Deals & People April 9, 2009

CVC Capital Partners Wins Barclays iShares Bid

U.K. bank Barclays agreed Thursday to sell its iShares exchange-traded funds (ETFs) business to European private-equity firm CVC Capital Partners.
Reported by

According to Reuters, the deal, which will reap £3 billion ($4.41 billion), brings in cash Barclays can use to increase its buffer against credit losses as the economy worsens. Barclays also has an option to receive 20% of the value of iShares in cash following a future increase in the value of the business.

To complete the deal, the bank agreed to lend CVC £2.1 billion (see “WSJ: Barclays Ready to Announce iShares Deal’). Reuters noted that the sell represents a sacrifice for Barclays, underscoring the bank’s eagerness to raise cash and avoid seeking state aid as some of its rivals have done. The iShares unit, offering some 360 ETFs globally, contributed a significant chunk of the bank’s profits in 2008, the news report said.

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The sale caps several weeks of talks with a variety of interested buyers, with CVC coming into the game late (see “Report: CVC Capital in Talks to Buy iShares’).

Products April 9, 2009

Securian Adds Online Client Support Tools for Advisers

Advisers who sell Securian retirement plans will find new client support tools at SecurianRetirementCenter.com.
Reported by

According to a press release, the additions include:

  • Securian Insight Executive Summary—includes a current plan snapshot that shows participation and contribution rates, plan cash flow, investment data, and retirement industry and regulatory updates. Advisers can download the information, personalize the reports for clients, and add their own contact information on the cover.
  • Investment resources—includes quarterly commentaries and investment company updates prepared by Securian’s Due Diligence Committee as well as a sample investment policy statement.
  • Fiduciary Focus—includes checklists and explanations of fiduciary duties and critical tasks. Additionally, the Knowledge Center Library has been expanded to include more support for new sales and help with existing clients.
  • Securian Insight, a more comprehensive report generally available to plans with more than $3 million in assets, is also available via a Securian service representative, the company said. Securian Insight is an in-depth annual report that provides administrative and investment information along with retirement-related legislative updates, current economic information, and a compliance summary.

Advisers can register at www.SecurianRetirementCenter.com.

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