J.P. Morgan is acquiring The O'Connor Group, a real estate manager with $4.1 billion in U.S. tax-exempt assets under management. Terms of the deal are still pending and were not disclosed.
O'Connor focuses on separate account management. Its purchase would give J.P. Morgan $16.6 billion in U.S. tax-exempt real estate assets under management, eclipsing market leader ERE Yarmouth, which had $14.4 billion as of June 30.
The U.K. government today rejected entrance into a single European currency during the current Parliament.
U.K. Chancellor of the Exchequer Gordon Brown told Parliament, however, ``we must prepare intensively'' so Britain could join early in the next Parliament should the euro prove to be a success. Mr. Brown also reconfirmed the government's commitment to hold a public referendum on whether to enter into European economic and monetary union.
State Universities Retirement System of Illinois trustees, Champaign, decided not to hire VALIC for a new optional retirement program, said James M. Hacking, executive director.
VALIC's fees were still much higher than the three other firms the trustees had hired, even after the firm revised its bid. Also, the trustees' executive committee is scheduled to decide Thursday on a staff recommendation to select a total of 36 or 37 investment funds - from ICMA, TIAA-CREF and Aetna - for the new program.
American Express Co. today reported record third-quarter net income of $524 million, 14% higher than the same period a year ago. Revenue of $4.5 billion was up 9.9% from a year ago. The company's return on equity was 23.3%.
American Express Financial Advisors reported record quarterly net income of $184 million, an 18% rise from the $156 million in the same period last year. The company said revenue and earnings growth benefited from higher fee revenue due to an increase in managed assets.
Jones Lang Wootton Realty Advisors' senior managers completed the purchase of the firm's minority partner, Jones Lang Wootton, and renamed the firm Clarion Partners. Clarion manages more than $5 billion for pension funds and wealthy persons.
A survey of U.K. pension funds revealed 90% of respondents think Britain should join the European monetary union, but only 10% of respondents think this should happen at EMU's formation Jan. 1, 1999.
Eighty percent think Britain should join EMU at a later date. Only 10% thought Britain should not join at all, according to the survey of 31 U.K. pension fund officials by Record Treasury Management, Windsor.
Should Britain join EMU, half of the funds surveyed think their allocation to continental European equities would increase, while 43% said allocations to European bonds would rise. Because changes to other international asset classes are not expected, any increases likely would be funded by a reduction in U.K. equities and fixed income, according to the survey conducted by Record, a currency management firm.