PRINCETON, N.J., May 17, 2012 (BUSINESS WIRE) -- Princeton Financial Systems, a global leader in providing accounting, compliance and reporting solutions to the investment industry, has introduced PAM for Investments, the next generation of flexible and scalable investment accounting platforms, offering seamless integration and an efficient user-friendly interface.
PAM for Investments' 3-tier client/server architecture offers horizontal and vertical scalability, simplified installation, and flexible deployment. With multiple custom dashboards, users can effectively analyze and manage exceptions throughout the trading and investment lifecycle. Built on the Microsoft(R) .NET framework, PAM for Investments employs the Microsoft Office(R) Fluent(TM) User Interface featuring ribbon-based navigation offering users the familiar experience found in the latest Microsoft Office suite of products as well as increased productivity and lower total cost of ownership.
"After seeing usability improvements for the next generation of PAM, we're excited and looking forward to using it. Princeton Financial involved us and several other asset management and insurance firms in the redesign effort from the start of the project, which enabled clients to guide the effort of building a high quality, productive user experience. The end result is that PAM for Investments is easy to navigate and we can accomplish tasks more quickly -- I see immediate time savings," said the Mortgage Guaranty Insurance Corporation.
"Our PAM suite of products and services is a leading international investment accounting solution that supports the needs of a diverse range of clients globally. Offering custom features, seamless integration and flexible deployment, PAM for Investments builds on the over 20 years of accounting solutions that Princeton Financial Systems has to offer," said James Russo, CEO, Princeton Financial Systems.
The overall user experience includes: * Easy-to-use user interface with customizable grids and workflows the way clients want them * Extensive data exporting capabilities to drive analysis of ever-increasing amounts of financial data * Support for multi-lingual interfaces * Microsoft .NET 3-tier client/server architecture that provides efficiency in scaling investment accounting operations globally * Deployment flexibility with installed and SaaS (Cloud) environments * Simplified software maintenance and upgrade cycles * Seamless integration with other elements of the client's investment architecture with a web services based architecture and SDK (Software Developer's Toolkit).
About Princeton Financial Systems Princeton Financial Systems, a State Street company, is a leading provider of investment accounting, investment compliance, data management, performance measurement, and reporting solutions to the global investment industry. Our solutions are used worldwide by over 430 leading investment managers, custodians, insurance companies, pension funds, hedge funds, and banks in more than 40 countries Our PAM family of systems consists of leading international investment accounting solutions that support the accounting needs of +370 clients around the globe. Seven of the world's largest global custodians monitor investment compliance with MIG21 powered by its LawCards suite of rule libraries for global compliance.
Princeton Financial Systems, headquartered in Princeton, NJ, has offices located throughout the United States, Canada, France, Germany, the Netherlands, Switzerland, the United Kingdom, Malaysia, and Singapore.
For more information, visit our website at
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SOURCE: Princeton Financial Systems CONTACT: Press: Princeton Financial Systems Michele Boudway Global Marketing +1-609-514-4576 Fax +1-609-750-4851 mboudway@pfs.com or River Communications, Inc. Justin Meise, +1-914-686-5599 jmeise@riverinc.com Copyright Business Wire 2012 -0- KEYWORD: United States
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Western Financial Group announces acquisition of major Victoria insurance brokerage - CNW Group
/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY UNITED STATES NEWS SERVICE OR OTHERWISE IN THE UNITED STATES./
HIGH RIVER, AB, May 17, 2012 /CNW/ - Western Financial Group ("Western") is proud to announce the acquisition today of Hodges & Company Insurance Services Ltd., a highly experienced full service insurance broker specializing in the commercial insurance marketplace. Hodges & Company is headquartered in Victoria, British Columbia, and is Western's first acquisition in the fast-growing B.C. capital.
Owned and operated by Steve Hodges, Hodges & Company has been in business since 1965. The company will continue to operate with the same friendly staff under the Western Financial Group banner from its same location of the past 26 years, 2950 Douglas Street.
"As Victoria continues to grow, so do we," said Hodges. "By joining Western's expansive network with its wider variety of insurers, insurance products and financial services, we will build the best possible client relationships and provide our customers with great insurance at more competitive premiums."
Western will build on Hodges & Company's reputation for local, friendly client service in an urban environment. Current and future customers will benefit from Western's large scale and breadth, and its dedication to delivering value.
"We're thrilled to welcome Steve, his team, and the beautiful city of Victoria to our growing Western network," said Scott Tannas, President and CEO of Western Financial Group. "As we enter the BC capital for the first time, we look forward to offering Steve's customers more services at competitive prices."
"Victoria is such a famous west coast city, with a wonderful history. Its natural beauty is synonymous with British Columbia. After establishing Western in other parts of the province, it is truly exciting to see our name in the capital. With such rapid growth in this area, we promise to grow along with the city, and be the best insurance broker we can be for the people of Victoria."
About Western Financial Group
Western Financial Group is a western Canada based, diversified, financial services company serving more than 600,000 customers. Founded in 1996 and headquartered in High River, Alberta, Western provides insurance, banking and investment products and services through more than 120 office locations, the Internet (www.westernfinancialgroup.ca) and other distribution channels. With a skilled team of approximately 1,500 employees, and backed by the strong resources of its owners, Western is committed to building the strongest financial services company in western Canada.
Western Financial Group is a subsidiary of Desjardins Group, the leading cooperative financial group in Canada.
For further information: James Savage
Executive Vice President
Corporate Communications and Brand Marketing
Western Financial Group
403-652-2663 x338
info@westernfg.ca
GLOBAL MARKETS-Stocks, oil drop on latest euro zone fears - Reuters UK
* World stocks down along with Wall Street shares
* Gold up 2.6 pct; Brent oil drops more than $2/bbl
* Concerns center on Greek, Spanish banks (Updates prices, adds details)
NEW YORK, May 17 (Reuters) - World stocks and oil prices fell o n T hursday on concerns about the health of Spain's banks and the prospect of Greece leaving the euro zone.
Adding to pressure on Wall Street stocks was a U.S. government report showing manufacturing in the mid-Atlantic states unexpectedly contracted in May.
The data helped lift safe-haven U.S. Treasuries prices, and pushed the 10-year note yield to just 5 basis points from its lowest level in at least 50 years, while gold prices rallied 2.6 percent.
Worries about Spanish banks resurfaced after a media report said customers of Bankia had withdrawn more than 1 billion euros from their accounts in the past week. The Spanish government said there had been no such exit of deposits.
Shares of the partly nationalized Bankia fell 13.5 percent but recovered some of the losses after the government's denial.
The developments in Spain followed reports that customers of Greek banks were moving funds on the belief the country would exit the euro, adding to broader anxiety about the region's debt crisis.
"The whole equities market is being driven by a macro trade based upon contagion fear in Europe, and really the problem is undercapitalized banks there," said Jack de Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.
Global shares, as measured by MSCI's world equity index , declined 0.6 percent, and were set for a fifth day of losses along with U.S. stocks.
The Dow Jones industrial average was down 81.32 points, or 0.65 percent, at 12,517.23. The Standard & Poor's 500 Index was down 10.85 points, or 0.82 percent, at 1,313.95. The Nasdaq Composite Index was down 42.57 points, or 1.48 percent, at 2,831.47.
The pan-European FTSE 300 index dropped 1.2 percent, a fourth straight day of declines.
Brent crude futures extended losses to more than $2 a barrel on concerns about Greece and the wider euro zone. Brent July crude was down $2.33 at $107.42 a barrel, having fallen to $107.26, the low for the year.
"The oil market, like other risky assets, is within the grips of uncertainty surrounding the euro zone," said Harry Tchilinguirian, BNP Paribas head of commodities strategy.
Investors followed the heated political debate in Athens, where opponents of harsh austerity measures to obtain an international bailout are expected to win new elections in June.
The euro earlier dropped to $1.2665, its lowest level since mid-January, past stop-loss sell orders below $1.2680 and on course for a test of its 2012 low of $1.2623, according to Reuters data. It last traded at $1.2722, up 0.1 percent.
The yen, though, posted sharp gains against the euro and dollar, bolstered by safety bids.
In the U.S. Treasury market, the benchmark 10-year Treasury note was up 16/32, its yield easing to 1.70 percent, - just 5 basis points from its lowest level in at least 50 years.
Gold prices also rose, with spot gold registering its largest one-day gain since late January.
Spot gold bounced to an intraday high of $1,579.70 and was last up 2.36 percent at $1,575.5 per ounce. That is up almost $50 since it plunged to December lows around $1,527 on Wednesday.
Facebook IPO Halo Boosts Social Media Stocks - All Things Digital
Facebook’s imminent IPO might mint a mess of millionaires in Silicon Valley by Friday, but in the meantime, it’s driving wealth in a few newly public Internet companies, as well.
With the social networking company’s offering reportedly oversubscribed, some investors are looking for ancillary ways to profit from it, and seem to be turning to Facebook’s already public social networking peers.
As Arvind Bhatia, a financial analyst who covers Facebook for Sterne Agee, observed: “I do sense some ‘temporary’ momentum for these related social media stocks.”
Consider: Shares of LinkedIn, Zynga, Pandora, and Yelp have all been trading up in advance of Facebook’s IPO. On Wednesday, LinkedIn closed at $113.49; on May 1, it was trading around $106. Pandora shares ended Wednesday at $11.37, having closed at $8.56 on May 1. More recently, shares in Yelp — which had been slipping lower in value — saw a sudden uptick around May 11.
It’s the same thing with Zynga, which accounts for about 15 percent of Facebook’s revenue. While its stock has been down 25 percent in the last month, it’s been up 2.75 percent in the last five days.
Also on the upswing: RenRen, the so called “Facebook of China,” whose shares were up more than 7 percent Tuesday.
You could add Groupon to this list, as well — although much of the recent upswing in its share price is likely due to the company’s strong first-quarter results that beat Wall Street expectations.
Coincidence? Hardly.
More likely, these stocks are all benefiting from the halo of interest surrounding Facebook’s IPO, an offering that may well prove to be the biggest-ever in the Internet space. Investor drive for a piece of Facebook is becoming the drive for a piece of a company like Facebook or, better yet, one that might be acquired by it.
“LinkedIn, Zynga, Pandora, Yelp … these are all potential acquisition bait for Facebook,” Ironfire Capital founder Eric Jackson told AllThingsD. “If Facebook is going to trade at a premium — like $150 billion to $200 billion, why not buy the fish and the bait, too?”
But this is all pre-IPO chatter. What happens on Friday, and the Monday following — and in the months to come — will provide a hard-and-fast answer to the question of whether the Facebook halo has any true longevity.
If Facebook’s IPO delivers the gains investors expect, sentiment toward the social media stocks may well continue to improve, making the decision to “buy bait” the past few days a wise one indeed.
Said GreenCrest Capital analyst Max Wolff: “By Friday mid-morning Facebook will be the anchor in a sector with several names, a diversity of stories and well over $130 billion in market capitalization.”
Stocks fall on Europe, worrisome economic reports - The Guardian
PALLAVI GOGOI
AP Business Writer= NEW YORK (AP) — Stocks slipped Thursday after a couple of downbeat economic reports from the U.S. and unease over Europe overshadowed positive earnings from the largest American retailer and an encouraging jobs report.
The Dow Jones industrial average was down 72 points at 12,526 shortly after noon. The Dow is on its way to its 11th loss in the past 12 trading days. It's down 6 percent for the month so far and could be headed for its first down month since September.
The Standard & Poor's 500 index fell 10 points to 1,314. The Nasdaq composite fell 34 points to 2,840.
Heavy-equipment maker Caterpillar fell the most of the 30 stocks in the Dow average, 4 percent, after reporting that sales of machines slowed around the world last month. Wal-Mart stock rose 5 percent, the most in the Down, after reporting a 10 percent jump in first-quarter income, beating Wall Street expectations.
Indexes opened lower on Wall Street following declines in European markets. The declines accelerated at mid-morning after the Federal Reserve Bank of Philadelphia said manufacturing slowed in the mid-Atlantic region for the first time in eight months. New orders decreased and firms cut jobs.
Also, the Conference Board said its measure of future U.S. economic growth fell in April after six months of increases. The drop reflected fewer requests for building permits and a spike in applications for unemployment benefits.
These downbeat reports were a surprise and came as investors continued to fret about whether Greece might be forced to exit the euro bloc, something that investors fear would cause turmoil on global markets.
"The U.S. economy is growing slowly and not going gangbusters," said Brian Gendreau, market strategist at broker-dealer Cetera Financial Group. "But Europe is very much on investors' minds. It's been two years with multiple bailouts involving Ireland, Portugal and Greece and things don't seem to be getting better."
Greece's caretaker Cabinet was sworn in Thursday and will hold power at least until next month's election. In the recently-held elections Greeks didn't given any party a majority, but they did give strong support to politicians who rejected the tough austerity measures that came with the country's financial bailout.
Without that rescue package, Greece will likely default and be forced to leave the 17-country euro zone, which would destabilize other countries that use the euro. German, French and Spanish stock markets all fell more than 1 percent.
Collateral economic damage is already being felt by other members of the euro bloc.
Spain was forced to pay sharply higher interest rates to raise $3.18 billion in a debt auction Thursday. And shares of Bankia, which Spain nationalized last week, plunged 20 percent on a report from the newspaper El Mundo stating that depositors have withdrawn over $1 billion since last Wednesday.
Oil prices continued to trade lower, falling below $93 a barrel on Thursday, extending a sharp two-week sell-off, as traders worried about the potential impact on global growth from the European crisis. Crude oil has plummeted about 12 percent from $106 two weeks ago.
Energy companies fell. Chesapeake Energy fell 4 percent, while WPX Energy declined 6 percent.
Among stocks making big moves:
— Media General soared 38 percent after billionaire Warren Buffett's company Berkshire Hathaway agreed to buy 63 newspapers from the company for $142 million.
— GameStop fell 9 percent after the world's largest video game retailer reported its first-quarter profit fell 9.8 percent, as fewer customers visited its stores and bought new games and systems.
— Sears Holdings rose 7 percent after the beleaguered retailer turned a profit in the first quarter, benefiting from a gain on the sale of some stores.
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