Sunday, 31 August 2014
Last updated 1 day ago
Mar 23 2012 | 12:27pm ET
If Hartford Financial Services Group CEO Liam McGee thought his plan to slim his company down would satisfy his chief critic—and he almost certainly did not—he has been disappointed.
Paulson & Co. yesterday pooh-poohed McGee's planned strategic review to consider splitting its main business lines, calling it merely a "first step."
"We do not believe that today's actions will materially increase P&C investor interest," Paulson said, referring to Hartford's property-casualty business. "While we appreciate the extensive work of The Hartford's board and management, we do not believe the positive actions announced today address the main problem with The Hartford's valuation."
The tone of that comment is, at least, more conciliatory than Paulson's recent pronouncements on the Hartford. In a conference call last month, firm founder John Paulson blasted McGee, saying he needs to "overcome the obstacles… not merely to point out that there's obstacles."
Paulson is Hartford's largest shareholder with an 8.5% stake.
In addition to the strategic review, Hartford said it would leave the annuity business and would consider selling its broker-dealer and retirement investment units.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...