Wealth Management
Top stories summarized by our editors
5/25/2017

"Substantial revenue growth" was the chief highlight of the first-quarter results posted by Griffin Capital Essential Asset REIT II Inc., a publicly registered nontraded real estate investment trust, as it showed a 108% revenue increase over last year. "[W]e will continue to focus on generating net rental revenue based on tenants and guarantors with investment-grade credit ratings," said Chairman and CEO Kevin Shields.

5/25/2017

Phillips Edison Limited Partnership, the sponsor of Phillips Edison Grocery Center REIT I Inc., a publicly registered nontraded real estate investment trust, will be acquired by PECO I in a stock and cash transaction valued at $1 billion. Expected to close in the final quarter of this year, the deal will create a shopping center REIT with 230 properties.

5/25/2017

Strategic Storage Growth Trust Inc., a publicly registered nontraded real estate investment trust, posted robust first-quarter results, with increases in same-store revenues and net operating income among the highlights. "Our strong performance during the first quarter demonstrates the execution of our strategy: acquiring quality assets with good lease-up potential and delivering growth through institutional management," said SSGT Chairman and CEO H. Michael Schwartz.

5/25/2017

Private equity investor CF Corp. agreed to pay $1.84 billion for annuity provider and life insurer Fidelity & Guaranty Life in an all-cash transaction, the companies said in a statement.

5/25/2017

First-quarter sales of fixed indexed annuities declined to $12.9 billion, down 14% from the same quarter in 2016, according to Wink's Sales & Market Report. The figure was 3% lower than the total for the last quarter of 2016.

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Wink
5/25/2017

Sears Group Holdings shifted about $515 million of defined benefit retirement plan liabilities off its balance sheet through the purchase of a group annuity from MetLife. Under the terms of the contract, the future pension benefits of about 51,000 retirees will be paid by MetLife.

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MetLife, Sears
5/25/2017

While many advisors are shifting from selling commission-based products to running an entirely fee-based business, James Poer, president and CEO of Kestra Financial, looks at a few instances where commission-based services may be better for the client. For instance, annuities are an option advisors can offer to clients who have difficulty buying traditional insurance products due to their advanced age or health problems, he writes.

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James Poer
5/25/2017

Commodity Futures Trading Commission data show hedge funds are developing an increasing appetite for bonds, with net-long positions on 10-year US Treasury futures at their highest point since late 2007. "The biggest takeaway" regarding long futures positions "is it confirms the idea that we've probably seen the peak of 10-year yields already in 2017," said Ian Lyngen of BMO Capital Markets.

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Bloomberg
5/25/2017

Hedge funds' first-quarter purchases of leading technology stocks, such as Amazon, Apple and Facebook, reached the highest level since before the financial crisis, Goldman Sachs says in a report. Gross and net exposure for tech stocks surged to 230% and 73%, respectively, while appetite for health care and financial stocks diminished, the report says.

5/25/2017

Revenue for commodities and foreign exchange fell to the lowest point since 2006 in the first quarter, despite a 14% increase in overall investment-bank revenue, according to Coalition.

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Coalition