Tag: finance

Get Financially Organized at T. Rowe Price’s Community Shred Event on 9/15

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T. Rowe Price Shred Event

Come get financially organized at T. Rowe Price’s Community Shred Event on Saturday September 15. Attendees can bring up to four bags of documents to have them safely shredded by Vangel, Inc. shredding services. Documents to shred include old bills, account statements, and other sensitive documents.

Interview with U.S. Treasury Under Sec. Mary Miller

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Under Secretary of the Treasury Mary Miller
Under Secretary of the Treasury Mary Miller

Mary J. Miller, Under Secretary for Domestic Finance at the U.S. Treasury, is the first woman to hold that position in the institution’s history. The longtime Guilford resident is “responsible for developing and coordinating Treasury’s policies and guidance in the areas of financial institutions, federal debt financing, financial regulation, and capital markets.” She also currently serves as Acting Deputy Secretary for the Treasury until the confirmation of former Maryland Commissioner of Financial Regulation Sarah Bloom Raskin as the first female Deputy Secretary of the Treasury.

“Secretary Geithner was serving at the time of the highest number of women at top jobs at the Treasury ever,” Mrs. Miller says.   “I’ve felt lucky to have this opportunity.”

Joseph A. Sullivan Named Legg Mason CEO and President

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Joseph A. Sullivan
Newly appointed Legg Mason CEO Joseph A. Sullivan

Courtesy Citybizlist – The Board of Directors of Legg Mason, Inc. (NYSE: LM), one of the world’s largest global asset management firms, announced that it has appointed Joseph A. Sullivan President and Chief Executive Officer and a member of the Board of Directors, effective immediately.  In addition, it announced that Dennis M. Kass, a veteran leader in the asset management industry, will join the Legg Mason Board, effective April 1, 2013.

Will Legg Mason Be Sold?

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There’s speculation that Baltimore investment management firm Legg Mason may be sold once CEO Mark Fetting steps down on Oct. 1.  In its cover story Sunday, the Sun reported that Daniel McHugh, president of Baltimore-based Lombard Securities said that movements in the market point to a sale.

Towson University Partners with T. Rowe Price for Real-World Finance Education

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T. Rowe Price Finance Lab at Towson University

I just got back from a wedding, and so I’m in the mood to celebrate unions of all kind. The new partnership between T. Rowe Price and Towson University may be a bit less romantic than what I witnessed up in New Hampshire, but it’s still an exciting example of how Baltimore’s education and business communities can benefit from one another in unexpected ways.

Baltimore City Sues Over a Dozen Banks for Rate Rigging

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Baltimore city is among several plaintiffs in a lawsuit against a slew of banks (including Bank of America, Citibank, and HSBC) accusing them of conspiring to rig interest rates, specifically, the London Interbank Offered Rate (Libor).

But the weird thing about the Libor is “it’s basically generated using the honor system.”    According to an article in The Sun, “a panel of banks report daily to the British Bankers Association…what rate they would expect to pay if they borrowed from another bank.” After throwing out the outliers all the numbers are averaged together. My point is, what’s the difference between conspiracy and standard operating procedure when banks are shouting a bunch of arbitrary numbers at each other that represent their subjective expectations?

The lawsuit claims that banks were setting the rate arificially low, which means that investments tied to the Libor were returning less money to investors. But interest rates are a double-edged sword; if it’s true, then debtors were given a little artificial relief.

Lacrosse An Advantage in Finance

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Photo by photofriday/Shutterstock.com

Playing lacrosse in college provides a valuable connection to the finance world, writes Bloomberg Businessweek in its article, Wall Street’s Lacrosse Mafia. According to the story, in 1879 a Baltimore Athletic Club lacrosse coach described his team this way: “The members are principally sons of wealthy merchants, with a good sprinkling of merchants themselves.” Despite recent bad publicity for the sport (see Huguely, George and Duke lacrosse case), the demographics have hardly changed, giving those with lax on their resumes a huge leg-up.

Baltimore-native A.B. “Buzzy” Krongard, the former C.E.O. of Alex. Brown & Sons who played for Baltimore City College and Princeton in the 1950s, is quoted in the story saying, “Just in Baltimore, if you culled from the banking and real estate firms, you could assemble a world-class team.”

Read the whole story at Bloomberg Businessweek. 

 

Baltimore-founded NEA’s Groupon Investment Valued at $2.3B, T. Rowe’s at $330M

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Courtesy of Citybizlist — Many pre-IPO investors tripled their money while early investors like New Enterprise Associates made astronomical returns as Groupon Inc. (Nasdaq: GRPN), the daily deals company, completed a $700 million initial public offering, the biggest by a dotcom since Google Inc.

Groupon shares touched $31 before closing at $26.11 on Nov. 4, giving investors a 31 percent boost on the opening day. The share price gave Groupon a valuation of $16.50 billion.

New Enterprise Associates was among the biggest gainers. Among the earliest investors in Groupon, NEA’s 87.45 million shares were valued at $2.28 billion, for a potential return of about 154x, according to peHUB, a venture and private equity news site run by Thomson Reuters.

Among other investors in citybizlist’s geographies, Boston-based Fidelity Investments and Baltimore-based T. Rowe Price were the biggest. Each invested $100 million in the Internet startup and their stake was each valued at $330.61 million on Nov. 4.

From New York, Morgan Stanley‘s $75 million investment grew to $247.96 million; and Allen & Company‘s $4 millioninvestment grew to $13.22 million.

Boston-based Battery Investors VIII LP‘s $23 million investment grew in value to $76.04 million, and Greylock XIII L.P.’s $65 million investment rose to $214.89 million.

Also, Dallas-based Maverick Fund Private Investments Ltd.’s portfolio grew to $165.30 million,from $50 million.

The following are some Groupon investors and the value of their holding as on Nov. 4:

read more at Citybizlist

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