Here’s your Cheat Sheet to this week’s financial industry business headlines:
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On Friday, the mutual-fund firm Franklin Resources (NYSE:BEN) announced a special dividend to be paid prior to the end of the year — a $3-per-share payout will be made on December 20th to holders of record as of December 6th. Some three weeks ago, Franklin’s peer, Federated Investors (NYSE:FII), reported its own special dividend. Monday morning, analyst Ed Ditmire at Macquarie referred to the move as a “shareholder-friendly move-up” of a likely first-quarter special dividend so as to “eliminate the risk of dividend tax uncertainties in 2013.” Daniel Fannon at Jefferies had a number of asset-management and securities-industry stocks on a special dividend watchlist earlier in November including CBOE Holdings (NASDAQ:CBOE), Waddell & Reed Financial (NYSE:WDR), and CME Group (NASDAQ:CME), among others.
According to inside sources, Morgan Stanley (NYSE:MS) is about to purchase and enlarge a shopping mall in Moscow in an acquisition valued in excess of $1 billion. Such a move would mark the second time the funds it manages are being used to buy retail property purchase in Russia in 2012. The property in question in the Metropolis mall located in northwest Moscow which is close to the main highway to one of the city’s airports. The company declined to comment in an e-mailed statement.
Citigroup (NYSE:C) will pay $360 million to the brokerage estate of Lehman Brothers through which to settle a dispute in regards to $1 billion worth of collateral the investment bank had to post during the days prior to its bankruptcy in 2008. A resolution was reached on Friday with the trustee who is liquidating the failed company’s domestic brokerage division and for its part, Citigroup will surrender its claim to $75 million which was contingently paid to the estate at the start of the liquidation, according to court documents.