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Northern Trust has launched North America Alternative Fund Services, a new group which combines established private equity and hedge fund services businesses to address the operational and strategic needs of the evolving alternative asset management industry.
North America Alternative Fund Services provides fund administration, accounting and data solutions to some of the world’s most sophisticated hedge funds, private equity managers and managed account platforms. It offers specialised expertise in complex valuations, cash, collateral and liquidity management, as well as analytics and transparency into portfolios that increasingly combine hedge fund strategies with fund structures traditionally used by private equity firms.
Thompson Street Capital Partners (TSCP), a private equity firm focused on investing in founder-led middle market businesses, has closed its fifth committed capital investment fund, Thompson Street Capital Partners V (TSCP V), at the hard cap with total commitments of USD1.15 billion.
The fund was oversubscribed and exceeded the original USD850 million target.
Commitments to TSCP V came from a diverse and well-respected group of new and existing global investors comprised of leading corporate and foreign pension funds, endowments, foundations and family offices. Consistent with prior funds, the partners of TSCP have made significant personal capital commitments to TSCP
The industrial gases specialist Messer and CVC Capital Partners Fund VII (CVC) are to acquire the majority of Linde AG’s gases business in North America, and certain business activities in South America.
With approximately 5,100 employees, the acquired North and South American companies generated 2017 revenues of USD1.7 billion (EUR1.4 billion) and EBITDA of just over USD360 million (EUR305 million). The purchase price of USD3.3 billion (EUR2.8 billion) will be subject to customary adjustments at closing. The transaction is subject to the completion of the planned merger of the two industrial gases firms, Praxair and Linde, and the approval by the
Allied Universal is to acquire US Security Associates (USSA) for approximately USD1.0 billion.
Based in Roswell, Georgia, USSA is one of the leading providers of security and related services in the United States, employing more than 50,000 security professionals serving several thousand clients across a wide range of industries. USSA generated 2017 pro forma revenues and Adjusted EBITDA of c. USD1.5 billion and USD95 million, respectively. The transaction is expected to close by the end of 2018, subject to customary regulatory approvals.
Allied Universal intends to fund the transaction with a combination of additional indebtedness and up to USD200
BlackRock’s results for the second quarter of 2018 reveal USD20 billion of total net inflows, positive across active, index and cash management.
The figures represent an 11 per cent revenue growth year-over-year driven by base fees, performance fees and technology services revenue and the firm writes that the 16 per cent operating income growth year-over-year reflects operating margin expansion.
There was 27 per cent diluted EPS growth (28 per cent as adjusted) driven in part by lower tax rate and USD300 million of quarterly share repurchases.
Laurence D. Fink, Chairman and CEO of BlackRock says: “BlackRock delivered strong financial results
International law firm Simmons & Simmons has opened for business in Dublin, having always had close links with the Irish funds industry.
Simmons & Simmons says that Ireland has been the fastest growing major fund domicile in Europe over the last five years, a tangible reflection of the benefits the Dublin office can offer the firm’s clients.
Simmons & Simmons is aiming to establish a ten-partner, 40-person practice within the next three years, supporting its asset management and financial institution clients across the breadth of their operations, including investment funds, regulatory, banking, capital markets, tax and corporate. The firm has
The funds sector has matured and developed into a more sophisticated market than it was 10 years ago. Technology advances and product innovation in new asset classes has deepened the funds industry, creating more complexity as a result. At the same time, over the last decade, demands on jurisdictions have risen in terms of the level of support that needs to be provided, in terms of substance and effective oversight. Guernsey has always been cognisant of this and has evolved in step with those changing times.
“One of the requirements has been to innovate and to develop new products in
By Paul Smith, Guernsey Investment Fund Association – In an era when uncertainty and the unexpected can be relied upon to spoil the best-laid plans, Guernsey is one jurisdiction able to provide a stable, secure base from which to operate, and has the infrastructure and resources to ensure the highest levels of service quality while also being able to provide businesses with true substance.
With 50 years’ experience behind us, Guernsey is still a popular destination for investment managers seeking a jurisdiction in which they can establish an office, and which is able to offer them the luxury of a dual
By Andrew Maiden, Intertrust – While well-established fund managers are continuing to grow with the launch of larger and larger funds, there has also been a steady flow of first-time, spin-off and emerging managers setting up their own firms.
This new wave of fund managers has been partly driven by investor demand for the niche, tactical, added-value investment opportunities that the larger funds may pass over or simply not be aware of. The opportunities and rewards for both approaches continue to fuel interest and demand, and there is therefore a need to make sure that emerging fund managers get it
By Martin Scott, International Administration Group (Guernsey) – Two years ago, almost to the day, Guernsey was set to receive the Alternative Investment Fund Managers Directive (AIFMD) passport to allow marketing of Guernsey funds across Europe. Then Brexit and politics took over, and the likelihood of the European Union extending the AIFMD passport to third countries now appears remote until the UK and EU have reached a trade agreement with respect to financial services. It therefore appears probable that National Private Placement Regimes (NPPRs) will remain in place for the foreseeable future.
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