB) July 15, 2011
American Century Investments announced today that a 41 percent economic interest in the company currently held by JPMorgan Chase & Co. will be acquired by CIBC a leading Canadian financial institution, for a purchase price of approximately USD $ 848 million, based on a definitive agreement. The transaction is expected to close within the next 60-to-90 days, pending approval by U.S. and Canadian regulatory authorities.
“We’re excited to welcome CIBC as a strategic partner and stakeholder in our company,” said Jonathan Thomas, American Century Investments president and chief executive officer. “CIBC’s large footprint in Canada and presence in other parts of the world will help in the execution of our growth through diversification strategy, of which a key component is bringing our investment management expertise to non-U.S. clients. Robust growth and continued financial success is in the best interests of our clients, employees and stakeholders in the firm.”
The deal allows CIBC to access and leverage American Century Investments’ asset management capabilities while helping the bank further diversify its business interests by geography, giving the company a strong presence in the U.S. investment management market. For American Century Investments, the transaction provides the Kansas City-based firm with a strategic partner whose prominence in Canada will help support its growth initiative to broaden non-U.S. distribution of the firm’s products and services. The companies also plan to explore other opportunities to grow each other’s businesses in mutually beneficial ways, while continuing to place the interests of clients and investors first.
“This investment will build on our strong franchise in Canada and provide CIBC an additional platform for growth in asset management internationally,” said CIBC President and CEO Gerry McCaughey. “It is aligned with our risk appetite and provides attractive fee-based income, geographic diversification and revenue synergies within our asset management business.”
American Century Investments’ business partnership with CIBC brings together a leading U.S. investment firm managing approximately $ 112 billion* in assets and one of Canada’s top financial institutions with more than $ USD 400 billion in assets as of April 30, 2011. Based in Toronto, CIBC employs nearly 42,000 people and provides a full range of retail and wholesale banking services to almost 11 million retail and wholesale banking clients through 1,080 branches and offices in Canada, the United States and around the world.
Upon the close of the transaction, CIBC will have two representatives on American Century Investments’ 10-person board. In addition to its 41 percent economic interest, CIBC will have a 10.1 percent voting interest.
JPMorgan Chase has held a non-controlling equity interest in American Century Investments since January, 1998, when it purchased a 45 percent stake. The transaction provided American Century Investments founder James Stowers Jr. with the liquidity necessary to establish and endow the Stowers Institute for Medical Research, a biomedical research organization committed to finding cures for cancer and other gene-based diseases.
The companies will hold an analyst/investor/media call to discuss this announcement today Friday, July 15 at 8:30 a.m. (EST). A live audiocast will be available at http://www.cibc.com/ca/about.html. Participants also can listen to the conference call (416-695-6622) in Toronto, or toll-free (1-800-766-6630) throughout the rest of North America. A telephone replay will be available (905-694-9451 or 1-800-408-3053, passcode 5043534#) until midnight (EST) on Dec. 12, 2011.
About CIBC
CIBC is a leading Canadian-based global financial institution. Through its two main operating groups, CIBC Retail Markets and Wholesale Banking, CIBC provides a full range of financial products and services to almost 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. CIBC is among the best capitalized banks in the world with Tier 1 and Tangible Common Equity ratios of 14.7% and 10.6%, at April 30, 2011. CIBC Wealth Management provides a comprehensive suite of wealth-building services through an extensive distribution network that includes CIBC Private Wealth Management, CIBC Wood Gundy and CIBC Investor’s Edge, to a broad range of self-directed investors, high net worth individuals, and institutional clients.
CIBC Asset Management’s industry-leading investment solutions include the CIBC family of managed portfolio solutions and two mutual fund families – CIBC and Renaissance Investments, while CIBC Global Asset Management provides global money management services for institutional, retail and high net worth clients.
About American Century Investments
American Century Investments is a leading privately held investment management firm, committed to delivering superior investment performance and building long-term client relationships since 1958. Serving investment professionals, institutions, corporations and individual investors, American Century Investments offers a variety of actively managed investment disciplines through an array of products including mutual funds, institutional separate accounts, commingled trusts and sub-advisory accounts. The company’s 1,300 employees serve clients from offices in New York; London; Hong Kong; Mountain View, Calif. and Kansas City, Mo. James E. Stowers Jr. is founder of the company, Jonathan S. Thomas is president and chief executive officer and Enrique Chang is chief investment officer. Through its ownership structure, more than 40 percent of American Century Investments’ profits support research to help find cures for genetically-based diseases including cancer, diabetes and dementia.
Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. Go to americancentury.com for a prospectus or summary prospectus containing this and other information. Read it carefully.
*Assets as of June 30, 2011
American Century Investment Services, Inc., Distributor
©2011 American Century Proprietary Holdings, Inc.
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Categories: top mutual funds Tags: American, Century, CIBC, Investments, percent, Purchase, Stake
Why Stop Buying Mutual Funds
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Q&A: What are the top websites for investment and mutual fund research?
Question by flyboop_2000: What are the top websites for investment and mutual fund research?
I am in the initial stages of building my investment portfolio and I am very adamant about doing all the research I can prior to purchasing mutual funds. I have heard mixed reviews about some of the top investment sites (i.e. MorningStar, etc.). Which sites do you think are the best for investment research?
Please note, I already have a Fidelity account; I am looking for unbiased reviews of stocks and funds (i.e. buy, sell, good, bad, etc.).
Thanks!
Best answer:
Answer by muncie birder
Moringstar has very comprehensive research on mutual funds but unfortunately not all inclusive. Their analysts’ commentaries leaves a great deal to be desired. But if you are doing your own research, you don’t care about their commentaries anyway. Since you have a Fidelity account, you have access to a lot of stock research and a good stock screener.
A good site to research etfs is http://www.etfconnect.com/
Add your own answer in the comments!
Categories: top mutual funds Tags: Fund, Investment, Mutual, research, Websites
Self Directed IRA Checkbook Control Solution Becomes Retirement Plan of Choice for IRA Financial Group Clients
Self Directed IRA Checkbook Control Solution Becomes Retirement Plan of Choice for IRA Financial Group Clients
Miami Beach, FL (PRWEB) October 26, 2011
IRA Financial Group, the leading provider of self-directed IRA LLC checkbook control solution, has seen a growing number of investors using a self-directed IRA LLC structure to make traditional as well as non-traditional investments with their retirement funds tax-free over the last quarter.
A Self Directed IRA is a type of IRA that allows the IRA holder to have some degree of control over the type investments that can be made using your retirement funds. With a traditional Self Directed IRA, the IRA holder have the ability to direct the IRA custodian to make the stock or mutual fund investment you wish to make using your retirement funds. On the other hand, a Self Directed IRA LLC with checkbook control will allow the IRA holder to serve as the LLC manager, thus, providing the individual with checkbook control over his or her retirement funds.
“With IRA Financial Group’s self-directed IRA LLC solution, making a real estate or other investment is as simple as writing a check,” stated Scott Krokoff, a tax attorney at the IRA Financial Group. “Our Self-Directed IRA LLC solution allows retirement investors to make traditional investments (stocks, mutual funds) as well as non-traditional investments (real estate, precious metals, etc) tax-free and without custodian consent,” stated Mr. Krokoff.
The Self Directed IRA LLC “Checkbook Control” Structure is IRS and tax court approved. A self-directed IRA is like a regular IRA except the owner is responsible for making investment decisions on his own. The primary advantage of this set-up is the ability to invest in assets outside of stocks and bonds. This allows the owner to build a greater portfolio and invest in things with personal meaning. With a Self-Directed IRA LLC with checkbook control, an individual will be able to invest in almost any type of investment opportunity, including: real estate (rentals, foreclosures, raw land, tax liens etc.), private businesses, precious metals, hard money & peer to peer lending as well as stock and mutual funds.
“When it comes to self-directed IRA investing, our clients only limit is their imagination,” stated Mr. Krokoff. The income and gains from these investments will flow back into your IRA tax-free.
The potential returns are amazing for investors who are willing to take the plunge. Investing in private equities, real estate and other alternative assets like precious metals can give a portfolio a serious competitive edge. Precious metals are the go-to safe haven asset for inflation and instability. Real estate is also a good inflation hedge with the potential for regular income from rents. Private equities can make the investor a true partner in a number of solid companies if he does his homework beforehand. Self-directed IRAs offer plenty of opportunity, but the investor must know what they are doing before getting started.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP and Dewey & LeBoeuf LLP.
IRA Financial Group is the market’s leading “Checkbook Control” Self Directed IRA and Solo 401k Plan Facilitator. We have helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate tax-free and without custodian consent!
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.
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Categories: top mutual funds Tags: becomes, Checkbook, Choice, Clients, Control, Directed, Financial, Group, plan, Retirement, Self, Solution
The Childrens Mutual Finds Parents of Younger Children Being Warned to Start Saving
The Childrens Mutual Finds Parents of Younger Children Being Warned to Start Saving
London, UK (PRWEB) June 4, 2010
According to research by The Children’s Mutual, a leading Child Trust Fund provider, parents of 18- to 30-year-olds are warning families of younger children to start saving now to fund the future, with nearly a 28% saying that they have either remortgaged or are planning to remortgage to fund their child’s adulthood. The research also revealed that many parents of adult children said that if they had their time again they would have saved more.
As the coalition Government threatens to cut the Child Trust Fund (http://www.thechildrensmutual.co.uk/child-trust-funds.aspx ) (CTF), The Children’s Mutual is urging parents whose children are eligible for the accounts to make the most of them while they can.
David White, Chief Executive of The Childrens Mutual (http://www.thechildrensmutual.co.uk/ ), said: “Saving for your child is a ‘necessity’ not a ‘nice-to-have’. Parents of today’s 18- to 30-year-olds are having to find an average of £30,000 to fund their adult children the hard way – by remortgaging or borrowing further. We believe the only way that most families will be able to help fund children to fulfil their potential going forward is by saving regularly over the long term.”
Parents of CTF holding children should not be disheartened or confused by the coalition’s proposal. The Government has confirmed that for existing customers, the accounts will remain as they are; meaning that the families of the five million CTF holding children across the UK can continue to save up to £1,200 a year tax efficiently to help give their child a much needed springboard into adulthood.
David White continued, “We believe that children stand the best chance of fulfilling their potential if money isn’t an insurmountable barrier to their choices and decisions. The CTF has been a phenomenal success with families investing more than £5 million every week for their children and we urge parents to make the most of it.”
Launched in 2005, Child Trust Funds were designed to provide a tax efficient, long term savings vehicle for all eligible children. Eligible newborn children (born on or after 1 September 2002) received a £250 Child Trust Fund voucher (http://www.thechildrensmutual.co.uk/child-trust-funds/child-trust-fund-voucher.aspx) (£500 for low income families) from the government when their parents registered for Child Benefit (http://www.thechildrensmutual.co.uk/information/glossary/child-benefit.aspx). The government then makes a second contribution of £250 (£500 for low income families) when the child reaches seven. Parents, family and friends can all then add to this account up to a maximum value of £1,200 each year. The proposed changes to the CTF will mean that for existing customers the accounts remain as before, with an annual tax-efficient top up allowance of £1,200, albeit without the Government’s additional contributions from 1 August 2010.
Notes to editors
Research from The Children’s Mutual Cost of Children Report. Figures from TISA, workings available on request.
Further information on the changes to Child Trust Funds (http://www.thechildrensmutual.co.uk/child-trust-funds/child-trust-fund-faqs.aspx ) can be found on The Children’s Mutual website.
About The Children’s Mutual – Home of the Child Trust Fund
The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfil their hopes for today’s children. The Children’s Mutual is the only UK company that specialises in long term savings for children and is now the choice of one in four parents for their child’s Child Trust Fund, with over 800,000 accounts. This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their stakeholder Child Trust Fund provider.
The Children’s Mutual PR contact
Katie Mallett
Consolidated PR
22 Endell Street
London
WC2H 9AD
020 7781 2376
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Categories: top mutual funds Tags: being, Children, Childrens, Finds, Mutual, parents, Saving, Start, Warned, Younger
3 Top Financial Advisors Describe Their Ideal Lives
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The Childrens Mutual Reports Saving For Children is Still Crucial
The Childrens Mutual Reports Saving For Children is Still Crucial
London, UK (PRWEB) June 4, 2010
The Children’s Mutual, a leading Child Trust Fund provider, reports that saving for children is crucial and urges the 5 million families whose children hold Child Trust Fund (CTF) accounts to continue saving for their children into CTFs.
David White, Chief Executive of The Childrens Mutual (http://www.thechildrensmutual.co.uk/ ), said: “The CTF (http://www.thechildrensmutual.co.uk/child-trust-funds.aspx ) has changed the nation’s savings habits and we congratulate families across the UK for recognising the critical importance of saving for their children’s futures.”
According to The Children’s Mutual, today’s parents are paying out an average of £30,000 to fund their children between the ages of 18 to 30 and these costs are only expected to rise for families of tomorrow.
The Children’s Mutual urges families to not be disheartened by the Government’s announcement to stop all payments to Child Trust Funds by January 2011, but to continue to help their children fulfil their future potential by saving regularly over the long term. CTF holding children now have a unique asset that others will not.
The Children’s Mutual also revealed that the Child Trust Fund is the single most successful savings policy to date and that this sort of short term cut does not address the pressing need for families to save or recognise the significant benefit to society that the CTF will bring from 2020 as maturing funds return an anticipated £2.96bn each year to the economy.
David White continued: “We also reassure our current and existing customers that having been in existence for the last 129 years, we have been providing long-term savings accounts for children and helping support families throughout our history. We are committed to continuing to do so in the future.”
Launched in 2005, Child Trust Funds were designed to provide a tax efficient, long term savings vehicle for all eligible children. Newborn children (born on or after 1 September 2002) received a £250 Child Trust Fund voucher (http://www.thechildrensmutual.co.uk/child-trust-funds/child-trust-fund-voucher.aspx ) (£500 for low income families) from the government when their parents registered for Child Benefit. The government then makes a second contribution of £250 (£500 for low income families) when the child reaches seven. Parents, family and friends can all then add to this account up to a maximum value of £1,200 each year. The proposed changes to the CTF will mean that for existing customers the accounts remain as before, with an annual tax-efficient top up allowance of £1,200, albeit without government’s additional contributions from 1 August 2010.
Notes to editors
Findings are from The Children’s Mutual and HMRC quarterly stats. Workings are available on request.
About The Children’s Mutual – Home of the Child Trust Fund
The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfil their hopes for today’s children. The Children’s Mutual is the only UK company that specialises in long term savings for children (http://www.thechildrensmutual.co.uk/childrens-savings.aspx ) and is now the choice of one in four parents for their child’s Child Trust Fund, with over 800,000 accounts. This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their stakeholder Child Trust Fund (http://www.thechildrensmutual.co.uk/child-trust-funds/our-child-trust-funds/baby-bond.aspx ) provider.
The Children’s Mutual PR contact
Katie Mallett
Consolidated PR
22 Endell Street
London
WC2H 9AD
020 7781 2376
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The Children’s Mutual Reports Kids Unaffected by Recession This Christmas
The Children’s Mutual Reports Kids Unaffected by Recession This Christmas
London, UK (PRWEB) November 26, 2009
According to research by a leading Child Trust Fund (CTF) provider, The Children’s Mutual, children in the UK are set for a bumper Christmas this year, receiving £5 billion of presents. With generous friends and family set to spend 20% more than last year on youngsters, it seems the recession is not impacting kids’ stockings just yet.
The average UK child will receive £380 worth of presents this year, compared to £316 in 2008. In total, UK kids will have over £4 billion worth of toys and other presents underneath their trees, along with £960 million in cash, with each child receiving an average of £73. More than a quarter of lucky UK children will get £100 or more.
The Children’s Mutual (http://www.thechildrensmutual.co.uk/ ) is urging parents to take advantage of the generosity of friends and family this Christmas by asking them to invest in a present that could last a lifetime.
David White, Chief Executive of The Children’s Mutual, said: “It’s great news that the recession is not affecting kids’ stockings this Christmas. However we are urging parents to think about their children’s futures and ask friends and family to invest a portion of this money for the long-term.”
The Children’s Mutual also found that a lot of money is spent on presents that often don’t last for more than a couple of months.
David White continued: “Around £200 is spent on presents that won’t make it past Easter, but if this money was invested in a Child Trust Fund each year, it could be worth £6,100* by the time it matures when the child turns 18. This way friends and family can give a gift that could last well beyond the child’s 18th birthday and providing them with a nest egg for the future.”
According to figures from The Children’s Mutual, top ups into Child Trust Funds (http://www.thechildrensmutual.co.uk/child-trust-funds.aspx ) get a timely boost at Christmas with an average increase in ad hoc payments of just under 25%** during the festive period.
Child Trust Funds are designed to provide a tax efficient, long term savings (http://www.thechildrensmutual.co.uk/child-trust-funds/our-child-trust-funds.aspx ) vehicle for all eligible children (born on or after 1 September 2002). Each newborn child receives a £250 Child Trust Fund voucher (http://www.thechildrensmutual.co.uk/child-trust-funds/child-trust-fund-voucher.aspx ) (£500 for low income families) from the Government when their parents register for Child Benefit. The Government will make a second contribution of £250 (£500 for low income families) when the child reaches seven and is considering a third in the child’s teenage years. Parents, family and friends can all then add to this account up to a maximum value of £1,200 each year.
Notes to editors
Commissioned by The Children’s Mutual, The Parenting Matters Report questioned 2070 parents with children aged 5-15 in May 2009.
*Future projected values based on £200 being invested once a year (excluding the government’s contributions) for 18 years in a stakeholder CTF account and assuming an investment return of 7% a year, and charges of 1.5% of the CTF account value each year.
** Based on ad hoc payments made into The Children’s Mutual CTF accounts in Jan 09 compared to the rest of the previous year.
About The Children’s Mutual – Home of the Child Trust Fund
The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfill their hopes for today’s children. The Children’s Mutual is the only UK company which specialises in long term savings for children and is now the choice of 1 in 4 parents for their child’s Child Trust Fund, with more than 725,000 accounts. This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their stakeholder Child Trust Fund (http://www.thechildrensmutual.co.uk/child-trust-funds/our-child-trust-funds/baby-bond.aspx ) provider.
The Children’s Mutual PR contact
Katie Donlan
Consolidated PR
22 Endell Street
London
WC2H 9AD
020 7781 2376
http://www.thechildrensmutual.co.uk
###
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, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
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Categories: top mutual funds Tags: Childrens, Christmas, Kids, Mutual, Recession, Reports, This, Unaffected
What are the top 5 no-load mutual funds to invest in.?
Question by nycguy_2006: What are the top 5 no-load mutual funds to invest in.?
Best answer:
Answer by Molly in Chelan
Whichever type you choose, go with Vanguard. Their expenses are the lowest!
Give your answer to this question below!
Categories: top mutual funds Tags: Funds, invest, Mutual, noload
The Childrens Mutual Reveals Cost of Top Career Aspirations Set to Soar
The Childrens Mutual Reveals Cost of Top Career Aspirations Set to Soar
London, UK (PRWEB) June 19, 2010
The Children’s Mutual, the leading Child Trust Fund provider, has revealed new research* that suggests parents could be facing a bill in excess of £100,000 if their children grow up to fulfil their career ambitions.
The annual ‘What I Want to Be’ poll revealed that among five, six and seven year-olds, becoming a teacher, doctor or vet are the jobs of choice. The Childrens Mutual (http://www.thechildrensmutual.co.uk/ ) warned parents to start saving now as the latter two could cost £116,000 and £117,000 respectively in 18 years time.
Tony Anderson, Marketing Director of The Children’s Mutual, said: “Parents tell us their young children are highly ambitious and that they, as parents, fully intend to help them fund their futures. But the sums of money the top careers command could cause financial nightmares for families who don’t plan ahead. While the Coalition Government has announced its plan to significantly reduce payments into Child Trust Funds (http://www.thechildrensmutual.co.uk/child-trust-funds.aspx) from 1 August 2010 and to abolish the scheme altogether for new babies born from 1 January 2011, the reality is that the cost of children’s futures hasn’t changed. We believe that the only way for parents to financially manage these costs is by saving regularly over the long term and are urging them to continue doing so.”
The Children’s Mutual questioned over a thousand parents about what their children said they wanted to be when they grew up and found that the majority of today’s children are looking for a career which requires further training and education. The top careers of doctor, teacher and vet have featured in the ‘What I Want to Be’ poll for the last three years, demonstrating that children consistently aspire to careers that will need higher education.
According to The Children’s Mutual, 93% of parents of today’s young adults are still funding their children, and the expert in long-term savings for children (http://www.thechildrensmutual.co.uk/childrens-savings.aspx) does not anticipate this changing. The Children’s Mutual is urging parents to continue saving regularly over the long term rather than having to face finding such large sums of money in the future.
Launched in 2005, Child Trust Funds were designed to provide a tax efficient, long term savings vehicle for all eligible children. Eligible newborn children (born on or after 1 September 2002) received a £250 Child Trust Fund voucher (£500 for low income families) from the Government when their parents registered for Child Benefit. The Government then makes a second contribution of £250 (£500 for low income families) when the child reaches seven. Parents, family and friends can all then top up the CTF (http://www.thechildrensmutual.co.uk/existing-customers/top-up-a-ctf.aspx) and add to this account up to a maximum value of £1,200 each year. The proposed changes to the CTF will mean that for existing customers the accounts remain as before, with an annual tax-efficient top up allowance of £1,200, albeit without the Government’s additional contributions from 1 August 2010.
Notes to editors
*The research from The Children’s Mutual was undertaken by BDRC during March 2010 and polled 1200 parents of children aged between five and seven
Further details can be found at: http://www.thechildrensmutual.co.uk/about-the-childrens-mutual/media-centre/2010-media-releases/bill-to-fund-a-childs-future.aspx
About The Children’s Mutual – Home of the Child Trust Fund
The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfil their hopes for today’s children. The Children’s Mutual is the only UK company that specialises in long term savings for children and is now the choice of one in four parents for their child’s Child Trust Fund, with over 800,000 accounts. This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their stakeholder Child Trust Fund provider.
The Children’s Mutual PR contact
Katie Mallett
Consolidated PR
22 Endell Street
London
WC2H 9AD
020 7781 2376
###
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
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Categories: top mutual funds Tags: Aspirations, Career, Childrens, cost, Mutual, reveals, Soar
