Deals & People August 5, 2008

Nationwide Financial Network Merges Two B/Ds

Nationwide Financial Network (NFN) has merged broker/dealers 1717 Capital Management Company and Nationwide Securities, Inc. into Nationwide Securities, LLC (NSLLC).
Reported by

The new broker/dealer will provide support and oversight for all variable life insurance products and variable annuities, as well as non-proprietary mutual funds and general securities products offered by NSLLC registered representatives, the company said.

NFN, the affiliated retail distribution business of Nationwide Financial Services, Inc., received regulatory approval on May 19 from the Financial Industry Regulatory Authority (FINRA) on its merger request. All broker/dealer operations are now located at Nationwide’s Dublin, Ohio, office.

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“This change allows Nationwide agents to offer their customers a more comprehensive portfolio of financial products and services,’ said Mike Hamilton, president of NFN, in a company statement. “Additionally, the single broker/dealer structure will provide agents and producers with a central point of contact, streamline processes and provide a more efficient infrastructure supporting operations, and help manage expenses compared to running two broker/dealers separately.’

Products August 5, 2008

Dow Jones Expands with Indian Blue-Chip Index

Dow Jones Indexes is expanding its Dow Jones Global Titans family by adding a blue-chip index for India.
Reported by

The Dow Jones India Titans 30 Index measures the performance of the 30 largest and most liquid stocks listed on the Bombay Stock Exchange and the National Stock Exchange of India. The final composition of the index is based on ranking by free-float market capitalization and 12-month average daily trading volume.

The launch of the Dow Jones India Titans 30 was announced by Rupert Murdoch, chairman and chief executive of News Corporation in Mumbai, India. Dow Jones Indexes is a business unit of Dow Jones & Company, a News Corporation company.

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The top five companies in the index by free float market capitalization are:

  • Reliance Industries Ltd. (Basic Materials),
  • Infosys Technologies Ltd. (Technology),
  • HDFC Ltd. (Financials),
  • Bharti Airtel Ltd. (Telecommunications), and
  • Larsen & Toubro Ltd. (Industrials).

    The Dow Jones India Titans 30 Index is free-float market capitalization weighted with individual components capped at 10%. According to a press release, the index is calculated in U.S. dollar and Indian rupee and reviewed annually in March. As of July 31, 2008, the Dow Jones India Titans 30 (U.S. $) has gained 62.03% back tested from its base date, December 31, 2005.

    The full list of companies, including weighting and values of the Dow Jones India Titans 30 Index, is available on www.djindexes.com.

The three biggest sectors represented in the index are Financials, Basic Materials, and Oil & Gas.

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