Lehman Brothers Holdings Inc. has informed three private-equity firms that they remain in the running to purchase its asset management business, even though the company hasn’t decided about whether it should sell the unit, according to the Financial Times.
New York-based Lehman Brothers told Bain Capital LLC of Boston, Hellman & Friedman LLC of San Francisco and KKR & Co. LP of New York that their bids were high enough to go forward, according to the report.
The National Association of Independent Life Brokerage Agencies has announced its opposition to the Securities and Exchange Commission’s regulation of fixed indexed annuities as securities.
A key provision in proposed Rule 151A states that annuitants bear the majority of the investment risk if they are likely to receive payments that exceed the guaranteed payment within an FIA.
The risk in this case is that the gain in the annuity contract will be higher than the guaranteed floor within the annuity but subject to a cap and therefore lower than some higher number.
Second-quarter gross domestic product growth was revised up to a 3.3% gain, signaling that the U.S. economy is stronger than had first been thought.
Last month, the Department of Commerce had initially estimated that the GDP had risen 1.9% in the quarter.
Economists surveyed by MarketWatch and Reuters had been expecting an increase of 2.7%.
That compares with a weak 0.9% growth rate between January and March and a -0.2% contraction during the fourth quarter of 2007.
