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    Business Wire India

    The Rohatyn Group (“TRG”), a leading emerging markets asset management firm, announced that it has opened a new office in Seoul, Korea, the firm’s 15th office worldwide. The office will be dedicated to pursuing domestic private equity opportunities in Korea, which complement TRG’s existing investment capabilities in Asia, including private equity, real estate, infrastructure and fixed income.

     

    TRG Partner, Chris Seaver, said, “Establishing a formal presence in Korea is the logical extension of our Asia private equity strategy. Korea is an appealing diversification alternative for investors whose private equity portfolios are heavily weighted towards the U.S. and Europe. Moreover, Korea’s sound and predictable regulatory environment, proven examples of successful exits, and active local LP base add to the attractiveness of the country.”

     

    Gordon Cho, TRG Managing Director, will manage the office and head the firm’s local initiatives. Mr. Cho said, “Korean deal flow remains strong, driven by continued chaebol restructurings, secondary deals and companies looking for a broader set of financing options. We see Korean companies as strong candidates for expansion in Asia, a core area of expertise for TRG, given the high quality and popularity of Korean products.”

     

    TRG investments in Korea currently include portfolio company BHC Company Ltd., and its subsidiaries Changgo43, Big Two Co., Ltd. and Bokang Enterprise, Ltd.

     

    About TRG

     

    Founded in 2002, The Rohatyn Group is a leading emerging markets asset management firm headquartered in New York, with offices around the globe including, Singapore, Hong Kong, Seoul, London, Buenos Aires, Lima, Montevideo, Mexico City, São Paulo, Mumbai and New Delhi. For more information, please visit www.rohatyngroup.com

     

     

     

     

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    Business Wire India

    Moody’s Analytics has again topped Asia Risk Magazine’s 2016 Technology Rankings. The company was named the leader in three categories: Regulatory Capital Calculation and Management, Economic Capital Calculation and Management, and Asset & Liability Management (ALM).

     

    The awards recognize the excellence and breadth of Moody’s Analytics solutions, based on a survey of risk management professionals in banks, hedge funds, pension funds, and corporate treasuries.

     

    “We are thrilled to once again be recognized as a leading provider of risk and capital management solutions by the readers of Asia Risk. Our solutions combine sophisticated analysis, data, and robust technology to help our clients better manage risk and profitability, optimize reporting capabilities, and comply with regulatory requirements,” says Noah Berliner, a Managing Director at Moody’s Analytics.

     

    Moody’s Analytics RiskAuthority™ software was named the leading regulatory capital calculation and management solution in the Asia Risk Technology Rankings. It streamlines bank processes, enabling banks to calculate capital, leverage, and liquidity ratios quickly and accurately for compliance with Basel directives and national regulatory requirements. With RiskAuthority, banks can calculate, consolidate, and report credit, market, operational, concentration, and liquidity risk.

     

    Moody’s Analytics RiskFrontier™ software secured the top spot for economic capital calculation and management with its portfolio management and reporting capabilities. Financial institutions globally use RiskFrontier for portfolio management, valuation, capital optimization, risk-based pricing, and performance management. It enables users to determine the appropriate level of economic capital, and allows for granular analysis of a portfolio’s credit risk drivers.

     

    In addition, Asia Risk readers voted Moody’s Analytics RiskConfidence™ software best ALM solution. RiskConfidence delivers integrated enterprise balance sheet management by combining ALM, liquidity risk management, funds transfer pricing, and business and regulatory reporting capabilities onto a single platform. With this solution, banks can manage interest rate and liquidity risk better, analyze cash flows and prepare more holistic balance sheet forecasts.The most recent version of RiskConfidence also enables banks to determine impairments of financial assets under IFRS 9.

     

    These top Asia Risk Technology Rankings add to an expanding list of industry awards won by Moody’s Analytics. For a complete list, visit www.moodys.com/awards.

     

    For more information about Moody’s Analytics solutions, visit www.moodysanalytics.com.

     

    For more information about the 2016 Asia Risk Technology Rankings, visit www.risk.net.

     

    About Moody’s Analytics

     

    Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services, and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $3.5 billion in 2015, employs approximately 10,800 people worldwide and maintains a presence in 36 countries. Further information is available at www.moodysanalytics.com.

     

     

     

     

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    Business Wire IndiaRazorpay is India’s first payment gateway to launch Unified Payment Interface (UPI), for its 10,000+ merchants. The option will enable customers to make online payments via UPI in addition to netbanking, wallets and credit/debit cards.

    This will be the first large-scale rollout on the merchant side and does not require the addition of any code to start offering UPI payment options to their customers. All of Razorpay’s merchants will have access to receiving payments via UPI starting today. UPI is a unique payment solution built to empower customers to initiate payment requests through their smartphone. It provides a Virtual Payment Address (VPA), through which users can send and receive money on a two-factor authentication.

    “In keeping with our robust technology, our systems will automatically update this option for our entire merchant base. Merchants need not worry about integrating extra lines of code to offer UPI. We’ve been in conversations with multiple stakeholders to vet our internal systems and have run successful pilots to ensure a seamless payment experience. Anyone with a mobile phone and a bank account will be able to benefit from UPI for transacting money online. This is a major change for online commerce as UPI will allow merchants reduce transaction costs and create a faster checkout experience”, said Harshil Mathur, CEO and Co-Founder of Razorpay.  

    The ongoing technological innovation in the current Indian fintech ecosystem has disrupted the online payments landscape and is providing a smooth transactional experience to the end consumer. Sharad Sharma, Co-Founder, iSPIRIT, adds, “By being an early mover in offering UPI to merchants, Razorpay is helping bring frictionless commerce to India”.   

    Created by the National Payment Corporation of India (NPCI) with the support of the Reserve Bank of India and Indian Banks Association (IBA), financial experts believe UPI will boost the online payments industry and is a major step towards building a ‘cashless society’.

    “The launch of UPI is set to increase online transactions and help users get comfortable with digital money. All our customers will now be able to transact via UPI, further simplifying payments.  By providing a smooth transactional experience, a payment gateway like Razorpay will help increase the adoption of digital payments in India. We have no extra lines of code to be added or tweaked, making the process easy and simple for us and importantly, providing multiple options to our customers”, said Rajesh Sawhney, Co-founder at InnerChef & Founder of GSF Accelerator.

    Razorpay is the second India-focused company to be selected to the Y Combinator. Razorpay has been rapidly growing since its inception in 2014, with merchants like Videocon, Nykaa, Zerodha, NestAway, Udacity and Chai Point among others. Razorpay’s other investors include MasterCard, Tiger Global, and Matrix Partners.

    The Indian payments market is expected to reach INR 8,172.7 billion by 2019, according to Ken Research. As the internet penetration increases in the country, Razorpay is working with banks, merchants, users and others to enable secured and safe online transactions across different platforms.

    About Razorpay
     
    Razorpay is a payments platform for e-commerce businesses in India. Razorpay helps businesses accept online payments via Credit Card, Debit Card, Net banking and Wallets from their end customers. Razorpay provides a secure link between merchant website, various issuing institutions, acquiring Banks and the payment networks. Razorpay is a developer oriented payment gateway and focuses on essentials such as 24x7 support, online integration code and checkout experiences that are very customer friendly.

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    Business Wire IndiaMax India Foundation is organizing ‘Celebrate Me’ an event to raise funds for underprivileged cancer patients on 1st October 2016, from 7.00 to 10.00 pm at Qla, near Qutub Minar.
     
    The exorbitant cost of cancer treatment is simply unaffordable for most patients and the whole family gets impacted by the burden of disease. Eventually, families are pushed into the vicious cycle of debt and poverty. In the absence of adequate health security schemes, people are left praying for a miracle to help them. Through this fundraiser, Max India Foundation is trying to increase their support for treatment of cancer patients from economically weak backgrounds.
     
    Smt. Maneka Sanjay Gandhi, Hon. Minister of Women and Child Development, Govt. of India will be the chief guest for the event. The highlights of the event will be a Kathak performance by Namrrata Raai, fashion show by Max Champions (cancer survivors and Max Doctors), and a live music band- Folka Dots. The event will also feature a panel discussion of top oncologists of Max Healthcare on “Journey through Cancer”.
     
    Mrs. Mohini Daljeet Singh, Head, Max India Foundation said, “At Max India Foundation, we believe in ‘Care for Life’ and it is a privilege to be working to support underprivileged cancer patients and spreading awareness about cancer. MIF has supported over 2,050 cancer patients till date. This year’s edition of ‘Celebrate Me’ is focussed on raising money so that we can help more cancer patients. I hope this support will continue to change the life of underprivileged cancer patients, making their triumph an inspiration for others fighting this disease.”
     
    As part of ‘Celebrate Me’, our fundraiser for Khush- an eleven year old braveheart fighting blood cancer is already live on Ketto @ https://www.ketto.org/fundraiser/khush.
     
    According to a projection by Indian Council of Medical Research (ICMR) the total number of new cancer cases is expected to be around 14.5 lakh in 2016 and the figure is likely to reach nearly 17.3 lakh new cases in 2020. Over 7.36 lakh people are expected to succumb to the disease in 2016 while the figure is estimated to shoot up to 8.8 lakh by 2020. Delhi tops the chart for cancer among children. [Source: ICMR Report]
     
    In most cases the disease is diagnosed at a late stage when the effectiveness of known treatment options is low. Even if cancer is identified at an early stage, 50% of patients stop visiting hospitals after two or three cycles of chemotherapy due to the high cost of treatment. [Source: IPH India]
     
    Max India Foundation has been working very closely to support palliative care for cancer patients and support to treat childhood cancers. Cancer has been a focus area due to the alarming increase in incidence and inability of the underserved to afford the treatment and challenges. Out of the 2,050 cancer patients, 137 have been direct surgeries and treatments while 1,913 is the number of cancer screenings done, which include support through Cancer NGOs. The Foundation has been aggressive in creating awareness about the cause of cancer in association with Cansupport, CanKids...KidsCan, Indian Cancer Society and St. Judes Centre. MIF is an old partner with Cansupport through which 2,400 cancer patients have been supported and around 20,000 home visits have been conducted for cancer patients till date. The maiden season of ‘Celebrate Me’ held in year 2015 was organized to honour women who survived their battle against Breast Cancer.
     
    Some of the event partners like Sapphire Sourcing for Outfits (Reva Kumar - Cancer Survivor), Bliss Foundation for Outfits (Nidhi Agarwal - Cancer Survivor) and Goenkas Fine Jewellery (Shruti Goenka - Daughter of a cancer survivor) have seen the impact of cancer closely.
     
    The Hans Foundation has joined as a major partner to facilitate treatment of needy children with cancer in Uttarakhand.
     
    The Shahnaz Husain Group has contributed gift hampers of its Chemoline formulations for cancer patients participating in the event. Shahnaz Husain innovated ‘Chemoline’, based on Ayurveda, to help alleviate the effects of chemotherapy on the skin and hair and is being given to cancer hospitals, free of charge, as part of Shahnaz Husain’s commitment to humanitarian causes.
     
    Other partner brands include Forest Essentials, Kama Ayurveda, Bahrisons, Richfeel, Archies and The Production House.
     
    About Max India Foundation
     
    Max India Foundation (MIF), founded in 2008 represents the Max Group’s social responsibility aspirations. Guided by the vision of “Care for Life”, the Foundation has so far benefitted over 2.6 million underserved people across 670 locations in the country. Max India Foundation has been at the forefront of providing holistic health care to the underprivileged through a gamut of curative, preventive as well as promotive interventions. One of the key focus area for MIF is supporting cancer treatment for the needy and spreading awareness about the disease. Max India Foundation works with over 400 reputed NGO partners working at the grassroots level in different locations.
     
    For more information or donations you can visit www.maxindiafoundation.org.

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    Business Wire India

    Today at AppDirect ENGAGE, AppDirect’s annual summit and the industry’s only event dedicated to cloud service commerce, AppDirect announced that it has partnered with SoftBank Commerce and Service (C&S) Corp. to enable the ICT giant to distribute cloud services via its network of more than 10,000 resellers. SoftBank C&S resellers will now be able to sell cloud services from technology leaders, such as Microsoft, through a dedicated portal. This gives SoftBank C&S resellers the ability to manage application delivery, billing, customer information and more from a central location.

     

    The SoftBank C&S cloud services marketplace currently includes a number of cloud services from Microsoft and will soon include additional ones for other leading software vendors, all of which are designed to help businesses be more productive and collaborative. SoftBank C&S and AppDirect will continue working together to bring many additional services to the SoftBank C&S marketplace.

     

    “As our business has evolved, AppDirect has maintained a global focus to ensure businesses are able to find, buy, and use cloud services,” said Daniel Saks, President and Co-CEO of AppDirect. “SoftBank C&S is the leading distributor of IT services in Japan, and we’re excited to extend our reach to millions of Japanese businesses through its wide network of resellers. This partnership marks a major milestone for us as a company, and we are thrilled to be working with SoftBank C&S to help businesses all over Japan take advantage of the cloud services they need to thrive.”

     

    “Businesses in Japan have made it clear that they want easy access to business-critical software, delivered and managed via a single cloud marketplace,” said Russell Cohen, VP of Business Development & Board Director of SoftBank C&S. “By working with AppDirect, we are able to empower our reseller network to deliver these tools to their customers via our marketplace. Businesses across Japan can now enjoy new cloud and subscription services from our software partners all over the world.”

     

    According to research firm Gartner, end-user spending for public cloud services in Japan slated to approach $16 billion by 20201. With this trend, resellers in the Japanese market have an enormous opportunity to drive revenue and position themselves as trusted cloud partners as more businesses seek to achieve digital transformation. AppDirect’s momentum in the Asia-Pacific region, and in Japan in particular, has grown strongly in the last year following the opening of AppDirect’s Japan office in August of 2015.

     

    Today's announcement came during AppDirect ENGAGE, which featured speakers from Microsoft, Google, Dropbox, and many other leading technology companies, as well as industry experts and visionaries including Mike Dorosh, Research Director at Gartner Inc., and Maxwell Wessell, Vice President of Sapphire Ventures and member of the World Economic Council.

     

    About AppDirect

     

    AppDirect is the cloud service commerce leader, making software and products accessible to businesses globally. The AppDirect cloud service commerce platform unites providers, developers, and business consumers into a single ecosystem for buying, selling and managing cloud services, ultimately helping businesses gain access to the services they need to thrive. AppDirect-powered marketplaces, billing and distribution, and reselling services help providers – including Comcast, ADP, Zendesk, Deutsche Telekom and others – connect more than 30 million businesses to solutions from Microsoft, Google, GoDaddy, and more. AppDirect is headquartered in San Francisco with 13 global offices.

     

    About SoftBank Commerce & Service Corp.

     

    SoftBank C&S, a subsidiary of Brightstar Corp., distributes various IT-related products, the original business of the SoftBank Group, and also manufactures and markets “SoftBank SELECTION” mobile accessories. Additionally, by leveraging SoftBank Group synergies, SoftBank C&S provides ICT solutions that combine mobile and fixed-line infrastructure with ICT-related products for corporate customers, web services for various mobile devices, and e-procurement services. For more information, please visit http://cas.softbank.jp/en/.

     

    1 Gartner, Forecast: Public Cloud Services, Worldwide, 2014-2020, 2Q16 Update, 29 June 2016

     

     

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    Business Wire India

    Murex, the leading provider of integrated trading, risk management and processing solutions, is pleased to announce that Danish IT services provider Bankdata is implementing MX.3 as a central service utility for its 11 bank owners. The solution will consolidate existing front office systems on a single platform and replace a legacy in-house back office system. This will provide full integrated cross-asset functionality for all the banks' capital markets activities.

     

    Founded in 1966 and headquartered in Fredericia, Bankdata traditionally built most of the systems it required to service its bank members. However, by 2015 Bankdata's capital markets back-office system was in need of a major overhaul. At the same time, its two biggest members, Jyske Bank and Sydbank, wanted to consolidate their different third-party capital markets front-office systems on a single platform. Sydbank established a strong partnership with Murex having used its solution for 17 years. After due diligence consideration, Jyske Bank and Sydbank decided to consolidate on Murex' MX.3 for front office. Faced with the challenge of evolving its back-office system for modern requirements, Bankdata opted to implement MX.3 as a full integrated front-to-back solution and make it available to all its member banks for capital markets activities.

     

    Bankdata is implementing MX.3 in several phases, with the first due to go live by the end of the first quarter 2017. The solution will provide integrated cross-asset support for all capital markets trading, enterprise risk management, back office and accounting, with comprehensive support for regulatory compliance, including Basel III, EMIR and MiFID.

     

    “Although implementing a third-party solution on this scale is a new challenge for Bankdata, it would have been too costly and time consuming if the company had attempted to build all the functionality itself,” says Jesper Glogauer, Vice President, Capital Markets, at Bankdata. “This is the beginning of a long-run strategic partnership between Bankdata and Murex. The first of its kind in terms of size and scope, we expect this third-party project will yield significant results for many years to come.”

     

    Franck Gauthier, Senior Account Manager at Murex adds, “The implementation of MX.3 at Bankdata in order to serve 11 banks is a new industry model for delivering a capital markets platform as a utility. The approach lowers the total cost of ownership for the participating banks through consolidation of IT resources, while providing access to Murex’s best-of-breed functionality for all.”

     

     

     

     

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    Business Wire IndiaMr. Ashok Motwani, Ex-CGM, IDBI Bank Ltd. joined Beacon Trusteeship, an upcoming trusteeship company effective 1st September 2016, as the Chairman and Managing Director. Mr. Motwani is a veteran finance professional having worked with leading institutions such as IDBI Trustee, SHCIL, IDBI Bank, ARCIL and SIDBI. He has over 35 years of experience in diverse areas such as investment and corporate banking, project advisory, structured finance, debt syndication, trusteeship activities & NPA resolution.

    Before taking pre-mature retirement to join Beacon, Mr. Motwani served as CGM with IDBI Bank. At IDBI, his financial versatility helped him don many hats while heading various sectors in the operational banking. Before his stint as CGM, he also served as MD & CEO of Stock Holding Corporation of India, Large Corporate Group at IDBI Bank, GM Structured Products & Syndication Group at IDBI Bank and as MD and CEO of IDBI Trusteeship, Mr. Motwani was instrumental in giving a new direction to the business & was able to grow the revenue multifold from where he began.

    Mr. Pratapsingh Nathani, an ex-banker himself with 20 years of experience in the financial sector ventured into the Trusteeship business and proposed Mr. Ashok Motwani to take the esteemed position. At the helm of Beacon Trusteeship, Mr. Motwani will steer the company as Chairman and Managing Director and will give strategic direction to the Company. With the extensive practical knowledge in the field, Mr. Motwani will bring exponential growth by tactical alliances and innovative product strategies.

    About Beacon Trusteeship

    Beacon has been formed by a group of ex-bankers and professionals from the similar domain with rich experience in the Trusteeship business. Beacon's potential clientele encompasses Banks, Financial Institutions including Insurance Companies, Mutual Funds and NBFCs, Government organizations, AIFs, MNCs, Family offices and High Net-worth Individuals in India and overseas. Apart from it two very eminent Advisors, Mr. S Kohli, ex PNB Chairman and Mr. H D Khunteta, ex CMD REC, its board comprises of industry veterans like Mr. Pratapsingh Nathani & Mr. Vithal Nawandhar. Mr. Nathani’s last stint was at ING Vysya where he was the Head - Debt Capital Markets and Loan Syndication business while Mr. Vitthal Nawandhar held senior level positions at other renowned Trustee companies.

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    Business Wire India

    Point72 Asset Management (Point72), the family office managing the assets of investor and philanthropist Steve Cohen, is expanding its groundbreaking Point72 Academy Program to recruit students internationally from Asia and Europe and expects to add up to 15 students to its full-time Financial Analyst and Summer Analyst programs in 2017.

     

    The Academy is Point72’s one-of-a-kind initiative to recruit and train new college graduates as long/short (L/S) equities investment professionals on an accelerated schedule. During the 12 month Financial Analyst program, Academy members spend more than 2,500 hours learning to create and refine financial models, conduct primary research, prepare stock recommendations and effectively convey their ideas.

     

    “The Point72 Academy has transformed the way we hire and prepare young investor talent,” said Jaimi Goodfriend, Academy Director. “We were blown away and, frankly, humbled by the talent and success of our first Academy class. We have successfully added each graduate from the Class of 2015 to our investment platform. I am excited to work with our 2016 class and really looking forward to working with our international students when they arrive in 2017.”

     

    “The Firm’s decision to further invest in the Academy Program by recruiting students internationally supports our aggressive growth strategy in Asia and Europe and helps us to capture multicultural talent that is critical to adding diversity of thought,” said Marc Desmidt, Chief Executive Officer of Point72’s international business. Under the oversight of Desmidt, Point72 has doubled the size of its workforce in London and recently hired 31 people for its Hong Kong, Singapore and Tokyo offices in the first eight months of 2016.

     

    “We can teach young talent Point72’s way of investing in the US and then provide them the opportunity to work directly with a portfolio manager in their local region,” added Desmidt.

     

    The first Academy class to complete the program, the Class of 2015, graduated this past summer. The second Academy class, the Class of 2016, began its course of study a month ago and the expanded international seats will be part of the third class, the Class of 2017.

     

    The Class of 2016 has 12 full-time participants, including two women, up from no women in the first class. It includes graduates with a diverse set of majors in Music, Applied Mathematics, International Studies, Neuroscience, Environmental Science, Engineering, Business, and others.

     

    The Academy also conducts a Summer Analyst Program, a 10-week preview of the Financial Analyst program available to students before they begin their final year of undergraduate study. More than 70% of the participants in the 2016 Summer Analyst program received offers to return full-time and 100% of these Summer Analysts accepted.

     

    The Summer Analyst Program is just one part of Point72’s larger recruitment arc that starts with its annual Global Case Competition and the Sophomore Summit, a day-long learning event for remarkable second-year students.

     

    Point72 has already received more than 4,600 applications for the 2017 Academy Program and applications will remain open through October. Applications received thus far for the 2017 Academy Program are up from 400 applications for the 2015 class and more than 3,200 applications in total for the 2016 class. A quarter of the 2017 applications are from international students.

     

    Once the Class of 2017 Academy members complete their eight months of intensive training in the US, they will work directly with Point72 L/S investment professionals around the globe. This will be the first class that will rotate among Point72’s offices in London, Hong Kong, Singapore, Tokyo, New York and Stamford, Connecticut.

     

    After the rotational period, they will be assigned to work full-time with L/S investment teams in their local region. They are paid during the training period and receive visa sponsorship.

     

    The deadline for applications for Asian and European students is October 16, 2016 and October 23, 2016, respectively. To find out more about Point72 or to apply online, please visit: www.point72.com/academy.

     

    About Point72 Asset Management

     

    Point72 Asset Management is a family office managing the assets of its founder, Steven A. Cohen, and eligible employees. Point72 primarily invests in discretionary long/short equities and makes significant quantitative and macro investments. The Firm's long/short investment divisions are Point72 Asset Management and EverPoint Asset Management. Cubist Systematic Strategies is its quantitative business. The Firm is headquartered in Stamford, Connecticut, and maintains offices in New York, London, Hong Kong, Tokyo, and Singapore. Point72 Asset Management, L.P. is a family office and does not seek, solicit or accept any external investments. www.Point72.com.

     

     

     

     

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    Business Wire India

    • Porter Prize is named after Michael E. Porter of Harvard Business School 
    • Ten enterprises in nine different categories were presented the Porter Prize 2016 on September 30, 2016 
    • Professor Michael E. Porter shared his ideas about the Competitiveness and Clusters: Implications for Governments and Companies. 
    • Keynote address was given by Professor Michael E. Porter and Shri Jayant Sinha, Hon’ble Minister of State for Civil Aviation 
    • Hon’ble Minister Shri Jayant Sinha, Minister of State for Civil Aviation, Government of India presented the Porter Prize 2016 awards to the enterprises 
    • Porter Prize was organized by Institute for Competitiveness, India on September 30, 2016, at The Leela, Ambience Island, Gurgaon 
    • Following CEOs on behalf of their enterprises received the award. Rana Kapoor (Managing Director & CEO, YES BANK and Chairman, YES Institute); Shelly Batra (Co-founder & President, Operation Asha); Vineet Rai (Founder, Intellecap – Aavishkaar Group); Anita Arjundas (CEO, Mahindra Lifespace Developers Limited); Sunil Kataria (Business Head, India & SAARC, Godrej Consumer Products Limited); Rostow Ravanan (CEO & Managing Director, Mindtree); Angshu Mallick (COO, Adani Wilmar Limited); Bhasker Iyer (CEO, Abbott India Limited); M K Anand (MD & CEO, TIMES Network); and Vaitheeswaran S (CEO, Manipal Global Education Services
     
    Professor Michael E. Porter shared his ideas about the role of competitiveness and clusters for countries and companies and congratulated all the participating companies during his address to the hugely interactive group of best of corporates in India. He shared his thoughts regarding how tremendous opportunity exists in India to make a leap on competitiveness. He further added that India needs to focus on understanding and practicing clusters based approach. It would enable the country to gain competitive advantage at country, state and company levels. The main determinants of competitiveness are microeconomic and macroeconomic factors. The microeconomic factors include quality of business environment, state of cluster development, and sophistication of company operations and strategy.  The macroeconomic factors include monetary/ fiscal policies and human development for effective public institutions.  He discussed changing landscape of India and signs of moving ahead beyond bureaucracy and inefficiency.  He gave the following recommendations. First, India needs to focus on competitiveness and not jobs per se. Second, focus on clusters based development where companies create a synergy effect. Third, India being a complex economy should adopt bottom-up approach rather than top-down for enhancing competitiveness.
     
    Shri Jayant Sinha gave the keynote regarding the role of innovation, competitiveness and productivity in making India globally competitive. He started with highlighting the global challenges like Brexit, climate change, Middle East crisis, USA elections etc., which are creating stress and uncertainties globally.  Amidst all these challenges, India needs to dedicate itself to the creation of a globally competitive economy. He said, “India needs to build entrepreneurial engine and ecosystem which harness the new business models and innovations for the six billion people on this planet.” He talked about identifying the new design points which can deliver value offerings having high performance price ratio.
     
    Dr. Amit Kapoor, Institute for Competitiveness congratulated all the awardees of the evening. On behalf of Indian corporate, he extended a promise to Professor Porter to further evangelize concept and practice of competitiveness to states, cities, and enterprises of India.
     
    Porter Prize 2016 was awarded to the following recipients:
     
    • Yes Bank was presented Porter Prize for Leveraging Unique Activities. Rana Kapoor received the award on behalf of Yes Bank. The citation reads “For your outstanding performance in the industry and to recognize your effective rendering of activities across the value chain that created competitive advantage. You clearly stated that good strategies depend on the connection among many things and on making interdependent choices.”


    Commenting on the achievement, Rana Kapoor said, “India’s new age Entrepreneurial Economy is characterized by Design, Innovation, and Creativity – led Entrepreneurship. I am confident that with the right mix of innovative ideas, access to risk capital and large consumption demand, India is well positioned to emerge as the global hub for entrepreneurship & innovation with the potential to fuel not only national but also global aspirations of the 21st century.
     
     It is a privilege and honor for YES BANK to receive the Porter Prize for Leveraging Unique Activities”; such awards motivate us to raise the bar in our pursuit to consistently deliver on our vision to ‘Build the Finest Quality Bank of the World in India’.”
     

    • Manipal Global Education Services was presented Porter Prize for Industry Architectural Shift. S. Vaitheeswaran received the award on behalf of Manipal Global. The citation reads “For your outstanding performance in the industry and to recognize you for redefining the industry structure by challenging the very basis of competition, creating new business models, challenging the status quo and exploiting change.”

     
    S. Vaitheeswaran spoke on the achievement, “It is an inspiration and honor for us to receive this award for an education company like us.”
     

    • Adani Wilmar was presented Porter Prize for Exploiting Trade-offs. Angshu Mallick received the award on behalf of Adani Wilmar. The citation reads “For your outstanding performance in the industry and to recognize the choices that made your strategy sustainable as they were not easy to match or neutralize due to which you were able to create barriers pertaining to emulation.”

     
    On receiving the recognition, Angshu Mallick said, “We are trying to create, innovate and identify scope and opportunity to create new products.”
     

    • Times Network was presented Porter Prize for Creating Distinctive Value. M K Anand & Naveen Chandra received the award on behalf of Times Network. The citation reads “For your outstanding performance in the industry and ability to offer unique solutions to the customers. You effectively created new market spaces, segments and provided solutions that redefined the market.”

     
    Mr. Anand said, “We are trying to setup whatever voice we can carry to people in India and the diaspora.”

     

    • Operation Asha was presented Porter Prize for Value-Based Healthcare which was received by Dr. Shelly Batra. The citation reads “For your outstanding performance in the industry and to recognize for redefining the idea of patient care and fundamentally challenging the economic models within the industry.”

     

    Dr. Shelly Batra commented on the recognition, “We are extremely overwhelmed and delighted. We dedicate this award to all those who believe in caring and sharing as well as to those who believed in us.”

     

    • Godrej Consumer Products Limited and Abbott India shared the Porter Prize for Creating Shared Value. Sunil Kataria and Bhasker Iyer received the awards on behalf of Godrej and Abbott respectively. The citation reads “For your outstanding performance in the industry and to recognize your high impact as an organization that created economic success by redefining markets, products, a way of doing business, creating collaborative efforts and in turn creating societal and economic progress.”

     
    Commenting on the achievement, Sunil Kataria said "We are proud of 2 things– shared value and innovation. It is heartening to see that what we have done in innovation which has led to shared value impact and award.”
     
    On receiving the award, Bhasker Iyer said, “We at Abbott are extremely proud of Shared Value Initiative. We are convinced that this will benefit all our stakeholders. We are extremely honored.”

     

    • Intellecap - Aavishkaar Group was presented Porter Prize for Enabling Social Progress. Vineet Rai received the award on behalf of Intellecap. The citation reads “For your outstanding contribution to the society to meet the basic human needs, established blocks that allow communities to sustain the quality of life and creating conditions for individuals to reach their potential.”

     

    Vineet Rai commented on the achievement, “I am humbled and honored and to get this award from Mr. Jayant Sinha thanks to Prof. Porter.”

     

    • Mahindra Lifespaces was presented Porter Prize for Excellence in Governance. Anita Arjundas received the award on behalf of Mahindra Lifespaces. The citation reads “For your outstanding performance driven through excellence in corporate governance that is reflected in synergies between different aspects of business, superior performance and control mechanisms.”

     

    Anita Arjundas thanked everyone and said, “It is an honor to receive the award particularly on corporate governance, which is held very closely to our heart in Mahindra Group. Ethics and governance hold a lot of importance in this sector.”
     
    • Mindtree was presented Porter Prize for Smart Connected Products. Rostow Ravanan received the award on behalf of Mindtree. The citation reads “For your role in reshaping industry boundaries & creating entirely new industries; expanding opportunities for new functionality, greater reliability, higher product utilization, and capabilities that cut across and transcend traditional product boundaries; building capabilities within enterprises to rethink and retool nearly everything they do internally.
     
    To know more about the Porter Prize 2016 winners, visit http://www.porterprize.in/winners-2016/
     
    About Porter Prize

    Porter Prize is named after Michael E. Porter who is Professor at Harvard Business School, living legend and father of modern strategy field. The central idea of the Porter Prize is to propel companies to compete on the basis of value creation, innovation and strategy. For more information, visit http://www.porterprize.in
     
    About Institute for Competitiveness

    Institute for Competitiveness, India is an independent, international initiative centered in India, dedicated to enlarging and disseminating the body of research and knowledge on competition and strategy, pioneered over the last 25 years by Professor M.E. Porter of the Institute for Strategy and Competitiveness, Harvard Business School (ISC, HBS), USA. Institute for Competitiveness, India works in affiliation with ISC, HBS, USA to offer academic & executive courses, conduct indigenous research and provide advisory services to corporate and Government within the country. The institute studies competition and its implications for company strategy; the competitiveness of nations, regions & cities; suggests and provides solutions for social problems. Institute for Competitiveness, India brings out India City Competitiveness Report, India State Competitiveness Report, and funds academic research in the area of strategy & competitiveness.  For more information, visit http://www.competitiveness.in

    Photo Caption: From left to Right:, Sanjiv Babel - General Manager, Mindtree, Rana Kapoor - Managing Director & CEO, YES BANK and Chairman, YES Institute, Amit Kapoor - Honorary Chairman, Institute for Competitiveness, Jayant Sinha - Minister of State for Civil Aviation, Government of India, Dr. Shelly Batra - Co-founder & President, Operation Asha, Wilfried Aulbur - Managing Partner & CEO, Roland Berger – India, S. Vaitheeswaran - CEO, Manipal Global Education Services, Bhasker Iyer - Vice President, Abbott India, Jasraj Virdi - Associate Director, Corporate Citizenship, Angshu Mallick - COO, Adani Wilmar Limited, Sunil Kataria - Business Head, India & SAARC, Godrej Consumer Products Limited, Anita Arjandas - CEO, Mahindra Lifespace Developers Limited

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    Business Wire India

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161002005078/en/

     

    Henderson Group plc (“Henderson”) (LSE & ASX: HGG) and Janus Capital Group Inc. (“Janus”) (NYSE: JNS) today announce that their respective Boards of Directors have unanimously agreed to an all-stock merger of equals. The combined company will be named Janus Henderson Global Investors plc.

     

    The merger will be effected via a share exchange with each share of Janus common stock exchanged for 4.7190 newly issued shares in Henderson. Henderson and Janus shareholders are expected to own approximately 57% and 43% respectively of Janus Henderson Global Investors’ shares on closing, based on the current number of shares outstanding. The merger is currently expected to close in the second quarter of 2017, subject to requisite shareholder and regulatory approvals.

     

    The combination of these two complementary businesses is expected to create a leading global active asset manager with significant scale, diverse products and investment strategies, and depth and breadth in global distribution. The result will be an organisation that is well-positioned to provide world-class client service, gain market share and further enhance shareholder value.

     

    Andrew Formica, Chief Executive of Henderson, said, “Henderson and Janus are well-aligned in terms of strategy, business mix and most importantly a culture of serving our clients by focusing on independent, active asset management. I look forward to working side-by-side with Dick, as we create a company with the scale to serve more clients globally, as well as the strength to meet their future needs and the growing demands of our industry.”

     

    Dick Weil, Chief Executive Officer of Janus, said, “This is a transformational combination for both organizations. Janus brings a strong platform in the U.S. and Japanese markets, which is complemented by Henderson’s strength in the U.K. and European markets. The complementary nature of the two firms will facilitate a smooth integration and create an organization with an expanded client-facing team and product suite, greater financial strength, and enhanced talent, benefiting clients, shareholders and employees.”

     

    Benefits of the Merger

     

    Expanded Client Facing Team

     
    • Increased distribution strength and coverage in key markets, including the U.S., Europe, Australia, Japan and the U.K., as well as a growing presence in the Asia-Pacific region, the Middle East and Latin America;
      • Janus Henderson Global Investors’ AUM by region on a pro forma basis will be approximately 54% Americas.; 31% EMEA and 15% in the Pan Asian region; and
    • Complementary brand attributes strengthen global market position.

    Diversified Products and Investment Strategies

     
    • Diversified products and investment strategies to better address a broader range of contemporary client needs;
      • Between them, Henderson and Janus have both invested to satisfy future client needs for alternative sources of income and absolute return;
    • Combined organisation will have a broad array of outperforming strategies; and
    • Enhanced global investment footprint, portfolio management experience and depth of research teams each support even better outcomes for clients.

    Enhanced Talent

     
    • Combining the talent from both firms creates a stronger organisation of approximately 2,300 employees, based in 29 locations around the world;
    • Complementary nature of the two businesses and expanded global footprint creates broader platform for professional development; and
    • Cultural compatibility driven by shared client-centric values and minimal overlap of investment strategies and client assets.

    Financial Strength

     
    • Combined balance sheet creates greater financial stability through market cycles and allows Janus Henderson Global Investors to continue to grow and invest in new opportunities;
    • Combined group had revenue of more than U.S.$2.2 billion and underlying EBITDA of approximately U.S.$700 million for the year ended 31 December, 2015 (see Note);
    • Increased economies of scale expected to lead to greater efficiency and improved profitability; and
    • The Board of Janus Henderson Global Investors is expected to continue to operate a progressive dividend policy, growing the dividend broadly in line with underlying earnings growth over the medium term and with a payout ratio consistent with Henderson’s current practice.

    Value Creation

     
    • Targeting annual run rate net cost synergies of at least U.S.$110 million weighted to the first 12 months following completion and expected to be fully realised three years post completion, representing approximately 16% of the combined group’s underlying EBITDA (see Note);
    • Synergies expected to drive double digit accretion to both companies’ earnings per share (excluding one-off costs) in the first 12 months following closing; and
    • Ambition to deliver 2-3 percentage points of additional net new money from the combined business post-integration.

    Governance and Management

     

    The Board of Directors will comprise equal numbers of Henderson and Janus directors, with Henderson Chairman Richard Gillingwater becoming Chair of the combined Board and Janus’ Glenn Schafer becoming Deputy Chair.

     

    Janus Henderson Global Investors will be managed by a newly appointed Executive Committee, whose members will report jointly to Co-CEOs Dick Weil and Andrew Formica:

     
    • Janus’ Head of Investments, Enrique Chang, will become Global Chief Investment Officer
    • Henderson’s Global Head of Distribution, Phil Wagstaff, will become Global Head of Distribution
    • Janus’ President Bruce Koepfgen, will become Head of North America
    • Henderson’s Executive Chairman Pan Asia, Rob Adams, will become Head of Asia Pacific
    • Janus’ CFO, Jennifer McPeek, will become Chief Operating and Strategy Officer
    • Henderson’s Chief Financial Officer (CFO), Roger Thompson, will become CFO
    • Janus’ Chief Compliance Officer, David Kowalski, will become Chief Risk Officer
    • Henderson’s General Counsel and Company Secretary, Jacqui Irvine, will become Group General Counsel and Company Secretary

    Janus’ subsidiaries, INTECH and Perkins will be unaffected by the merger. INTECH CEO, Adrian Banner, will continue to report to the INTECH Board of Directors and Perkins CEO, Tom Perkins, will continue to report to the Perkins Board of Directors.

     

    Dividends and Share Buyback

     

    Under the terms of the merger, Henderson and Janus have agreed that:

     
    • Prior to closing and subject to shareholder approval, Henderson shareholders will be entitled to receive a final dividend in the ordinary course for the year ending 31 December 2016. The timing of payment of any such dividend may be accelerated, so that it occurs prior to closing;
    • Prior to closing of the merger and subject to the Janus Board’s approval, Janus shareholders will be entitled to receive quarterly cash dividends in November 2016 and February 2017; and
    • After closing of the merger, Janus Henderson Global Investors’ shareholders will be entitled to receive an interim dividend for the three-month period ending 31 March 2017, in an amount to be determined by the Janus Henderson Global Investors Board.

    The £25 million share buyback of Henderson shares, scheduled to take place in the second half of 2016, will no longer take place.

     

    Relationship with Dai-ichi

     
    • Dai-ichi, the largest Janus shareholder, has committed to vote in favour of the merger and believes the combination will further strengthen its global partnership with Janus Henderson Global Investors;
    • Post-merger, Dai-ichi will hold approximately 9% of the combined group and intends to further invest in the combined company to increase its ownership interest to at least 15%;
    • To assist Dai-ichi in achieving its ownership ambitions, the parties have agreed, subject to the completion of the merger, to sell Dai-ichi options to subscribe for up to approximately 5% of new Janus Henderson Global Investors shares; and
    • Dai-ichi anticipates additional investments in the Janus Henderson Global Investors product range, post-closing, of up to U.S. $500 million, which would bring its total committed invested assets in Janus Henderson Global Investors to U.S. $2.5 billion.

    About Henderson

     

    Henderson is an independent global asset manager, specialising in active investment. Named after its first client and founded in 1934, Henderson is a client-focused global business with over 1,000 employees worldwide and assets under management of £95.0 billion (30 June 2016). Its core areas of investment expertise are European equities, global equities, global fixed income, multi-asset and alternatives. Headquartered in London, Henderson has 19 offices around the world.

     

    Henderson is dual-listed on the Australian Securities Exchange (“ASX”) and the London Stock Exchange (“LSE”), a member of the ASX 100 and FTSE 250 indices, and has a market capitalisation of approximately £2.6 billion (as at 30 September 2016).

     

    As at 30 June 2016, Henderson had total assets of £1,876.1 million and £220.0 million underlying profit before tax in the financial year ended 31 December 2015.

     

    About Janus

     

    Janus Capital Group Inc. is a global investment firm dedicated to delivering better outcomes for clients through a broad range of investment solutions, including fixed income, equity, alternative and multi-asset class strategies. It does so through a number of distinct asset management platforms within Janus Capital Management LLC (Janus), as well as INTECH, Perkins and Kapstream, in addition to a suite of exchange-traded products. Each team brings distinct asset class expertise, perspective, style-specific experience and a disciplined approach to risk. Investment strategies are offered through open-end funds domiciled in both the U.S. and offshore, as well as through separately managed accounts, collective investment trusts and exchange-traded products. Based in Denver, Janus has offices located in 12 countries throughout North America, Europe, Asia and Australia. The firm had complex-wide assets under management and ETP assets totalling U.S. $195 billion as of 30 June, 2016.

     

    Janus is listed on the New York Stock Exchange (“NYSE”) under the ticker JNS, and currently has a market capitalisation of U.S. $2.6 billion.

     

    As at 30 June 2016, Janus had gross assets of U.S. $2,839.8 million, and for the year ending 31 December 2015, profit before tax of U.S. $253.3 million.

     

    Market briefing

     

    Andrew Formica and Dick Weil will host two market briefings on 3 Oct 2016:

     

    Briefing 1: To be led by Henderson Chief Executive, Andrew Formica:
    21:30 (Sydney) / 11:30 (London) / 06:30 (New York) / 04:30 (Denver)

     

    Presentation slides and audio webcast details: To access the presentation slides and join the audio webcast, go to www.henderson.com/ir and click on the relevant link on the homepage

     

    A replay archive of the webcast will be available shortly after the event

     

    Teleconference details: To link up to the briefing, dial one of the following numbers. We recommend participants start dialling in 10 to 15 minutes prior to the start of the presentation.

     
               
    United Kingdom         0800 694 0257 (free call)
    Australia         1800 020 199 (free call)
    United States         1 866 966 9439 (free call)
    All other countries         +44 (0) 1452 555 566
              (this is not a free call number)
    Conference title         Henderson Group, Market Update
    Conference ID         89099212
    Chairperson         Andrew Formica
               

    Briefing 2: To be led by Janus Chief Executive Officer, Dick Weil:
    01:00 (Sydney) / 15:00 (London) / 10:00 (New York) / 08:00 (Denver)

     

    Presentation Slides and Audio webcast details: To access the presentation slides and to join the audio webcast, go to ir.janus.com and click on the relevant link on the homepage.

     

    Teleconference details: To link up to the briefing, dial one of the following numbers. We recommend participants start dialing in 10 to 15 minutes prior to the start of the presentation

     
             
    United States / Canada:       +1 (877) 723 9511
    United Kingdom:       0808 101 7162
    Australia:       1800 617 345
    All Other Countries:       +1 (719) 325 4926
    Conference title     Janus Capital Group Conference Call
    Conference ID     2501328
    Chairperson     Dick Weil
           

    Areplay archive of the briefings will be available on the Henderson Group website shortly after the event: www.henderson.com/ir and on the Janus website: ir.janus.com.

     

    Detailsof the Merger

     

    Under the terms of the proposed merger, the businesses of Henderson and Janus will be combined under Henderson, which will be renamed Janus Henderson Global Investors plc (“Janus Henderson Global Investors”).

     

    The merger will take place via a share exchange, with each share of Janus common stock exchanged for 4.7190 Henderson ordinary shares. The exchange ratio was determined primarily with reference to the average daily VWAP of the respective businesses for the 30 trading days prior to this announcement.

     

    Janus Henderson Global Investors shares will be delivered to Janus shareholders as merger consideration, with Janus Henderson Global Investors applying for admission to trade on the NYSE as its primary listing and with the existing listing on the ASX retained. Following closing, Janus Henderson Global Investors intends to comply fully with all applicable U.S. and ASX security reporting requirements.

     

    Henderson will be renamed Janus Henderson Global Investors immediately post-merger and will continue to be a Jersey incorporated company and tax resident in the U.K.

     

    Listing

     

    Henderson shares currently trade on the LSE and ASX, and Henderson is a member of the FTSE 250 and ASX 100 indices; Janus shares currently trade on the NYSE and Janus is a member of the S&P Mid-Cap 400 and Russell 2000.

     

    Both Henderson and Janus believe that the liquidity for the combined group’s investors should be maximised post-closing. Currently the deepest pool of liquidity for Henderson is in Australia and for Janus is in the U.S.

     

    Having considered the cost and complexity of continuing to have its shares trade on both the LSE and the NYSE, Henderson intends to cancel its listing on the Official List and admission of its shares from trading on the LSE (“London Delisting”), moving to become an SEC reporting company and admission to trading on the NYSE as its primary listing at closing. Janus Henderson Global Investors will maintain Henderson’s listing and quotation of its Chess Depository Interests (CDIs) on the ASX, linked to the primary listing on the NYSE.

     

    Post-closing, Janus Henderson Global Investors expects to maintain ASX 100 and Russell 2000 index inclusion, and will seek inclusion into S&P indices.

     

    Value Creation

     

    Henderson and Janus believe there are opportunities for significant cost savings and revenue growth.

     

    Both Henderson and Janus have a strong track record of driving shareholder value from transaction integrations and delivering announced synergies on schedule, whilst successfully driving core business growth and retaining talent.

     

    Cost synergies
    Henderson and Janus are targeting at least U.S. $110 million of annual run rate net cost synergies, to be weighted towards the first 12 months and expected to be fully realised three years post completion.

     

    Cost synergies are expected to arise from the consolidation of overlapping functions and from non-compensation expenses, such as rent, IT, legal and professional costs. The savings are incremental to current cost savings and operational improvement initiatives already underway at both companies. The cost synergies have been reviewed independently by external accountants.

     

    Estimated one-time costs of U.S. $165–185 million are expected to be incurred to achieve the recurring cost synergies target.

     

    Revenue growth opportunities
    In addition to the cost synergies outlined above, the boards of Henderson and Janus believe the merger could create significant additional revenue growth opportunities. This includes leveraging both companies’ brand strength to cross-sell the expanded product range across Henderson’s and Janus’ respective core geographies and customer bases:

     
    • U.S. retail, where Janus’ approximately U.S.$116 billion of AUM is significantly larger than Henderson’s U.S. retail business of approximately U.S.$12 billion of AUM;
    • Japan, where Janus currently has approximately U.S.$16 billion of AUM having benefited from the strategic relationship with Dai-ichi, compared to Henderson which has less than U.S.$0.5 billion of AUM;
    • U.K., where Henderson has approximately U.S.$66 billion of AUM and Janus has U.S.$3 billion of AUM; and
    • Europe and LatAm, where Henderson has approximately U.S.$28 billion of AUM, compared to Janus which has approximately U.S.$7 billion of AUM.

    The Boards of Henderson and Janus believe the combined group will generate approximately 2-3 percentage points of additional net new money following integration.

     

    Financial Effects of the Acquisition

     

    The merger is expected to be double-digit accretive to both companies’ earnings per share (excluding one-off costs) in the first 12 months following closing.

     

    It is expected that the effective tax rate for the combined group will reflect a blend of Henderson and Janus’ standalone tax rates.

     

    Henderson Board Recommendation

     

    The Henderson Directors consider the merger to be in the best interests of Henderson and Henderson shareholders as a whole and intend unanimously to recommend that Henderson shareholders vote in favour of the resolutions to be proposed at the Henderson General Meeting, which will be convened in connection with the merger.

     

    The Henderson Directors have received financial advice from Bank of America Merrill Lynch and Centerview Partners and legal advice from Freshfields Bruckhaus Deringer LLP in relation to the merger. In providing their advice to the Henderson Directors, Bank of America Merrill Lynch and Centerview Partners have relied upon the Henderson Directors’ commercial assessment of the merger.

     

    Janus Board Recommendation

     

    The Janus Board has approved the merger, declared it advisable, fair to, and in the best interests of, Janus and its stockholders and will recommend that the stockholders of Janus vote to adopt the merger agreement at a special meeting of Janus’ stockholders to be held for the purpose of adoption of the merger agreement.

     

    Janus Capital Group Inc. was advised by Loeb Spencer House Partners, an investment banking division of Loeb Partners Corporation and Skadden, Arps, Slate, Meagher and Flom LLP and Affiliates.

     

    Summary Timetable

     
    Key activities       Dates
    Merger announcement       3 October 2016
    Janus 3Q results       25 October 2016
    Henderson 3Q trading statement       27 October 2016
    Henderson FY16 results       9 February 2017
    Expected Janus FY16 results       25 February 2017
    Merger documentation published       Post FY16 results
    Merger complete

     

    • Janus Henderson Global Investors to trade on NYSE
    • Henderson intends to cease trading on the LSE
    • Janus Henderson Global Investors’ CDIs continue to trade on ASX
          Q2 2017
             

    Current Trading

     

    Henderson AUM at 31 August 2016 was £100.0 billion (30 June 2016: £95.0 billion).

     

    The Merger Agreement

     

    On 3 October, 2016 Henderson and Janus entered into an Agreement and Plan of Merger (the “Merger Agreement”) relating to the business combination of Henderson and Janus. Pursuant to the Merger Agreement, a newly formed, direct wholly-owned subsidiary of Henderson will merge with and into Janus, with Janus as the surviving corporation and a direct wholly-owned subsidiary of Henderson. On the terms and subject to the conditions of the Merger Agreement, each share of Janus’ common stock will be exchanged for 4.7190 Henderson ordinary shares.

     

    In connection with the Merger Agreement, Dai-ichi has entered into a voting agreement with Henderson and Janus, pursuant to which it has agreed to vote its Janus shares in favour of the merger.

     

    Henderson and Janus intend for the merger to qualify as a reorganisation for U.S. federal income tax purposes.

     

    The Merger Agreement contains mutual customary representations and warranties made by each of Henderson and Janus, and also contains mutual customary pre-closing covenants, including covenants, among others, (i) to operate its businesses in the ordinary course consistent with past practice in all material respects and to refrain from taking certain actions without the other party’s consent (with allowance to declare and pay the dividends referred to above), (ii) not to solicit, initiate, knowingly encourage or knowingly take any other action designed to facilitate, and, subject to certain exceptions, not to participate in any discussions or negotiations, regarding any proposal of an alternative transaction, (iii) subject to certain exceptions, not to withdraw, qualify or modify the support of its board of directors for the Merger Agreement and (iv) to use their respective reasonable best efforts to obtain governmental, regulatory and third party approvals.

     

    The Merger Agreement contains certain termination rights for each of Henderson and Janus, including in the event that (i) the Merger is not consummated on or before 30 September 2017 (the “Outside Date”), (ii) the approval of the merger by the shareholders of Henderson or the stockholders of Janus is not obtained at the respective shareholder meetings or (iii) if any restraint that prevents, makes illegal or prohibits the consummation of the merger shall have become final and non-appealable. In addition, Henderson and Janus can each terminate the Merger Agreement prior to the shareholder meeting of the other party if, among other things, the other party’s board of directors has changed its recommendation that its shareholders approve the merger, and adopt the Merger Agreement.

     

    The Merger Agreement further provides that if Henderson or Janus terminates the Merger Agreement because of a failure of the shareholders of the other party to approve the merger at the shareholder meeting, Henderson or Janus, as the case may be, will reimburse the other party for its actual out-of-pocket fees and expenses subject to a cap of U.S.$10 million (approximately £8 million) and that, upon termination of the Merger Agreement under specified circumstances, including (i) a change in the recommendation of the board of directors of Henderson or Janus or (ii) a termination of the Merger Agreement by Henderson or Janus, because of a failure of the shareholders of the other party to approve the merger or because the merger is not consummated by the Outside Date, at a time when there was an offer or proposal for an alternative transaction with respect to such party (and such party enters into or consummates an alternative transaction within a 12-month tail period), Henderson or Janus, as the case may be, will pay to the other party a termination fee equal to U.S.$34 million1 (approximately £26 million) in cash.

     

    Regulatory

     

    The merger is subject to customary regulatory approvals, including, amongst others, expiration or termination of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, approval of the merger by the Financial Industry Regulatory Authority, Inc. and approval of the merger by the Financial Conduct Authority (“FCA”) in respect of Henderson becoming a controller of any Janus entity authorised by the FCA.

     

    Conditions to the Merger

     

    The closing of the merger is subject to customary conditions for a transaction of this size and type including, among other things, the following: (i) approval of the merger by Janus’ shareholders, (ii) approval by Henderson’s shareholders of the merger, the change of name of Henderson Group plc to Janus Henderson Global Investors plc, certain changes to Henderson’s Memorandum and Articles of Association, and the London Delisting (iii) the regulatory approvals referred to above, (iv) the SEC having declared effective Henderson's Registration Statement relating to the Henderson shares to be issued in the merger, and such Henderson shares having been approved for listing on the NYSE, (v) the absence of judgments, orders or decrees preventing or making illegal consummation of the merger, (vi) approval of new investment advisory agreements with respect to 67.5% of Janus’ public funds, and (vii) the absence of breach of the representations and warranties by Henderson and Janus (subject to materiality qualifications) and material compliance by each of Henderson and Janus with its covenants.

     

    Dai-ichi Agreements

     

    Dai-ichi, the largest Janus shareholder, has committed to vote in favour of the merger and believes the combination will further strengthen its global partnership with Janus Henderson Global Investors. Post-merger, Dai-ichi will hold approximately 9% of the combined group and intends to further invest in the combined company to increase its ownership interest to at least 15%. To assist Dai-ichi in achieving its ownership ambitions, the parties have agreed, subject to the completion of the merger, to sell Dai-ichi options to subscribe for up to approximately 5% of new Janus Henderson Global Investors shares. Dai-ichi anticipates additional investments in the Janus Henderson Global Investors product range, post-closing, of up to U.S. $500 million, which would bring its total committed invested assets in Janus Henderson Global Investors to U.S. $2.5 billion.

     

    The Investment and Strategic Cooperation Agreement

     

    On 3 October 2016, Janus, Henderson and Dai-ichi entered into an amended and restated Investment and Strategic Cooperation Agreement relating to the continuing investment of Dai-ichi in the combined group from closing of the merger (the “ISCA”). The ISCA gives Dai-ichi the right to appoint a director to the Janus Henderson Global Investors Board, access to certain information rights on the combined group and the right to participate in future share issuances of the combined group on a pre-emptive basis, in each case, dependent on Dai-ichi maintaining its shareholding in the combined group at the level immediately after closing of the merger (subject to dilution in certain circumstance) (the “Applicable Percentage”). The ISCA provides that Dai-ichi’s shareholding in the combined group may not exceed 20%.

     

    The ISCA requires Dai-ichi to comply with (i) certain standstill obligations in respect of the acquisition by Dai-ichi of Janus Henderson Global Investors shares until such time as it holds less than 3% of the combined group (at which point the standstill obligations fall away) and (ii) certain restrictions on Dai-ichi’s sale of Janus Henderson Global Investors shares (in each case, subject to limited exceptions). The transfer restrictions fall away in part from the earlier of termination of the ISCA and three years after signing. Janus Henderson Global Investors has the right to nominate one or more preferred third party investors to participate in the sale of any shares owned by Dai-ichi.

     

    Dai-ichi has agreed to maintain investments in the combined group of not less than U.S. $2 billion and invest up to an additional U.S. $500 million in new investment products on terms to be agreed in good faith discussions. A certain proportion of Dai-ichi’s investments will continue to be held in seed capital investments. Janus Henderson Global Investors and Dai-ichi have agreed to cooperate in good faith and use commercially reasonable efforts to sell investment products through each other’s distribution channels.

     

    The ISCA contains certain termination rights, including the right for either Janus Henderson Global Investors or Dai-ichi to terminate the agreement if: (i) Dai-ichi’s shareholding in the combined group falls below the Applicable Percentage, (ii) Dai-ichi loses its right to appoint a director to the Janus Henderson Global Investors Board or (iii) from three years after closing, on 90 days’ written notice.

     

    The Option Agreement

     

    Henderson and Dai-ichi have entered into an option agreement in which, conditional on completion of the Merger Agreement, Henderson will grant Dai-ichi: (i) 11 tranches of 5,000,000 Janus Henderson Global Investors shares for approximately 2.7% of Janus Henderson Global Investors, at a strike price of 299.72 pence per share, and (ii) subject to the approval of Henderson shareholders, nine tranches of 5,000,000 Janus Henderson Global Investors shares for approximately 2.2% of Janus Henderson Global Investors, at a strike price of 299.72 pence per share. The price that Dai-ichi will pay at closing for the purchase of the options is £19.8 million. In aggregate, the options sold to Dai-ichi would, if exercised at closing of the merger, entitle Dai-ichi to an additional approximate 5% holding in the combined group.

     

    Accounting Matters

     

    Janus Henderson Global Investors will report quarterly in U.S. Dollars and under U.S. GAAP, with Henderson transitioning from IFRS to U.S. GAAP. Pro forma U.S. GAAP financials for Henderson are expected to be published in the U.K. Circular and documents filed with the SEC. Unless otherwise indicated, financial information contained within this document with respect to Henderson has been compiled based on IFRS. Historical activity reported using IFRS may change significantly upon conversion to U.S. GAAP.

     

    Henderson will re-denominate its share capital from pounds sterling into U.S. dollars with effect from closing by amending its memorandum of association, subject to obtaining the approval of its shareholders in a general meeting.

     

    Reverse Takeover Considerations

     

    In accordance with the requirements of Rule 5.6.12G(2) of the Listing Rules of the U.K. Listing Authority (the “Listing Rules”), Henderson confirms that, because the merger is being structured as an acquisition of Janus by Henderson, and given the size of Janus relative to Henderson, the merger is classified as a reverse takeover of Janus by Henderson for the purposes of the Listing Rules.

     

    In accordance with Listing Rule 5.6.12G(2), Henderson confirms that: (a) Janus has complied with the disclosure requirements applicable on the NYSE; and (b) there are no material differences between those disclosure requirements and the disclosure guidance and transparency rules of the FCA. Information which Janus has disclosed pursuant to the disclosure requirements applicable on the NYSE may be obtained at: www.janus.com.

     

    Henderson will publish a shareholder circular in due course including notice of a general meeting at which it will seek the approval of its shareholders for the merger and certain other related matters.

     

    The merger, as currently structured, is not subject to the City Code on Takeovers and Mergers.

     

    Forward-looking statements and other important information

     

    This announcement contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results and business of Janus, Henderson and the combined business. By their nature, forward-looking statements involve risk and uncertainty because they relate to events, and depend on circumstances, that will occur in the future. Actual future results may differ materially from the results expressed or implied in these forward-looking statements. Nothing in this announcement should be construed as a profit forecast. Neither Janus nor Henderson assumes any duty to update forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, nor does Janus or Henderson intend to do so, except as otherwise required by securities and other applicable laws.

     

    In connection with the proposed transaction, Henderson intends to file a registration statement containing a proxy statement of Janus and other documents regarding the proposed transaction with the U.S. Securities and Exchange Commission (the “SEC”).

     

    JANUS’ AND HENDERSON’S SHAREHOLDERS ARE URGED TO READ ANY DOCUMENTS RELATING THERETO REGARDING THE MERGER WHEN THEY BECOME AVAILABLE (INCLUDING THE EXHIBITS THERETO) AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Investors and security holders are also urged to carefully review and consider each of Janus’ public filings with the SEC, including but not limited to its Annual Reports on Form 10-K, its proxy statements, its Current Reports on Form 8-K and its Quarterly Reports on Form 10-Q. When available, copies of the proxy statement will be mailed to the shareholders of Janus. When available, copies of the proxy statement also may be obtained free of charge at the SEC’s web site at http://www.sec.gov, or by directing a request to Janus Capital Group Inc. 151 Detroit Street, Denver, Colorado 80206.

     

    Janus, Henderson and certain of their respective directors and executive officers, under the SEC’s rules, may be deemed to be participants in the solicitation of proxies of shareholders of Janus in connection with the proposed transaction.

     

    Information about the directors and executive officers of Janus and their ownership of Janus common stock is set forth in Janus’ Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the SEC on February 24, 2016. Additional information regarding the interests of those participants and other persons who may be deemed participants in the solicitation of proxies of Janus’ shareholders in connection with the proposed transaction may be obtained by reading the proxy statement regarding the proposed transaction when it becomes available. Once available, free copies of the proxy statement may be obtained as described in the preceding paragraph.

     

    This announcement has been prepared for the purposes of complying with the applicable law and regulation of the United Kingdom and Australia and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom and Australia. This announcement and the information contained herein are not for publication or for release, or distribution, in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

     

    No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if and when published, the public documentation and, if given or made, such information or representations must not be relied on as having been authorised by Henderson or Merrill Lynch International or Centerview Partners.

     

    Except as explicitly stated, neither the content of the Henderson group’s nor the Janus group’s website, nor any website accessible by hyperlinks on the Henderson group’s or the Janus group’s website is incorporated in, or forms part of, this announcement.

     

    This announcement does not constitute an offer for sale of any securities or an offer or an invitation to purchase any such securities in the United States. Any securities referred to herein may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the "Securities Act") except in reliance on an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Any public offering of securities to be made in the United States will be made by means of a prospectus satisfying applicable requirements and that will contain detailed information about Henderson and Janus and their respective management, as well as financial statements. To the extent an exemption from registration under the Securities Act is not available for any offering of securities by Henderson, such offering may be registered under the Securities Act.

     

    This announcement is for information purposes only and does not constitute an offer for sale of any securities, an offer or an invitation to purchase any such securities in any jurisdiction or a solicitation of any vote or approval. This announcement does not constitute a prospectus or equivalent document.

     

    Merrill Lynch International (“Bank of America Merrill Lynch”), a subsidiary of Bank of America Corporation, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the U.K., is acting exclusively for Henderson and no one else in connection with the potential merger, Bank of America Merrill Lynch is not, and will not be responsible to anyone other than Henderson for providing the protections afforded to its clients or for providing advice in relation to the potential merger or any other matters referred to in this announcement.

     

    Centerview Partners U.K. LLP (“Centerview Partners”) is authorised and regulated by the Financial Conduct Authority. Centerview Partners is acting exclusively for Henderson in connection with the potential merger. Centerview Partners is not, and will not be, responsible to anyone other than Henderson for providing the protections afforded to its clients or for providing advice in relation to the potential merger or any other matters referred to in this announcement.

     

    Apart from the responsibilities and liabilities, if any, which may be imposed on it by the Financial Services and Markets Act 2000, each of Bank of America Merrill Lynch and Centerview Partners accept no responsibility whatsoever and makes no representation or warranty, express or implied, as to the contents of this announcement, including its accuracy, fairness, sufficiency, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, in connection with Henderson or the potential merger, and nothing in this announcement is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or the future. Each of Bank of America Merrill Lynch and Centerview Partners accordingly disclaims to the fullest extent permitted by law all and any responsibility and liability whether arising in tort, contract or otherwise (save as referred to above) which it might otherwise have in respect of this announcement.

     

    No statement in this announcement is intended as a profit forecast and no statement in this announcement should be interpreted to mean that earnings per Henderson share for the current or future financial years would necessarily match or exceed the historical published earnings per Henderson share.

     

    The content of the websites referred to in this announcement is not incorporated into and does not form part of this announcement. Nothing in this announcement should be construed as, or is intended to be, a solicitation for or an offer to provide investment advisory services.

     

    Statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this announcement is subject to change without notice and, except as required by applicable law, neither Henderson nor any of the Bank of America Merrill Lynch or Centerview Partners or their respective affiliates assumes any responsibility, obligation or undertaking to update, review or revise any of the forward-looking statements contained herein whether as a result of new information, future developments or otherwise. You should not place undue reliance on forward-looking statements, which speak only as the date of this announcement.

     

    In connection with the proposed merger, Henderson and Janus will cause Henderson to file a registration statement which will include a prospectus and proxy statement of Janus, and Henderson will publish a U.K. shareholder circular. These documents will contain important information about the merger that should be read carefully before any decision is made with respect to the merger. These materials will be made available to the shareholders of Henderson and Janus at no expense to them. Investors and security holders will be able to obtain the registration statement (when available) free of charge at the SEC’s web site, www.sec.gov, after it has been filed. Any materials filed with the SEC may also be obtained without charge at Henderson’s website at www.henderson.com/ir and Janus’ website at ir.janus.com.

     

    When published, Henderson’s U.K. shareholder circular will be available on its website at www.henderson.com/ir.

     

    The summary of the Merger Agreement and its terms referred to above has been included in order to provide investors with information regarding the principal terms of the Merger Agreement and is not intended to modify or supplement any factual disclosures about Janus in its public reports filed with the SEC. Except for the status of the Merger Agreement as a contractual document that establishes and governs the legal relations among the parties thereto with respect to the transactions related thereto, the Merger Agreement is not intended to be a source of factual, business or operational information about the parties. The representations, warranties and covenants made by the parties in the Merger Agreement are made solely for the benefit of the parties to such agreement and are qualified, including by information in disclosure schedules that the parties exchanged in connection with the execution of such agreement. Representations and warranties may be used as a tool to allocate risks between the parties, including where the parties do not have complete knowledge of all facts. Investors are not third party beneficiaries under the Merger Agreement and should not rely on the representations, warranties and covenants or any descriptions thereof as characterisations of the actual state of facts or conditions of Henderson, Janus or any of their respective affiliates.

     

    Participants in the Solicitation

     

    Janus, Henderson and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information about Janus’ directors and executive officers is available in its Form 10-K for the year ended 31 December, 2015, filed on 24 February, 2016. Henderson intends to include information about its directors and executive officers in the registration statement if and when any such registration statement is filed. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the relevant materials to be filed with the SEC regarding the merger, when they become available. Investors should read the all materials filed with the SEC carefully when they become available before making any vote. You may obtain free copies of these documents using the sources indicated above.

     

    Note

     

    This announcement includes certain non-US GAAP measures with respect to Janus and non-IFRS financial measures with respect to Henderson, including EBITDA. These unaudited non-GAAP and non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Janus’ financial performance prepared in accordance with US GAAP, and measures of Henderson’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

     

     

     

     
    MULTIMEDIA AVAILABLE :
    http://www.businesswire.com/news/home/20161002005078/en/

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    Business Wire IndiaAzure Power, an Indian solar power producer, today announced its tie up with Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution for long-term low-cost debt financing facility of USD 20 million for 15 years at a cost of capital of 4.74%. The proceeds of the loan will be utilized to construct 19 MW new solar rooftop projects across multiple states in India.
     
    Speaking on the occasion, Mr. Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power said, "Azure has unique rooftop solar power solutions for distribution companies in cities across India and industrial / commercial consumers to lower their current energy bill and meet their renewable purchase obligations in an environmentally friendly manner.  We are pleased to announce our extended partnership with OPIC which will continue to allow us to help consumers lower their energy bills."
     
    Azure has had a long-standing relationship with OPIC, the finance institute had previously funded Azure Power’s first solar plant in Punjab in 2009, which is India’s first private grid connected solar power plant.
     
    About Azure Power

    Azure Power is a leader in the Indian Solar Industry. Azure Power developed India’s first utility scale solar project in 2009 and has been at the forefront of developments in the sector as a developer, constructor and operator of utility scale and rooftop solar projects since its inception in 2008. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power manages the entire development and operation process, providing low-cost solar power solutions to customers throughout India.

    About Overseas Private Investment Corporation

    OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.

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    Business Wire India

    ABB today launched Stage 3 of its Next Level strategy to unlock value for customers and shareholders. The core elements of this include: shaping ABB’s divisions into four market-leading, entrepreneurial units, including continuing to transform the Power Grids division under ABB’s ownership; realizing ABB’s full digital potential; accelerating momentum in operational excellence; and strengthening ABB’s brand.

     

    ABB CEO Ulrich Spiesshofer said, “Over the last two years, ABB has become faster, leaner and more efficient. We have continuously improved margins and further strengthened our cash generation. In Stage 3 of our Next Level strategy, we are building on our successful transformation momentum and strengthening our position as a pioneering technology leader and global digital champion. With our four simplified, market-leading, entrepreneurial businesses, combined with “ABB Ability”, we address customers’ needs in the Energy and Fourth Industrial Revolutions in a more focused and agile way.”

     

    Peter Voser, chairman of ABB’s Board of Directors, said, “The successful execution of our Next Level strategy to date has led to significantly improved operational and financial performance and a more externally focused, simpler ABB. The entire board worked with the management and external advisors on all elements of Stage 3, which will unlock value for customers and all shareholders while ensuring the company’s long-term success. The continued transformation of our Power Grids division under ABB’s management is the best of all carefully assessed options for shareholders. We firmly support the management team and the action plan presented today.”

     

    Driving growth in four market-leading entrepreneurial divisions

     

    ABB is shaping and focusing its divisional structure into four market-leading divisions: Electrification Products, Robotics and Motion, Industrial Automation and Power Grids, effective January 1, 2017. The divisions will be empowered as entrepreneurial units within ABB, reflected in an enhancement of its performance and compensation model focusing on individual accountability and responsibility. They benefit from sales collaboration orchestrated by regions and countries as well as from the group-wide digital offering; ABB’s leading G&A structure and costs; common supply chain management; and corporate research centers. ABB will continue to strengthen its divisions through active portfolio management. This includes pursuing strategic additions, transforming business models and pruning non-core businesses.

     

    “Entrepreneurial spirit is the base for our future operating model,” said Spiesshofer. “Our four market-leading businesses, led by empowered entrepreneurs, will drive sustainable value creation, supported by regions and Group oxygen such as ABB Ability and our leading G&A cost level.”

     

    Electrification Products

     

    Electrification Products (EP) will be the partner of choice for electrification of all consumption points.

     

    By bringing together all electrification components, mainly by transferring businesses from the existing Discrete Automation and Motion (DM) division, EP will be the global #2 in that segment, offering a one-stop shop for customers.

     

    The electric vehicle charging, solar, and power quality businesses will be transferred from the DM division to serve as growth platforms within the Electrification Products division. The necessary investment to continue the growth momentum of these businesses will initially have a dampening impact on the division’s profit margin.

     

    The growth of power consumption is outpacing overall energy consumption, as more people have access to electricity and new forms of electricity consumption, such as e-vehicle charging, are driving demand. There are significant opportunities to digitalize and innovate around our current offerings.

     

    Robotics and Motion

     

    Robotics and Motion will be the partner of choice for robotics and intelligent motion solutions.

     

    ABB’s leading offering in industrial motors and drives as well as its strongly performing robotics business are the building blocks of this newly shaped division which succeeds the former Discrete Automation and Motion division.

     

    By focusing on the fast-growing robotics market and leveraging ABB’s technology platform and global scale, the company is ideally positioned to move from its current #2 position in robotics to #1 in this highly attractive market. ABB will benefit from its strong position in the Fourth Industrial Revolution, its global reach and service platforms.

     

    ABB will continue to invest in and shape its #1 position in industrial motors and drives by focusing on fast-growing segments and moving into light industry and emerging growth areas like Asia.

     

    Intelligent services and a leading digital offering are already a strong pillar of the division’s performance and open significant growth opportunities. ABB will strengthen divisional profitability through continued focus on operational excellence and value chain optimization.

     

    Industrial Automation

     

    Industrial Automation will be the partner of choice for industrial automation.

     

    This division succeeds the former Process Automation division.

     

    ABB will drive digitalization across industry sectors, building on its #1 position in process control through software and services. ABB has a unique combination of domain expertise that allows it to master the control room in a wide range of industries such as pharmaceuticals, mining, shipping and oil & gas. By focusing on growing segments and bringing together maintenance, operation and control, ABB will drive penetration of strongholds and create differentiation for customers.

     

    Power Grids

     

    Power Grids will be the partner of choice for stronger, smarter and greener grids.

     

    Following a comprehensive strategic portfolio review, the Board and Executive Committee of ABB have concluded that the transformation of Power Grids under ABB ownership will unlock maximum shareholder value compared to other ownership options such as sale, IPO, spin-off or joint venture.

     

    Key factors in the decision-making process included market attractiveness, the existing and future product offerings, business model opportunities and best ownership, as well as all alternative value creation options for ABB shareholders. This review included independent analyses from McKinsey and independent financial advice from Goldman Sachs and Credit Suisse.

     

    The division, which is #1 globally, will take advantage of the Energy and Fourth Industrial Revolutions. These are creating significant demand for Power Grids’ products, systems, software and services, and support the portfolio shift towards digitalization.

     

    To realize the full potential of the division and continue the ongoing transformation, “Power Up,” a massive program covering key aspects of the business, was introduced today. It will drive growth and enhance earnings accretion by focusing on core operational strengths and high growth segments as well as digitally enabled services and software.

     

    A key element of the division’s ongoing transformation is the de-risking of the business model and tapping of growth opportunities through two strategic partnerships announced today – with Fluor for large electrical substations, and Aibel for offshore wind connections. Both partnerships combine ABB’s market leadership in power technologies with the respective partner’s expertise – Fluor’s in managing large engineering, procurement and construction (EPC) projects, and Aibel’s in offshore wind projects.

     

    Another key element is ABB’s pruning of niche non-core businesses such as the recently announced sale of ABB’s cable business to NKT cables while preserving access to technology through a strategic partnership.

     

    As a consequence of the transformation, ABB is raising the operational EBITA margin target corridor for the division from 8-12% to 10-14%, effective 2018.

     

    “In our strategic portfolio review we have listened carefully to all stakeholders and all expressed views. After a very thorough and detailed process, supported by leading advisors, we have concluded that the continued transformation of Power Grids under ABB’s ownership creates the highest value for our shareholders and customers. Building on the transformation success and momentum to date, the Power Grids division is ideally positioned within ABB to drive long-term, profitable growth during the Energy and Fourth Industrial Revolutions and is an integral part of our offering,” Spiesshofer said.

     

    Quantum leap in digital with ABB AbilityTM

     

    ABB is a hidden digital champion today. It is ideally positioned to win in the digital space with new and existing end-to-end digital solutions that build on the intelligent cloud and close the loop with connected devices. ABB will use its profound knowledge of its customers’ domains to plan, build and operate a unique digital offering which will deliver true operational differentiation for customers.

     

    The newly launched ABB Ability offering combines ABB’s portfolio of digital solutions and services across all customer segments, cementing the group’s leading position in the Fourth Industrial Revolution and support the competiveness of ABB’s four entrepreneurial divisions.

     

    ABB today announced a far-reaching strategic partnership with Microsoft, the world’s largest software company, to develop next-generation digital solutions on an integrated cloud platform. Customers will benefit from the unique combination of ABB’s deep domain knowledge and extensive portfolio of industrial solutions and Microsoft’s Azure intelligent cloud as well as B2B engineering competence. Together, the partners will drive digital transformation in customer segments across ABB’s businesses such as robotics, marine and e-mobility.

     

    “This partnership will provide unique benefits to our customers in utilities, industry, transport & infrastructure, building on the combined strength of Microsoft and ABB,” said Spiesshofer. “Building on ABB’s installed base of more than 70 million connected devices and more than 70,000 installed control systems, the next step is to develop one of the world’s largest industrial cloud platforms.”

     

    ABB’s digital transformation will be led by Guido Jouret, a pioneer in the Internet of Things, who began his role as Chief Digital Officer, reporting directly to the CEO, on October 1, 2016.

     

    Strengthening the global ABB brand

     

    ABB will adopt a single corporate brand, consolidating all its brands around the world under one umbrella. ABB’s portfolio of companies will be unified, showcasing the full breadth and depth of the company’s global offering under one master brand. This transition is expected to take up to two years.

     

    The unified brand plays a key part in realizing the value potential of ABB’s digital offering, as it increases customer loyalty, price premiums and purchase probability. One master brand allows ABB to better present its strategy to relevant stakeholders, emphasizes the Group’s customer-first, digital-first thinking and makes it easier to interact with existing and future customers.

     

    The brand will feature design elements intended to clearly articulate ABB’s vision, direction and unique market position to customers, shareholders, employees and all other stakeholders. ABB’s heritage as a pioneering technology leader and the three focus areas of its Next Level strategy are reflected in its new brand promise: “Let’s write the future. Together.”TM

     

    Accelerating momentum in operational excellence

     

    ABB continues to build on its existing momentum and is further accelerating its operational excellence.

     

    The company’s white-collar productivity savings program has outperformed expectations since its launch last year. As a result, ABB has increased the program’s cost reduction target by 30% to $1.3 billion. ABB will achieve these additional savings within the initially announced timeframe and with unchanged restructuring and implementation costs. ABB is continuing its regular cost-savings programs, leveraging operational excellence and world-class supply chain management to achieve savings equivalent to 3-5% of cost of sales each year.

     

    ABB reaffirms the target of its 1,000-day working capital program to free up approximately $2 billion by the end of 2017. The program is well on track and focuses on improving inventory management by optimizing the entire value chain, from product design to manufacturing, and by optimizing other net working capital measures.

     

    The Group reaffirms its 2015-2020 financial targets as laid out below.

     

    ABB Next Level – 2015-2020 targets2

     
           

    ABB Next Level – 2015-2020 targets2

         

    Revenue growth3

        3-6%

    Operational EBITA %4

        11-16%

    Operational EPS growth CAGR5

        10-15%
    Free cash flow conversion to net income     >90%

    Cash return on investment %6

        Mid-teens
           

    Operational EBITA % – 2015-2020 divisional targets

    Electrification Products     15-19%
    Robotics and Motion     14-19%
    Industrial Automation     11-15%
    Power Grids     10-14%*

    *The margin target for Power Grids will be in effect as of Jan. 1, 2018.

     

    1 Subject to regulatory clearances and fulfilment of the closing conditions.

     

    2 For definitions refer to “Supplemental Financial Information” under “Capital Markets Day 2016” – “More information” on our website at www.abb.com/investorrelations

     

    3 Average annual revenue growth on a comparable basis, over six years, base year 2014.

     

    4 Target is on a full-year basis

     

    5 CAGR = Compound Annual Growth Rate. Base year is 2014 and target assumes constant exchange rates.

     

    6 Temporary reduction possible in the event of large acquisitions.

     

    Capital allocation

     

    ABB today announced its plans for a new share buyback program of up to $3 billion from 2017 through 2019. This reflects the company’s confidence and the continued strength of ABB’s cash generation and financial position. On September 30, 2016, ABB announced the completion of its recent share buyback program in which it returned $3.5bn to its shareholders. Over the last three years, ABB has returned $8.7bn to shareholders in the form of dividends and share buybacks.

     

    Active portfolio management remains a key aspect of ABB’s operating pattern as demonstrated in the recent portfolio pruning and bolt on acquisitions as well as the announced cable business divestiture and business model changes in Power Grids.

     

    ABB’s capital allocation priorities remain unchanged: 1) funding organic growth, R&D and capital expenditures at attractive cash returns; 2) paying a steadily rising, sustainable dividend; 3) investing in value-creating acquisitions; and 4) returning additional cash to shareholders.

     

    About ABB

     

    ABB (ABBN: SIX Swiss Ex) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids serving customers in utilities, industry and transport & infrastructure globally. For more than four decades, ABB is writing the future of industrial digitalization. With more than 70 million devices connected through its installed base of more than 70,000 control systems across all customer segments, ABB is ideally positioned to benefit from the Energy and Fourth Industrial Revolution. With a heritage of more than 130 years, ABB operates in more than 100 countries with about 135,000 employees. www.abb.com

     

    Important notice about forward-looking information

     

    This press release includes forward-looking information and statements as well as other statements concerning the outlook for our business, including those in the sections of this release titled “Accelerating momentum in operational excellence”, “ABB Next Level – 2015-2020 targets”, “Operational EBITA % - 2015-2020 divisional targets” and “Capital allocation”. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, the economic conditions of the regions and industries that are major markets for ABB Ltd. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects,” “believes,” “estimates,” “targets,” “plans,” “is likely”, “intends” or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release and which could affect our ability to achieve any or all of our stated targets. The important factors that could cause such differences include, among others, business risks associated with the volatile global economic environment and political conditions, costs associated with compliance activities, market acceptance of new products and services, changes in governmental regulations and currency exchange rates and such other factors as may be discussed from time to time in ABB Ltd’s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 20-F. Although ABB Ltd believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.

     

     

     

     

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    Business Wire India

    ABB and Microsoft Corp. today announced a strategic partnership to help industrial customers create new value with digital solutions. Customers will benefit from the unique combination of the Microsoft Azure intelligent cloud and ABB’s deep domain knowledge and extensive portfolio of industrial solutions.

     

    The two partners are committed to empowering digital transformation in customer segments such as robotics, marine and ports, electric vehicles and renewable energy. By selecting Microsoft Azure as the cloud for its integrated connectivity platform, ABB’s customers will now have access to an enterprise-grade cloud infrastructure that benefits from billions of dollars of ongoing investment.

     

    “Together with ABB, we are providing industrial customers with the digital technology and cloud platform to empower every person, team and business system within an organization to glean new insights and drive faster decision making to seize new growth and opportunities,” said Satya Nadella, CEO, Microsoft.

     

    “This partnership will provide unique benefits to our customers in utilities, industry, transport and infrastructure, building on the combined strength of Microsoft and ABB,” said ABB CEO Ulrich Spiesshofer. “Building on our installed base of more than 70 million connected devices and more than 70,000 digital control systems, the next step is to develop one of the world’s largest industrial cloud platforms.”

     

    The ABB Ability offering, announced today, combines ABB’s portfolio of digital solutions and services across all customer segments, cementing ABB’s leadership in the energy and fourth industrial revolution. ABB’s new integrated cloud platform will be a key enabler for ABB Ability and is expected to create a large, open, digital industrial ecosystem for customers, partners, suppliers and developers.

     

    Together, ABB and Microsoft will accelerate digital solutions that improve customers’ productivity by increasing uptime, speed and yield. As ABB standardizes its platform on Azure, and expands its leadership in energy and the fourth industrial revolution, the company will take full advantage of Azure services such as Azure IoT Suite and Cortana Intelligence Suite to capitalize on insights gathered at every level from device, to system, to enterprise, to cloud.

     

    ABB and Microsoft have a long history of successful collaboration, and have delivered transformational end-to-end solutions across several industries including Robotics, Smart Grids, Marine and Ports, and Electric Vehicle Charging Infrastructure.

     

    About ABB

     

    ABB (ABBN: SIX Swiss Ex) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids serving customers in utilities, industry and transport & infrastructure globally. For more than four decades, ABB is writing the future of industrial digitalization. With more than 70 million devices connected through its installed base of more than 70,000 control systems across all customer segments, ABB is ideally positioned to benefit from the Energy and Fourth Industrial Revolution. With a heritage of more than 130 years, ABB operates in more than 100 countries with about 135,000 employees. www.abb.com

     

    About Microsoft

     

    Microsoft (Nasdaq “MSFT” @microsoft) is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more. Microsoft is a trademark of the Microsoft group of companies.

     

    Important notice about forward-looking information

     

    This press release includes forward-looking information and statements. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects,” “believes,” “estimates,” “targets,” “plans,” “is likely”, “intends” or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release and which could affect our ability to achieve any or all of our stated targets. Although ABB Ltd believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.

     

     

     

     

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    Business Wire India

    ABB and Fluor have formed a global strategic partnership for the execution of large turnkey engineering, procurement and construction (EPC) projects for electrical substations. By combining ABB’s world-leading technology and its market leadership position in power transmission and distribution with Fluor’s expertise and experience in delivering large EPC projects, the partnership will help meet the evolving need of power grids across the globe for safe, reliable and state-of-the-art electrical substations.

     

    “We are proud to partner with Fluor to tap the vast opportunities of the ongoing Energy Revolution and related power infrastructure investments. Together, we intend to grow our businesses by complementing each other’s strengths in unique customer services for substation projects,” said ABB CEO Ulrich Spiesshofer. “Strategic partnerships like this are a core pillar of our Next Level strategy and help us to drive growth while mitigating risk.”

     

    Substations are key elements in power grid infrastructure that facilitate the efficient transmission and distribution of electricity. They control and protect power flows, connect power stations to the grid and link transmission and distribution networks as well as end consumers.

     

    “Fluor’s new global strategic partnership with ABB targeting the substation market is expected to bring unique synergies to our Power clients,” said David Seaton, Chairman and CEO of Fluor. “This approach exemplifies our focus on addressing client needs with our unique integrated solutions offering.”

     

    ABB is a world leader in air-insulated, gas-insulated and hybrid substations with voltage levels up to 1,200 kV. These substations facilitate the efficient and reliable transmission and distribution of electricity with minimum environmental impact. They serve utility, industry and commercial customers as well as sectors including railways, urban transportation and renewables.

     

    “This global partnership with Fluor reinforces our strategic focus on developing new business models as we continue to transform our business to generate enhanced customer value,” said Claudio Facchin, President of the Power Grids division.

     

    About ABB

     

    ABB (ABBN:SIX Swiss Ex) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids serving customers in utilities, industry and transport & infrastructure globally. For more than four decades, ABB is writing the future of industrial digitalization. With more than 70 million devices connected through its installed base of more than 70,000 control systems across all customer segments, ABB is ideally positioned to benefit from the Energy and Fourth Industrial Revolution. With a heritage of more than 130 years, ABB operates in more than 100 countries with about 135,000 employees. www.abb.com

     

    About Fluor

     

    Fluor Corporation (NYSE:FLR) is a global engineering, procurement, fabrication, construction and maintenance company that designs, builds and maintains capital-efficient facilities for its clients on six continents. For more than a century, Fluor has served our clients by delivering innovative and integrated solutions across the globe. With headquarters in Irving, Texas, Fluor ranks 155 on the FORTUNE 500 list with revenue of $18.1 billion in 2015 and has more than 60,000 employees worldwide. For more information, please visit www.fluor.com or follow us on Twitter@FluorCorp.

     

    Important notice about forward-looking information

     

    This press release includes forward-looking information and statements. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects,” “believes,” “estimates,” “targets,” “plans,” “is likely”, “intends” or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release and which could affect our ability to achieve any or all of our stated targets. Although ABB Ltd believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.

     

     

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    Business Wire India

    The leading global remittance, foreign exchange and payment solutions brand, UAE Exchange recently announced that it has signed up with the Asian Football Confederation (AFC) as an official sponsor of national football competitions from 2016 till 2020. With this association, UAE Exchange becomes the first and only remittance and foreign exchange house to join the official sponsors’ brandwagon.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161005005542/en/

     

    Speaking on the association, Gopakumar Bhargavan, Chief Marketing Officer - UAE Exchange said: “It is our belief that sports is a binding force. We chose to partner with AFC because football is right up there when it comes to a worldwide fan following and emotional attachments. Similarly, with a strong legacy of 36 years, UAE Exchange has also grown to be a leading player in the remittance industry thanks to its loyal customer base and the bond we share with them. This is aptly represented in our association with AFC and we are delighted to be the exclusive money transfer and foreign exchange brand as an official sponsor of the national competitions till 2020. We see this sponsorship fit in with our strategic plans to connect and engage with our customers on a much larger platform, while reaching out to football-loving audiences regionally and worldwide.”

     

    The five-year agreement has UAE Exchange as the official sponsor of more than 200 home games covering matches of Asian Qualifiers – Road to Russia, AFC U-19 Championship 2018, AFC U-16 Championship 2018, AFC Asian Cup UAE 2019 and AFC Futsal Championship 2020.

     

    “The Asian Football Confederation is pleased to welcome UAE Exchange on board as an official sponsor for the national team competitions. The AFC competitions are growing in terms of fixtures, excitement and audiences. More people are watching live in stadia and on television than ever before. This creates tremendous opportunities for global brands such as UAE Exchange to collaborate in promoting and enjoying the strength and popularity of the game in Asia,” said AFC General Secretary Dato Windsor John.

     

    Bhargavan added, “This sponsorship deal provides countless opportunities to engage our audiences in novel ways, with above-, below- and through-the-line components. To bring the game closer to our audiences, we have developed an integrated marketing campaign and outreach programme that will be leveraged across various channels. Our made-for-the-occasion theme of #YallaLetsPlay kicks-off with exciting on-ground, in-stadia and digital activities on offer to invite people into the footballing experience.”

     

    For more information about UAE Exchange, visit www.uaeexchange.com

     

    Engage with UAE Exchange on: Facebook, twitter, LinkedIn, Google+, Instagram, YouTube, blog

     

    *Source: ME NewsWire

     

     

     

     

     

     
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    Business Wire India

    Murex, the leading provider of cross-asset trading, risk management and processing solutions for capital markets participants, is pleased to announce that it has been voted Overall Number One Technology Provider in Asia Risk Magazine’s Technology Rankings for the fourth year running.

     

    The annual Asia Risk Magazine Awards are the culmination of an extensive survey of capital markets participants in the Asia Pacific region. The awards reflect the markets’ preferred vendors’ offerings and how well they meet the requirements of Asian derivatives trading and risk management users.

     

    Murex’s MX.3 platform dominates the Technology Rankings, coming first in a total of 11 categories. Highlights include winning the number one spot for Credit Risk Management and Market Risk Management, as well as Derivatives Pricing and Risk Analytics for Credit and Interest Rate asset classes. At the same time Murex topped three support categories—Implementation Efficiency, After-Sales Service, and Application Service Provider.

     

    Murex entered the Asia Pacific market more than 20 years ago applying the same guiding principles that are at the company’s core: a unique platform model combined with a long-term strategy and a keen commitment to, and understanding of, capital markets participants. This, combined with a significant investment in helping clients meet increasing regulatory obligations while navigating growing systems complexity, has assured Murex’s continued number one position in the region.

     

    "Institutions in Asia-Pacific are looking to develop trusted partnerships with technology providers,” comments Guy Otayek, CEO of Murex Asia Pacific. “They need and expect a partner who can play an advisory role to help them develop and implement a long-term technology strategy to cope with the avalanche of regulatory changes and market transformations that are unfolding. We are thrilled to receive such a high level of recognition and support from our clients in the APAC region.”

     

    Stella Clarke, Murex Chief Marketing Officer, adds “This award recognizes the success of Murex technology partner model as we work closely with clients to lessen their regulatory and technology burdens. Over the last ten years Murex has heavily invested in R&D and our clients are reaping the benefits of the MX.3 platform, which is at the cutting-edge of financial technology. We are both honored and proud to be named Number One Overall Technology Provider by Asia Risk Magazine again this year."

     

    For more information: www.murex.com

     

     

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    Business Wire India

    Nets, a leading payments service provider in Northern Europe, and OT (Oberthur Technologies), a leading global provider of embedded security software products, services and solutions, are partnering to service banks with a financial platform to support future international mobile payment means in the Nordics.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161006005792/en/

     

    Nets and OT have combined their capabilities and knowledge to offer an end-to-end mobile payment solution. Nets has developed its core payment platform to support Host Card Emulation (HCE) and tokenisation in order to facilitate secure mobile payments. OT has existing partnerships and established connections with major digital wallet providers, enabling the digitization of payment cards from enrolment of the card holder to secure provisioning services. With this partnership with OT, Nets can offer banks a fully integrated service.

     

    Nets and OT will finalize the integration in due course and be ready to offer the first banks testing capabilities for upcoming third party digital wallet support.

     

    “By adding OT’s Digital Enablement platform to our interoperable and modular platform, Nets will further increase our customers’ capabilities to seamlessly enable international mobile payment means such as e.g. Samsung Pay for their customers. Once banks have finalized their commercial agreements with international mobile payment systems, Nets will be there to secure immediate enablement of these new payment means, on demand, through their mobile wallet solutions. For banks already integrated with Nets, this will be an off the shelf service”, says Hans Henrik Hoffmeyer, SVP of Mobile Services area in Nets.

     

    Worldwide, mobile payments are growing very fast, and Nets expects significant growth within mobile payments by 2020. This will be driven by smartphone and tech players who have all launched their pay services as well as by banks launching their own wallets based on HCE and tokenisation technologies.

     

    “We are very proud to partner with Nets to help enable international mobile payment systems for Northern European banks. We are convinced that mobile payments will be adopted by consumers thanks to solutions enabling real-time card enrolment and provisioning. Nets is well positioned in respect of processing services in Northern Europe, which will allow fast integration of banks. Nets’ choice to work with us is a recognition of our leadership and expertise in enabling mobile payment initiatives all around the world”, says Eric Duforest, Managing Director of the Financial Services Institutions business at OT.

     

    In this fragmented ecosystem, where new international mobile payment means and wallet offerings are periodically announced, issuers will be looking for reliable partners who can abstract the complexity and build a future-proof technical solution supporting all major mobile payment models. Nets’ tokenisation and processing services will be seamlessly integrated to OT’s digital enablement offering and will be available to support all regional banks to enable international mobile payment means once they have launched in the Nordics.

     

    About Nets

     

    At Nets, we specialise in powering digital payments. We connect banks, businesses and consumers via an international network facilitating digital payments. Spanning across the Nordic region, we provide a broad range of card services, account services, and payment solutions for merchants.

     

    For more information: www.nets.eu

     

    About Oberthur Technologies

     

    OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.

     

    OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.

     

    OT employs over 6 500 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 169 countries.

     

    For more information: www.oberthur.com

     

     

     

     
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    Business Wire IndiaKey features:

    • Comprehensive cover for Heart and Cancer related conditions
    • First fixed benefit plan to cover heart related conditions
    • Double Claim Benefit: Claim in addition to any existing health insurance
    • Premium Funding Benefit for 5 years under moderate conditions
    • Tax Benefits on premiums under Section 80D of Income Tax Act, 1961

    Exide Life Insurance, an established and profitable Life Insurance Company, today announced the launch of Exide Life Sanjeevani. Exide Life Sanjeevani is first fixed benefit health insurance solution by a life insurance company offering comprehensive coverage against all prevalent Heart and Cancer related conditions.

    Heart and Cancer related conditions are very common. While advancement of health care has increased the chances of survival from these critical illnesses, the extremely high cost of treatment can be a huge cost. That’s where Exide Life Sanjeevani steps in to help you be prepared financially.

    The plan is distinct from standard critical illness policies as it provides a fixed lump sum benefit on diagnosis of early and major stages of heart and cancer related conditions, waives future premiums and also allows you to claim in addition to any existing health insurance.

    Exide Life Sanjeevani offers 2 plan options

    Option A:  Cover for Heart Related Conditions where a lump sum amount is paid to you on diagnosis of a covered heart related condition.

    Option B:  Cover for Heart and Cancer Related Conditions where you can cover yourself against Cancer related conditions in addition to Heart by paying a nominal additional premium. A lump sum amount is paid to you on diagnosis of covered Heart or Cancer related condition.

    Commenting on the launch, Kshitij Jain, MD and CEO, Exide Life Insurance said, “As per reports, out of the estimated population of more than 127 crores, about 4.5 crores people suffer from coronary artery disease in India. Current estimates suggest India will soon have the highest number of cases of cardiovascular disease in the world. Heart diseases, once considered as the disease of late middle age and old age, has affected the young Indian population 10 years ahead of their Western counterparts. On the other hand 2.5 million people in India are living with Cancer and over 7 lakh cancer patients are added every year. 71% of all cancer related deaths happen in the age group of 30-69 years. While advancement in medical infrastructure has helped improving survival rate from heart and cancer, the major hurdle faced is the inadequacy of funds to manage the expenses. Out of pocket expenses arising out of these conditions have eroded many families’ lifetime savings. Over the last 15 years, Exide Life Insurance has been helping Indians prepare financially for a long and happy life. Exide Life Sanjeevani, our new health insurance offering for Heart and Cancer related conditions will help our customers be better prepared financially for any such eventuality. The plan also offers double claim benefit, premium funding benefit and tax benefit along with being a fixed benefit and comprehensive plan.”

    How does the plan work?

    We have classified all covered Heart and Cancer related conditions under 3 categories – Mild, Moderate and Severe. These categories are based on severity of the diagnosed illness and define the extent of payout made to you as a percentage of your chosen sum assured.
    • Mild: 25% of the chosen sum assured is paid to you on diagnosis of a mild condition.
    • Moderate : 50% of sum assured is paid to you on diagnosis of a moderate condition. As conditions under moderate category because of the severity and longer recovery time can have an impact on your savings as well as future savings, Exide Life Insurance will pay premium for next 5 years on your behalf.
    • Severe: 100% of sum assured is paid to you on diagnosis of a severe condition.  

    The benefit amount is paid on diagnosis of a covered condition even if you have filed a claim under any existing health insurance policy that you may have.

    For more details on coverage, terms and conditions of this plan please refer to the attached product leaflet.

    You can also refer to the product brochure on http://www.exidelife.in/products/health-insurance-plan

    About Exide Life Insurance

    Exide Life Insurance Company Limited, an established and profitable life insurance company, commenced operations in 2001-02 and is head quartered in Bengaluru. The company is 100% owned by Exide Industries Limited. The company serves over 15 lakh customers and manages assets of over INR 10000 Crores*. During the financial year 2015-16, the company achieved total Premium Income of over INR 2000 crores. (* As on 30th June, 2016)
     
    Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance, Corporate Agency & Broking as well as Direct Channels. The Agency channel comprises of 50,000 advisors who are attached to over 200 company offices across the country. The company also offers group life insurance solutions.

    The company is focused on providing long term protection and savings solution plans and has a strong traditional product portfolio with a consistent bonus track record. The company has ISO 9001:2008 quality certification for all Customer Service processes.

    For more information, please visit our website, exidelife.in
     

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    Business Wire India

    QNB Group, the largest bank in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2016.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161010005603/en/

     
    QNB Group Headquarter Building in Doha, Qatar (Photo: ME NewsWire)

    QNB Group Headquarter Building in Doha, Qatar (Photo: ME NewsWire)

    For the nine months ended 30 September 2016, Net Profit reached QAR9.7 billion (USD 2.7 billion), up by 11% compared to last year. Total assets reached QAR713 billion (USD196 billion), up by 37% from September 2015, the highest ever achieved by the Group.

     

    QNB Group completed the acquisition of 99.88% stake in Finansbank A.Ş. – Turkey, during the year.

     

    The growth in assets was driven by loans and advances which grew by 38% to reach QAR507 billion (USD139 billion). At the same time QNB Group increased its customer funding by 31% to QAR501 billion (USD138 billion). This led to the Group’s loans to deposit ratio reaching 101.3%.

     

    QNB Group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 30%, which is considered one of the best ratios among large financial institutions in the region.

     

    The Group was able to maintain the ratio of non-performing loans to gross loans at 1.8%, a level considered one of the lowest amongst large banks in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk. The Group’s conservative policy in regard to provisioning, improved the coverage ratio to reach 130% in 30 September 2016.

     

    Total Equity increased by 26% from September 2015 to reach QAR76 billion (USD21 billion) as at 30 September 2016. Earnings per Share reached QAR11.5 (USD3.2), compared to QAR10.4 in September 2015.

     

    Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 14.3% as at 30 September 2016, higher than the regulatory minimum requirements of Qatar Central Bank and the Basel Committee.

     

    After completing the acquisition of Finansbank, QNB Group solidified its position as the largest financial institution in the MEA region. This is a result of QNB Group’s strong financial position, high quality of its assets and its largest position in the financial services sector.

     

    Based on the Group’s continuous strong performance and its expanding international presence, QNB maintained its position as the most valuable bank brand in the MEA region. This continues to recognise QNB’s position as the largest financial institution across the MEA region and the value inherent in the QNB brand.

     

    QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries across three continents providing a comprehensive range of products and services. QNB Group staff exceeds 27,300 serving more than 20 million customers through 1,200 locations and 4,300 ATMs.

     

    *Source: ME NewsWire

     

     

     

     
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    Business Wire India

    Andersen Global is now collaborating with Roberts Nathan, an Irish tax firm with locations in Dublin and Cork. The establishment of a Collaboration Agreement between Roberts Nathan and Andersen Global extends the growing Andersen presence in the European Union, and is an initial step toward becoming a member firm of Andersen Global.

     

    “The Andersen spirit—including an unwavering commitment to client service—is embodied by Roberts Nathan,” said Mark Vorsatz, CEO of Andersen Tax. “This collaboration benefits our clients around the world, as well as our growing firm.”

     

    “Andersen Tax’s unparalleled team and world-class service are an excellent match for our clients-first culture and values,” said Vivian Nathan, Managing Partner at Roberts Nathan. “This growing relationship gives us the ability to leverage our combined talents and resources—a win-win for our clients and our firm.”

     

    Roberts Nathan provides tax planning, compliance and advisory services to businesses and business owners with a focus on businesses establishing operations in Ireland. They will be collaborating with Andersen Global member firms throughout the world to provide best-in-class service to clients. With the inclusion of Roberts Nathan, Andersen Global now has a presence in 51 locations worldwide.

     

     

     

     

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