Nationwide Mutual Insurance will sell its London-based asset-management subsidiary, Gartmore Investment Management, to a group of its fund managers and private equity firm Hellman & Friedman LLC. Based on assets under management, the deal marks the largest management buyout of a fund company in history.
Treasury's John Snow reportedly plans to step down and eventually return to the private sector, according to people close to him. President George W. Bush said Snow has not discussed plans to leave with him, noting, "He's doing a fine job."
Although the New York Stock Exchange's CEO failed to discuss it, the reason the exchange is making a play for Euronext is that it needs a backdoor into the global competitive market given the tight reins the U.S. has put on companies through heavy regulation, one writer says.
Time Warner Inc., America Online and Ernst & Young will pay $23 million to settle allegations they misled pension and investment funds in Pennsylvania. State-run investment funds, including the Public School Employees' Retirement System, had accused the companies of using improper accounting techniques at AOL.
Investment-banking boutique Keefe Bruyette & Woods said it will pursue an initial public offering. KB&W, which specializes in the financial-services sector, joins Thomas Weisel Partners, Ryan Beck and others hoping to duplicate the success of boutique Greenhill & Co.