The US subsidiary of Tokyo-based Sumitomo Mitsui Banking Corp. is selling a $794 million block of shares in Goldman Sachs. SMBC Capital Markets is making the sale to strengthen its financial standing, reported the Wall Street Journal.
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W. Thomas Conner has stepped dwon from his post as vice president and general counsel for the National Association for Variable Annuities. He is joing the Washington, DC law firm of Sutherladn Asbill & Brennan.
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Bear Stearns will buy back 13.4 percent its stock worth $1.2 billion to prevent dilution caused by its stock-based pay plan. The announced purchase is the same size as last year's. The firm eventually purchased $830 million of shares under the program in 2001. Filings also showed that insiders at the firm have been selling. Co-Chief Operating Officer Warren Spector realized $34 million by selling roughly 80 percent of his stake. Chairman, President and Chief Executive James Cayne sold $18.2 million of shares and Co-Chief Operating Officer Alan Schwartz sold $25.6 million worth. The sales were made due to a deferred compensation plan.
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The Managers Funds opened two new funds subadvised by affilliate Rorer Asset Management. The funds were first reported in October (See "Managers Funds Taps Subadvisor
"). Both firms are affiliates of Affiliated Managers Group. The two funds are the Rorer Large Cap Fund (MRLCX) and the Rorer Mid Cap Fund (MRMCX).
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