Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Of the total, 6,536,327 shares are being offered by stockholders of Focus affiliated with Kohlberg Kravis Roberts and Stone Point Capital, and 463,673 shares are being offered by Focus on behalf of certain of the existing unitholders of Focus Financial Partners LLC, its operating subsidiary.Focus said it intends to contribute the net proceeds from the secondary offering to its operating company in exchange for newly issued common units. Focus LLC will use the contributed amount to purchase units from certain Focus LLC unitholders, including employees and principals of its partner firms, but not Focus corporate executive officers and directors. In connection with the purchase, Focus said it will cancel the corresponding shares of its Class B common stock.The offering will not have a dilutive impact on existing shareholders, the company said in a release.Separately, Focus said it’s made an investment in Prairie Capital Management, a hybrid firm based in Kansas City, Missouri, managing $5 billion. The transaction is expected to close in the second quarter.[More: Focus Financial sees another bang-up year for RIA M&A in 2021] Why Tony Robbins, tax shelters and financial advisers don’t mix Newsletters The Gates divorce: Lessons for financial advisers For reprint and licensing requests for this article, click here,MOST READ 1 Planners boost pro bono efforts amid pandemic Focus Financial Partners Inc. launched a secondary offering of 7 million shares of its Class A common stock (FOCS) priced at $48.00 a share. 3 InvestCloud to acquire Advicent and NaviPlan planning software House panel unanimously passes SECURE 2.0 4 House committee poised to advance SECURE 2.0 retirement savings bill 5 2
Diane Paulus, Eve Ensler (Photo: Joseph Marzullo/MTC) Eve Ensler celebrated the opening of her one woman show In the Body of the World at Manhattan Theater Club on February 6. The Vagina Monologues icon was joined by Diane Paulus, who directed the solo show based on Ensler’s memoir. The play focuses on her time women suffering from the ravages of war in the Democratic Republic of Congo. After a life changing diagnosis, a journey of self-discovery unfolds. Check out the photo tand then go see In the Body of the World. In the Body of the World Show Closed This production ended its run on March 25, 2018 Related Shows View Comments
LinkedIn Studies in humans have shown that long-term increases in memory T cells are associated with deep slow-wave sleep on the nights after vaccination. Taken together, the findings support the view that slow-wave sleep contributes to the formation of long-term memories of abstract, generalized information, which leads to adaptive behavioral and immunological responses. The obvious implication is that sleep deprivation could put your body at risk.“If we didn’t sleep, then the immune system might focus on the wrong parts of the pathogen,” Born says. “For example, many viruses can easily mutate some parts of their proteins to escape from immune responses. If too few antigen-recognizing cells [the cells that present the fragments to T cells] are available, then they might all be needed to fight off the pathogen. In addition to this, there is evidence that the hormones released during sleep benefit the crosstalk between antigen-presenting and antigen-recognizing cells, and some of these important hormones could be lacking without sleep.”Born says that future research should examine what information is selected during sleep for storage in long-term memory, and how this selection is achieved. In the end, this research could have important clinical implications.“In order to design effective vaccines against HIV, malaria, and tuberculosis, which are based on immunological memory, the correct memory model must be available,” Born says. “It is our hope that by comparing the concepts of neuronal and immunological memory, a model of immunological memory can be developed which integrates the available experimental data and serves as a helpful basis for vaccine development.” Share Email More than a century ago, scientists demonstrated that sleep supports the retention of memories of facts and events. Later studies have shown that slow-wave sleep, often referred to as deep sleep, is important for transforming fragile, recently formed memories into stable, long-term memories. Now, in an Opinion article published September 29 in Trends in Neurosciences, part of a special issue on Neuroimmunology, researchers propose that deep sleep may also strengthen immunological memories of previously encountered pathogens.“While it has been known for a long time that sleep supports long-term memory formation in the psychological domain, the idea that long-term memory formation is a function of sleep effective in all organismic systems is in our view entirely new,” says senior author Jan Born of the University of Tuebingen. “We consider our approach toward a unifying concept of biological long-term memory formation, in which sleep plays a critical role, a new development in sleep research and memory research.”The immune system “remembers” an encounter with a bacteria or virus by collecting fragments from the bug to create memory T cells, which last for months or years and help the body recognize a previous infection and quickly respond. These memory T cells appear to abstract “gist information” about the pathogens, as only T cells that store information about the tiniest fragments ever elicit a response. The selection of gist information allows memory T cells to detect new pathogens that are similar, but not identical, to previously encountered bacteria or viruses. Pinterest Share on Facebook Share on Twitter
Share Share on Facebook Pinterest Email Share on Twitter LinkedIn “For women, greater couple relationship quality is associated with future decreases in depressive symptoms and better mental health conditions. For men, it is the other way around: Depressive symptoms predict future decreases in couple relationship quality,” Yan told PsyPost.In other words, women who agreed with statements such as “My spouse/partner listens to me when I need someone to talk to” tended to report lower levels of depressive symptoms at the next time point. Men with higher levels of depressive symptoms at one time point, on the other hand, became more likely to agree with statements such as “I feel neglected at times by my spouse/partner” at the next.“We also found that partners’ perceptions of relationship intimacy were interrelated, such that greater couple relationship intimacy perceived by one partner predicted their partner’s higher subsequent ratings of couple relationship intimacy,” the researchers said.The study controlled for demographic characteristics such as age and socioeconomic status. But as with all research, the study includes some caveats.“To understand the long-term bi-directional relations between couple relationship quality and mental health, we were only able to study couples who stayed together for the longer-term in this study. We do not know if these findings stand for couples who go through break-ups or divorces,” Yan noted.The study, “Transactional Associations Between Couple Relationship Intimacy and Depressive Symptoms Across 10 Years“, was authored by Jia J. Yan Sarah J. Schoppe‐Sullivan, and Xin Feng.(Image by Andi Graf from Pixabay) New research sheds light on the temporal relationships between depressive symptoms and couple relationship intimacy. The findings have been published in the Journal of Marriage and Family.“Relationship quality and mental health are both important to individual well-being and they are interconnected. A better understanding of the directionality of the relations between relationship quality and mental health could inform clinical practice,” said study author Jia (Julia) Yan, who will join the faculty of Utah State University as an assistant professor in August 2020.The researchers analyzed data collected between 1994 to 2006 from 654 couples who participated in the National Institute of Child Health and Human Development Study of Early Child Care and Youth Development. The participants reported their depressive symptomology and the level of intimacy in their relationship across the six time points.
In Florida and Georgia, which produce about 45 percent of the region’s milk, output will be down about 4.5 percent.advertisementadvertisementDairy producers in the Southeast continue to weather the storm – literally and figuratively – with mounting concern and frustration, said Farrah Newberry, executive director of the Georgia Milk Producers. Last fall’s hurricanes, Florence and Michael, resulted in heavy financial and structural damage to the region’s agriculture, and dairy was not spared. Hurricane Michael’s economic impact on Georgia’s dairy industry alone was estimated at $12 million.The dairy economy is having a more lasting impact. And while forecasts that regional milk prices will be $1 to $1.50 higher in 2019 are welcome, most producers don’t believe it will be enough to recover losses incurred from the last four years.“Producers are making every effort to squeeze production costs and trying to stay positive,” Newberry said.Dairy farm exits aren’t new to Georgia. In the latest cycle, Newberry is seeing the loss of many small (under 200 cows) dairies, as well as third- and fourth-generation “legacy” farms. Contributing to the overall decline in milk production, cow numbers and dairy farms are the seasonal supply programs implemented by co-ops in 2017-18, in an effort to manage and even out supply and demand.Grazing operations were especially hard hit, since calving seasons typically fell during months of surplus milk.advertisement“For those still operating, they are adjusting calving seasons and scaling back on cow numbers to ensure they aren’t penalized for overproducing during surplus months,” Newberry said.North Carolina: Infrastructure and logisticsMoving up the coast, the latest round of dairy farm exits is different this time around, said Brittany Whitmire, dairy extension associate with North Carolina State University.“Until mid-2018, a significant number of dairy cattle leaving those farms were simply moving to other dairies and remaining in production,” she said. “More recently, more (cows) have been sold for slaughter, so the exit of farms concerns me more in terms of infrastructure and logistics.”For producers shipping less than a tanker load a day, being the “last one standing” increases hauling costs and results in other lost efficiencies. Those geographically distant from “dairy centers” face lack of access to service providers – feed dealers, equipment suppliers and veterinarians – who must increase their service coverage or focus less on dairy to compensate for the loss in concentration of clientele.Whitmire said she’s working with farm families making the difficult decisions to exit dairying as the result of accumulating farm debt. In some cases, a proactive decision makes sense for the owner-operators because of their life stage and other factors. In other, more heart-wrenching cases, leaving dairying is a reaction to the acute financial and mental stress of dealing with prolonged negative margins.advertisement“In all cases, the decision to exit is difficult, but it is really essential not to equate exit to failure,” she said. “For anyone in the dairy business today, it’s essential to have open conversations with all the stakeholders … to move the business along in 2019.”“Dairy farmers are resilient and resourceful folks, but they are tired,” Whitmire said. That’s required changes in the focus of extension programming. While adding programs on dealing with farm financial stress and mental health, there’s also been increased interest in regional programming focused on value-added dairying and other alternative income opportunities.Kentucky: Difficulties continueAs of early 2019, Kentucky lost nearly 100 of the 600 dairy farms that were in business on Jan. 1, 2018, said Maury Cox, who is retiring as executive director of the Kentucky Dairy Development Council. Some of those were farms receiving cancelation notices of milk purchasing contracts by Dean Foods in March of 2018.Depending on the individual market, balancing costs, hauling charges and evaporation of remaining premiums are resulting in mailbox milk prices $2 to $4 per hundredweight (cwt) below federal order blend prices, Cox said. Concern over the future extends all the way to the state’s Amish communities.Herd size in Kentucky is now about 100 head. Production per cow is climbing but is still under the national average. Milk quality has improved significantly, but recent Dairy Herd Improvement Association reports indicate somatic cell counts average are inching up as milk prices have fallen. Most Kentucky dairy producers will say their cost of production is in the $17- to $20-per-cwt range.“Going into 2019, it is evident that unless a plan to curb production, such as a base/excess or a two-tier pricing program, is implemented nationally and managed regionally, the long-term future for the medium to small dairy farms becomes even more difficult,” Cox said.Southeast: Better balanceSoutheast Milk Inc. (SMI) is a co-op with about 150 members in six states, mostly in Florida and Georgia but extending into Alabama, South Carolina, Mississippi and Louisiana. Producers in the membership area are “uneasy and truly beaten down,” said Jim Sleper, chief executive officer. “Tempers are high and patience is short right now as producers hope for a better tomorrow.”Labor and transportation shortages compound challenges brought on by the potential of a fifth consecutive year of lower milk prices, Sleper said. Even some historically profitable producers are starting to feel the pinch, and any thoughts of dairy farm expansion have been put on hold.Like Covington, Sleper said the region is seeing milk production decline at a fairly significant rate. In a cloudy dairy economy, that has created one silver lining: SMI, long on milk in 2017, saw milk supplies much more in balance in 2018, easing pressures on an area with few local balancing options for surplus milk.“Those of us in the Southeast encounter much greater cost in surplus disposal than costs associated with importing milk,” Sleper said. With lower balancing costs, dairy farmer “basis” improved somewhat, despite lower milk prices. “While not where we would like it to be, this basis movement is a positive sign moving into 2019,” he said.Fluid sales a concernIn a market heavily dependent on fluid sales, the national and regional trend of declining fluid consumption is especially concerning. But even though fluid milk sales continue to decline, milk production in the region is declining even faster, so the local deficit between per-capita fluid consumption and milk production is staying fairly constant, Covington said.But lower local milk production, in a region of population growth, means milk has to come from somewhere. An increasing portion of the Southeast fluid milk deficit is being met by processed-packaged milk from neighboring states versus movement of raw milk into the Southeast for processing and packaging.Infrastructure poses challenges, as processing facilities in the Southeast are outdated and lack the equipment for new product lines or packaging, Newberry said. That’s created marketing openings for others. “Packaged milk from outside of the Southeast continues to flood our market,” Newberry said.What’s ahead?According to Covington, 2018 blend prices in the three Southeastern federal orders – Appalachian, Southeast and Florida – averaged about $1.50 per cwt lower than 2017. Looking to 2019, he forecasts prices will return to 2017 levels, with no expected increases in over-order premiums or balancing costs.While Covington said he’s heard from some dairy producers who want to expand, there are three limiting factors: profitable milk price, permitting and market for the additional milk production.“Number three may be the most limiting,” he said. “In the Southeast’s fluid milk market, there is less need for additional milk production due to the continuing decline in fluid milk sales.”Regional labor shortages are creating growing interest in technology. According to Newberry, Hillcrest Farms in Dearing, Georgia, will install the first milking robots in the state this spring. “Our producers are curious to see how the owners, employees and cows adapt to this new technology. If robots are successful in filling our labor void, then I predict many farms will look into this technology,” she said.Dairy consolidation occurring at producer, processor and retailer levels raises other questions. “Dairy farms get larger while smaller farms fall off,” Sleper said. “The food industry now features big-time players like Walmart, now in the milk processing game, and Amazon, who purchased Whole Foods. New cheese facilities that can process several million pounds of milk a day are being built. Many SMI members continue to ask: Where this is leading the dairy industry for the future?” Sleper concluded. Also read: Northwest: Economic toll adding upSouthwest: Where the giants roamMidwest: Moving toward equilibrium?Norhteast: Resiliency is testedILLUSTRATION: Illustration by Kristen Phillips. Dave NatzkeEditorProgressive DairymanEmail Dave [email protected] When final numbers are in, 2018 milk production in the 10 Southeast states will be down about 4 percent from 2017, according to Calvin Covington, retired dairy co-op executive.
Blues eyeing Konsa – MirrorChelsea are among several clubs interested in Charlton’s teenage centre-back Ezri Konsa, it is claimed.The Mirror say the Blues are monitoring Konsa, 18, along with Manchester City, Manchester United, Liverpool and Arsenal.Numerous scouts attended Charlton’s 1-1 draw with Oldham on Tuesday to watch him, the Mirror say. Follow West London Sport on TwitterFind us on Facebook Some of the latest transfer speculation involving Chelsea…Conte wants five players out, Sun claimThe Sun say Antonio Conte has told Chelsea owner Roman Abramovich a squad overhaul is required, starting with a five-player cull in January.Blues boss Conte is said to be unhappy at the club’s apparent lack of ambition in the transfer market during the summer. AdChoices广告The Sun believe the Italian is keen to get rid of Nemanja Matic, Branislav Ivanovic, Cesc Fabregas, Oscar and Gary Cahill.Atsu linked with TorinoTalksport have picked up on reports in Italy that Torino are interested in buying Christian Atsu from Chelsea when the transfer window reopens.Winger Atsu, 24, is on a season-long loan at Newcastle but is yet to start a game for the Magpies, making four appearances as a substitute so far.Italian newspaper Tuttosport has suggested that Atsu is among a number of players Torino are keen on.Newcastle could cut his loan deal short and enable him to join the Serie A club, it is claimed.