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The European Securities and Markets Authority (ESMA) has published an opinion which sets out general principles on supervisory approach in relation to relocations of entities from the United Kingdom (UK) to the remaining 27 EU members states (EU27).
ESMA has issued its Opinion in response to increased requests from the financial market participants seeking to relocate to the EU27 and addresses concerns raised by national regulators that some EU member states could allow for the creation of letterbox entities in order to attract UK based asset managers. These concerns are especially relevant where UK based entities may seek to relocate to
Options, a provider of cloud-enabled managed services to the global capital markets, has completed the annual Service Organisation Control (SOC) 2 Type II and Statement on Standards for Attestation Engagements (SSAE) 16 Type II audits.
Conducted by an independent auditor, the certifications verify that the system architecture and security controls across the Options platform continue to provide a highly secure, available and private cloud service offering.
Introduced in 2011 as the financial industry standard for private cloud and infrastructure-as-a-service firms, SOC 2 Type II and SSAE 16 Type II assessments provide third-party assurance about a provider’s internal operating practices
By Ian Kelly, CEO, Augentius – When it comes to data, the headlines in recent weeks have understandably been dominated by the global WannaCry ransomware attack, but that’s not the only data issue that should be on the agenda of private equity fund managers and investors. In a year’s time, the General Data Protection Regulation will come into force, extending the scope of the EU data protection law to all foreign companies who process data that could identify living EU residents.
This new framework, the General Data Protection Regulation, is to be backed by strong enforcement and puts individuals in control
Fiduciary and administration provider, Estera, has acquired the Heritage Financial Services Group (HFSG), an independent business providing third party fund administration, depositary, trust and corporate services in Guernsey, the UK and Malta.
The transaction is subject to regulatory approvals, following which the business will be rebranded under the Estera name. HFSG employs approximately 100 people across three jurisdictions and all employees will remain with the business and become part of the Estera team.
Farah Ballands (pictured), CEO of Estera, says: ‘We are delighted to welcome HFSG to the Estera family; a team with an excellent reputation in client service,
Independent global service provider JTC Fund Services has established a Guernsey-licensed Management Company (ManCo) as it continues to strengthen its European fund services proposition.
Through the new Guernsey ManCo, JTC is able to support fund managers with a broad range of services, including portfolio management, risk management, compliance, and regulatory reporting.
The move significantly bolsters JTC’s pan-European fund services capabilities and means that it is now able to offer Alternative Investment Fund Managers Directive (AIFMD) compliant ManCo services, both onshore and offshore, to Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs).
JTC’s Luxembourg
Specialist fund services provider Moore Management has achieved International Standard on Assurance Engagements (ISAE) 3402 Type II accreditation.
Building upon Moore’s previous level one accreditation, which was awarded to the business in 2015, this accolade marks the end of a large-scale project focused on further developing and aligning Moore’s operations in Guernsey, Jersey and the Isle of Man.
ISAE 3402 is a global assurance standard developed by the International Auditing and Assurance Standards Board (IAASB) for reporting on controls within a service organisation. The assurance report is issued by auditors to companies who are able to demonstrate that their
Clayton, Dubilier & Rice (CD&R) is to acquire HD Supply Holding’s Waterworks business unit (Waterworks), a distributor of water, sewer, storm and fire protection products, for USD2.5 billion.
Through a carve-out transaction, Waterworks will become an independent company, wholly-owned by CD&R funds.
Waterworks is a leading US distributor of industrial and construction products used to build and maintain underground water, wastewater and drainage infrastructure networks. The company operates a national network of 244 branches in 46 states with a sales team of more than 1,700 sales representatives serving a diverse customer base of more than 37,000 municipalities, private water
Dentons has advised private equity investor Rutland Partners (Rutland) on its recent pound investment in Aston Barclay, the independent car auction group which provides vehicle remarketing services to fleet and dealership vendors.
Aston Barclay, which currently operates from four sites in the UK, has invested heavily in recent years in both its auction sites and IT systems. Rutland’s investment will be used to develop a new auction site at Donington Park in the Midlands, as well as to make further investment in its IT technology and staff.
The management buyout was overseen by Neil Hodson, formerly of HPI and
Francine Della Badia has been named CEO of Worth Collection LTD, effective immediately.
Worth, a leading direct-to-consumer women’s fashion apparel company operating the luxury brand “Worth New York” and the contemporary brand “W by Worth,” designs, supplies and distributes luxury and contemporary women’s apparel through an omni-channel approach via its stylist network, by-appointment showrooms, online and retail outlets. Della Badia joins Worth following a nationwide search, after the company’s 2016 recapitalsation by an affiliate of private equity firm New Water Capital LP.
“Under Fran’s leadership we have plans to not only significantly expand our network of over 1,000 stylists,”
JMC Capital Partners (JMC), a private equity buyout firm focusing on industrial product and technology businesses, has expanded Business Development Team following the recent closing of its second fund at USD206 million.
With the addition of three more business development professionals, JMC continues its efforts to strengthen relationships with “lower-lower” market founders and business owners of unique industrial companies as well as expand its outreach to investment bankers, advisors and business brokers.
Todd Rainville, who joined JMC as Partner in February following 20 years of private equity and finance experience at several Boston area private equity firms, leads the business development effort. New additions
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