Insiders confident in own shares
Some of the negativity evident in US financial services circles appears to have been dissipating even before the unprecedented bail-out of Fannie Mae and Freddie Mac, according to a report published by Bloomberg this month.
According to the Bloomberg report, bank and savings and loans insiders spent more money buying shares in their own companies in May, June and July than in any three-month period in the past two decades.
The report said that insiders including bank directors and executives had purchased US$296.2 million of their own stock in the period.
According to commentators in the US quoted by Bloomberg, the insider share purchases are encouraging and suggest that the insiders have confidence in the prospects for their companies.
AUTHOR
Mike Taylor
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
