M&A in the asset management
Sources for Bloomberg News say Germany's HSH Nordbank AG is getting bids from Apollo Global Management LLC and China's HNA Group. The latter is again working with C-QUADRAT Investment AG, its partner in the Deutsche Bank AG stake.
Confirmed: Private equity firm Lone Star is taking a 75% stake in Portugal's Novo Banco SA for €1 billion ($1.07 billion).
And Congress Asset Management Co. LLP, which has more than $8 billion in assets under advisement, will acquire Century Capital Management LLC's investment management business. Century Capital has approximately $670 million in assets under management.
Meanwhile, Third Avenue Management LLC, the firm that that closed a high-yield bond fund to redemptions in late 2015, is settling an investor lawsuit for $14.3 million. The accord, if approved by the court, will resolve claims that it mismanaged its high-yield Focused Credit Fund and misled investors about the risks.
Speaking of settlements, prepaid card
In Hong Kong, China Huishan Dairy's troubles is again raising questions about just how much due diligence Western banks
And, in Saginaw, Mich., Valley State Credit Union has been liquidated. The credit union
In other parts of the world
Asia-Pacific: HNA to bid for German lender; Fubon Financial to divest stake in Dutch insurer
Europe: Deutsche Bank fined again; Credit Suisse in client tax probe; Novo Banco sold
Middle East & Africa: Gulf banks close merger; Fitch warns of SA review; Togo banks to merge
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng rose 0.62% to 24,261.48, while the Nikkei 225 increased 0.39% to 18,983.23.
In Europe, around midday, the FTSE 100 was up by 0.06% at 7,327.43 and the Euronext 100 had risen 0.02% to 986.43.
On the macro front
The Purchasing Managers' manufacturing index, the Institute for Supply Management's manufacturing index and the construction spending report are due out today.
The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.