Azimut provides asset management and financial advisory services in Italy. Its stock declined aa% over the past year and now trades at aa.6x earnings.

In fiscal year aaa5, diluted EPS reached its highest point since aaa4 at a.84. Similarly, net income also reached its historical high at aa47.4 million.

Azimutas dividend yield is close to the three-year high at a.5a% with a 5% payout ratio. The low payout ratio indicates the company has plenty of room to increase the dividend going forward.

Regus PLC (LSE:RGU)

The fund also purchased 9,a7a,aaa shares of Regus for an average of Aa.9a per share. Over the past year, the company has seen its stock rise by aa% and currently trades at a4x earnings.

Regus provides office outsourcing services such as business communications and virtual offices. Diluted EPS in fiscal year aaa5 was aa pence, up from 7 pence in the prior year. Net income for the year also hit a high at Aaaa million.

Regusa trailing dividend yield is a.4a% with a aa% payout ratio. Wasatch International Growth ( Trades , Portfolio ) Fund is the only other guru shareholder in the company as of the quarter.

Aberdeen Asset Management (LSE:ADN)

Herro also purchased 7,aa7,aaa shares in Aberdeen Asset for an average price of Aa.5a per share. The stock is down a9% over the past year, and the stock closed at Aa.7a on Wednesday afternoon.

Aberdeen is a British company offering asset management services. Diluted EPS in fiscal year aaa5 ended September was aa pence, which is about the same level it has been for the past three years.

The dividend yield is a high 6.9a% with a aa8% payout ratio. The high ratio means the company must increase its earnings or reduce the dividend because the current level is unsustainable.

Ferrari NV ( RACE )

Oakmark purchased 5aa,aaa shares of Ferrari for an average of aa6.48 per share The famed sports car company produces six models of sport cars and two GT cars.

The stock declined aa% over the past year and now trades at aax earnings. The company began trading separately from its parent company Fiat Chrysler under the symbol RACE in October aaa5.

Diluted EPS in the first quarter was 4a euro cents, up sequentially from aa euro cents the prior quarter. Net income for fiscal year aaa5 was aa88 million.

As of the first quarter, Herro is the only guru shareholder.

Interpump Group ( IP )

The fundas fifth purchase during the quarter was a8a,aaa shares in Interpump Group at an average of aaa.a6 per share.

Interpump operates in

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Riverview Bank said Friday it has acquired Palmyra-based financial advisory firm Your Vision Financial Services, which opened one year ago.

The bank, a subsidiary of Riverview Financial Corp. of Susquehanna Township, did not disclose the acquisition price.



THE FINANCIAL advisory industry in Malaysia is set to receive a boost with the launch of the first fee-for-service Financial Advisory Mentoring programme in Malaysia by Whitman Independent Advisors, with the support of the Financial Planning Association of Malaysia (FPAM) and the Malaysian Financial Planning Council (MFPC).

This is in line with the current need to create awareness and nurture more fee-for-service financial advisory professionals in Malaysia.

Present at the event last week were FPAM CEO Linnet Lee, MFPC executive director Chung Kar Yin and Whitman managing director Yap Ming Hui.

The facilitation of a mentoring programme for aspiring financial advisors is an industry game changer. It addresses present industry gaps such as the need for practical hands-on training and knowledge transfer which is crucial to professional development and progression.

Such issues have prevented many of our certified members from providing comprehensive fee-for-service financial advice, said Lee.

Under the fee-for-service Financial Advisory Mentoring programme, certified financial planning professionals such as Certified Financial Planners (CFP CERT TM) and Registered Financial Planners (RFP) will be given the opportunity to be mentored by a team of senior Independent Financial Advisors (IFA) from Whitman Independent Advisors for six months.

During the six-month mentoring period, CFP professionals and RFP graduates will be exposed to the experience of working with fee-paying clients using the proprietary Money Optimisation System TM developed by Whitman.

They will gain comprehensive hands-on training that is designed to equip them with the necessary exposure, skills and expertise to advance in their fee-for-service financial advisory profession.

As a proponent and pioneer of fee-for-service advisory, Whitman is prepared to take a leading role supporting the goal of our regulators and professional associations to nurture fee-for-service financial advisory practitioners and make a truly positive impact in the industry.

We are prepared to share our 16 years of experience as a successful fee-for-service financial advisory firm that has been able to stay lsquo;true to the label and thrive in this nascent industry, said Yap.

The lack of experience and confidence in offering holistic independent financial advisory services has resulted in the financial advisory industry being dominated by commission-led activities, where industry players are mainly focused on selling multiple products in return for commissions instead of commanding a professional fee, he added.

Financial planning was introduced in Malaysia since early 2000, and in many ways, the growth of fee-for-service financial advisory services has been slower than desired due to various challenges facing practitioners.

These challenges include the ability to deliver comprehensive financial planning solutions to clients and addressing the perceived negative response from the Malaysian public toward paying fees for financial advice, said Chung.

To kick off the fee-for-service Financial Advisory Mentoring Programme, Whitman Independent Advisors with the support of MFPC and FPAM, is organising the 2016 Money Optimisation Summit at Sime Darby Convention Centre on July 30.

The one-day industry-driven conference aims to share the best and proven practices from leading players in South-East Asia, offer solutions on how financial services professionals can relook the way they address the challenging demand of the Malaysian middle-class and ultimately transform and grow their businesses to the next level.



This story was updated at 3:40 pm June 3 to add the statement from the Detroit school coalition.

The most vocal advocate for school-age children in Detroit gives high - but not perfect - marks to the late-nightvote on Thursday, June 2, to send $617 million to the district to eliminate debt in the Detroit Public School and launch a new district.

I give this a solid 8 out of 10, said John Rakolta Jr., CEO of Walbridge and passionate spokesman for the Coalition for Detroit Schoolchildren.

We can make it work.

That reaction seems to be similar to other viewpoints circulating in official circles, including Gov. Rick Snyder, who spoke to the issue on Friday morning at the Mackinac Policy Conference.

The key pieces, in my view ... are paying the historic debt back, said Snyder.

That allows reinvestment into the education instead of paying structured debt, he emphasized to reporters. About $60-65 million would be freed up next year under the plan.

There has to be massive reform now in Detroit schools

These are big numbers, Snydersaid. ... Thats a significant investment.

The plan includes:

o $467 million to pay off DPS operating debt.

o $150 million to launch a new, debt-free district.

o Creation of an advisory board of public and public charter representatives to explore best locations for new public charter schools.

o A school board election in November.

o A financial advisory commission.

The House voted 55-53 Thursday on the negotiated compromise plan, which now heads to the state Senate.

Senate Majority Leader Arlan Meekhof, R-West Olive, needs to talk over the details with his caucus members. He think this latest plan is a realistic compromise between the House and Senate proposals, said his spokesperson Amber McCann, in a statement sent Friday morning.

Snyder indicated Friday that he would not veto the bills, instead saying hes continuing to support the bipartisan package.

Missing from the support for the vote were House Democrats and eight Republicans.

While the new plan sends more dollars to the district, it fails to put in place the reforms needed to ensure DPS will recover from its financial crisis, making it likely that DPS will be in the same situation a year or two down the road, according to a statement released Friday by the House Democrats.

Most discussion on the plan centered on a Detroit Education Commission, which was supported by Gov. Rick Snyder, the state Senate, Detroit Mayor Mike Duggan and Democratic leaders as they sought the DEC to provideoversight for public and public charter location and performance.

From an earlier MLive.com story:In place of the DEC, the House plan creates an advisory board that is made up of traditional and charter school representatives to report on where in Detroit schools are most needed. It would also study the potential for a transportation plan for the district.

With the approved plan, the advisory board instead of the DEC doesnt have teeth right now, Rakolta said.

However, it does allow more information to flow to parents about whether the schools they choose for their children are performing to state standards. Its an issue in a city where, according to Rakoltas data,nearly 19,000 K-8 students attend 40 schools with less than 5 percent 4th grade reading proficiency. Nine are charters.

As the advisory panel gets up to speed, its going to be able to shine a light on performance of every single school in Detroit, Rakolta said.

Snyder said he still supports a DEC in Detroit, noting that he was a supporter from the beginning of discussions for a plan to restore viability to Detroit schools.

Im going to continue to advocate for that, Snyder said.

Snyder saidthe most important next steps are setting up the school board and hiring a permanent superintendent. The district, since early this year, is under control of Steven Rhodes, an emergency manager, and interim SuperintendentAlycia Meriweather. Its been under state emergency management since 2009.

Local control has been an issue in the district during that entire time, as debt grew and student performance ebbed.

Electing a new school board is one of the victories in the approved plan, Rakolta said.

We got the school board back, he said. Not 18 months from now. In November.

UPDATE: Bill Hanson, chief of staff for the Coalition for Detroit Schoolchildren, said that Rakoltas reaction was his own and notthe official views of the leadership of the coalition. He also praised Rakoltas efforts to lobby participants at the Mackinac Policy Conference for support of the Senate version of the bill.

Coalition co-chairs have not yet had the chance to meet to analyze and argue about all aspects of what the House - on strict party lines and late at night - rammed through yesterday. We will issue an official statement by Monday morning. Im confident our statement will applaud the progress made on resolving DPS debt and returning the district to local control. Im also confident that the Coalition will decry the lack of a fully empowered Detroit Education Commission, the assault on Detroit teachers, as well as the apparent accountability advantages the House legislation creates for charter schools.