|Bid||0.00 x 1300|
|Ask||0.00 x 2200|
|Day's Range||61.59 - 63.83|
|52 Week Range||27.20 - 63.96|
|Beta (5Y Monthly)||1.47|
|PE Ratio (TTM)||10.45|
|Earnings Date||Jan. 14, 2021 - Jan. 18, 2021|
|Forward Dividend & Yield||1.40 (2.19%)|
|Ex-Dividend Date||Oct. 29, 2020|
|1y Target Est||62.76|
(Bloomberg Opinion) -- In his career, Greg Fleming has been involved in many deals that have helped transform Wall Street. The spinout of Blackrock from Merrill Lynch, the purchase of Merrill Lynch by Bank of America and the conversion of the Rockefeller Family Office into a wealth management firm are just a sampling of his work. Fleming, this week’s guest on Masters in Business, was even a central figure in the sale of Major League Baseball’s Miami Marlins.https://megaphone.link/BLM3593827822Today, Fleming is the chief executive officer at Rockefeller Capital Management, which manages about $43 billion. He was previously president of Morgan Stanley Wealth Management and served as chief operating officer of Merrill Lynch, where he ran the firm’s global investment banking business. Understanding how to create transactions where each party gets some of what they want has been the key to Fleming’s success.We discuss how Fleming put together a group headed by New York Yankees great Derek Jeter that successfully purchased the Marlins in 2017 despite some fierce competition. Jeter is the president and minority owner (along with other sports legends), while Fleming owns a small percentage of the team. Fleming explains how the Rockefeller family office was converted into Rockefeller Capital Management. He also discusses how the firm came to offer services that go beyond asset management, such as private aviation, health, personal security, philanthropic and even global rescue.A list of his favorite books are here; A transcript of our conversation is available here.You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.Be sure to check out our Masters in Business next week with Catherine Keating, CEO of BNY Mellon Wealth Management, which has more than $266 billion in assets. She was previously chief executive officer of Commonfund. Keating was named to the “Most Powerful Women in Finance” list and one of the “Most Powerful Women in Banking” list by American Banker.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Compass, a SoftBank-backed company that’s among the largest real estate brokerages in the U.S., has selected underwriters for a potential initial public offering, according to a person with knowledge of the matter.The New York-based startup is working with Goldman Sachs Group Inc. and Morgan Stanley ahead of a listing that’s slated for 2021, said the person, who requested anonymity because the information isn’t public.Representatives for Compass and Goldman declined to comment. A spokesman for Morgan Stanley didn’t immediately have a comment.Compass was founded in 2012 by Ori Allon and Robert Reffkin, a Goldman alum who was once Gary Cohn’s chief of staff at the bank. It positions itself as a real estate firm that uses technology to give its agents an advantage over rivals. The company has used capital from venture investors to expand by acquiring smaller brokerages across the U.S.Low mortgage rates have fueled a housing rally in the U.S. as Americans seek more space to spread out in the pandemic. That’s boosted residential real estate companies, including Zillow Group Inc. and Opendoor, another SoftBank-backed company. Realogy Holdings Corp., which owns Compass competitor Corcoran Group, has seen its shares rally about 28% this year.In addition to SoftBank, which participated in a $370 million funding round last year that valued Compass at $6.4 billion, investors include Goldman Sachs, Fidelity, Wellington Management, Founders Fund, Dragoneer Investment Group and Canada Pension Plan Investment Board, according to its website.Former American Express Chief Executive Officer Ken Chenault and Salesforce.com CEO Marc Benioff are also investors.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- Emerging from nearly a year of battling an economy dragged down by Covid-19 and a rickety financial system, Beijing is realizing what the most important collateral damage has been: consumers. Without their wallets and balance sheets, China’s economic blueprint for the next five years won’t work.That explains why authorities have been talking up consumer protection, household leverage and the risks of fintech lenders. At a State Council meeting last week, boosting consumption – from autos and services to home decoration – topped the agenda. Separately, the banking and insurance regulator pointed to major problems that it’s targeting and would investigate. Among them are high interest fees and problems with online tech platforms, insurance sales and complex wealth management products. Household balance sheets are increasingly indebted, while creditworthiness is weakening.The focus on consumers is understandable. Ultimately, any percentage of some 1.4 billion people who feel poorer or have lost money could undermine the social stability so highly prioritized by the government. Without them, the recovery and future goals will be derailed. The growth strategy unveiled in the new five-year plan depends partly on generating consumer demand. Currently, Beijing has been able only to boost supply.In protecting its hundreds of millions of households, the government wants buyers to know their rights and to empower them – or at least to make them feel that way. It’s a theme taking hold globally. The Group of 20 leaders’ declaration last weekend touched on the subject, while the European Commission has launched a new consumer agenda for citizens to “play an active role in the green and digital transition.”In China, courts are hearing more cases that involve complaints over online shopping for food, electronics and healthcare products. Beijing has a draft personal information protection law in the works that could become the country’s first legislation in safeguarding an individual’s data. The central bank has announced new measures to protect consumers’ rights and fined six state-owned banks for infringing them.The government’s plan involves extending each yuan of household income. While the lending side has taken much of the blame for excesses in the online fintech draft rules, the reality is that consumers and small companies have had their borrowing capped above certain levels. Earlier this month, China loosened restrictions on licensed consumer finance companies to enable lower provision coverage ratios. That would allow them to lend more, and help consumers borrow more. The banks need retail franchises to thrive because the balance sheets of their corporate clients continue to look burdened.It will be a challenge. Beijing has spent $1.3 trillion to lift the economy out of Covid-19. But consumers aren’t ready to spend yet and are holding onto their cash. The household savings rate for the first three quarters of 2020 came in at 37.2% as a portion of disposable income, compared to 32.2% in the same periods in the preceding three years, Morgan Stanley analysts show. Consumption in most sectors isn’t growing, though a recovery is afoot in pockets like autos, where incentives are rising. Retail sales grew last month, but were barely over half their pre-virus levels, according to S&P Global Ratings. Will making consumers feel secure help China battle a problem that it’s faced for years: a falling household consumption ratio? So far, it doesn’t appear so. China’s stands at 39% of gross domestic product, according to Goldman Sachs Group Inc. analysts, compared to 68% in the U.S., where the propensity to consume as well as household disposable income ratios are higher. In China, however, falling disposable incomes are a major factor driving the decline, as is a rise in urban savings. Making each yuan go further won’t solve the problem until consumers either have more money, or feel financially safer. Beijing hasn’t shown it’s helping on this front. One way would be to step up communication and information. Broader protection is commendable and obviously necessary. But a muddled approach doesn’t help, such as restricting online fintech loan facilitators that borrowers want to tap, and forcing action from others like consumer financing companies that are theoretically easier to regulate. Think about the upended initial public offering just suffered by Jack Ma’s Ant Group.Safeguards need to be executed with the right long-term goals in mind and no room for short-term regulatory arbitrage. With the wrong rules, China may be creating room for yet more unwanted behavior.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Anjani Trivedi is a Bloomberg Opinion columnist covering industrial companies in Asia. She previously worked for the Wall Street Journal. For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.