Citadel Equity Fund Adopts 10b5-1 Stock Trading Plan
Allows individuals and firms who are not in possession of material non-public information, to establish pre-arranged plans to buy or sell stock
Citadel Equity Fund, an affiliate of Citadel Investment Group - a global financial institution, has entered into a Rule 10b5-1 trading plan on August 11, 2009 in connection with its holdings of E TRADE Financial Corporation.
Kenneth Griffin, president and CEO, who recently joined E TRADE’s board of directors, will continue in that role. Affiliates of Citadel, including Citadel Equity Fund are expected to maintain significant holdings in both the Common Stock and debt of ETFC, and even after expiry of the plan and assuming approval of the restructuring scheduled for a vote on August 19. Citadel Equity Fund is likely to remain E TRADE’s largest shareholder on a fully diluted basis.
Citadel’s plan, which is expected to conclude by the end of October, 2009, provides that a broker will sell up to 120,000,000 shares of E TRADE common stock for Citadel in accordance with a predetermined formula. Citadel has said that the plan will exercise no further discretion or control and permits it to reduce its aggregate exposure to ETFC in an orderly manner.
Related Insight
Suppliers Directory
Wealth & Assets Management Asset Management Hedge Funds Private Equity Mutual Funds
Intermediaries Prime Brokerages Custody & Clearing ECN & Exchanges
Technology Banking Technology Security Tech Outsourcing & BPO
Policies & Regulatory Compliance Risk Management
Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
Comments may be moderated for spam, obscenities or defamation.