June 16, 2008
Canadian Bank to Buy Access Capital
BUSINESS IN BRIEF
CANADIAN BANK TO BUY ACCESS CAPITAL
BOSTON - A subsidiary of the Royal Bank of Canada has reached a deal to buy the business of Access Capital Strategies LLC, a Boston firm that specializes in bonds that support affordable housing and other community developments.
David Sand, president and chief investment officer of Access Capital, said the deal is slated to close in July. Sand owns the 11- year-old firm along with CEO Ron Homer and a group of investors. Sand said four of the five employees of the firm, including Sand and Homer, will join RBC's Voyageur Asset Management division. The staff will move from 419 Boylston St. to Voyageur's office at 155 Federal St. by the end of the summer, Sand said.
Access Capital manages about $650 million in assets, including about $550 million in its namesake mutual fund, Sand said. Voyageur has been a subadviser for the mutual fund for the past two years. After the deal closes, expenses will drop for the mutual fund's investors.
HUMAN SERVICE GROUP PUSHES NEW RULES FOR STATE CONTRACTS
BOSTON - Human service providers staged a rally at the State House on Tuesday to press lawmakers to pass a bill that would update the way that social service contracts are paid. The bill, which would represent the first major change to the way human service providers who receive state contracts are paid since 1987, is currently before the Senate Ways and Means committee. Speakers at the rally included Quincy resident Vic DiGravio, the CEO of the Mental Health and Substance Abuse Corps. of Massachusetts, and Carl Soderstrom, a board member at Bay State Community Services in Quincy.
$450M ORDER DRIVES STOCK UP IN AMERICAN SUPERCONDUCTOR
American Superconductor Corp.'s shares rose by more than 19 percent to $43.11 on Tuesday after the firm received a $450 million order for wind turbine components from Beijing-based Sinovel Wind Corp. American Superconductor, which is based at the former Fort Devens in Ayer, makes turbine parts including power converters that maximize turbine efficiency.
STATE STREET CREATES NEW INVESTMENT UNIT
BOSTON - State Street Corp. has created a new umbrella group, called State Street Alternative Investment Solutions, for the services it provides for hedge funds and private equity funds. Jack Klinck runs the Boston-based company's alternative investment team, which has more than 2,200 employees in Boston and several other cities. State Street has grown significantly in this area, including the purchase last year of Investors Financial Services Corp.
MANET CENTER GOING WITH ELECTRONIC RECORD KEEPING
QUINCY - The Manet Community Health Center is spending more than $1 million to convert its medical record system to an electronic format, according to a representative for the medical practice. She said Boston Medical Center is helping pay for much of the conversion and is providing staff support. This summer, patients' paper charts at all five of Manet's health center sites in Quincy and Hull will be replaced by electronic medical records. The electronic records will help health care practitioners share information.
ZIPCAR GETS CONTRACT FOR PHILADELPHIA
CAMBRIDGE - Zipcar Inc. of Cambridge raced past a Philadelphia nonprofit to become the city of Philadelphia's rental car supplier. City officials said Zipcar had a lower price, beating incumbent PhillyCarShare, The Philadelphia Inquirer reported. The city expects to use about six to 10 cars a day, costing about $30,000 a year.
Patriot Ledger staff
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