August 12, 2016 |
Kairos Real Estate Partners of King of Prussia and Chevy Chase, Md.-based Artemis Real Estate Partners have acquired a 123,440-square-foot office building at 518 East Township Line Road in Blue Bell. The building is 27-percent leased by New York-based construction company Skanska USA and Phoenixville Hospital, Kairos said in a release. The buyers plan renovations to the site that include adding a cafe, conference rooms and a fitness center, Kairos said. Terms of the deal were not disclosed.
August 8, 2016 |
Ira M. Saligman, 53, of Wayne, an aviator, philanthropist, and real estate investor, died Sunday, July 31, of injuries he had sustained six days earlier when his vintage aircraft caught fire as it landed in West Mifflin, Pa. Mr. Saligman got out of the airplane at Allegheny County Airport, but died in the Mercy burn unit at the University of Pittsburgh Medical Center. The cause of the fire in the World War II-era plane, as it pulled to a stop on the tarmac, was unknown. Mr. Saligman was en route to an air show in Oshkosh, Wis., where he intended to meet his pilot friends.
August 4, 2016 |
Chemours , the chemical maker spun off by DuPont last year with some of that company's dirtiest industrial plants, has decided to stay put in Wilmington. CEO Mark Vergnano cited the corporate-tax reductions passed by the Democratic legislature and signed by Gov. Jack Markell in the "Delaware Competes Act" as a reason not to move to New Jersey or Pennsylvania. "This legislation isn't about Chemours specifically," Markell spokeswoman Courtney McGregor told me. As DuPont fragments, the state has stepped up efforts to keep not just Chemours but also two other planned DuPont successor companies from fleeing, the way paint-making spin-off Axalta moved its headquarters to Philadelphia two years ago. Delaware used to tax business operations: The more you had, the more you paid.
July 30, 2016 |
Vanguard closed to new shareholders one of its most popular dividend mutual funds Thursday, saying it topped out at $30 billion as yield-hungry investors sought to earn income on their portfolios. Current investors in the Vanguard Dividend Growth Fund can still put money in, but new investors are out of luck. It's yet another sign that dividend-paying stocks have become the new bonds. Currently, 300 of the S&P 500 index companies yield more than the 10-year Treasury note, a phenomenon that has not occurred since 2009, according to data from asset-management firm Nuveen.
July 19, 2016 |
We investors are suffering a bizarre new phenomenon - where banks and governments are "paying" negative interest rates. Negative rates imply that customers actually pay for keeping money in the bank or in sovereign bonds, rather than receiving interest. Negative interest rates in countries such as Germany and Japan are an experiment to stimulate consumer spending. Just last week, Germany sold 10-year bonds yielding negative rates - investors pay the sovereign to hold these fixed-income securities!
July 7, 2016 |
Turner Investments plans to merge its investment-advisory platform with that of Michael Kennedy 's Radnor-based Veracen L.P ., in a proposal to use the shrunken Berwyn-based mutual-fund group founded by stock-picker Robert E. Turner to build a larger, more automated investment-management firm, according to privately circulated documents obtained by the Inquirer. If the deal goes through as planned later this month, Turner will also seek to raise $12.5 million from private investors to fund rapid expansion, according to an "investor presentation" dated June 30 and shown to potential investors.
June 26, 2016 |
Mozido, an Austin, Texas-based digital-payments company with a couple of prominent Philadelphians on its board, ranks among the venture-capital-backed private tech companies known as "unicorns" in Silicon Valley: Blue-chip investors have pushed the firm's implied stock-market value above $2 billion. The firm has developed a "mobile wallet" for digital payments by smartphone. Dunkin' Donuts and Dairy Queen use Mozido apps. Mozido has announced acquisitions and partnerships abroad.
June 10, 2016 |
A former Philadelphia stockbroker pleaded guilty Wednesday to securities fraud and related charges for taking about $3 million from investors for a nonexistent import business and other ventures. William Bucci, 59, told people he was going to import high-end olive oil and wine from Italy, and promised other investment ventures. He also induced people to loan him money for a Jersey Shore house. But, according to prosecutors, he used the money mostly for his own expenses. Bucci, who lives in the city but worked in the suburbs, paid back some early investors in part with money he received from later lenders.
May 29, 2016 |
John Spagnola, the Philadelphia Eagles' star tight end and players' union rep in the 1980s, has built a post-NFL career as paid advisor to public-employer and union pension plans in Pennsylvania, which has more publicly funded retirement plans than anywhere. He is a managing director at Philadelphia-based PFM, a municipal finance consultant, with 530 employees nationwide, which ranks among the largest pension advisors firms. Clients include 82 Pennsylvania towns and agencies (West Chester and Upper Moreland, among others)
May 16, 2016 |
Will robo-advisers fully replace human financial advisers, because they're cheaper and more efficient? No way. And those who think so misunderstand what financial advisers do. "My clients pay me for advice, a holistic financial and retirement plan," as well as referrals to experts in trust and estate planning, said Michael Kitces, who runs a financial planning firm and follows the robo-adviser field. He's a huge fan of robos, which offer automated portfolio management, as well as automatic saving and investing and cutting-edge adviser software.