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The Friday Express: North American financials


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The Friday Express: North American financials

* Julian Robertson — the Tiger Management Advisors co-founder with a net worth of $3.8 billion, according to Forbes — has closed one fund after outside capital dropped to $28.5 million as of 2016's end. That's a 94% decline since its 2011 launch. Robertson also completely exited his investment in Ratan Capital Management.

* Following Jeffrey Lacker's sudden departure, the Richmond Fed board released a statement saying they had been informed in 2015 of his involvement in a federal probe, but discovered certain details only through the recent resignation letter. The statement, writes The Wall Street Journal, "suggests [the board] was unaware" of the gravity of the situation when it decided to re-elect him.

* Republicans have tweaked their proposed American Health Care Act to create an "invisible risk-sharing program" aimed at helping states reduce premiums by reimbursing insurers for high-cost individuals. But at least one Republican lawmaker has already criticized the amendment. Rep. Louie Gohmert said he didn't think "the best solution to federal power is more federal power."

* USI Insurance Services acquired North Carolina-based Cameron M. Harris & Co., which provides P&C coverage, business services, surety bonding, employee benefits and group products.

* A European affiliate of Global Bankers Insurance Group will buy NN Group NV's NN Life Luxembourg, which operates a life insurance platform for high-net-worth customers.

* JMP Group has set up a $200 million revolving credit facility, in line with plans to acquire a portfolio of assets.

* Online lender Upgrade raised $60 million in March and yesterday announced it had launched a new consumer credit platform. Among its founders are Renaud Laplanche and Soul Htite.

* And the board of Ellie Mae is urging shareholders to vote against the proposed declassification that would cut directors' terms to one year instead of three.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.