Asia’s only dedicated Fund of Fund conference is back once again
From: 2005-05-25 Until: 2005-05-27
Location: Grand Hyatt, Singapore
300+ participants in 2004
60+ speakers in 2005
30+ CEO/CIO speakers
20+ hours of networking opportunity
8 panel discussions
4 year track record
3 full conference days
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JPMorgan Chase & Co., the second- biggest U.S. bank, said first-quarter profit climbed 17 percent to a record as investment-banking businesses and the $58 billion purchase of Bank One Corp. lifted revenue.
Net income rose to $2.26 billion from $1.93 billion a year earlier, JPMorgan said in a statement. Earnings per share fell to 63 cents from 92 cents because the company issued stock to buy Bank One in July. Excluding merger and legal-settlement costs, the bank earned 81 cents a share, beating the 69-cent average estimate of 18 analysts surveyed by Thomson Financial.
Investment-banking revenue rose 11 percent to $4.2 billion, led by fixed-income trading and merger advice. JPMorgan’s gains mirrored results at Wall Street securities firms such as Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc., which last month also reported record first-quarter earnings.
“It’s obviously a little bit better than we were expecting,” said Michael Nix, who helps manage more than $1 billion at Greenwood Capital in Greenwood, South Carolina. “You’ll probably continue to see pretty decent investment-banking revenue from JPMorgan.”
JPMorgan shares jumped to $35.84 in early trading from $34.95 yesterday on the New York Stock Exchange. The stock has declined 10 percent this year, compared with the benchmark Philadelphia KBW Bank Index’s 7.7 percent drop.
First-quarter revenue at JPMorgan rose 51 percent to $13.6 billion. Analysts had predicted $13.85 billion.
Despite high gas prices, there’s some good news for car owners: California car insurance rates are falling for the first time in years.
Overall, auto insurance rates dropped nearly 4 percent statewide last year, the first decline since 1999, according to the California Department of Insurance. And at least one major insurer plans to lower rates again this year, a sign that rates could dip again in 2005.
The reason: People are filing fewer insurance claims, according to insurance carriers and state regulators.
Mike Edwards, one of the state’s top auto insurance regulators, said he suspects that drivers are filing fewer claims because higher gas prices and the sluggish economy have reduced the number of cars on the road, which in turn has reduced the accident rate.
In addition, Leonard Leong, a former insurance adjuster who now runs a San Francisco auto body shop, said he’s also noticed more people dipping into their own pockets to make small repairs during the past two years, rather than filing a claim.
"They’re afraid their insurance rates will go up,” said Leong, general manager of Marina Auto Paint and Body Repair, who said he has noticed fewer accidents.
Competition may also be a factor. AAA of Northern California, for instance, lowered its rates by 3.6 percent last year to keep its rates competitive, AAA spokeswoman Jenny Mack said. "We’re always monitoring the market,” she said.
To be sure, not all companies are slashing their premiums. Allstate raised rates more than 6 percent last year, the Department of Insurance said.
By contrast, State Farm, the state’s largest auto insurer, with 3 million customers, cut rates by 7.6 percent in October and plans to lower rates again by 4.2 percent on May 1.
In addition to seeing fewer claims, State Farm spokesmen said the company also slashed its expenses by reorganizing its operations over the past three years. It eliminated two-thirds of its field offices, for example, to save money, allowing it to lower rates.
"We’re always looking for ways to save our policyholders money,” said Bill Sirola, a State Firm spokesman.
AAA of Northern California, the Automobile Club of Southern California, Allstate Insurance Co. and Farmers Insurance Group all said it is too early to say whether they will adjust their rates this year.
Auto insurance companies can change their rates at any time in the year, though they need approval from the state Department of Insurance, which can take several months. None of the four companies has filed applications to change their rates so far.
Overall, Californians paid an average of $777.93 per year for auto insurance in 2002, slightly higher than the national average, according to the National Association of Insurance Commissioners and the Insurance Information Institute. Because rates rose modestly in 2003, then fell in 2004, the current rates are probably similar to the 2002 rates.
But rates vary dramatically from one customer to another, depending on each driver’s accident history, age, type of car and many other factors. Some companies have cut their rates more than others. And customers won’t benefit until they buy a new policy or renew their old one.
Customers can compare the premiums or complaint records for various companies online at www.insurance.ca.gov.
Source:http://www.sfgate.com/
The insurance industry’s rate structure is blatantly discriminatory, and, in basing rates on zip code and ethnicity, it fails to take advantage of the largest market opportunity in the state.
So said California Insurance Commissioner John Garamendi, speaking to Alameda Rotary Club members Tuesday.
"It’s flat-out discriminatory" that rates are based on zip code and ethnicity, not on the individual person, home or car, said the not-formally-declared 2006 candidate for lieutenant governor.
"Insurance should be affordable, available and able to pay claims in a fair and quick way," he said. "Unfortunately it doesn’t always happen that way."
Garamendi is pushing for insurance legislation that would have the same effect as the Community Reinvestment Act does on banking — requiring investment in communities of all economic levels.
"The single biggest market is underserved communities in America," he said. "(The industry) is ignoring the Latino community in California. With 25 to 30 percent of the population, it’s a big-time opportunity. The same is true for African-American and Asian communities."
He chastised the industry for needing a "kick" from the commissioner to enter those markets.
Garamendi is also pushing a home owners’ bill of rights that would end the industry’s "use it and lose it" procedures, in which insurers drop policies or raise rates for customers who make an insurance claim.
"The risk isn’t any higher" after a tree falls on a house," he said.
Holding a copy of the disaster preparation DVD released the night before by the Red Cross, AP&T and the fire department, he praised Alameda’s effort to raise awareness and encourage preparation.
He also pushed for more home owners to buy earthquake insurance.
"Alameda is a risky place; it’s not on the most stable soil," he said. About 60 percent of home owners don’t have enough insurance to rebuild "if you have a wipe-out," he said. Just 13 percent of California homes and less than 20 percent of Bay Area houses are insured for earthquakes, he said.
Source:http://www.mercurynews.com/
WEST PALM BEACH, FL (www.hedgeco.net- Many Asian hedge fund managers are registering their funds with the U.S. Securities and Exchange Commission, according to the report, such strategy will enable the managers to attract more investor assets, but at the same time will open their funds to the SEC’s regulatory oversight.
The SEC hedge fund laws passed last year allows managers with up to 2 year lock-up provisions to avoid its regulatory oversight, but SEC officials maintains that such provision may be revised if too many managers use such loophole to avoid SEC oversight. Beginning from February 1, 2006, all U.S. based hedge fund managers, overseeing greater than $30 million in investment assets, or more than 15 clients must register their funds with the SEC.
