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Evercore has appointed Jay Chandler as a Senior Managing Director in the firm’s Equity Capital Markets Group based in New York.
Chandler was most recently Head of Capital Markets for Liquidnet, one of the world’s leading equity block trading networks. Prior to Liquidnet, he spent 26 years with Merrill Lynch and Bank of America Merrill Lynch. At Merrill Lynch, Chandler spent over 20 years in its Equity Capital Markets department and served as Head of Global Equity Syndicate during his last 7 years in the group. Thereafter, he managed Merrill Lynch’s and subsequently Bank of America Merrill Lynch’s Americas Research
Square 1 Bank has appointed Randy Churchill as senior vice president (SVP) to help lead the bank’s technology banking efforts in Los Angeles and Orange County.
Churchill brings over 25 years of banking, legal, consulting and business development experience to his new role.
Churchill joins Square 1 Bank from Cooley LLP where he was a member of the founding team and served as senior vice president of business development in the firm's Los Angeles office. While there, his responsibilities included relationship management, client engagement and deal sourcing to the venture community. Prior to Cooley, Churchill spent 12 years at PricewaterhouseCoopers
Jersey has affirmed its position as a leading centre for companies looking to list, with the volume and value of Jersey companies listed on exchanges around the world rising significantly in the past 12 months, according to figures collated by Jersey Finance.
The latest figures show that there are now a total of 110 Jersey companies listed on exchanges around the world, reflecting growth of 13% on 2013 figures, whilst the total market capitalisation of those companies rose by around 62% year-on-year to GBP269 billion in 2014.
Of the 110 companies, 57 are quoted on the London Stock Exchange’s (LSE)
According to the Q3 statistical bulletin published by the BVI Financial Services Commission (FSC), the islands’ financial regulator, a total of 27 limited partnerships were recorded in Q2 2014 compared to 16 in Q2 2013. That figure rose in Q3 to 36.
This is good news for the jurisdiction as it suggests that demand for GP/LP structures among private equity managers remains strong. Indeed, the BVI remains highly favoured among asset managers in emerging markets, not least Chinese asset managers looking to incorporate special purpose acquisition companies (SPACs) in the BVI.
Drake Fund Advisors is a specialist emerging markets fund administrator.
There appears to have been a real pick-up in interest in BVI segregated portfolio company (SPC) formations over the last 12 months. Many recent conversations with start-up managers seem to be about forming such structures according to Marie-Claire Fudge (pictured), head of Mourant Ozannes’ BVI funds practice.
A BVI SPC is a single legal entity containing a number of segregated portfolios. Under BVI law, only insurance companies or investment funds may be incorporated or registered as SPCs. An SPC may only be incorporated with the prior written consent of the BVI Financial Services Commission (the FSC) and must contain the
By James Williams – There’s a general air of optimism among the BVI’s fund practitioners. Although the average hedge fund recorded sub-four per cent, the lowest average return since 2011, there was nevertheless a clear uptick in trading activity, principally among some of the islands’ larger managers.
“Those with established funds attracted a lot more attention and interest and launched various offshoots of their flagship funds, which was a welcome development,” notes Grant Green (pictured), Managing Director, KPMG (BVI) Limited.
Howard Eisen is managing director and head of sales for Conifer Fund Services, one of the BVI’s leading fund
In many respects 2014 was a year of consolidation and possibly a sign of better things to come in the BVI in the view of Mara Spencer (pictured), Managing Director of ACE Fund Services. It was, she says, a period of stability during which certain strategy funds, in particular those with an FX slant, performed well.
“The portfolios we administer are quite varied. We work with funds that have different asset allocations and operate in a range of different jurisdictions so we see quite a diverse picture of fund activity. We saw a steady level of fund subscriptions for specific
The BVI has seen some good traction in the Approved Manager regime since it was introduced at the end of 2012. Whilst this has proved popular with start-up and small- to mid-sized managers looking for a lighter touch regulatory oversight from the local regulator, the feeling amongst the islands’ leading law firms was that a new fund product was needed to cater more specifically to this market sector.
To address this issue, Simon Schilder (pictured), Partner at Ogier and Chairman of the Securities, Investment Business and Mutual Funds Advisory Committee (SIBAC), has written a white paper currently being considered by
By James Williams (pictured) – It seems the decision by the BVI’s financial regulator, the Financial Services Commission (FSC), last year to extend the Approved Manager regime to managers running non-BVI funds, as well as those running managed accounts, was prudent. During the course of 2014, several of the islands’ leading law firms saw increased activity in managers applying for Approved Manager status.
“Over the last 12 months we’ve seen a number of clients looking to provide investment management services to managed accounts applying for Approved Manager status, as opposed to a Category 3E investment business license. The net effect
Mid-stage private equity firm enVision Capital has acquired a stake in Laramie, Wyoming-based technology firm, KB Enterprises, LLC.
KB Enterprises is an innovative driven company that is working on numerous breakthrough technologies, including a new method for grain fumigation to replace the use of highly toxic methyl bromide, which is currently used in today's fumigation processes.
KB Enterprises board member, Charles Pelkey, says: "With the backing and support from enVision Capital, I feel confident that our work will continue to ensure that new green technology will one day serve to replace the dangerous chemicals used today in the fumigation
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