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Reserve Fund investors to get $14 billion
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Shareholders of the Reserve Primary Fund should see their second payout from the ailing money market fund just in time for the holidays. Reserve Management announced that about $14 billion will be distributed to investors around Dec. 5. Investors, including Ameriprise Financial Inc. and more than 330,000 of the Minneapolis-based financial services company's clients, have been stuck in the frozen fund since mid-September. In a statement, the Reserve said it was possible to make the distribution because improving market conditions allowed it to sell $5 billion of securities at a profit.
KARA MCGUIRE
Pershing-Target talks delayed until 2009Pershing Square Capital Management said it plans to defer talks with Target Corp. over a potential real estate transaction until 2009. Target on Friday rejected Pershing's proposal to create a real estate investment trust, calling it "highly speculative" and not worth the risk of pursuing given its complexity. "We respectfully disagree with the company's and its advisers' present conclusion," William Ackman, who runs Pershing Square, said in an e-mailed statement. "We intend to pursue the matter in the new year, after the holiday season."
BLOOMBERG NEWS
Nuveen to acquire Winslow CapitalNuveen Investments Inc., the Chicago-based asset manager, agreed to acquire Winslow Capital Management of Minneapolis. Terms weren't disclosed. Winslow manages about $4 billion in assets for institutions and wealthy individual investors, Nuveen said. Winslow, which is closely held, was founded in 1992 by Clark Winslow, its chief executive officer and head of investments, after he left Alliance Capital Management. Nuveen expects the acquisition to close by the end of the year.
BLOOMBERG NEWS
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