Banking Service: “BNP Paribas Corporate and Investment Banking Appoints Joe Carney to ...

BNP Paribas Corporate and Investment Banking Appoints Joe Carney to ... - Stockhouse

Donlen Corporation Releases 2009 Customer Satisfaction Results and Key ... - Biloxi Sun Herald

Fewer home-building permits signal weakness ahead - Modesto Bee

Morningstar Reports Hedge Fund Performance for Third Quarter 2009 ... - Stockhouse

U.S. Bank Ranks #1 among Most Trusted Banks According to Ponemon ... - PR Inside

BNP Paribas Corporate and Investment Banking Appoints Joe Carney to ... - Stockhouse

Posted: 20 Oct 2009 07:45 AM PDT

Bastiaan Schutteyaer Relocates From London to New York as Chief Operating Officer of Hedge Fund and Relationship Management Group

NEW YORK, NY, Oct 20, 2009 (MARKETWIRE via COMTEX News Network) --

BNP Paribas is pleased to announce the appointment of Joe Carney to its global Hedge Fund Relationship Management team (HFRM). He joins as a Managing Director and is part of the team who service the Bank's Hedge Fund clients in the Americas. He is based in New York and reports to Christopher Lane, Head of HFRM for the Americas.

Joe joins BNP Paribas with over 20 years of Fixed Income expertise, both in the US and internationally. He most recently worked at Norfolk Markets in New York where he was responsible for the distribution of certain asset management products and solutions to global clients. Prior to his tenure at Norfolk, Joe was the Managing Director and Global Head of Bank Coverage for Sales & Trading at Morgan Stanley in London. During his time there, he led regional teams around the world in delivering fixed income products and solutions to banks.

Talbot Stark, global head of hedge fund and institutional relationship management, said, "Hedge Funds are a core client group for BNP Paribas and we look to further to enhancing our relationships with the addition of Joe's talents to the team."

Additionally, Bastiaan Schuttevaer joins the New York office as a Managing Director and COO of the Hedge Fund and Institutional Relationship Management Group ('HFIRM'). Bastiaan will report locally to Thomas Mahoney, COO of Equities and Commodity Derivatives and Kip Testwuide, Head of Origination and Distribution, Fixed Income Americas and Talbot Stark functionally. Bastiaan has been with BNP Paribas across a variety of positions in London, Paris, and New York since 2005. He has over 14 years in experience in financial markets equally split between Europe and the US. Most recently he was responsible for the risk management of the EMEA hedge fund portfolio. Prior to joining BNP Paribas he was responsible for financial institutions credit at ABN Amro in New York.

Commenting on Bastiaan's appointment, Talbot Stark said, "BNP Paribas continues to grow its institutional client business and now has over fifteen professionals dedicated to serving our global institutional and hedge fund clients. We are confident that with Bastiaan's appointment we will further enhance our ability to deliver these clients to the Bank, and the Bank to these strategic clients."

The BNP Paribas Hedge Fund and Institutional Relationship Management ('HFIIRM') Group, is a combination of the Institutional Relationship Management group, which was formed in January 2009 to cover the institutional sector across the full range of capital market products, and Hedge Fund Relationship Management ('HFRM'). Over the last three years, BNP Paribas has made significant strides in developing its Flow, Trading and Execution Services across the entire span of capital markets. The IRM Group leverages on the success and growth of BNP Paribas' HFRM Group and provides an integrated offering to institutional clients, drawing on the expertise and strength of the bank's business lines.

About BNP Paribas Corporate and Investment Banking

BNP Paribas Corporate and Investment banking division (http://cib.bnpparibas.com/) has almost 17,000 employees, deployed in 53 countries around the world. BNP Paribas CIB excels in three fundamental sectors in particular:

Derivatives -- it is one of the leading global players in rates, credit, forex, commodity and equity derivatives.

Capital markets -- it is amongst the top ten Euro houses for both ECM and DCM (bond issues, securitization, convertibles and shares).

Structured finance -- it is amongst the world leaders for acquisition, export, project and commodity finance.

About BNP Paribas

BNP Paribas (www.bnpparibas.com) is one of the 6 strongest banks in the world according to Standard & Poor's*. With a presence in 85 countries and more than 205,000 employees, 165,200 of which in Europe, BNP Paribas is a global-scale European leader in financial services. It holds key positions in its three activities: Retail banking, Investment Solutions and Corporate & Investment Banking. The Group benefits from its four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.

* Within its peer group

Press contacts: Edwina Frawley-Gangahar Media Relations, New York +212-841-3719

SOURCE: BNP Paribas

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Donlen Corporation Releases 2009 Customer Satisfaction Results and Key ... - Biloxi Sun Herald

Posted: 20 Oct 2009 08:21 AM PDT

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NORTHBROOK, Ill., Oct. 20 /PRNewswire/ -- Donlen Corporation, North America's fastest growing fleet leasing and management company, is pleased to present their annual Customer Satisfaction Results and Key Accomplishments for 2009.

Highlights from 2009:

-- For the third consecutive year the overall satisfaction rating has increased, and there has been a significant increase in Relationship Management, Operations, and Fleet Management Services areas -- The Net Promoter Score continues to rise annually. This year, Donlen's score of 40 is more than three times the national average for U.S. companies

-- Several enhancements to Donlen's suite of proprietary fleet management tools including Donlen Driver(TM) and FleetWeb®, and implementation of the Comdata MasterCard® Fuel Card, which includes features such as a discount fuel finder with pay-at-the-pump discounts

Donlen was recognized this year by a number of industry organizations and publications, including:

-- International Association of Outsourcing Professionals (IAOP) "Top 100 Global Outsourcing Leader for 2009" -- Crain's Chicago Business List of "20 Best Places to Work in Chicago for 2009" -- National Association for Business Resources (NABR) "2009 101 Best and Brightest Companies to Work For in Chicago"

-- Donlen CEO Gary Rappeport named the 2009 American Business Awards (ABA) Stevie Award Winner in the "Executive of the Year, Services" category

"Our 2009 customer satisfaction numbers and key awards and accomplishments make everyone at Donlen very proud," said Tom Callahan, Donlen President & Chief Operating Officer. "We continually strive to improve both our customer service and our work environment. It is a priority as we enter our strategic planning process each year."

To download a full copy of the report, please visit www.donlen.com.

About Donlen Corporation

Donlen Corporation, with headquarters in Northbrook, IL, and offices nationwide, is a global provider of innovative fleet management programs. Since 1965, Donlen has offered its clients highly personalized and responsive customer service. Donlen has been recognized as one of Crain's Chicago Business "List of 20 Best Places to Work in Chicago for 2009," National Association for Business Resources "101 Best and Brightest Places to Work For in Chicago" in 2007, 2008 and 2009, and as a "Top 100 Global Outsourcing Leader" by the International Association of Outsourcing Professionals (IAOP) each year from 2006-2009. For more information about Donlen Corporation, visit www.donlen.com.

The Donlen MasterCard® Fuel Card is issued by Regions Bank pursuant to a license by MasterCard® International Incorporated. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International incorporated.

Contact: Suzanne Deveney Director of Marketing 847-412-5238

SOURCE Donlen Corporation

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Fewer home-building permits signal weakness ahead - Modesto Bee

Posted: 20 Oct 2009 08:14 AM PDT

The applications for building permits fell 1.2 percent in September. That's the biggest decline since a 2.5 percent drop in April and underscored worries that the fledgling housing revival could be derailed by rising unemployment, tighter bank lending standards and the expiration on Nov. 30 of the government's $8,000 tax credit for first-time homebuyers.

Housing has been struggling to recover this year following a steep collapse that helped pull the overall economy into the worst recession since the 1930s.

Real estate agents and homebuilders are lobbying Congress to extend the tax credit, an effort appears to be gaining momentum, but the administration is being vague about its position.

Sen. Johnny Isakson, R-Ga., who spent his career as a real estate agent before being elected to Congress, said "this market is going to die a sudden death" without an extension.

Isakson and Sen. Christopher Dodd, D-Conn., chairman of the Senate's banking committee, want to extend the credit until June 30 and to drop the requirement that the credit be available only to first-time buyers. That's estimated to cost $16.7 billion.

The lawmakers have suggested that their measure be attached to an extension of federal assistance to the millions in danger of exhausting unemployment insurance benefits.

Housing Secretary Shaun Donovan said at a congressional hearing Tuesday that supporting the housing market "can be very expensive, especially at a time of significant budget deficits."

The administration will make a recommendation on whether to extend the credit in the coming weeks, after studying data on tax filings from the Internal Revenue Service. While there would be some negative effects if it were allowed to expire, Donovan said, "I do not believe that a catastrophic decline would be the result."

Some analysts and lawmakers are skeptical about extending the credit, arguing that most homebuyers who receive it would have decided to buy anyway. And soaring unemployment is likely to dull the impact of any extension, Mark Vitner, a senior economist with Wells Fargo Securities, wrote in a note to clients.

"Many of the most likely buyers targeted have already taken advantage of the program," he wrote.

Meanwhile, the Labor Department said wholesale prices fell 0.6 percent last month on a drop in energy costs. Outside food and energy, core inflation fell 0.1 percent. In the 12 months ending in September, core wholesale prices rose a modest 1.8 percent.

The drop in wholesale prices was another sign the recession had kept a lid on inflation. Last week, the government said consumer prices edged up a modest 0.2 percent in September.

But the cost for a barrel of crude jumped $10 this month, hitting $75 for the first time in a year last week and than passing $80 early Tuesday. The value of the dollar plunged in October and because crude is bought and sold in the U.S. currency, international investors who can essentially buy more crude for less have rushed in to snap up oil contracts.

The 0.5 percent rise in overall housing construction in September followed a 1 percent drop in August that was revised down from an initial estimate of a 1.5 percent gain.

Construction of single-family homes rose 3.9 percent last month to an annual rate of 501,000 units, reversing a 4.7 percent drop in August. Multifamily construction, a much smaller and more volatile segment, posted a 15.2 percent drop following a 20.7 percent rise in August.

Construction rose 7.1 percent in the South, but all other regions showed weakness. Building activity fell 5.5 percent in the Northeast, 1.8 percent in the Midwest and 8.8 percent in the West.

An index from the National Association Home Builders that measures builder confidence slipped slightly in October to a reading of 18, from 19 in September. Builders blamed the slippage on the approaching expiration of the homebuyer tax credit.

The industry contends that extending and expanding the credit for one year would generate nearly 350,0000 jobs and $11.6 billion in additional tax revenues.

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Morningstar Reports Hedge Fund Performance for Third Quarter 2009 ... - Stockhouse

Posted: 20 Oct 2009 07:45 AM PDT

CHICAGO, Oct 20, 2009 /PRNewswire-FirstCall via COMTEX News Network/ --

Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today reported preliminary hedge fund performance for the third quarter of 2009 and asset flows through August 2009. Hedge funds are recovering rapidly in 2009. The Morningstar 1000 Hedge Fund Index climbed 7.4% during the third quarter and 17.2% through the first nine months of the year, while the currency-hedged Morningstar MSCI Hedge Fund Composite rose 6.1% for the quarter and 12.1% for the year through September.

"Paced by an exceptionally strong September, hedge funds began to regain their swagger in the third quarter," said Nadia Papagiannis, Morningstar alternative investments strategist. "The road to recovery for hedge funds was paved by strong performance in riskier asset classes such as emerging markets, distressed, and small-cap securities."

But hedge funds overall haven't yet returned to their October 2007 peaks--the Morningstar 1000 Hedge Fund Index declined 25.2% through February 2009, and has only recovered 20% in the last seven months, with 11.4% to go. Certain hedge fund strategies have set new highs, however. In September, the Morningstar Global Non-Trend Hedge Fund Index, which includes hedge funds following global macro-economic strategies, fully recovered from 2008 losses, despite lagging the performance of other category indexes this year. Appreciation of the Australian dollar and the Euro versus the U.S. Dollar as well as spikes in silver and gold prices helped this index rise 1.9% in September.

Convertible arbitrage and emerging markets hedge funds have outperformed all other Morningstar categories thus far in 2009. The Morningstar Convertible Arbitrage Hedge Fund Index rose 3.0% in September and 32.1% for the year through September, while the currency-hedged Morningstar MSCI Emerging Markets Hedge Fund Index increased 4.6% in September and 31.0% for the year through September. Convertible bonds, which crashed in 2008 due to forced selling by leveraged hedge funds, are enjoying a tremendous 2009. Low prices and higher yields attracted traditional, non-hedge-fund investors, while more companies issued convertible bonds during tight bank lending conditions and rapidly rising equity prices. Emerging markets hedge funds benefited from outsized rallies in Indian, Russian, and Latin American stocks in 2009.

Strong equity markets in developed countries buoyed funds in the Morningstar Global Equity Hedge Fund Index, which increased 3.7% in September--slightly less than the MSCI World Equity Index, which rose 4.0%. The Morningstar MSCI Developed Markets Hedge Fund Index rose only 2.5%, however, as allocations to Japanese stocks dragged down performance. The Morningstar MSCI Japan Hedge Fund Index and the Morningstar Short Equity Hedge Fund Index were the worst-performing Morningstar hedge fund indexes in September dropping 1.2% and 1.6%, respectively.

September saw a continuation of the rally in small-capitalization stocks, as investors snapped up riskier assets. The Morningstar U.S. Small Cap Equity Hedge Fund Index rose 5.0% and the Morningstar Distressed Hedge Fund Index, which also reflects risk appetite, jumped 6.7%.

As risk-aversion declined, hedge funds once again experienced inflows. Funds in Morningstar's database saw $5.9 billion of new flows in August, with the bulk of those assets going to global trend hedge funds. With the exceptions of August and June, investors have withdrawn assets from hedge funds every other month this year. Outflows totaled $59.7 billion for the year through August.

September returns and August asset flows for the Morningstar Hedge Fund Indexes are based on funds that reported as of Oct. 16, 2009. Returns for the Morningstar MSCI Hedge Fund Indexes are based on funds that reported August performance as of Oct. 12, 2009. Hedge fund investors, managers, consultants, and advisors can access additional information through Morningstar(R) Altvest(SM), the company's the research platform designed specifically for hedge funds. Visit www.altvest.com for more information.

Morningstar has more than 8,000 hedge funds and funds of hedge funds in its database. The Morningstar 1000 Hedge Fund Index, a global, broadly representative benchmark for hedge fund performance, has return history from January 2003. The index comprises the top 90% of eligible assets in Morningstar's hedge fund database. For the purposes of the index, Morningstar counts funds with shared portfolios as a single hedge fund; funds of hedge funds are excluded from consideration. The index is updated daily for the previous month-end, rebalanced monthly, and reconstituted semi-annually. In addition, Morningstar has 17 category indexes and four broad category indexes based on Morningstar's strategy-specific classification system for hedge funds. Morningstar's hedge fund indexes are not investable.

In addition to calculating the Morningstar Hedge Fund Indexes, Morningstar also calculates hedge fund indexes by applying the MSCI Hedge Fund Index Methodology and Hedge Fund Classification Standard to Morningstar's hedge fund database. These indexes demonstrate the performance of hedge funds to investors who have hedged their currency exposure back into U.S. dollars. The MSCI Hedge Fund Index Methodology classifies hedge funds by investment process, geography, and asset class.

This release is not intended to be an offer or solicitation for the sale of hedge funds. The information is not warranted to be accurate, complete, or timely. When considering hedge funds, investors should consider various risks, including the fact that some products engage in leveraging and other speculative investment practices that may increase the risk of investment loss, can be illiquid, are not required to provide periodic pricing or valuation information to investors, may involve complex tax structures and delays in distributing important tax information, are not subject to the same regulatory requirements as mutual funds, often charge high fees, and in many cases the underlying investments are not transparent and are known only to the investment manager. The high degree of leverage that is often obtainable in trading can lead to large losses as well as gains. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 325,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. The company has operations in 20 countries and minority ownership positions in companies based in two other countries.

Sept. Q3 2009 YTD Through

Morningstar Hedge Fund Index Performance 2009 Sept. 2009

---------------------------------------- ---- ------- ----------

Morningstar 1000 HF USD 3.10 7.43 17.22

Morningstar Hedge Fund of Funds 2.10 5.67 11.56

Morningstar Hedge Fund Category Indexes

---------------------------------------

Morningstar Convtbl Arbitrage HF USD 3.02 12.10 32.07

Morningstar Corporate Actions HF USD 3.67 8.70 26.68

Morningstar Debt Arbitrage HF USD 3.32 10.14 20.01

Morningstar Distressed Sec HF USD 6.65 12.30 17.28

Morningstar Dvlp Asia Equity HF USD 1.90 7.11 18.01

Morningstar EM Equity HF USD 6.48 13.18 41.79

Morningstar Equity Arbitrage HF USD 1.88 3.69 7.21

Morningstar Europe Equity HF USD 3.63 9.88 16.85

Morningstar Global Debt HF USD 2.52 6.80 18.59

Morningstar Global Equity HF USD 3.71 9.23 20.19

Morningstar Global Non Trend HF PUSD 1.94 3.42 6.48

Morningstar Global Trend HF USD 1.71 3.65 -0.60

Morningstar Multi-Strategy HF USD 3.09 7.42 19.61

Morningstar Short Equity HF PUSD -1.55 -4.04 2.18

Morningstar US Equity HF USD 3.12 8.40 23.89

Morningstar US Small Cap Eqty HF USD 4.97 12.44 30.68

Morningstar Hedge Fund Indexes with MSCI

----------------------------------------

Morningstar MSCI Composite AW 2.40 6.09 12.12

Morningstar MSCI Composite EW 2.68 6.92 16.59

Morningstar MSCI Composite Core Funds 2.56 6.33 13.85

Morningstar MSCI Composite Small Fund 2.74 7.25 18.21

Morningstar MSCI Developed Markets 2.52 6.78 15.83

Morningstar MSCI Directional Trading 1.99 4.20 6.72

Morningstar MSCI Emerging Markets 4.62 10.07 30.96

Morningstar MSCI Europe 2.37 7.37 12.74

Morningstar MSCI Global Markets 2.48 5.84 12.07

Morningstar MSCI Japan -1.15 0.71 9.75

Morningstar MSCI Multi-Process Group 2.92 7.49 22.63

Morningstar MSCI North America 3.12 8.16 21.24

Morningstar MSCI Relative Value 1.91 5.32 15.24

Morningstar MSCI Security Selection 3.21 8.94 22.46

Market Indexes

--------------

S&P 500 TR 3.73 15.61 19.26

Russell 2000 TR USD 5.77 19.28 22.43

MSCI Europe NR USD 4.64 22.92 31.56

MSCI AC Asia NR USD 3.16 12.26 29.40

MSCI World NR USD 3.99 17.45 24.90

MSCI Emerging Markets NR USD 9.08 20.91 64.45

BarCap US Agg Bond TR USD 1.05 3.74 5.72

Est. Hedge Fund Flows By

Morningstar Category August 2009 Flows YTD Thru August

------------------------ ----------------- ---------------

Convertible Arbitrage $184,116,808 $(451,005,530)

Corporate Actions $74,369,995 $(4,916,220,493)

Debt Arbitrage $346,040,561 $(2,957,288,980)

Developed Asia Equity $4,367,148 $(1,118,051,294)

Distressed Securities $382,964,845 $(4,034,529,030)

Equity Arbitrage $480,208,359 $(1,916,141,327)

Global Debt $(253,090,862) $(3,370,629,414)

Global Non-Trend $222,761,334 $(4,247,330,865)

Global Trend $2,416,656,106 $(3,230,416,298)

Multi-strategy $353,691,749 $(14,505,464,687)

Short Equity $(23,201,094) $2,039,086

U.S. Small Cap Equity $(36,231,185) $(567,479,276)

US Emerging Market Equity $237,550,794 $(3,192,541,274)

US Europe Equity $630,771,859 $79,591,106

US Global Equity $325,101,469 $(8,196,678,695)

US U.S. Equity $553,296,388 $(7,120,294,310)

-------------- ------------ ---------------

Total $5,899,374,274 $(59,742,441,281)

Hedge Fund of Fund Flows

------------------------

Fund of Funds - Debt $(299,183,938) $(453,983,423)

Fund of Funds - Derivatives $8,704,080 $(50,822,498)

Fund of Funds - Equity $(99,268,698) $(2,214,011,506)

Fund of Funds - Event $211,020 $(50,089,509)

Fund of Funds - Multistrategy $28,670,341 $(3,709,798,812)

Fund of Funds - Nondirectional $(282,112) $3,670,684

------------------------------ --------- ----------

Total $(361,149,307) $(6,475,035,064)

Hedge Fund Flows By Morningstar

Rating August 2009 Flows YTD Thru August

------------------------------- ----------------- ---------------

5-star $3,156,926,992 $(4,932,386,358)

4-star $1,764,077,465 $(15,465,173,249)

3-star $716,402,411 $(15,847,371,089)

2-star $(219,373,199) $(12,994,730,823)

1-star $(400,525,049) $(3,953,774,333)

Not-Rated $520,716,347 $(13,024,040,493)

--------- ------------ -----------------

Media Contact:

Alexa Auerbach, 312-696-6481 or alexa.auerbach@morningstar.com

SOURCE Morningstar, Inc.

http://www.morningstar.com

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U.S. Bank Ranks #1 among Most Trusted Banks According to Ponemon ... - PR Inside

Posted: 20 Oct 2009 08:21 AM PDT

2009-10-20 17:17:02 -

The Ponemon Institute, a privacy and information management research firm, has released the 2009 Privacy Trust Study for Retail Banking and for the fourth year, U.S. Bank has ranked first. U.S. Bank has also ranked in the top five each year since the study's inception in 2003.

The Ponemon Institute study measures consumer perceptions of trustworthiness for retail banking institutes and

identifies the issues that influence consumer opinion. This year, Ponemon found that while the global financial crisis has had a negative impact on banks' scores overall, five of the top six banks saw an increase in their scores, including U.S. Bank.

Financial stability, quality customer service, clear privacy and security practice disclosures, strong online banking identity and authentication processes, stated or implied commitment to stand behind the customer in case of a breach or identity theft, and respectful advertising and marketing campaigns were all cited as positive factors impacting consumer trust in banks. Factors such as data breaches, rumors related to poor security practice, annoying advertising campaigns, poor web site design, and aggressive use of data coupled with offshore data management were found to have a detrimental effect on perception.

"We were not surprised to see an overall decline in trust scores owing to the global financial crisis, but the increased trust scores earned by the top banks show that there are many aspects of trust that are absolutely within a bank's ability to control," said Dr. Larry Ponemon, chairman and founder of the Ponemon Institute. "Those banks that consistently appear at the top of this study, including U.S. Bank's fourth straight number one ranking, are not there accidentally, but have earned their place through a determined effort to apply sound security and privacy practices to their overall business strategy."

"Earning our customers' trust is fundamental to sustaining a meaningful relationship with them, and trust is particularly important in challenging economic times," said Dan Burks, chief privacy officer at U.S. Bank. "The work of the Ponemon Institute to recognize leading institutions provides a great service to consumers as they seek trusted financial partners."

The 2009 Privacy Trust Study for Retail Banking was derived from a final sample of 6,950 surveys returned from adult consumers residing in all geographic regions of the United States. To request a copy of the study, contact the Ponemon Institute.

The Ponemon Institute is dedicated to advancing responsible information and privacy management practices in business and government. To achieve this objective, the Institute conducts independent research, educates leaders from the private and public sectors, and verifies the privacy and data protection practices of organizations in a variety of industries.

U.S. Bancorp (NYSE: USB), with $266 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,850 banking offices and 5,173 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com : .

U.S. BankTeri Charest, 612-303-0732orPonemon InstituteMike

Spinney, 978-597-0342