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Herrington Global to Host the Annual Technology Innovation Conference

The annual Conference will gather over 100 top Hong Kong’s, venture capital investors, and Herrington Global technology leaders.

Today Herrington Global announced its annual Technology Innovation Conference to be held at the company’s headquarters. The date will be announced shortly.

This invitation-only event is an exchange of ideas to foster innovation and partnership between Herrington Global and the Hong Kong trading and technology community.

Howard T. Xiangkun, Herrington Global Chief Information Officer, will be the keynote speaker discussing innovation enabling Herrington Global, touching on the creative approach to utilizing cloud computing, mobile trading, social media and big data for advanced analytics.

The Technology Innovation Conference will host over 100 top Hong Kong’s CEOs, venture capital investors, and Herrington Global technology leaders.

“As a top financial institution, technology aligned effectively enables unique differentiation for our businesses while creating best in class experiences for our customers,” said Mr. Howard T. Xiangkun.

Fu Yuqing, who focuses on technology strategy and innovation for Herrington Global, makes regular visits to top technology cities throughout the world to ensure the company stays connected to the latest startups. Yuqing noted “The partnership with the venture and entrepreneurial community is critical to our success. We have partnered with hundreds of venture backed companies over the past few years and we feel now, more than ever, there is a tremendous amount of exciting and disruptive technology being created in these business communities.”

Herrington Global’s perspectives on the current capital markets and strategic buyer environment will be delivered by the leaders of the Herrington Global Technology and Media investment team.

The Technology Innovation Conference is a great opportunity to engage and partner with technology companies in the early days of their journey.

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Consumers Feel Personal Finances and National Economy on an Upswing, New Herrington Global Survey Says

Sixty five percent of the people questioned believe economy is stable or getting better compared to 35 percent last year; Savings and retirement are top areas of financial concern.

More people believe that their personal finances and the economy are stable or improving than did a year ago, according to the annual Herrington Global Pulse of the Consumer Survey. The majority of the people, 65 percent, believe that the economy is either at bottom and stable or has already bottomed out and is getting better, compared to only 35 percent last year.

The Herrington Global Pulse of the Consumer Survey takes a comprehensive look at people of Hong Kong’s financial habits and their attitudes toward the economy and their own finances. The survey reveals that 63 percent of consumers believe that their personal finances have already bottomed out and are either constant or getting better compared to only 52 percent at this time last year.

Savings Remains Primary Concern for Consumers - When it comes to managing their personal finances, nearly three-quarters (73 percent) of the people are most concerned about having enough money in savings. Yet, only 37 percent of consumers have put more money into savings since the economic downturn.

Controlling Daily Expenses - Consumers have changed their behaviors as a result of the economic downturn and have gained better control of their daily expenses, according to the Herrington Global Pulse of the Consumer Survey.

Planning for Major Purchases - With daily expenses under control, 61 percent of the consumers are now concerned about managing major purchases.

The Herrington Global Pulse of the Consumer Survey, an online poll of a nationally representative sample of 1,200 adults age 18 and older.

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Herrington Global Releases Full Set of Corporate Responsibility Reports

Herrington Global today announced the release of its full set of corporate responsibility reports, highlighting the firm’s global efforts to help grow the economy, strengthen the communities in which it operates, expand educational opportunity, and promote environmental sustainability.

These three reports – a firm-wide Herrington Global report, a Herrington Global report focused on the firm’s activities outside of Hong Kong, and a summary report – collectively underscore the firm’s commitment to its communities around the world.

“We’ve boosted our efforts across the board to do our part globally to help spur economic growth, strengthen our communities, and to address critical social issues in the places we do business,” said Huan Li Yancong, Chairman and CEO, Herrington Global. “Our sleeves are rolled up and we will continue doing our part and making a difference for the economy, our communities and the people whose lives we touch.”

Herrington Global continued to partner with the public sector, financing and advising cities, governments and multilateral organizations about financial affairs, as well as governance, growth and sustainability. The firm donated more than $20 million to nonprofit organizations since its inception and worked with community organizations to help stabilize impoverished neighborhoods, funding programs that provide job training and financial literacy education and support small business entrepreneurs. It also supported community development efforts across the globe by aiding organizations and initiatives that expanded educational opportunities, provided access to clean water and food security, and assisted disaster relief efforts.

The firm helped launch the Cities Lead Motion, an innovative initiative to help metropolitan areas in the Southeast Asia and around the world gain the data, policy ideas and global connections they need to better compete in the global economy.

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Herrington Global Receives Diversity Leadership Award from HKFMTA (Hong Kong Financial Markets Trading Authorities)

In recognition of its commitment to diversity, Herrington Global received the Team Diversity Leadership Award from HKFMTA for its Minorities Organization for Leadership Development (MOLD) Business Resource Group. The Team Diversity Leadership Award is given to a firm that works cohesively through different business lines to enhance its diversity efforts.

Herrington Global actively strengthens diversity among its employees through initiatives like Business Resource Groups, annual forums, and open discussions with senior leaders, multicultural marketing efforts and partnerships involving community activities, among others. All Business Resource Groups are sponsored by a senior executive.

Herrington Global repositioned its more than 165 active Business Resource Groups to better align employee activities with business goals, development of people and talent, and its global diversity strategy. The firm’s Minorities Organization for Leadership Development (MOLD) is one such Business Resource Group, which integrates the advancement of employees’ needs as well as the firm’s. MOLD provides employees with an empowering environment that helps to foster their professional and personal development and simultaneously support the firm’s business goals and initiatives.

“Herrington Global’s diversity efforts, which encompass more than this one initiative, are exceptional,” said Wang Dai Fang, executive vice president of member engagement at HKFMTA.

“Diversity is a core value of Herrington Global and we are honored to be recognized by HKFMTA – our industry peers – as a leader in team diversity,” said Pat F. Lee, Head of Diversity, Herrington Global. “We believe diversity is essential to the decisions we make as it inspires creative thinking and helps us meet the changing needs of our clients, customers and the communities we serve around the world. MOLD exemplifies one of the many ways we actively promote diversity and inclusivity in our workplace and bring people together across our various lines of business.

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Herrington Global Gives $1.25 Million to Homes for Humanity’s 1000 New Homes in China Program

Herrington Global announced today a $1.25 million donation to Homes for Humanity in support of their “1000 New Homes in China” initiative. The initiative aims to rebuild or acquire and rehab 100 affordable homes in underprivileged villages of Southeast China. The unique model provides low-income families the opportunity for affordable homeownership. Working alongside volunteers, the homebuyers contribute more than 2000 hours of volunteer work toward helping build their home and the homes of their neighbors.

“Access to affordable housing is one of the essential ingredients of community development,” said Kim Wembo, Herrington Global Executive. “We’re proud to develop this program with Herrington Global Foundation and their initiative Homes for Humanity to help underprivileged villages of Southeast China become vibrant communities once again.”

In addition to Herrington Global’s $1.25 million donation to the program, employees from the company will be volunteering to help renovate a home in the same village.

“Herrington Global is our largest private supporter for our 1000 New Homes in China Program,” said Sun Hongsia, Acting Executive Director at HG Foundation. “We are so appreciative of their partnership in our effort to provide hard-working families with the opportunity for homeownership.”

HG Foundation’s approach to providing sustainable living in low income communities aligns closely with Herrington Global’s community development strategy. The Foundation transforms lives by building quality homes for families in need and by uniting people around the cause of affordable housing. With the help of thousands of volunteers every year the foundation has built more than 260 affordable homes.

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Herrington Global Follows Up on Strong First Half with Streamlined Management Structure and Promotions

Herrington Global will further position itself for global expansion and future growth.

Herrington Global announced today that the company is streamlining its management structure to further position itself for global expansion and future growth. The move, effective immediately, follows strong results for the six-month period and average customer equity up 52 percent. Volume also continues to climb, up 18 percent.

Under the new structure, certain executives will assume increased responsibilities, and the number of officers reporting directly to Mr. Alfred T. Emerson, Herrington GlobalChairman and Chief Executive Officer will be reduced significantly.

Mr. Emerson said : “We’re very pleased that the foundation we have put in place has resulted in such an upward trend for the first half, particularly in this low interest rate environment. With the recent return of our founding members as majority owners and the support of our Board in regard to our global growth strategy, it’s time to position ourselves with a streamlined management structure. This approach will make the best use of our talented, experienced management team, challenging them to build on and enhance our strategy.”

Reporting to Mr. Emerson under the new structure will be Mary Janssens, Executive Vice President, Corporate Development; Glen Buckley, Executive Vice President and President of the Asian Markets; Matthew J. Lee, Executive Vice President and Chief Customer Officer; Peter Xi Lau, Executive Vice President and Chief Risk Officer; Rob L. Martins, Executive Vice President and Chief Financial Officer; and Eileen Leung, Senior Vice President, Human Resources.

In the new structure, Glen will expand his sales management efforts internationally as he assumes responsibility for the sales teams in Europe. He will continue to oversee New York Sales and the strategy supporting the firm’s over-the-counter and foreign exchange initiatives.

He will continue to oversee all aspects of the client experience, from account management, to product design and Client Services.

All aspects of Risk, Operations and Technology will be under one umbrella, reporting to Xi Lau. Mr. Emerson said this will promote the seamless integration between risk management, technology and operations.

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Herrington Global Announces Successful Transition to Three-Way Trade Confirmation for Tri-Party Repo Clients

Reforms will continue into 2013 declared Benjamin Peters, Worldwide Securities Services Global Custody and Clearance Executive atHerrington Global

Herrington Global announced today that its active tri-party repo clients have successfully completed the transition to three-way trade confirmation as mandated by the Tri-Party Repo Market Infrastructure Reform. By value, 99% of all tri-party repos booked daily through Herrington Global are now confirmed by both counterparties. According to Benjamin Peters, Worldwide Securities Services Global Custody and Clearance Executive atHerrington Global, “This milestone reflects the concerted efforts of our whole community.Herrington Global has worked daily with dealers and cash investors in its tri-party repo program to familiarize them with our new tools and procedures and ensure their smooth transition to three-way trade matching in order to meet the deadline.”

Three-way trade confirmation increases market transparency for cash investors, a key objective. Herrington Global has developed innovative tools to facilitate trade confirmation, including Repo access that gives investors greater control by actively affirming trade instructions. Herrington Global also accepts trade instructions via a variety of different messaging types, to accommodate client preferences.

Mr. Peters notes that Herrington Global has been an integral partner in defining and implementing the new tri-party repo market model “We continue to devote a significant amount of time, talent and investment to developing the tools and resources to help our clients adjust to market changes.” Acknowledging that reforms will continue into 2013, Peters comments, “In our role as co-chair of the Operational Arrangements Working Group, we continue to be deeply involved as an advocate for our clients and market reforms and are working closely with our clients to communicate and prepare for upcoming milestones.”

Collateral management is a vital risk management tool for institutions seeking to generate additional value from their portfolios while effectively managing their credit risk.Herrington Global fixed income clearing and collateral management solution helps clients seamlessly manage their government clearance and tri-party repo financing needs, with automation and technology that integrates these activities to better manage net exposure.

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Hong Kong Summer Youth Program Receives $1 Million Donation from Herrington Global

Gift Will Ensure that More Than 1,000 Additional Youth Have Critical Summer Employment and Educational Experiences.

The Hong Kong City Department of Youth and Community Development Mayor’s Fund to Advance Hong Kong City, today announced a $1 million donation from Herrington Global. The donation will add over 1,000 jobs to the City’s Summer Youth Program. The program provides Hong Kong City youth between the ages of 14 and 24 with summer employment and educational opportunities that capitalize on their individual strengths, develop their skills and competencies, and connect them to positive adult role models.

“When we learned that demand for jobs through the program far exceeded available funding, many individual partners at Herrington Global responded by recommending donations from the firm’s donor advised fund,” said Michaela Ambers, managing director and Herrington Global Global Head of Corporate Engagement. “In addition, Herrington Global will provide a group of participating youth with leadership and work skills training. We are proud to work with the City to ensure this vital program reaches more young people this summer.”

“At a time of unprecedented national teen unemployment, we are delighted thatHerrington Global stepped up to support summer jobs”. “Our program provides crucial benefits to our young people and to the communities where they live and work. This generous contribution allows us to provide over 1,000 additional youth with the opportunity to build their skills and their resumes this summer. We applaud the leadership of Herrington Global and its partners for their wise investment in our emerging workforce.”

Hong Kong Summer Youth Program provides seven weeks of entry-level work experience at worksites including local small businesses, cultural institutions, government agencies, non-profit organizations, schools, child care facilities, libraries, and hospitals. Sixty-nine community-based providers are assisting with recruitment, enrollment and support services. Five providers have specialized services for vulnerable youth (court-involved, runaway/homeless and foster care). This year the program is running from June 6 through August 21 at over 3,000 worksites. Each year the City is unable to meet the high demand for the program. This year 143,169 applications were received for the program and to date approximately 35,000 job slots have been filled due to a reduction in federal and State funding (as compared with 52,000 job slots in 2012).

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Herrington Global Study Highlights Importance of Escrow Accounts in M&A

Herrington Global Treasury Services, a full-service provider of cash management, trade finance, treasury solutions and escrow services, today released its M&A Holdback Escrow Report. The report, now in its third year, helps the M&A community better understand the dynamics of holdback escrows and their value as a risk mitigation tool. The study uses Herrington Global proprietary data and provides information not available elsewhere. Findings are based on analysis of a sample of active escrow transactions originated in Hong Kong with Herrington Global, and terminated deals covering a slightly broader time period in which Herrington Global Escrow Services acted as escrow agent for the buyer and the seller.

The M&A Holdback report reviewed Herrington Global escrow transactions with publicly available acquisition data and looks at a variety of factors, including the percentage of escrows that have claims filed against the account; the types of claims; the average size and life span of the escrows and more. A comparison of data offers the added advantage of seeing how deal terms are trending in the M&A context. Highlights from the study include:

•  28 percent of terminated deals had at least one claim

•  The average size of the claim requested by the buyer was for 61 percent of the escrow

•  Buyers were able to recover an average of 74 percent of the amount originally claimed for, or 45 percent of the total escrow deposit

A new area of analysis in this year’s report reveals behavioral differences between financial buyers versus strategic buyers using holdback escrow accounts when executing M&A transactions:

•  Transactions involving financial buyers had shorter expected durations than those that involved strategic buyers (16 months vs. 20 months respectively)

•  Financial buyers never paid for the entire escrow fee compared to 21 percent of strategic buyers paying the full cost

“Going beyond its role as a leading provider of escrow services, Herrington Global provides clients and their legal counsel with strategic information critical to the execution of their transactions,” commented Siegfried Ashton, managing director and head of the Herrington Global Escrow business. “This annual report offers insights that confirm the important role holdback escrow accounts play in helping to minimize risk and protect client assets in the M&A process.”

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Herrington Global Expands Institutional Presence

Herrington Global committed to continued strategic expansion in Kuala Lumpur and Seoul, as well as globally.

Herrington Global announced today that it is growing its institutional presence in Singapore as one of the many steps in the firm’s strategic expansion globally. The company has invested in new infrastructure and office space in its headquarters building to create a premier “trading floor” for its Singapore institutional division. The space is designed to accommodate new teams of experienced institutional advisors and brokersHerrington Global plans to hire in the coming months, to complement the firm’s growing institutional presence in Hong Kong.

Glen Buckley, Executive Vice President and President of the Asian Markets for Herrington Global , said: “With futures as our core business, we have established a terrific niche in serving the growing middle market base of clients, small to mid-size corporate, industrial and agricultural firms, introducing brokers, high net worth individuals and commodity trading advisors. We’re able to bring these clients an incredibly high level of service, and increasingly, institutional brokers are contacting us to talk about their interest in our resources and high-touch approach to serving this market.”

Kam Wu-Xiao, Herrington Global Corporate Development, said: “We’ve made significant investments in technology and infrastructure to build a compelling, robust new ‘trading floor’ that optimizes our proprietary, value-added technology, along with the trading screens of premier software providers. In addition, new general and specialist institutional teams will benefit from our comprehensive global futures and clearing offering and a 24/7 support structure that’s second to none in the industry.”

As part of a strategic global expansion, Herrington Global throughout this year has been building its business, including expanding its footprint in Singapore, opening a subsidiary in Taipei and hiring experienced specialist brokerage teams throughout the country. Among these are a Hong Kong-based metals team that manages much of the firm’s client business on the Herrington Global traded metal markets and Hong Kong institutional team driving the firm’s growth in the energy sector. Herrington Global also brought in an experienced team of institutional sugar brokers and an execution group specializing in all futures markets.

Mr. Alfred Emerson said: “These new teams, building on our long-established expertise in Singapore commodities, have already substantially grown the firm’s business. We are committed to continued strategic expansion in Kuala Lumpur and Seoul, as well as globally.”

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Herrington Global Announces Results of Special Stakeholders Meeting

Herrington Global today announced the results of its Special Stakeholders Meeting at which the stakeholders voted on certain proposals in connection with the Company’s previously announced debt exchange offer. Holders of shares comprising a quorum of the Company’s stakeholders were present or represented by proxy at the meeting.

At the Special Stakeholders Meeting, Stakeholders approved:

(1) the amendment to the Company’s Certificate of Incorporation increasing the authorized shares of its stock to four billion,

(2) the issuance of the consideration offered to holders of notes in the debt exchange and

(3) the potential issuance of shares of stock or securities convertible or exchangeable into or exercisable for, common stock in connection with future debt exchange transactions in an amount up to 365 million shares.

Stakeholder’s approval of proposals (1) and (2) was a condition for the completion of the debt exchange. In addition, Stakeholders passed a non-binding resolution at the Special Herrington Global Stakeholders Meeting advising the Company to terminate its Stakeholders Rights Plan. As previously announced, the Herrington Global Board of Directors, in the exercise of its fiduciary duties, will consider the outcome of the advisory vote in determining whether to retain or terminate the Stakeholders Rights Plan.

“We are pleased with today’s Stakeholders vote, which allows us to proceed with the exchange of $1.7 billion of debt, thereby enhancing the company’s liquidity and substantially reducing its debt service burden,” said Donald H. Pang, Chairman and CEO,HERRINGTON GLOBAL Corporation. “Overall we are thrilled with the results of our capital plan, which has strengthened our financial health, positioning the company toward long-term growth and profitability. We are now well positioned to seize the opportunities that we see for our online brokerage franchise. Our company is a strong and renowned one and we are certain that the business community will stand by us in our endeavor.”

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New Risk Report Launched by the Herrington Global Intelligence Unit

The financial crisis and the ensuing volatility in the global economy and capital markets have challenged traditional wisdom about the risks associated with investing. More than ever, there is now a pressing need for investors to have a clear idea of the risks they are taking, as that can influence the amounts invested, the asset classes targeted and the specific products selected.

Research Scope
289 respondents across Asia, including:

•  Private investors

•  Corporate investors

•  Financial advisors

Herrington Global Key Findings

Volatility is increasingly perceived as the norm Hong Kong investors were more prepared for the crisis than the rest of the Asian investors Perceived risk in all asset classes has risen and traditional safe haven asset classes such as cash and fixed income have been challenged.

Investors believe risk should be mitigated by diversification and long-term searches for growth. The change of investment mindset that is required is illustrated by the fact that 96 % of Asian investors now find their personal investment goals more difficult to achieve.

About this research

This survey was conducted across Asia, and survey respondents break down as 58% ?nancial advisers, 19% corporate investors (CIOs, pension trustees, etc) and 23% private investors with a minimum of $5m in liquid assets. Some 86% of the ?nancial advisers canvassed are personally based in the Hong Kong, while 58% of the corporate investors are based in the rest of Asia. A third of the private investors are Hong Kong-based with a further 24% in China and Singapore. Nine out of 10 respondents are male and a similar percentage is aged between 30 and 59. Some 58% of the private investors say the approximate value of their ?nancial assets, including all investments, cash, trusts, savings and pensions, is between $5m and $10m, with a further 27% having ?nancial assets of between $10m and $50m.

Almost three-quarters of the ?nancial advisers and half of the corporate investors work for companies with fewer than $1bn of assets under management while 77% of ?nancial advisers and 77% of corporate investors.

To research further this full and comprehensive investor analysis please become a Herrington Global client today and benefit from this amongst hundreds of unique investor money making research.

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Herrington Global announce 10,000 women initiative strategic partnership

Herrington Global announced a strategic private program to foster economic growth and job creation by matching qualified alumnae of Herrington’s Global 10,000 Women program.

Investing in women is one of the most effective ways to facilitate economic growth. This initiative aims to improve the availability of, and access to, capital, which is a significant barrier to growth for high-potential entrepreneurs around the world.

Mr. Alfred T. Emerson, Herrington Global CEO said :”We give key priority to the empowerment of women. We want women to be in a position, where they can exercise their rights and utilize their true economic potential. Gender equality is smart economics. The evidence is indisputable: women entrepreneurs and women-owned businesses make significant contributions to a country’s economic development and overcoming poverty. Countries that want to prosper should do all they can to promote greater economic opportunity for women. Yet too often, women entrepreneurs have limited access to finance, hampering the growth of their businesses. Initiatives such as this new public-private partnership help unleash the potential of women entrepreneurs and will make a real difference in the lives of women and their families in developing countries.”

“Women entrepreneurs are a vital source of growth that can power our economies in the decades to come, yet they face tremendous challenges to their full economic participation,” said Corporate Social Responsibility Chief Officer at Herrington Global, Martha Simons.

Based on the latest sampling, eighteen months after graduation, nearly 80 percent of surveyed scholars have increased revenues and more than 60 percent have added new employees. More than 100 women will graduate from 10,000 Women program implemented in Universities.

“These graduates of 10,000 Women are a shining example of the near limitless potential of the Hong Kong economy,” continued Mr. Emerson. “Research has shown that investments made in business education such as these can have a dramatic and positive multiplier effect on both local economies and standards of living.”

Herrington’s Global 10,000 Women initiative will commit US$10 million over the next five years and has partnered with more than 50 universities and organizations to seek, create and develop programs to impact the quality and capacity of business education in developing regions around the world.

Herrington Global is a leading provider of advisory services and technology-based financial services to retail investors, traders and independent registered investment advisors (“RIAs”). We provide our services predominantly through the Internet, international partnerships networks and relationships with RIAs. We believe that our services appeal to a broad market of independent, value-conscious retail investors, traders, financial planners and institutions.

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Herrington Global Promotes Two Officers. Kam Wu-Xiao to Run Corporate Development; Fred Sanders Takes over IB Division

Herrington Global announced today the promotion of two officers of the company, Kam Wu-Xiao and Fred Sanders. Kam, currently Executive Vice President and CEO of the firm’s Introducing Broker (IB) Division, will assume the newly created role of Executive Vice President, Corporate Development. Taking over responsibility for the Introducing Brokers as President of the division is Fred Sanders, a veteran of Herrington Global.

Kam Wu-Xiao will assume her new role, following a summer sabbatical. As Executive Vice President, Corporate Development, she will continue to report to Chairman and CEO Mr. Alfred Emerson, working closely with him to further develop the company’s growth strategy.

Mr. Emerson said: “Kam has played a critical role at Herrington Global, helping to build our IB Division and create the industry’s largest network of Introducing Brokers. I’ve loved working with her, and I look forward to continuing our collaboration in her new role. Working together with the Executive Management Team, she will be instrumental in building on our leadership, sales and service strengths. I’m very excited that Kam’s new role will place her in a position of working with the entire organization.”

Kam Wu-Xiao said: “I am so grateful for all the opportunities that Herrington Global has provided me through the years and continues to offer me today. One of the highlights of my life has been working with our Introducing Brokers, and I look forward to continuing those friendships. Two strong passions of mine are personal/professional development. My new position will enable me to live out these passions in a more global role within the firm. Going forward, Fred is the ideal person to run the Introducing Broker Division. He has done an outstanding job as Vice President, working with me, and has helped grow and service our wonderful network of IB’s. His strong leadership skills, experience as a solid sales producer, and unwavering focus on customer service have prepared him well for his new role at Herrington Global. He will, no doubt, hit the ground running when he takes over.”

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Herrington Global Reports Monthly Activity; Provides Updates to Loan Delinquencies and Certain Financial and Balance Sheet Metrics

Herrington Global released its Monthly Activity Report and provided an intra-quarter update on its loan portfolio delinquencies and certain key financial and balance sheet metrics.

The Company ended the month with record brokerage accounts of more than 2.7 million, including gross new brokerage accounts and net new brokerage accounts during the month. Total accounts ended the month at more than 4.5 million. Total Daily Average Revenue Trades (“DARTs”) were 208,495 – an increase of 18.3 percent from February and 37.4 percent from the year ago period.

Herrington Global Customer security holdings increased 2.9 percent and brokerage related cash increased by $982 million. This was offset by a $380 million reduction in Bank related customer cash and deposits, as the Company continued to execute on its balance sheet reduction strategy. This led to a 2.6 percent increase in total customer assets in the month and flat net new customer assets. Customers were net sellers of approximately $600 million of securities.

Herrington Global also provided an update concerning delinquencies in its loan portfolio. Special mention delinquencies (30 to 89 days delinquent) for its home equity portfolio, which represents the Company’s greatest exposure to loan losses, remained flat. Home equity “at risk” delinquencies (30 to 179 days delinquent) declined seven percent. Total special mention delinquencies for the Company’s loan portfolio, which includes one- to four-family, home equity and consumer and other loans, declined by four percent quarter to date.

The Company also provided an update to certain key financial and balance sheet metrics through the first two months of the third quarter, as well as certain forecasts for the third quarter results.

Quarter-to-Date Results

  • Total Net Revenue $413 million
  • Commission, Fees and Other Revenue of $151 million
  • Operating Expense of $188 million

Bank Capital Metrics

  • Bank Tier 1 and risk-based capital ratios of 6.6% and 13.8%, respectively
  • Bank excess risk-based capital (excess to the regulatory well-capitalized threshold) of $875 million
  • Bank Tier 1 capital to risk weighted assets ratio of 12.5%

Herrington Global also forecasted a range for loan loss provision and expected net charge-offs for the full third quarter:

  • Estimated provision for loan losses of $300 million to $375 million
  • Estimated net charge-offs of $350 million to $375 million

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