I-Bytes Financial services Industry

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I-Bytes
Financial services
February Edition 2020
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Table of Contents
1. Financial, M & A Updates..................................................................................................................................1
2. Solution Updates...............................................................................................................................................35
3. Rewards and Recognition Updates.................................................................................................................44
4. Customer Success Updates..............................................................................................................................62
5. Partnership Ecosystem Updates.....................................................................................................................69
6. Event Updates..................................................................................................................................................78

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Financial, M & A Updates
Financial services Industry

Financial, M&A Updates
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AGNC Investment Corp. (USA) Announces Fourth Quarter 2019
Financial Results
Fourth Quarter 2019 Financial Highlights
• $1.59 comprehensive income per common share, comprised of:
• $1.56 net income per common share
• $0.03 other comprehensive income per common share on investments
marked-to-market through OCI
• $0.57 net spread and dollar roll income per common share, excluding
estimated "catch-up" premium amortization benefit
• Includes $0.04 per common share of dollar roll income associated with the
Company's $7.0 billion average net long position in forward purchases and sales
of Agency mortgage-backed securities in the "to-be-announced" market
• Excludes $0.09 per common share of estimated "catch-up" premium
amortization benefit due to change in projected constant prepayment rate
estimates
• $17.66 tangible net book value per common share as of December 31, 2019
• Increased $1.11 per common share, or 6.7%, from $16.55 per common share
as of September 30, 2019
• $0.48 dividends declared per common share for the fourth quarter
• 9.6% economic return on tangible common equity for the quarter
• Comprised of $0.48 dividends per common share and $1.11 increase in
tangible net book value per common share
Executive Commentary
"AGNC's very strong performance in the fourth quarter of 2019 concluded a
tremendous year for the Company," said the Company's Chief Executive
Officer and Chief Investment Officer. "Our economic return of 9.6% in the
fourth quarter represents AGNC's best quarter since the second quarter of
2014 and drove a total economic return of 18.7% for the year. Looking
ahead, we believe AGNC remains extremely well-positioned to continue to
generate attractive risk-adjusted returns as a more benign interest rate
environment and favourable developments on the financing front should
serve as a positive tailwind for levered investors in Agency MBS as we enter
2020.
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Ameriprise Financial (USA) Reports Fourth Quarter 2019 Results
• Adjusted operating earnings per diluted share increased 11 percent to $4.20 and adjusted
operating return on equity increased 80 basis points to 38.6 percent.(2) Operating results in
Corporate were negatively impacted by $42 million, or $0.25 per diluted share, related to
elevated impairments on low income housing investments and severance, as well as
compensation expense associated with the company’s share price appreciation in the
quarter.
• Ameriprise closed on the sale of its Auto & Home business to American Family
Insurance, which added over $700 million to our excess capital. The transaction generated
a $161 million net benefit on a full year GAAP pre-tax basis and was excluded from
operating results.
• Adjusted operating net revenue was up 6 percent to $3.0 billion, excluding Auto & Home.
• Assets under management and administration were $973 billion and Advice & Wealth
Management total client assets were $643 billion - both represented record highs.
• Advice & Wealth Management and Asset Management generated approximately 75
percent of adjusted operating revenue and pre-tax adjusted operating earnings in the
quarter.
• Total pre-tax adjusted operating margin was a strong 21.2 percent, driven by a 22.6
percent margin in Advice & Wealth Management and a 36.2 percent net adjusted margin in
Asset Management.
• Ameriprise generated substantial free cash flow in the year and returned $0.7 billion to
shareholders in the quarter through share repurchase and dividends, for a total of $2.4
billion for the full year. Excess capital increased to $2.2 billion at year end.
“Ameriprise delivered another strong quarter, completing a year of significant progress.
We served more clients in our affluent target market, earned strong asset flows and
deepened the personal, advice-based relationships our advisors have with clients.
Advice & Wealth Management is leading our growth, and Asset Management is
gaining traction with steady improvement in client flows over the past several quarters.
In 2019, total assets under management and administration across the firm reached a
new high, up 18 percent. Our capital strength remains an important differentiator. Our
business generates significant free cash flow and with our strategic actions in 2019, we
freed-up additional capital to invest for growth and return to shareholders. In the
quarter, we returned $689 million to shareholders through dividends and ongoing share
repurchases. And on a full-year basis, we returned $2.4 billion, which is 110 percent of
our adjusted operating earnings in-line with our plan. “As we look forward, Ameriprise
is in an excellent position to serve even more individual investors and institutions
through personal, advice-based relationships and high-performing solutions. “said,
Chairman and Chief Executive Officer.
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Aon Reports (UK) Fourth Quarter and Full Year 2019 Results
Fourth Quarter Key Metrics from Continuing Operations and Highlights
• Total revenue increased 4% to $2.9 billion, including organic revenue growth of 7%
• Operating margin increased to 18.2%, and operating margin, adjusted for certain items,
increased 210 basis points to 27.9%
• EPS increased to $1.58, and EPS, adjusted for certain items, increased 17% to $2.53
• Repurchased 2.3 million Class A Ordinary Shares for approximately $450 million
• Subsequent to the close of the fourth quarter, the Company completed its acquisition of
CoverWallet, expanding its position in the fast-growing commercial insurance market for
small and medium-sized businesses, as well as the opportunity to leverage CoverWallet's
platform to develop and scale innovative digital client experiences
Full Year Key Metrics From Continuing Operations and Highlights
• Total revenue increased 2% to $11.0 billion, including organic revenue growth of 6%
• Operating margin increased to 19.7%, and operating margin, adjusted for certain items,
increased 250 basis points to 27.5%
• EPS increased to $6.37, and EPS, adjusted for certain items, increased 12% to $9.17
• Cash flows from operations increased 9% to $1,835 million and free cash flow increased
11% to $1,610 million
• Repurchased 10.5 million Class A Ordinary Shares for approximately $2.0 billion
• Completed all charges related to the restructuring program. The Company expects to
deliver $580 million of annualized savings in 2020, reflecting a 39% return on investment
prior to any reinvestment
"Our fourth quarter results reflect strong operational and financial performance to
finish the year, highlighted by organic revenue growth of 7%, including growth of 5%
or greater in four of the five solutions lines, and substantial operating margin
improvement of 210 basis points. For the full year, we delivered our strongest level of
organic revenue growth in over 15 years and adjusted operating margin of 27.5%," said
Chief Executive Officer. "Our strong performance reflects continued momentum as we
strategically position the firm to bring the best of global Aon to clients and execute
against our Aon United strategy. We enter 2020 in a position of strength to continue to
improve the long-term growth profile of the firm that we believe will unlock significant
value for clients and shareholders."
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Aon (UK) completes acquisition of CoverWallet, the leading digital
insurance platform for small and medium-sized businesses
Aon plc, a leading global professional services firm providing a
broad range of risk, retirement and health solutions, announced that it
has completed the firm’s acquisition of CoverWallet, the leading
digital insurance platform for small and medium-sized businesses.
With the acquisition, Aon will expand its position in the fast-growing
commercial insurance market for smaller businesses, while
leveraging CoverWallet’s technology and data & analytics
capabilities to develop and scale digital client solutions. CoverWallet
joins the growing portfolio of Aon's New Ventures Group, which
functions as a growth-stage capability focused on delivering new
sources of value to clients that expand Aon's addressable market. As
a part of the New Ventures Group, Aon will utilize the power of its
enterprise to accelerate the growth of CoverWallet’s core business,
while applying CoverWallet’s data & analytics capabilities and
technology to strengthen the digital client experience for the firm’s
existing clients. Moving forward, CoverWallet will go to market as
CoverWallet, an Aon company.
“Since we announced this acquisition, we’ve grown even more
excited by the opportunities we see to combine Aon's expertise in
data & analytics and global distribution with CoverWallet's
market-defining platform to create new sources of value for our
clients,” said CEO of Aon. “CoverWallet is a truly innovative
organization and we’re ready to begin working together to
strengthen and expand the application of their digital client
experience.”
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Arthur j. Gallagher & co. (USA) Announces fourth quarter and full year
2019 financial results
The brokerage and risk management segments combined in fourth quarter 2019
to post:
• Total revenue growth of 17%, of which 5.8% was organic revenue growth.
• Net earnings growth of 31%, EBITDAC growth of 24% and adjusted
EBITDAC growth of 23%.
• Improved net earnings margin by 104 basis points and adjusted EBITDAC
margin by 134 basis points.
• Completed 11 acquisitions with estimated annualized revenues of $117
million.
For the full year 2019, results were excellent and improved over a very strong
full year 2018. The brokerage and risk management segments combined in 2019
to post:
• Total revenue growth of 14%, of which 5.6% was organic revenue growth.
• Net earnings growth of 22%, EBITDAC growth of 19% and adjusted
EBITDAC growth of 17%.
• Improved net earnings margin by 89 basis points and adjusted EBITDAC
margin by 76 basis points.
• Completed 49 acquisitions with estimated annualized revenue of $468 million.
“We had an outstanding fourth quarter to cap-off an excellent full year
2019,” said Chairman, President and CEO. Our 2019 momentum should
continue in 2020. Almost without exception, property & casualty rates
around the world are firm and continue to trend higher in most lines and
geographies. Our clients’ businesses are growing. Unemployment is at
historically low levels nearly everywhere. This is an environment where our
professionals combine their creativity and knowledge with our vast
capabilities to help clients manage risk and attract and retain talent. Further,
our unique culture, guided by The Gallagher Way, continues to encourage
colleagues worldwide to seek excellence for themselves, their clients, carrier
partners and one another. I am extremely pleased with our 2019 performance
and excited about our future.”
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BlackRock (USA) Reports Fourth Quarter 2019 Diluted EPS of $8.29, or
$8.34 as adjusted
• $429 billion of full year total net inflows, reflects 7% organic asset growth and 5%
organic base fee growth, led by strong fixed income and cash flows and record activity in
illiquid alternatives.
• $129 billion of quarterly total net inflows, positive across investment style, product type
and region, driven by $75 billion of iShares® inflows.
• 2% increase in full year revenue driven by higher base fees and 24% growth in
technology services revenue, reflecting continued Aladdin® momentum and the impact of
the eFront acquisition.
• 2% growth in full year operating income.
• 7% increase in full year diluted EPS also reflects higher nonoperating income, partially
offset by a higher effective tax rate in the current year.
• $3.8 billion returned to shareholders in 2019, including $1.7 billion of share repurchases.
Chairman and CEO BlackRock commented: “The results reflect the systematic
investments we’ve made to build broader and deeper client relationships and meet their
evolving needs. Clients are increasingly looking to BlackRock as a strategic partner to
deliver not just products, but broader thought leadership on macro and geopolitical
issues and whole-portfolio solutions powered by technology. BlackRock’s 2019 results
confirm the uniqueness of our globally integrated, asset management and technology
platform. We generated a record $429 billion of total net inflows in 2019, representing
7% organic asset and 5% organic base fee growth, and ended the year with strong
momentum, capturing $129 billion of flows in the fourth quarter. Full year flows were
positive across product type and investment style, including records in cash, factors and
illiquid alternatives. Continued investment in Aladdin, including the acquisition of
eFront, drove record growth in technology services revenue to almost $1 billion for the
year. The recently announced acceleration of our sustainability efforts is yet another
example of BlackRock’s commitment to helping clients build more resilient portfolios
and navigate investment opportunities and risks. We begin 2020 well positioned to
continue fulfilling our purpose and leading the evolution of the asset management
industry.”
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CIT (USA) Announces Fourth Quarter and Full Year 2019 Financial
Results
Fourth Quarter Financial Highlights:
• Net finance margin of 3.01% was down 5 bps from the prior quarter, primarily reflecting
lower yields on loans and investment securities from lower market rates.
• Other non-interest income increased $10 million from the prior quarter to $111 million,
primarily driven by gains on sale of loans in Legacy Consumer Mortgages.
• Operating expenses, excluding noteworthy items in the prior quarter and intangible asset
amortization, decreased $8 million from the prior quarter to $253 million, primarily from
lower advertising and marketing costs.
• Net efficiency ratio excluding noteworthy items of 55% improved from 57% in the prior
quarter, primarily reflecting the decrease in operating expenses and the increase in other
non-interest income.
• Provision for credit losses was $23 million, down from $27 million in the prior quarter.
• Net charge-offs of $32 million (0.40% of average loans), essentially all in the Commercial
Banking segment. Nonaccrual loans increased $29 million and represents 1.05% of loans.
• Effective tax rate of 27%, which includes true-ups for 2019 related to state and local taxes
and other discrete items.
• Loans and leases to deposit ratio was 94% at CIT Bank and 109% at CIT Group, both up
modestly from the prior quarter.
• Tangible book value per share of $56.77 increased 2.1% from the prior quarter.
• CET1 ratio increased to 12.0%, reflecting quarterly earnings and a decrease in risk
weighted assets.
• ROTCE was 9.4%. ROTCE normalized for the preferred dividend5, was 9.8%
“We continued to deliver solid performance on our strategic plan in 2019 and laid the
foundation for future value creation through the accelerated completion of the Mutual
of Omaha Bank acquisition,” said CIT Chairwoman and Chief Executive Officer. “We
achieved our core asset growth target, exceeded our operating expense goal, optimized
our funding mix, improved our credit profile and grew earnings per diluted share by 28
percent, excluding noteworthy items.”
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CIT (USA) Completes Acquisition of Mutual of Omaha Bank
CIT Group Inc. announced that its banking subsidiary, CIT Bank,
N.A., completed the acquisition of Mutual of Omaha Bank on Jan. 1,
2020. This transaction advances CIT's strategic plan through the
addition of a stable, lower-cost homeowner association deposit
channel from the market-leading community association banking
business. The acquisition will also build on CIT's commercial
banking strengths through the addition of relationship banking teams
and expanded product and technology solutions. The purchase price
was approximately $1 billion, comprised of $850 million in cash and
about 3.1 million shares of CIT stock, which were issued to Mutual
of Omaha Insurance Co. The transaction includes $6.8 billion in
deposits, $4.5 billion of which are community association deposits,
and $8.3 billion of total assets, including $3.9 billion of
middle-market commercial loans, as of Sept. 30, 2019. In total, CIT
now has approximately $42 billion of total deposits and $60 billion
of total assets1.
"The completion of this transaction accelerates CIT's strategic
plan to further enhance our capability as a leading national bank
and create additional long-term shareholder value," said CIT
Chairwoman and Chief Executive Officer. "The addition of the
homeowner association deposit channel has significant growth
potential and will reduce CIT's overall cost of funds, and the
middle market banking franchise will expand our footprint and
customer base. These capabilities complement CIT's core
strengths and will allow us to unlock greater potential and create
an even stronger company."
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Discover Financial Services (USA) Reports Fourth Quarter Net Income of
$708 Million or $2.25 Per Diluted Share
• Net income of $708 million or $2.25 per diluted share for the fourth quarter of 2019, as compared to $687 million or $2.03
per diluted share for the fourth quarter of 2018. The company’s return on equity for the fourth quarter of 2019 was 24%.
• Direct Banking pretax income of $883 million increased by $9 million from the prior year driven by higher net interest
income, partially offset by an increase in the provision for loan losses and higher operating expenses.
• Total loans ended the quarter at $95.9 billion, up 6% compared to the prior year. Credit card loans ended the quarter at $77.2
billion, up 6% from the prior year. Personal loans increased $233 million, or 3%, from the prior year. Private student loans
increased $288 million, or 3%, year-over-year. The organic student loan portfolio, which excludes purchased loans, increased
$674 million, or 9% from the prior year.
• Net interest income increased $123 million, or 5%, from the prior year, driven by loan growth which was slightly offset by
net interest margin compression. Net interest margin was 10.29%, down 6 basis points versus the prior year. Card yield was
13.08%, a decrease of 12 basis points from the prior year primarily driven by prime rate decreases and higher interest
charge-offs partially offset by favorable portfolio mix. Interest expense as a percent of total loans decreased 11 basis points
from the prior year, primarily as a result of lower market rates.
• The 30+ day delinquency rate for credit card loans was 2.62%, up 19 basis points from the prior year and up 12 basis points
from the prior quarter. The credit card net charge-off rate was 3.41%, up 18 basis points from the prior year and up 9 basis
points from the prior quarter. The student loan net charge-off rate, excluding PCI loans, was 1.18%, up 13 basis points from
the prior year and up 49 basis points from the prior quarter. The personal loans net charge-off rate of 4.26% was down 23
basis points from the prior year and up 27 basis points from the prior quarter. The overall net charge-off rate was higher
primarily due to the seasoning of recent years' loan growth and to a lesser extent supply-driven credit normalization.
• Provision for loan losses of $838 million increased $38 million from the prior year as the impact of higher net charge-offs
was partially offset by a lower reserve build. The reserve build for the fourth quarter of 2019 was $87 million, compared to a
reserve build of $120 million in the fourth quarter of 2018.
• Total operating expenses were up $75 million from the prior year primarily as a result of increases in employee
compensation, professional fees and information processing. Employee compensation increased as a result of higher average
salaries and benefits. Professional fees increased primarily in connection with achieving a higher level of recoveries. The
increase in information processing was due to continued investment in infrastructure and analytic capabilities.
“Our differentiated business model, product set and intense focus on execution enable us to continue delivering
industry-leading returns,” said CEO and President of Discover. “We are making carefully targeted investments in
marketing, analytics and technology that contributed to our strong returns in 2019 and provide a solid platform for
another year of profitable growth in 2020.”
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E*TRADE Financial Corporation (USA) Announces Fourth Quarter and
Full Year 2019 Results
Fourth Quarter Results
• Net income and net income available to common shareholders of
$172 million
• Diluted earnings per common share of $0.76, which includes net
losses of $18 million, or $0.08 per diluted share, related to
restructuring costs, the benefit to provision for loan losses, and other
items (1)
• Total net revenue of $679 million
• Average interest-earning assets of $55.2 billion; net interest margin
of 301 basis points
• Daily Average Revenue Trades (DARTs) of 331,000 and derivative
DARTs of 111,000, both Company records (2)
• Average and end-of-period margin receivables of $9.7 billion
• Net new accounts of 52,000
• Net new retail and advisor services assets of $5.7 billion
• Capital return to shareholders (3) of $208 million, including share
repurchases of $176 million and dividends of $32 million.
“This was another year marked by solid results, remarkable
customer engagement, and significant achievements amid a
dynamic and evolving operating environment,” said Chief
Executive Officer. “We enhanced our award-winning retail
platform and #1-rated Corporate Services solution, expanded our
Advisor Services offering, and generated our best year ever for
customer trading, growth in customer cash, and stock plan
implementations. We balanced robust underlying growth with our
strongest year ever of capital return to shareholders. As we turn
our focus to 2020 and a transformed industry landscape, we will
continue to stand out from the crowd through the quality of our
digital and customer service experience—areas where E*TRADE
truly shines. We will continue to be unyielding in our commitment
to delivering for our customers and shareholders, as we solidify
E*TRADE as the premiere destination and platform of choice for
the digitally inclined investor and trader.”
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Franklin Resources, Inc. (USA) Announces First Quarter Results
• Net income1 of $350.5 million or $0.70 per diluted share for the quarter ended December
31, 2019, as compared to $306.4 million or $0.61 per diluted share for the previous quarter,
and $275.9 million or $0.54 per diluted share for the quarter ended December 31, 2018.
• Total assets under management were $698.3 billion at December 31, 2019, up $5.7 billion
or 1% during the quarter due to $18.0 billion of net market change, distributions and other,
partially offset by $12.3 billion of net outflows.
• Cash and cash equivalents and investments were $7.8 billion at December 31, 2019, as
compared to $7.4 billion at September 30, 2019. Including the Company’s direct
investments in consolidated investment products, cash and cash equivalents and
investments were $8.6 billion at December 31, 2019, as compared to $8.5 billion at
September 30, 2019.
• Total stockholders’ equity was $10.8 billion at December 31, 2019, as compared to $10.6
billion at September 30, 2019. The Company had 497.6 million shares of common stock
outstanding at December 31, 2019, as compared to 499.3 million shares outstanding at
September 30, 2019. The Company repurchased 4.6 million shares of its common stock for
a total cost of $123.6 million during the quarter ended December 31, 2019.
“Through sound expense discipline, we were encouraged to see a second consecutive
quarter of significant net income increases, even as net redemptions have continued,”
said Chairman and CEO of Franklin Resources, Inc. “We’re making strong progress on
our important long-term focus areas, including the recently announced acquisitions of
Athena Capital and Pennsylvania Trust which will expand Fiduciary Trust, our
high-net-worth business, by nearly 50% in assets under management.”
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Fiduciary Trust (USA) to Acquire Pennsylvania Trust, Bolstering its
National Footprint and Suite of Client Solutions
Fiduciary Trust Company International, a global wealth manager and wholly-owned
subsidiary of Franklin Resources, Inc. announced that it has entered into an agreement to
acquire The Pennsylvania Trust Company, a leading wealth management firm in the
Philadelphia area. The acquisition will strengthen Fiduciary Trust’s already robust offerings
for servicing multiple generations of high-net-worth and ultra-high-net-worth clients, as
well as enable Fiduciary Trust to strengthen its presence further in the Philadelphia
marketplace. PA with approximately $4 billion in assets under management, Pennsylvania
Trust is an independent, employee-owned company founded in 1986 with the mission to
serve as a trusted partner in helping clients preserve and grow their wealth across
generations. The firm offers personalized investment management, trust, estate, financial
and tax planning, and tax preparation services. In 2019, members of the Philadelphia area’s
legal community ranked Pennsylvania Trust No. 1 in Trust Administration, and No. 2
among Wealth Management firms, in The Legal Intelligencer’s annual survey.
Pennsylvania Trust was also named by The Philadelphia Inquirer to the newspaper’s annual
Top Workplaces listing last year.
“Philadelphia and the Main Line comprise a flourishing market where we have had the
privilege of working with individuals and families for many years,” said President and
chief operating officer of Fiduciary Trust Company International. “Our acquisition of
Pennsylvania Trust places us in an even stronger position to help affluent clients in this
region effectively manage, grow, and protect their wealth.”
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Fiduciary Trust (USA) Company International to Acquire Athena Capital
Advisors in Merger Deal
Fiduciary Trust Company International, a global wealth manager and wholly-owned
subsidiary of Franklin Resources, Inc. announced that it has entered into an agreement
to acquire Athena Capital Advisors, LLC in a merger transaction. Athena Capital, a
nationally registered investment advisor has approximately $6 billion in assets under
management. The acquisition will expand Fiduciary Trust Company International’s
offerings, further diversifying the firm’s investment solutions for meeting the evolving
needs of high-net-worth and ultra-high-net-worth clients. Established in 1993 by
Lisette Cooper, PhD, Athena Capital Advisors is based in Lincoln, MA, with an
additional office in New York, NY. The firm’s capabilities include building diversified
portfolios through an endowment style of investing, as well as impact investing,
outsourced chief investment officer services, and family office support services. The
transaction is subject to customary closing conditions and is anticipated to close in
Franklin Templeton’s second quarter of fiscal 2020. Following the acquisition,
Fiduciary Trust Company International’s assets under management will be
approximately $25 billion. Terms of the deal were not disclosed.
“Lisette has built an impressive team, and I look forward to working with them to
help clients of both organizations reach their long-term goals,” said CEO of
Fiduciary Trust Company International. “Athena Capital brings enhanced
investment research, manager selection, and due diligence that will complement
and strengthen our existing strategic advisory services. Athena Capital is a pioneer
in the field of impact investing, working with clients to align their investment
portfolios with their social and mission-based values. Athena’s suburban-Boston
location deepens our reach in the New England area, increasing the breadth and
depth of our offering and enhancing the value we can bring to clients of both
firms.”
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Frasers Property Group (Singapore) acquires Lakeshore, Bedfont Lakes Business
Park for £135 million; currently let as Cisco’s UK headquarters
The multi-national Frasers Property Limited announced the £135 million
acquisition of Lakeshore, Bedfont Lakes in West London from Evans Randall
Investors. The Property is 541,886 square feet in size with a lettable area of 272,000
square feet and is fully let to multi-national technology firm Cisco Systems Limited
as its headquarters in the United Kingdom.This acquisition strengthens Frasers
Property Group’s position as one of the major international investors in the UK
business park sector. Since late 2017, it has steadily grown its portfolio of campus
workspaces – the southern business park portfolio of Frasers Property UK, the
Group’s UK subsidiary, currently comprises 3.2 million square feet of assets within
the Thames Valley area: Winnersh Triangle, Chineham Park, Farnborough Business
Park, Watchmoor Business Park, and Maxis in Bracknell. Lakeshore Business Park
is Frasers Property Group’s first business park acquisition within the M25. Frasers
Property Group is a multi-national company that develops, owns and manages
commercial & business parks, hospitality, retail, industrial & logistics and
residential real estate, and is headquartered in Singapore.
Chief Executive Officer at Frasers Property UK said: “Lakeshore is a quality
investment opportunity that reflects our long-term strategy to grow our
commercial and residential assets in the UK including selectively growing our
portfolio of business parks. The Property enables us to extend from the Thames
Valley into West London, benefitting from the strong recurring income of a
high-calibre, multi-national occupier.”
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Frasers Hospitality Trust (Singapore) registers 6.1% increase in DPS for 1Q
FY2020
Frasers Hospitality Trust, a stapled group comprising Frasers Hospitality
Real Estate Investment Trust and Frasers Hospitality Business Trust
announced that for the first quarter ended 31 December 2019, its GR and NPI
grew 4.3% and 6.8% year-on-year to S$42.4 million and S$33.2 million
respectively. The improvements were due to better performance across the
entire portfolio. DI increased 7.4% yoy to S$25.5 million on the back of
higher NPI while DPS rose 6.1% to 1.3301 cents. In 1Q FY2020, the
Australia portfolio’s gross operating revenue and gross operating profit
increased 1.9% and 5.4% yoy respectively. GOR improved due to higher
food and beverage revenue while the steeper GOP increase was attributed to
better cost control on operating expenses. Portfolio occupancy rose to 90.3%,
from 88.7% a year ago, despite the weaker trading environment weighing on
average daily rate. This mitigated the decline in revenue per available room
(“RevPAR”) and enabled all properties to outperform the market.
Chief Executive Officer of the Managers1 said, “Following the growth in
GR and NPI in the fourth quarter of last financial year, we are pleased to
continue the positive momentum in this quarter with stronger growth, as
well as a yoy increase in DPS. While our better performance remained
underpinned by our Singapore, UK and Germany portfolios, we are
heartened to see our Australia portfolio reporting improved profit despite
the challenging trading environment. Our Japan and Malaysia portfolios
are also continuing their recovery from a low base. We are starting to see
our initiatives to drive revenue growth and operational efficiency bearing
fruits, with all country portfolios achieving improved performance.
Moving forward, we will continue to build on our progress and pursue
strategic opportunities to grow our portfolio and create value for our
stapled securityholders,”.
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Midea Refrigeration Equipment purchases 130 rai of land from Frasers Property
Thailand to develop Intelligent Technology Manufacturing Hub
Midea Refrigeration Equipment, a subsidiary of Midea Group which
is a leading global home appliance provider based in China, has
completed a sale and purchase agreement of 130 rai of land in
Chonburi province with Frasers Property (Thailand) Public Company
Limited, a leading provider of integrated real estate platform. The
land will be developed into Midea Group’s largest home appliance
manufacturing hub and largest intelligent technology manufacturing
hub outside of China.
President of FPT, shared: “This cooperation reflects Midea’s
confidence in FPT’s local network and real estate capabilities
including our landbank. The subject land is strategically located in
close proximity to existing high value industrial clusters, deep sea
port and our logistics parks. We are delighted to be working with
Midea to enable the development of an intelligent technology
manufacturing hub in Thailand’s fast-growing Eastern Economic
Corridor. FPT currently has a landbank of over 300 rai located
adjacent to this land plot, and we further plan to develop
additional industrial and logistics spaces to support upcoming
demand from relocation into this area. We expect that this
cooperation will generate growth in the Eastern Economic
Corridor and support Thailand’s ambition to increase its
competitiveness in the industrial sector.”
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Frasers Property Industrial (Singapore) completes two acquisitions in Germany
Frasers Property Industrial announced the successful completion of the acquisition of a
state-of-the-art logistics property and a greenfield development plot in Frankenthal and
Egelsbach, Germany respectively. This completes the acquisition of a portfolio of 221
logistics and light industrial properties / assets from Alpha Industrial Holding S.A.
announced in 2018. Frasers Property Industrial will develop two stand-alone
warehouses on the 51,000 sqm plot at Egelsbach. With a total gross lettable area of
nearly 30,000 sqm the Egelsbach Property could cater to both logistics users and small
and medium-sized enterprises with more specialised (warehousing) requirements when
completed in the fourth quarter of 2020. The development in Frankenthal (the
“Frankenthal Property”) has been completed and was successfully handed over to the
tenant, BASF SE, in October 2019. BASF SE, a leading chemicals company
headquartered in nearby Ludwigshafen some 15 km southeast of the Frankenthal
Property, has committed to a long-term lease for the property for the distribution and
storage of their technical equipment and materials.
Chief Executive Officer of Frasers Property Industrial said, “These two
acquisitions fortify Frasers Property Industrial’s position in the greater Frankfurt
region and further enhance our exposure to core logistics properties in the German
market. Our strategy in Europe is to continue acquiring and developing
state-of-the-art logistics properties in our three core markets of Germany, the
Netherlands and Austria.”
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Freddie Mac (USA) Reaches $1 Billion in LIHTC Equity Investments
Freddie Mac announced it has topped the $1 billion mark in Low-Income Housing
Tax Credit equity investments after re-entering the market in 2018. The investments
in low-income housing span underserved communities in 22 states, Puerto Rico,
and Guam and provide more than 8,500 homes for households that struggle to find
safe and affordable rental housing. Freddie Mac has created an interactive map that
details each of its LIHTC equity investments, including property names, locations,
the number of units financed and other key facts. Since 2018, Freddie Mac has been
authorized to make up to $500 million in LIHTC equity investments annually and
met this quota in both years since. Freddie Mac Multifamily is the nation's
multifamily housing finance leader. Historically, more than 90% of the eligible
rental units we fund are affordable to families with low-to-moderate incomes
earning up to 120% of area median income. Freddie Mac makes home possible for
millions of families and individuals by providing mortgage capital to lenders. Since
our creation by Congress in 1970, we've made housing more accessible and
affordable for homebuyers and renters in communities nationwide.
“As a LIHTC equity investor, we’re looking to support underserved
communities with investments in properties that might have been overlooked,”
said Vice president of Production and Sales for Freddie Mac Multifamily’s
Targeted Affordable Housing.
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Goldman Sachs Reports Full Year and Fourth Quarter 2019 Earnings Results
• Net revenues of $36.55 billion and net earnings of $8.47 billion for the year ended December 31, 2019.
Net revenues were $9.96 billion and net earnings were $1.92 billion for the fourth quarter of 2019.
• Diluted earnings per common share (EPS) was $21.03 for the year ended December 31, 2019 compared
with $25.27 for the year ended December 31, 2018, and was $4.69 for the fourth quarter of 2019
compared with $6.04 for the fourth quarter of 2018 and $4.79 for the third quarter of 2019.
• Return on average common shareholders’ equity (ROE)1 was 10.0% for 2019 and annualized ROE was
8.7% for the fourth quarter of 2019. Return on average tangible common shareholders’ equity (ROTE)1
was 10.6% for 2019 and annualized ROTE was 9.2% for the fourth quarter of 2019.
• During 2019, the firm recorded net provisions for litigation and regulatory proceedings of $1.24 billion,
which reduced diluted EPS by $3.16 and reduced ROE by 1.5 percentage points and ROTE by 1.6
percentage points.
Annual highlights
• Net revenues were $36.55 billion, which included fourth quarter net revenues of $9.96 billion, the
second highest fourth quarter net revenues and the highest since 2007.
• The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year2. The
firm also ranked #1 in worldwide equity and equity-related offerings and common stock offerings for the
year2.
• Investment Banking generated net revenues of $7.60 billion, its second highest annual net revenues.
• FICC financing net revenues increased for the fifth consecutive year to a record $1.38 billion.
• Firmwide assets under supervision3,4 increased $317 billion5 during the year to a record $1.86 trillion,
including net inflows of $108 billion in long-term assets under supervision.
• Consumer & Wealth Management generated record net revenues of $5.20 billion, including record
Management and other fees in Wealth management and significant growth in Consumer banking net
revenues.
• During 2019, the firm returned $6.88 billion of capital to common shareholders, including $5.34 billion
of share repurchases and $1.54 billion of common stock dividends.
“Strong performance in the fourth quarter helped us to deliver solid results for the year, while
continuing to invest in new businesses. We aim to drive higher returns in the future, and look forward
to sharing our strategic goals and financial targets at Investor Day later this month.” Said Chairman
and Chief Executive Officer.
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Invesco (USA) Reports Results for the Three Months and Year Ended December 31,
2019
• Total net outflows were $20.4 billion and long-term net outflows were $14.0 billion for the fourth quarter. Long-term
net outflows in the Americas and the UK were partially offset by long-term net inflows in Asia and EMEA ex-UK. Net
market gains and foreign exchange rate movements led to increases of $39.6 billion and $9.6 billion in AUM during
the fourth quarter, respectively. Reinvested distributions for the fourth quarter were $13.0 billion compared to $2.2
billion for the third quarter. Average AUM increased 1.0% during the fourth quarter to $1,200.6 billion, compared to
$1,188.2 billion for the third quarter.
• Revenues grew by $22.2 million during the quarter, including a $9.7 million increase due to movements in foreign
currency rates. The revenue growth included an increase of $34.9 million in performance fees.
• Expenses were down $17.3 million, net of an increase of $9.2 million from foreign currency movements and
revaluations. The decrease included lower transaction, integration, and restructuring expenses of $49.0 million.
Third-party distribution, service and advisory expense decreased $17.0 million driven by lower service fees. Employee
compensation expense grew $14.1 million due primarily to fair value increases on deferred compensation. Marketing
costs reflect higher advertising activity in Asia and EMEA, resulting in an increase of $7.8 million for the fourth
quarter.
• Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was $9.5 million, earned
primarily from our Chinese joint ventures. Interest and dividend income was $14.0 million for the fourth quarter,
which primarily represents year-end distributions from investments. Other gains and losses, net was a loss of $3.3
million, which includes $6.5 million in net investment gains and $12.5 million gains on deferred compensation
investments, offset by the impact of foreign currency rate changes related to the settlement of non-US intercompany
dividends. Other income/(expense) of consolidated investment products (CIP), net was a net gain of $22.8 million
comprised of market-driven gains and losses of investments held by CIP and net interest income of CIP.
• The company repurchased $11 million of common shares during the fourth quarter. During 2019, the company
purchased $670 million of its common shares. Since announcing the $1.2 billion stock repurchase plan in October
2018, the company has repurchased $973 million of its common shares to date and is on target to repurchase the
remaining $227 million by the first quarter of 2021.
"Long-term net outflows totalled $34.4 billion for 2019, which represented an improvement of 11.8% over the
prior year. The firm is highly focused on delivering the additional capabilities achieved through the acquisition
to the institutional and ex-US markets, which is helping to move the flow trend in a positive direction. We
believe the further deepening of client relationships, expanded capabilities and additional scale achieved through
the acquisition meaningfully enhanced our ability to grow our business, compete and win in a dynamic market
environment.’’ Said President and CEO
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Macquarie Infrastructure (Australia) Debt Investment Solutions invests in synthetic
securitisation of NatWest’s £1.1 billion portfolio of green loans
Macquarie Infrastructure Debt Investment Solutions, working in conjunction with
BAE Systems Pension Funds Investment Management Ltd, has invested in a
synthetic securitisation of NatWest’s £1.1 billion portfolio of project finance loans
in the United Kingdom’s sustainable energy market. The transaction was a
structured finance solution delivered by MIDIS in partnership with BAPFIM,
allowing NatWest to recycle capital which it can use for further lending to the UK’s
renewables sector. The portfolio is made up of onshore and offshore wind, solar,
smart meters, energy from waste and biomass power. The green credentials of the
transaction are underpinned by all underlying loans meeting the LMA Green Loan
Principles. In addition, Macquarie’s Green Investment Group has calculated that the
portfolio’s annual electricity generation is anticipated to power the equivalent of 4.6
million households – with the CO2e avoided equivalent to taking 2.3 million cars
off the road. This type of transaction – also referred to as a capital relief trade –
allows investors with less capital restrictions, such as pension funds, to gain
exposure to debt portfolios at an attractive point in the risk/return spectrum. MIDIS
and BAPFIM invested into this transaction on behalf of the BAE Systems Pension
Schemes, which in aggregate comprise approximately £24.5 billion in assets.
MIDIS’ deep expertise within the UK’s renewable energy sector and strong
execution capabilities, along with BAPFIM’s flexible approach to structuring
transactions and assessing risk, were key factors in delivering a successful outcome
for all parties.
Managing Director, MIDIS, said; “We are committed to the renewable energy
sector and are pleased to have delivered this innovative ‘alternative’ capital
management solution to NatWest. It offers an attractive investment opportunity
for our investors whilst at the same time supporting further investments into the
decarbonisation of the UK energy market. MIDIS is actively pursuing a pipeline
of opportunities to deliver solutions, utilising its institutional investor capital
base combined with strong execution capabilities.”
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Macquarie (Australia) announces €90 million Spanish solar debt investment
Macquarie Infrastructure Debt Investment Solutions has continued
to support the growth of Spain’s renewables sector, announcing the
close of a €90 million debt investment in a portfolio of solar farms.
The 127 MW portfolio, owned by leading Spanish solar developer
Grupo T-Solar, is comprised of 23 ground-mounted solar farms
across Spain. MIDIS’ investment was made via 18-year,
amortising, fixed-rate, senior secured bonds on behalf of its global
infrastructure debt strategy. MIDIS was the single-largest lender in
Grupo T-Solar’s €568 million portfolio refinancing and worked
closely together with Deutsche Bank and Santander, Mandated
Lead Arrangers and Global Coordinators of the issuance for the
sponsor. Macquarie Group Limited (“Macquarie”) is a diversified
financial group providing clients with asset management and
finance, banking, advisory and risk and capital solutions across
debt, equity and commodities. Founded in 1969, Macquarie
employs approximately 15,700 globally.
Managing Director, MIDIS, said; “We are delighted to be
supporting Spain’s transition to a new energy mix – partnering
with leading sponsors like Grupo T-Solar to provide
institutional investors with attractive opportunities in
sustainable infrastructure debt. A transaction of this size, with
MIDIS as the largest participant, demonstrates continued
investor confidence in the market against a backdrop of positive
regulatory developments, and MIDIS’ strength in the Euro
renewables market.”
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Macquarie Capital Principal Finance (Australia) acquires stake in 17 Columbus
Courtyard
Macquarie Capital Principal Finance in a joint venture with Sun Hung Kai & Co
and DPK Quay Limited, has acquired 17 Columbus Courtyard from CWT
International Limited for £110.2 million. 17 Columbus Courtyard (17CC) is a c.
188,000 sq. ft waterfront office building in London’s Canary Wharf. Built in
1999, 17CC is composed of 10 floors and is leased in its entirety for the next
five years. Macquarie Group Limited (Macquarie) is a diversified financial
group providing clients with asset management and finance, banking, advisory
and risk and capital solutions across debt, equity and commodities. Founded in
1969, Macquarie employs 15,704 people in 31 markets. At 30 September 2019,
Macquarie had assets under management of £309.2 billion. Macquarie Capital is
the advisory, capital markets and principal investment arm of Macquarie Group.
Macquarie Principal Finance, the principal investment business, provides
flexible primary financing and secondary market investing solutions for
corporate and commercial real estate clients across North America, Europe and
Australasia. Since 2009 Macquarie’s Principal Finance team has provided
financing and investment capital on a flexible and bespoke basis for over 500
companies, deploying over £22 billion globally.
Global Co-Head Real Estate, Macquarie Capital Principal Finance said:
“This investment represents a compelling opportunity in an attractive office
market with excellent growth and value add potential”.
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Frasers Commercial Trust (Singapore) declares stable DPU of 2.40 cents and posts
marked improvement in portfolio performance for 1QFY20
Frasers Commercial Asset Management Ltd., the manager of Frasers Commercial
Trust, wishes to announce a distribution to Unitholders of S$22.0 million for the
financial quarter ended 31 December 20193. This translates to a Distribution per
Unit (“DPU”) of 2.40 cents, unchanged from the previous quarter and 1QFY19.
The distribution to Unitholders of S$22.0 million for 1QFY20 was higher than
distributions of S$21.9 million for 4QFY19 and S$21.6 million for 1QFY19. The
distribution for 1QFY20 will be paid out on 28 February 2020, with the distribution
books closure date scheduled for 31 January 20203. The Manager will not be
applying the distribution reinvestment plan (“DRP”) for the 1QFY20 distribution4.
For the avoidance of doubt, the distribution for 1QFY20 will be wholly in cash.
1QFY20 portfolio gross revenue and NPI increased by 19.8% and 26.5%
respectively, mainly due to higher rental income for China Square Central,
Alexandra Technopark, Central Park and 357 Collins Street and lower utilities
expenses for Alexandra Technopark, partially offset by the effects of the weaker
average Australia Dollar. The portfolio committed occupancy rate continued to
improve, reaching 95.2% as at 31 December 2019 from 95.0% as at the end of the
previous quarter. The occupancy rates for the Singapore portfolio, the Australia
portfolio and FBP as at 31 December 2019 were 95.5%6, 94.0%6 and 99.1%,
respectively.
CEO of Frasers said, “The quarter saw aggregate portfolio gross revenue and
NPI improving significantly compared with the preceding quarter and also on a
year-on-year basis, a clear indication that tangible results are beginning to come
forth from the various asset enhancement, leasing and other efforts that have
gone into the portfolio over the past 2 to 3 years. We will continue to work
towards further strengthening the performance of the portfolio to deliver
sustainable income growth.”
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Intercontinental exchange (USA) report fourth quarter and full year 2019 statistics
Highlights include:
Energy
• Total energy average daily volume (ADV) up 3% y/y in December; open interest (OI) up 7% y/y
• Brent OI up 4% y/y in December; record Brent futures OI of 2.7M lots reached on December 19,
2019
• Gasoil ADV up 13% y/y in December; OI up 10% y/y
• Other crude & refined products ADV up 16% y/y in 2019, 4Q19 ADV up 7% y/y and December
ADV up 24% y/y; OI up 13% y/y
• Record heating oil ADV up 46% y/y in 2019, record 4Q19 ADV up 102% y/y and record
December ADV up 213% y/y; OI up 6% y/y
• Total oil ADV up 4% y/y in December; record oil futures OI of 8.6M lots reached on December 20,
2019; OI up 6% y/y
• Record European natural gas ADV up 47% y/y in 2019, record 4Q19 ADV up 41% y/y and up 84%
y/y in December; record OI of 2.8M lots reached on December 24, 2019; OI up 38% y/y
Agriculture & Metals
• Record ags & metals ADV up 4% y/y in 2019, 4Q19 ADV up 8% y/y, December ADV up 38% y/y;
OI up 5% y/y
• Sugar ADV up 2% y/y in 2019, December ADV up 42% y/y; OI up 5% y/y
• Coffee ADV up 13% y/y in 2019, 4Q19 ADV up 22% y/y and December ADV up 75% y/y; OI up
4% y/y
• Cocoa ADV up 3% y/y in 2019, 4Q19 ADV up 13% y/y and December ADV up 20% y/y; OI up
14% y/y
• Cotton ADV up 10% y/y in 4Q19 and December ADV up 5% y/y
Equities & Interest Rates
• MSCI ADV up 9% y/y in 2019; OI up 11% y/y
• Sterling OI up 20% y/y
“In the fourth quarter, we registered growth in open interest across every asset class as our
customers relied on our transparent, liquid, and accessible markets for efficient price discovery
and risk management,” said President of Intercontinental Exchange.
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Morgan Stanley (USA) Fourth Quarter and Full Year 2019 Earnings Results
• Net revenues of $10.9 billion for the fourth quarter ended December 31,
2019 compared with $8.5 billion a year ago. Net income applicable to
Morgan Stanley was $2.2 billion, or $1.30 per diluted share,1 compared
with net income of $1.5 billion, or $0.80 per diluted share,1 for the same
period a year ago.
• The current quarter included an intermittent net discrete tax benefit of
$158 million or $0.10 per diluted share compared with an intermittent net
discrete tax benefit of $111 million or $0.07 per diluted share a year ago.
• The fourth quarter of 2019 was also impacted by severance costs of $172
million associated with a December employee action.3 Full year net
revenues were a record $41.4 billion compared with $40.1 billion a year
ago.
• Net income applicable to Morgan Stanley for the current year was $9.0
billion, or $5.19 per diluted share,1 compared with net income of $8.7
billion, or $4.73 per diluted share, a year ago.
• The current year included an intermittent net discrete tax benefit of $348
million, or $0.21 per diluted share compared with an intermittent net
discrete tax benefit of $203 million or $0.12 per diluted share a year ago.
Chairman and Chief Executive Officer, said, “We delivered strong
quarterly earnings across all of our businesses. Firmwide revenues
were over $10 billion for the fourth consecutive quarter, resulting in
record full year revenues and net income. This consistent performance
met all of our stated performance targets.”
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Pine Labs announces investment from Mastercard (USA)
Pine Labs, one of Asia’s leading merchant commerce platforms, announced an investment
by Mastercard that underscores confidence in India’s growing economy. The investment is
part of a partnership to continue the rapid growth of convenient electronic payment options
for consumers across the region. The collaboration will deliver an extensive range of card
and real-time payments-based instalment financing at checkout – in-store and online.
Together, the companies will offer a suite of value-added services, including Pine Labs’
end-to-end stored value solutions which will replace the paper ones now widely used by
companies, retailers and people in South Asia and many other markets. From its beginnings
as an offline retail payment provider a decade ago, Pine Labs has evolved into offering
payment acceptance technology, stored value products, in-store consumer credit and other
merchant solutions in India, Southeast Asia and the Middle East. Today, it processes
payments of US$30 billion per year and serves some 140,000 merchants across about
450,000 network points. The fast-growing and digitally connected middle class in South
Asia and elsewhere is seeking “buy now, pay later” options for a larger range of personal
goods and services. This offers enormous potential for merchants, brand owners and
financial institutions to drive innovations that maximize flexibility and choice for
consumers. Pine Labs works closely with a range of financial institutions and partners who
are responsible for the design and delivery of the instalment financing service to merchants
and consumers.
“This relationship is a great validation of the top-quality products that Pine Labs
delivers to merchants,” said Founder and chairman of Pine Labs. “Together, we have a
unique opportunity to use Mastercard’s global presence and technology infrastructure
to enhance our growth and enable us to meet the growing needs of customers in India
and beyond.”
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Nomura (Japan) Reports Third Quarter Financial Results
• Net revenue for the third quarter was 335.0 billion yen (US$3.1 billion) 1,
down 13 percent quarter on quarter and up 29 percent year on year.
• Income before income taxes was 69.7 billion yen (US$641 million). Net
income attributable to Nomura Holdings shareholders was 57.1 billion yen
(US$525 million). Diluted net income attributable to Nomura Holdings
shareholders per share was 17.63 yen.
• For the nine months to December, Nomura reported net revenue of 1,050.4
billion yen (US$9.7 billion), up 29 percent from the same period last year.
• Income before income taxes was 273.0 billion yen and net income attributable
to Nomura Holdings shareholders was 251.5 billion yen. Diluted net income
attributable to Nomura Holdings shareholders per share was 75.65 yen.
“The easing of trade friction between the US and China and progress
towards Brexit led to increased client activity this quarter. Compared to the
previous quarter, we reported substantially higher pretax income from our
three core businesses underpinned by solid Wholesale and Retail
performance. Our international business was profitable for the third straight
quarter due to our successful initiatives to realign our business portfolio and
lower our cost base,” said President and Group CEO. “In Retail, sales of
investment trusts and stocks drove growth in total sales amid favourable
market conditions. In addition, our efforts last quarter to reassign sales staff
and integrate branch offices have positively impacted our business across all
client types. Asset Management booked its fourteenth consecutive quarter of
inflows and this combined with market factors to push assets under
management past 55 trillion yen for the first time ever. Wholesale pretax
income was at its highest level in seven quarters, benefiting from stronger
revenues in all business lines, most notably Fixed Income, and our continued
efforts to control costs. “We will swiftly work to strengthen our internal
control framework and enhance our corporate value in order to build a robust
operating platform capable of delivering consistent growth under any
environment.”
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Nomura (Japan) Capital Partners Acquires Cook Deli Stake
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Nomura Capital Partners Co., Ltd., a wholly owned subsidiary of Nomura Holdings, Inc., announced that it has acquired common shares in Cook
Deli Co., Ltd. through Nomura Capital A1 Investment Limited Partnership, a fund managed by NCAP. The percentage of shares acquired and
investment amount are undisclosed. Cook Deli’s mission is to create a safety net to provide food for the elderly. The company delivers healthy,
fully-cooked meals at a reasonable price to elderly care facilities throughout Japan. Cook Deli’s meals are carefully crafted by chefs together with
dieticians to ensure nutritional balance. The meals are highly rated by many elderly care facilities for being delicious and rich in variety. Staffing
shortages and changes to Japan’s long-term care insurance system have led to increased challenges in providing quality meals to people in elderly
care facilities. Cook Deli’s fully-prepared meal delivery service has been attracting attention for its contribution to improving the quality of life of
elderly people, as well as in resolving challenges in the long-term care and food service industries. The market for fully-prepared meals is expected to
grow further. Making use of Nomura’s strong group network and deep expertise in the financial services sector, NCAP will support the growth of
Cook Deli as it drives the further development of this important market. NCAP is committed to providing equity and other solutions to meet the
diversified and sophisticated needs of its clients. NCAP will work together with clients to help resolve the various challenges they face and grow their
businesses.
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Partners Group to acquire European renewable energy developer VSB Group
Partners Group, the global private markets investment manager, has, on behalf
of its clients, agreed to acquire an 80% equity stake in VSB Group, a leading
European developer, owner and operator in the renewable energy sector. VSB's
founder will retain the remaining equity stake alongside Partners Group.
Founded in 1996, VSB operates throughout the renewable energy value chain,
from the development of projects, to asset management and the technical and
commercial management of operational sites, as well as having a broad offering
in energy solutions. VSB has successfully developed and built over 1.1GW of
onshore wind and solar PV generating assets to-date and manages over 1.4GW
of wind assets. VSB has successfully expanded from its headquarters in
Dresden, Germany, to become a European renewable platform active in eight
countries with over 300 employees, 19 offices and ten service hubs. The
transaction value includes a significant allocation to fund future growth,
allowing for the option to retain ownership of assets and develop an Independent
Power Producer.
Founder and Managing Director, VSB Group, says: "VSB has enjoyed great
success to-date as an independent, multinational company. However, given
the vast opportunity for renewable energy, we wanted a like-minded partner
to accelerate our next phase of growth. In Partners Group, we have found a
global partner with significant operational resources and a wealth of
international experience in hands-on renewable energy investment. We are
looking forward to building on our shared values as we grow VSB together."
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Partners Group (Switzerland) acquires portfolio of 30 European office and logistics
properties
Partners Group, the global private markets investment manager, has, on behalf
of its clients, acquired a majority equity stake in a portfolio of 30 commercial
properties in Germany, France and the Netherlands. The properties are part of a
portfolio previously owned by Imfarr Beteiligungs GmbH and SN Beteiligungen
Holding AG, and were acquired for a total transaction value of over EUR 550
million. The acquisition is a joint venture with Peakside Capital Advisors AG.
The portfolio consists of 27 office and three logistics properties and is mostly
located in Germany, with the remaining assets based in greater Paris and
Amsterdam. The German portfolio includes buildings in Munich, Hamburg, and
Stuttgart, as well as the greater Düsseldorf and Frankfurt regions, and comprises
a well-diversified tenant base. Following the acquisition, Partners Group and
Peakside will work on a range of value creation opportunities, including
repositioning several properties, to optimize the portfolio's value. In December
2019, Partners Group also agreed on behalf of its clients the sale of the "City
Campus" office complex, situated on Saatwinkler Damm in the Charlottenburg
district of Berlin, for a transaction value of around EUR 200 million. The
property, which was repositioned during Partners Group's holding period,
includes 55,640 sqm of rental area and 479 parking spaces across six buildings.
It was almost fully let to a mix of blue-chip tenants at the time of the sale.
Co-Head Private Real Estate Europe, Partners Group, states: "This
acquisition significantly expands our real estate portfolio in Germany and
underlines the importance of the German market for us on a relative value
basis. The portfolio benefits from attractive prime and secondary office
locations and is a great fit with our value creation strategy, whereby we
focus on properties that can benefit from repositioning with sufficient time
and capital. We plan to undertake a multi-year value creation program to
maximize value for our clients."
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SEI (USA) Reports Fourth-Quarter 2019 Financial Results
Fourth-Quarter Business Highlights:
• Revenues from Asset management, administration, and distribution fees increased primarily from higher assets under
administration in our Investment Managers segment due to sales of new business and market appreciation.
• Their average assets under administration increased $88.8 billion, or 15%, to $671.5 billion in the fourth-quarter
2019, as compared to $582.7 billion during the fourth-quarter 2018.
• Their average assets under management, excluding LSV, increased $20.8 billion, or 10%, to $239.2 billion in the
fourth-quarter 2019, as compared to $218.4 billion during the fourth-quarter 2018 (see attached Average Asset
Balances schedules for further details).
• Sales events, net of client losses, during fourth-quarter 2019 totalled approximately $26.1 million and are expected to
generate net annualized recurring revenues of approximately $17.5 million when contract values are fully realized. For
the year ended 2019, sales events, net of client losses, totalled $87.5 million and are expected to generate net
annualized recurring revenues of approximately $62.5 million when contract values are fully realized.
• Their earnings from LSV increased by $2.7 million, or 8%, to $39.1 million in fourth-quarter 2019 as compared to
$36.4 million in fourth-quarter 2018. The increase in earnings was due to higher assets under management from
market appreciation. The increase was partially offset by negative cash flows from existing clients, client losses and
reduced performance fees earned by LSV.
• The capitalized $7.1 million of software development costs in fourth-quarter 2019 for continued enhancements to the
SEI Wealth PlatformSM. Amortization expense related to SWP was $10.7 million in fourth-quarter 2019.
• Stock-based compensation expense in fourth-quarter 2019 increased $1.6 million as compared to fourth-quarter 2018
and $3.6 million as compared to third-quarter 2019 primarily due to a change in our estimate of the timing of when
stock option vesting targets would be achieved. The sequential increase in expense from third-quarter 2019 represents
a $0.02 diluted earnings per share impact. We expect stock-based compensation expense during 2020 to be
approximately $30.1 million as compared to $24.6 million during 2019 as a result of new options granted in
fourth-quarter 2019 that carry a higher per share cost valuation.
“Our financial results for 2019 reflect steady success in growing our profits. While we continue to execute our
long-term strategy, turning headwinds into tailwinds, we are leveraging all of our assets through our One SEI
approach,” said Chairman and CEO. “The wealth and investment industries are dynamic. We believe our unique
position across financial technology, operations and investments provide growth opportunities that will lead to
increased shareholder value. The investments we make and our success in 2019 situate us well for the future.”
Description
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Synchrony Financial (USA) Reports Fourth Quarter Net Earnings of $731 Million
or $1.15 Per Diluted Share
Highlights included
• Loan receivables decreased 6% to $87.2 billion; loan receivables grew 5% on a
Core** basis.
• Interest and fees on loans decreased 6% to $4.5 billion; interest and fees on loans
increased 5% on a Core basis.
• Purchase volume was flat at $40.2 billion; purchase volume was up 7% on a Core
basis
• Average active accounts decreased 5% to 74 million; average active accounts grew
3% on a Core basis.
• Deposits grew $1.1 billion, or 2%, to $65.1 billion.
• Announced a new partnership with Verizon making Synchrony the exclusive issuer of
Verizon’s co-branded consumer credit card which will be launched in the first half of
this year.
• Established new Payment Solutions relationships: Mor Furniture for Less, Grand
Home Furnishings, Travis Industries, and Leisure Pro.
• Renewed key Payment Solutions relationships: Rooms to Go, BuyMax Alliance,
CFMOTO, and Continental Tires.
•CareCredit established a new relationship with Kaiser Permanente, bringing the
number of health systems under contract to five, and renewed a key relationship with
Demant.
• Paid quarterly common stock dividend of $0.22 per share and repurchased $1.4
billion of Synchrony Financial common stock
• Issued $750 million of preferred stock.
“2019 marked another year of significant transformation for Synchrony. During the
year we renewed over 50 partnerships and won 30 new business deals, expanded
our CareCredit, Auto and Home networks, significantly enhanced the digital
experience for our cardholders, and substantially grew our direct-to-consumer
deposit platform. The consistent investments we have made in people and
technology have propelled our company forward and empowered leading offerings
for our partners and enhanced capabilities and user experiences for our cardholders.
Organic growth continues to present the largest opportunity as we have
demonstrated in our ability to not only grow existing programs, but also launch
new programs with fast-growing partners in new markets,” said Chief Executive
Officer of Synchrony Financial. “Further, we remain focused on executing a
capital allocation strategy that helps to drive growth at attractive risk adjusted
returns, while maintaining a strong balance sheet and the ability to continue to
return capital to shareholders.”
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TD Ameritrade (USA) Reports First Quarter Fiscal 2020 Results
Financial results for the quarter ended Dec. 31, 2019 include the
following:
• Net new client assets of $29 billion, an annualized growth rate of
9 percent
• Total client assets of $1.4 trillion
• Record average client trades per day of 1 million
• Net revenues of $1.3 billion
• Pre-tax GAAP income of $491 million, or 38 percent of net
revenues
• $0.70 in GAAP earnings per diluted share, on net income of $379
million
• $0.74 in Non-GAAP earnings per diluted share.
President and chief executive officer, said, “History was made
on the first day of our new fiscal year when the cost to trade
went to zero for most trades, resulting in a new world in
discount brokerage where price no longer clouds the
comparison for trades. Trading was very strong in the first
quarter averaging 1 million trades per day – for the first time in
our history – which helped offset a portion of the revenue
impact from zero commissions. We had 38 days eclipsing 1
million trades in the first quarter, compared to 23 days in all of
fiscal 2019. The increased trading volume, reflecting more
frequent, smaller trades, was driven largely by an uptick in
equity trading following our pricing changes, as well as market
volatility, geopolitical headline news, and strong retail news
heading into the holiday season. Trading is up roughly 40
percent January to-date, averaging 1.4 million trades per day.”
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OneWest Bank (USA) Launches New Small Business Banking App
35
Solution Description
OneWest Bank, CIT's Southern California branch network, announced the launch of a new small business mobile app, a new
platform to help small business customers seamlessly reach their financial goals. The OneWest Bank business app empowers
small businesses to pay bills, digitally deposit checks, transfer funds between OneWest accounts, schedule appointments and
locate the nearest branch. In addition, customers using the app can apply for funding to support their equipment financing and
working capital needs directly from their mobile devices. OneWest offers a competitive range of products and account features
designed to empower local small businesses. These include OneBusiness Interest Checking and Money Market Savings
accounts. OneWest is also enabling customers to apply for equipment financing through its parent company CIT and its
national Small Business Solutions division.In addition to its products and services, OneWest empowers local entrepreneurs
through Launch + Grow, an ongoing partnership with the nonprofit Operation HOPE that includes a series of in-person
workshops and classes for female small business owners. OneWest Bank is committed to helping Southern California
consumers and small businesses meet their financial goals by offering a variety of personal and small business banking and
lending solutions.

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CIT (USA) Launches HOA Premium Reserve Solution for Community Associations
36
CIT Group Inc. announced its newly-acquired Community Association Banking division is launching a new suite of premium reserve
accounts for homeowner association deposits. These accounts offer competitive returns and the backing of a surety bond for balances
over $250,000 for community associations, and the convenience and efficiency of having both operating accounts and reserve accounts
at one bank for community managers. This new product introduction comes just weeks after CIT acquired Mutual of Omaha Bank on
Jan. 1, 2020 and underscores the commitment the company is making to the growth of the business.
These new accounts include:
• Premium Sweep Account combining a competitive interest rate, daily access to funds and no limits on withdrawals.
• Premium CD providing a fixed rate of return over terms ranging from 30 days to 60 months.
• Premium Ladder CD providing a higher fixed interest rate, while also offering depositors flexible terms for accessing reserve account
funds every one, three, six, nine or 12 months.
• Premium Money Market providing access to reserve funds with minimal limitations and six withdrawals per month.
The full amount in all accounts will be protected against loss by a surety bond for any funds on deposit in excess of the $250,000
covered by FDIC insurance through CIT's banking subsidiary, CIT Bank, N.A.

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Qontigo (Germany) combines index and analytics expertise in STOXX Factor Indices
37
Qontigo has launched the STOXX Factor Index suite, bringing together the powerful indexing and analytics capabilities of
Qontigo. The new STOXX Factor Index suite delivers more clarity to the market for factor investors by relying on the
institutionally tested analytics of Axioma Factor Risk Models. Driven by market demand for accurate insight into factor
exposures, the STOXX Factor Index suite uses Axioma Factor Risk Models to provide control over unintended factor
exposures and to verify performance drivers. The index methodology also ensures strong tradability by limiting exposures to
less liquid names and controlling the number of index constituents and weights. The suite provides a modern, comprehensive
toolkit of indices for benchmarking and investors. It is comprised of five single factors – Value, Momentum, Size, Low Risk,
Quality – and a multifactor index that delivers a diversified exposure to all fixed single factors. Regions covered include
Global, US, Europe, Asia Pacific and Global ex-US. To help investors visualize factor exposures and target benchmark
tracking, Qontigo has launched Factor iQTM – an online tool that allows users to test portfolios based on the historical results
of the STOXX Factor Indices.

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Thrive Global and Discover (USA) Launch ‘Thriving Wallet’ to Help People on Their
Paths to Brighter Financial Futures
38
Thrive Global, the behaviour change technology company founded by Arianna Huffington, and Discover, an industry leader in
direct banking and payment services, announced the launch of Thriving Wallet, a new initiative exploring the relationship between
finances and whole human well-being. Thriving Wallet illustrates the connection between financial, mental and physical health by
leveraging compelling storytelling to highlight research and new insights, and features new Micro steps–Thrives small,
science-backed steps–that individuals can incorporate into their daily lives to help improve their relationships with money and
achieve brighter futures. Thriving Wallet is the first Thrive Global initiative dedicated to exploring the relationship between money
and overall well-being. Through video, editorial and social content, consumers will find expert advice, inspirational personal
stories, and data-driven insights demonstrating how building healthy habits through Thrive’s signature micro steps and Discover’s
tools, resources and products can help improve their financial well-being. And an online quiz will help consumers set individual
goals and determine which speciﬁc ﬁnancial priorities they should focus on in the year ahead. Thriving Wallet also marks the
launch of Thrive Sciences, Thrive Global's in-house research practice. Discover is the official launch partner of Thrive Sciences,
which brings together audience and industry insights with the latest behavior change science to generate actionable research
focused on helping people build healthier habits.

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Freddie Mac (USA) Launches CreditSmart Homebuyer U, A Comprehensive Home-
ownership Education Curriculum
39
Freddie Mac announced it has launched a new, comprehensive homeownership education course called CreditSmart® Homebuyer
U. This course is a free, online resource for consumers who want to learn about home purchase and the homeownership process.
CreditSmart Homebuyer U offers six educational modules, each focused on a key learning principle relating to money
management, credit, getting a mortgage, the homebuying process and preserving homeownership. Freddie Mac stresses the
importance of education in supporting financial capability skills among consumers in order to help them prepare for
homeownership. CreditSmart Homebuyer U is the latest addition to the CreditSmart “suite” of financial and homeownership
education curricula that have been in place for the last 18 years. CreditSmart Homebuyer U satisfies education requirements for
Freddie Mac HomeOneSM or Home Possible® mortgage loans and aligns with the National Industry Standards on
Homeownership Counseling and Education. Freddie Mac makes home possible for millions of families and individuals by
providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable
for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters,
lenders and taxpayers.

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Morgan Stanley (USA) Launches CashPlus: A Modern Alternative to Banking that
Offers Better Ways to Manage Cash Activities
40
Morgan Stanley announced the launch of CashPlus, a new brokerage account that offers clients a modern alternative to banking. The CashPlus Account replaces the Premier
Cash Management program. CashPlus, the next generation of cash management at Morgan Stanley, puts a client’s cash activities front and center, while offering a wide range
of benefits and a seamless digital experience. CashPlus offers two account types -- Premier CashPlus and Platinum CashPlus – and comprises three categories of
differentiating benefits:
Exceptional Access and Benefits
• Unlimited ATM fee rebates worldwide.
• Unlimited check writing.
• No foreign transaction fees and no cash advance fees.
• Cash access from banks or tellers that accept Mastercard.
Comprehensive Protection
• Insufficient Funds Coverage.
• Identity and credit protection from Experian®.
• Enhanced benefits from Mastercard3 including Extended Warranty*, Satisfaction Guarantee*, and Price Protection* with the Morgan Stanley Debit Card.
• SIPC and FDIC coverage4, both up to applicable limits.
Premier CashPlus and Platinum CashPlus both offer additional benefits, such as up to two and four enrollments in Experian, respectively. Both account types also offer
access to Morgan Stanley Cards from American Express, created exclusively for Morgan Stanley clients. The Morgan Stanley Credit Card from American Express offers
rewards on eligible purchases along with the flexibility to pay overtime with interest.

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Mastercard (USA) and Partners Launch Priceless Planet Coalition to Act on Climate
Change
41
Mastercard announced the launch of the Priceless Planet Coalition, a platform to unite corporate sustainability efforts and make
meaningful investments to preserve the environment. Together with partners who share a commitment to doing well by doing good, the
Priceless Planet Coalition is pledging to plant 100 million trees over five years. Founding partners in the coalition include Citibank,
Santander UK, IHS Markit, bunq, Saks Fifth Avenue, New York Metropolitan Transportation Authority, Transport for London, and
American Airlines, with more to be announced. It is crucial for companies to help reduce carbon emissions by investing in energy
efficient workplaces and operations, sourcing renewable energy and maintaining a sustainable supply chain. But the responsibility for
business today extends far beyond their own efforts. Mastercard believes the private sector can do more and make real impact by
combining efforts and engaging consumers. Core to their own missions, these partners have for a long time placed significant emphasis
on their own sustainability efforts. The goal of this initiative is to deliver a true network effect, where collaboration makes the value of
the whole greater than the sum of its parts, enabling the entire ecosystem to benefit. Mastercard and its customers reach nearly 3 billion
consumer and corporate cardholders. One of the key elements of this new commitment is empowering these people to act. Partnerships
like that between Mastercard and Doconomy help people to make informed, climate-friendly choices, and make it simple, fast and easy
to make contributions to the climate cause.

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Mastercard (USA) Launches Augmented Reality Experience to Bring Card Benefits to
Life
42
Mastercard unveiled a new augmented reality app that lets cardholders see, explore and access the benefits of their Mastercard. The
industry-first card benefits app delivers a photorealistic AR experience that transports users to a 360-degree virtual environment, where
a series of interactive portals brings their card benefits to life.
How it works:
• Upon launching the app, cardholders will be prompted to scan their Mastercard to start the session.
• Using their phone to scan the area around them, cardholders will see three portals, each one representing one of the three categories
that Mastercard benefits fall into: Experiences, Everyday Value and Peace of Mind.
• To explore a benefit area, cardholders can tap the related portal to launch a fully immersive 360-degree experience which brings that
area to life. For example, Peace of Mind is represented by a spa, and Everyday Value is a stylish home.
• Once inside, cardholders can use their phone to look around the virtual room and discover their benefits – each represented by a
relevant item. For example, tapping on a set of golf clubs prompts a pop-up screen where a user can learn about, and access, their
Priceless Golf benefits.
• When finished exploring, users can simply tap to exit the portal turn.
The app will be available in the App Store in the U.S. in Q2 2020, with additional regional and device availability coming later in the
year. The technology can be white labelled for Mastercard’s issuing partners, creating customized experiences for their cardholders.

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Mastercard (USA) Unveils its First-Ever Music Single, Delivering Latest Evolution of
its Sonic Brand Identity for the Next Decade
43
Mastercard is redefining how people interact and recall the brand with the drop of its first-ever sonic-integrated music
single. As experiences increasingly define the brand in the eyes of the consumer, Mastercard is designing consumer
journeys that cater to the senses and reinforce the brand in new and differentiated ways. Mastercard is collaborating with
songwriter and producer to engage with up and coming global artists. Together, they will commission them to build upon
the Mastercard sound architecture to curate an auditory experience that brings new meaning and purpose to the brand.
Introduced in 2019, the company’s sonic melody is a critical component to how people recognize Mastercard today and in
the future and was derived with a flexibility that enables it to live across musical genres and cultures while also maintaining
familiarity. For its first song drop, Mastercard is engaging with Swedish artist Nadine Randle to organically and
authentically integrate the company’s brand values and sonic identity into a first-ever musical output. Debuting at Live @
CES, an event in partnership with iHeartRadio on January 8, the single, titled “Merry Go Round,” tells the story of a new
beginning and fresh start enabled with Priceless possibility.

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Ameriprise Financial (USA) Included in the 2020 Bloomberg Gender-Equality
Index
44
Ameriprise Financial announced it has been included in the 2020 Bloomberg Gender-Equality Index. The GEI is an
investment index that aims to track the performance of public companies that are committed to transparency in gender
reporting and offer best-in-class policies and practices in support of women in the workforce. Ameriprise is one of 325
companies included in the 2020 GEI. Nearly 6,000 companies in 84 countries had the opportunity to disclose their data
using Bloomberg’s gender reporting framework for this year’s index. At Ameriprise Financial, we have been helping people
feel confident about their financial future for more than 125 years. With a network of 10,000 financial advisors and
extensive asset management, advisory and insurance capabilities, we have the strength and expertise to serve the full range
of consumer financial needs. For more information, visit ameriprise.com.
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CIT (USA) Earns Top HRC Corporate Equality Index Score and Named a Best
Place to Work for LGBTQ Equality
45
CIT, a leading national bank, announced it received a score of 100 percent on the Human Rights Campaign Foundation's
2020 Corporate Equality Index, the nation's premier benchmarking survey and report measuring corporate policies and
practices related to LGBTQ workplace equality. As part of the recognition, CIT has also been designated a Best Place to
Work for LGBTQ Equality. The results of this year's CEI showcase how 1059 U.S.-based companies are promoting
LGBTQ-friendly workplace policies in the U.S. and helping advance the cause of LGBTQ inclusion in workplaces abroad.
The CEI rates companies on detailed criteria based on five categories: non-discrimination policies, employment benefits,
demonstrated organizational competency and accountability around LGBTQ diversity and inclusion, public commitment to
LGBTQ equality, and responsible citizenship. In 2019, CIT created the Be Your diversity and inclusion program to
encourage engagement and build a workplace where employees can bring their best selves to work. The program includes
an LGBTQ Employee Resource Group dedicated to fostering internal networking, development and community
involvement.
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E*TRADE (USA) Named a Best Place to Work for LGBTQ Equality for the
Second Year in a Row
46
E*TRADE Financial Corporation announced it received a perfect score of 100 on the Human Rights Campaign Foundation’s 2020
Corporate Equality Index for the second year in a row. The CEI is the nation’s premier benchmarking survey and report on corporate
policies and practices related to LGBTQ workplace equality. E*TRADE joins the ranks of less than 1% of US businesses earning top
marks this year.1 This accolade is based on five categories: non-discrimination policies, employment benefits, LGBTQ diversity and
inclusion, public commitment to LGBTQ equality, and responsible citizenship.
E*TRADE supported a host of LGBTQ initiatives this year:
• Joined Open Finance and the Business Coalition in support of the Equality Act proposed federal legislation that would give consistent
protections for LGBTQ employees.
• Formalized LGBTQ+ and gender identity guidelines, including the ability for employees to include personal pronouns on their
intranet profile.
• Participated in local Pride month activities and hosted a fireside chat to recognize World Pride and the Stonewall 50.
• Mentored LGBTQ youth on career goals and aspirations, focusing on the importance of authenticity in the workplace.
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Fannie Mae (USA) Connecticut Avenue Securities Receive Upgraded NAIC
Designations for the 2019 Filing Year
47
Fannie Mae announced today that all Connecticut Avenue Securities® deals issued as direct debt have received designations for the
2019 filing year from the National Association of Insurance Commissioners. Four M-2 bonds were upgraded to an NAIC 1 designation
and two M-2 bonds were upgraded to an NAIC 2 designation. Fannie Mae implemented its CAS REMIC® structure. CAS REMIC
transactions are issued out of a bankruptcy remote trust, rather than as direct debt of Fannie Mae. The switch to issuance from a trust
necessitated a review of the NAIC modeling process. In 2019 Fannie Mae requested that the NAIC Structured Securities Group use the
NAIC Approved Modeling Process to develop preliminary NAIC Designations and Breakpoints for a CAS REMIC transaction.
Tranches of the CAS 2019-R02 issuance were used for this analysis. This was the first time the NAIC has applied its approved
modeling process to a CAS REMIC transaction. Follow the link to view the letter and analysis. CAS 2019-R02 breakpoints for
year-end 2019 are expected to be released later this month. The NAIC's Structured Securities Group describes its designations on its
webpage. An NAIC 1 designation is assigned to obligations exhibiting the highest quality and should be eligible for the most
favourable treatment provided under the NAIC Financial Conditions Framework, while an NAIC 2 designation is assigned to
obligations of high quality and should be eligible for relatively favourable treatment under the NAIC Financial Conditions Framework.
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Franklin Templeton (USA) Receives Top Marks in 2020 Corporate Equality
Index
48
Franklin Templeton is pleased to announce its receipt of a perfect score of 100 percent on the Human Rights Campaign Foundation’s 2020 Corporate
Equality Index, the nation’s premier benchmarking survey and report measuring corporate policies and practices related to LGBTQ workplace
equality. Franklin Templeton earned top marks in the national survey for the fourth consecutive year and was designated as a Best Place to Work for
LGBTQ Equality. he CEI showcases US-based companies are not only promoting LGBTQ-friendly workplace policies in the US, but also helping
advance the cause of LGBTQ inclusion in workplaces abroad. The CEI rates companies on detailed criteria falling under five broad categories:
non-discrimination policies, employment benefits, demonstrated organizational competency and accountability around LGBTQ diversity and
inclusion, public commitment to LGBTQ equality and responsible citizenship. The Human Rights Campaign Foundation is the educational arm of
America's largest civil rights organization working to achieve equality for lesbian, gay, bisexual, transgender and queer people. HRC envisions a
world where LGBTQ people are embraced as full members of society at home, at work and in every community. Franklin Templeton’s goal is to
deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170
countries. Through specialized teams, the company has expertise across all asset classes, including equity, fixed income, alternatives and custom
multi-asset solutions.
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