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The word syndicate comes from the French word syndicat which means "trade union" (syndic meaning "administrator"), from the Latin word syndicus which in turn comes from the Greek word σύνδικος (syndikos), which means "caretaker of an issue"; compare to ombudsman or representative.[1]

The Merriam Webster Dictionary defines syndicate as a group of people or businesses that work together as a team. This may be a council or body or association of people or an association of concerns, officially authorized to undertake a duty or negotiate business with an office or jurisdiction. It may mean an association of racketeers in organized crime. It may refer to a business concern that sells materials for publication (newspaper, radio, TV, internet) in a number of outlets simultaneously, or a group of newspapers under one management.[2]

In this sense, the term is also associated with anarchist theory, specifically anarcho-syndicalism, in which trade unions form an alternative to both the nation state and capitalist corporations. Anarchists, syndicalists, and other libertarian socialists use the word "syndicate" to refer to an enterprise managed by its workers. Such an enterprise is governed by a face-to-face meeting of everyone who works there, in which each worker has one vote. Either there are no managers, or the managers are directly elected and recallable. In either case, the most important decisions are made collectively by the whole workforce. This is known as workers' self-management.

Crime syndicates are formed to coordinate, promote, and engage in organized crime, running common illegal businesses on a subnational, national, or international scale. The subunit of the syndicate is a crime family or clan, organized by blood relationships, as seen in the Italian Mafia and the Italian American Mafia crime families (the Five Families dominating New York City crime, namely, the Gambino crime family, Genovese crime family, Lucchese crime family, Bonanno crime family, and the Colombo crime family).

In media, syndicates are organizations by name and credit. For example, BBC Radio International is a radio syndicated business. A news ticker, residing in the lower third of the television screen image, usually shows syndicated news stories.

A group formed of several business entities, like companies or corporations, which share common interests in a market but usually are not direct competitors. Larger companies or corporations form syndicates to strengthen their position in the market. Internet companies and corporations, focusing on various Internet ventures, tend to form syndicates within their own group, with direct competitors involved. In such cases, they share a certain type of market, like brand management or search engine optimization, and usually form a Conglomerate Syndicate. They may be syndicated nationally or internationally.

A sales syndicate is a cartel with a joint sales agency.[4] Such combinations were widespread before the Second World War. The organizational merger of the sales departments of the individual enterprises caused an increased dependence of the cartel member on the cartel administration. This in trend stabilized these combinations.Some headquarters and other premises of these syndicate cartels have remained up to the present via their monument status as historical buildings.

In finance, a bank syndicate, often referred to simply as a syndicate, is a group of banks lending a usually large amount of money for a specific purpose and to one single borrower. Syndicated loans are loans underwritten by a bank syndicate and are more common in the US, where financial markets are in corporate ownership rather than private equity markets as in Europe or South America.

Insurance contracts (contracts of indemnity) processed under the syndicate form of business organization date to the Hammurabi Code. The notion of insurance syndicate as a process for supplying indemnity was first codified in Lex Rhodia and is still used today as shipping's Law of General Average.

It is canon to the operation of the insurance syndicate that the liability of the suppliers of surplus is several and not joint. This means that members or subscribers at insurance syndicates obligate themselves to a precise individual separate and several liability rather a joint liability. Insurance syndicates are not "incorporated" and may not be incorporated: the US Supreme Court has held in Roby v Lloyd's[5] that insurance syndicates have no separate existence.

Some insurance markets such as Lloyd's of London provide insurance coverage underwritten by syndicates of investors who bear the full liability for meeting the costs of any claims. Each member of the syndicate has several liability which is a full and unfettered liability for the costs and expenses for the consequences of the underwriting entered into by the syndicate.[6]

Lottery syndicates are formed to pool tickets thus increasing the chances of winning. Lottery syndicates are more common in the UK and Europe in general. They are legal in the US, but legal problems are regularly reported.[11]

Researchers argue that syndicates may reduce the potential for market failure in crowdfunding, a method that allows creators to raise funds for projects from many different investors through online platforms. Equity crowdfunding allows creators to issue equity to investors when they make an investment in the project. In equity crowdfunding, information asymmetry between the creator and investor may result in a variety of problems and, in some cases, market failure.[12]

A syndicate can be started by an individual, angel investor, or venture capitalist. An individual who wants to form a syndicate creates an investment strategy and discloses it on a crowdfunding platform. Other investors can choose to back the individual, who is the leader. The backing investors must follow the leader's investment strategy and pay them a fee. Syndicates do not exist on all equity crowdfunding platforms.[12]

C. A person commits assisting a criminal syndicate by committing any felony offense, whether completed or preparatory, with the intent to promote or further the criminal objectives of a criminal syndicate.

This digital resource provides access to a series of fifteen record books that document every syndicate that Drexel, Morgan & Co. and its successor firm J. P. Morgan & Co. formed or participated in from 1882 to 1933. These ledger books are an important primary source record of American economic history from the late nineteenth century to the interwar period. They contain detailed financial information related to such key developments as the consolidation of the American railroad industry, the creation of firms such as the Edison Electric Light Company and the United States Steel Corporation, and the 1915 Anglo-French loan to the Western Allies.

Since there is considerable uncertainty about the success or failure of new securities offerings, investment banks typically share the potential risks (and rewards) by forming a syndicate of investment banks. The number of firms included in the syndicate may vary widely, depending on the size and the risks associated with the securities. Establishment of a syndicate thus limits the risk to any single investment bank from any single new issue by spreading the risk across a number of investment banks.

A syndicate offering is a means of bringing a new security to the market. The lead underwriter will put together a "syndicate" of several investment banking companies and broker-dealers to jointly underwrite and distribute the new offering to the investing public.

Although Ameriprise Financial does not participate in equity IPOs or secondary offerings of common stock, Ameriprise will on occasion participate in the syndicate group for two types of syndicate offerings: closed-end funds and preferred securities.

When participating in an IPO of a CEF or preferred security, clients place a conditional offer to purchase shares of the syndicate offering. A conditional offer is not a firm order when placed, however a conditional offer will automatically convert to a firm order when the new issue prices and shares are allocated. It is important to understand your rights when placing a conditional offer. Clients have the ability to cancel conditional offers prior to the issue pricing; this can be accomplished by contacting your financial advisor prior to the pricing and allocation, or by calling Ameriprise Financial at 1.800.862.7919, Option 3, Option 1. Once the issue is priced, the shares will be posted in your account after the effectiveness of the registration statement. Note that in the case of an IPO which is oversubscribed, shares may be allocated on a pro-rata basis, if available.

If you would like more information about how CEFs or preferred securities may fit into your current investment strategy, or to learn about any available syndicate offerings, consult with your Ameriprise financial advisor or locate an advisor near you. 041b061a72


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