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In This List

Group plans de novo in New Hampshire; Morgan Stanley raises $1.4B for fund

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Group plans de novo in New Hampshire; Morgan Stanley raises $1.4B for fund

A group of organizers is planning to open a de novo bank in Nashua, N.H., to be called Millyard Bank, American Banker reports. The organizers are planning to raise $20 million in initial capital and are looking to open the bank in the summer of 2019. G. Frank Teas, the founding CEO of Nashua Bank in 2007, will lead Millyard Bank.

Morgan Stanley Investment Management Inc. has raised more than $1.4 billion for a private investment fund, North Haven Tactical Value Fund, that seeks investments in private, long-term and "often illiquid" opportunities sourced through the global Morgan Stanley network. David Miller, head of private credit and equity at Morgan Stanley Investment, told Bloomberg News that there has been a "lack of capital" for illiquid, longer-term investments and the new fund aims at meeting the demand for private investments in the Volcker Rule era. The fund raised nearly three times its initial target, and will seek investment deals between $50 million and $200 million in private equity, debt or hybrid securities, the media outlet reported.

Former executives of AriseBank Inc. will pay nearly $2.7 million to settle charges filed by the Securities and Exchange Commission for allegedly selling unregistered investments in their purported "AriseCoin" cryptocurrency. AriseBank's former CEO Jared Rice Sr. and former COO Stanley Ford agreed to be held jointly and severally liable for about $2.3 million in disgorgement plus $68,423 in prejudgment interest, and each must pay a $184,767 penalty. The two were prohibited from serving as officers or directors of public companies or participating in future offerings of digital securities.

Trading revenue at U.S. commercial banks and federal savings associations reached $7.06 billion in the third quarter, up 2.7% from the second quarter and 1.7% from the third quarter of 2017, according to the Office of the Comptroller of the Currency's report. The increases were mainly due to higher interest rate and foreign exchange trading revenue, which grew 7.1% sequentially and 11.0% year over year to $5.13 billion.

Hedge fund liquidations outnumbered fund launches during the three months ended Sept. 30 for the first time in four quarters, according to a report released by Hedge Fund Research. About 174 hedge funds liquidated in the third quarter, an increase from 125 in the second quarter and 137 in the third quarter of 2017. Meanwhile, an estimated 144 funds launched in the third quarter. This was down from 148 in the linked quarter and 190 in the third quarter of 2017, which was the highest quarterly launch total since the second quarter of 2016.

Private equity firms Apollo Global Management LLC and Ares Management LP are lobbying for the SEC and Congress to ease rules that would enable mutual funds and other big money managers to invest in business development companies, Bloomberg News reports.

The Kuala Lumpur High Court dismissed a bail application by former Goldman Sachs Group Inc. banker Roger Ng, who is facing charges in connection with his involvement in siphoning of billions of dollars from 1Malaysia Development Bhd., saying that Ng would likely abscond, The Star reports. Ng is currently on a 60-day remand pending the proceedings at the Kuala Lumpur sessions court to extradite him to the U.S.

In other parts of the world

Asia-Pacific: Anbang sells 35% stake in local bank; Bandhan Bank gets nod to open 40 branches

Europe: UK's May wins vote; Unicaja, Liberbank confirm deal talks; GAM sees CHF925M loss

Middle East & Africa: Malaysian lender eyes merger with Al Rajhi unit; Ghana's banks race against time

Now featured on S&P Global Market Intelligence

Deal would send Berkshire Hills further into New England under new CEO: Richard Marotta, Berkshire Hills Bancorp's newly installed president and CEO, plans to focus on deal opportunities that will allow the bank to bolster its returns through the deployment of both capital and liquidity.

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng rose 1.29% to 26,524.35, and the Nikkei 225 was up 0.99% to 21,816.19.

In Europe, as of midday, the FTSE 100 fell 0.23% to 6,864.05, and the Euronext 100 was down 0.40% to 949.24.

On the macro front

The jobless claims report, the import and export prices report, the Energy Information Administration natural gas report, the treasury budget report, the Federal Reserve balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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