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The Wednesday Express: North American financials

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The Wednesday Express: North American financials

* MorganStanley analysts predict the U.S. Labor Department's new will cause a 2% EPS hitto life insurers in 2019, while dragging asset managers' and retail investmentadvisories' management fees down 7.5% annually.

* Bank ofMontreal has yet to see higherdelinquencies despite oil concerns, and there is stronger likelihood of mergersthan failures in the energy industry, CEO Bill Downe told Reuters.

*China-based Huatai Securities will bid as much as $800million for AssetMark, Reuters' sources say.

* A deal with MaseratiNorth America has made JPMorgan's Chase the exclusive private-label financial provider to more than100 Maserati dealerships in the U.S.

* In Iowa, Indianola-basedCommunity Bancshares will acquire Oskaloosa-based TruBank.

* UCare will become awholly owned subsidiary of Fairview Health Services.

* The National Credit UnionAdministration liquidated Pennsylvania-based Cardozo Lodge FederalCredit Union, Chester Upland School Employees Federal Credit Union, ElectricalInspectors Federal Credit Union, OPS Employees Federal Credit Union, Servco FederalCredit Union and Triangle Interests Federal Credit Union.

* Two formerState Street executives were indicted for allegedly conspiring to to fixed incomeand equity trades performed for at least six "transition management"clients.

* Onex Corp. hired a formerGoldman executive, Walt Jackson, to establish a at the firm.

* The U.K.'sFinancial Conduct Authority granted an electronicmoney license to Boston-based and Goldman-backed Circle Internet Financial,The New York Times reports. Themobile payment startup is partnering with Barclays to launcha payment app in the U.K., according to the FinancialTimes.

* And the insuranceindustry is pushing back hard against the NAIC's proposed insurance model law — whichin its current form contains "multiple deal killers," according toone trade association representative.

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