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BDO is warning fund managers about five things they need to do now to make sure they comply with new tax rules on LLP partnerships which come into force on 6 April.
The change in tax law is expected to hit hard many of London's flagship businesses, including hedge fund managers and private equity firms – many of whom are still smarting from the costs of implementing new European regulation, such as AIFMD and UCITS V.
Kevin Cummings, partner in the financial services team at BDO says: “The tax affairs of London fund managers remain in disarray after a
Maven Capital Partners has provided further finance to existing investee company Glacier Energy Services to support the acquisition of Professional Testing Services (PTS).
The deal will see Maven, alongside co-investment partner Simmons Parallel Energy Fund, invest an additional GBP3.25m into Glacier.
Glacier is an international oil and gas service company with operations in Aberdeen, Glasgow, Methil and Newcastle. Since Maven first invested in the business in 2011, it has undertaken a buy-and-build strategy having acquired two complementary businesses, Ross Offshore and Site Machining Services. Both companies have already been integrated into the Glacier group.
Maven and Simmons have
An affiliate of Versa Capital Management has acquired Bridge Street Global Hospitality, a serviced apartment specialist with than 50,000 locations in 60 countries.
The investment, which follows on the heels of BridgeStreet's recent rebranding and international growth, will elevate BridgeStreet's presence and create new opportunities for development projects and long-term growth.
"BridgeStreet recently has made great strides in establishing itself as the leader of serviced apartment experiences worldwide," says Gregory L Segall, CEO of Versa Capital. "Now that the company is strongly capitalised, with no third party debt, it is well positioned to accelerate its growth and we look
The Riverside Company has sold its stake in Italian competitive swimwear company Arena.
Riverside acquired Tolentino, Italy-based Arena in 2010 and immediately sought to develop its presence in international markets.
During Riverside’s hold period, the firm helped Arena increase its sales and EBITDA and deepen its presence in international markets. These efforts were most apparent in the US market, where Arena gained sponsorship of the US Swimming Federation while expanding its sales. Additionally, Riverside’s Asian sourcing office, led by operating partner and managing director Brian Bunker, helped Arena improve its sourcing in the Far East.
Traditionally a brick-and-mortar
SEI has expanded the regulatory component of its operating platform, adding technology and process enhancements that enable managers to streamline the regulatory filing process.
SEI's Investment Manager Services (IMS) division is a global supplier of customised operating infrastructure and services to investment organisations, representing more than USD13trn in assets under management.
SEI's regulatory solution is designed to help fund managers meet new requirements of the Foreign Account Tax Compliance Act (FATCA) and Form CPO-PQR, which affects only commodity pool operators. It also enables private fund managers to meet requirements of Annex IV reporting under the Alternative Investment Fund Managers
Phoenix Equity Partners, the UK mid-market private equity firm, has appointed Warwick Nash as operating director.
Prior to joining Phoenix, Nash has held a number of senior operational management roles, including regional president of DBM, regional CEO of Millward Brown, part of WPP plc, and business unit director of Diageo.
Sandy Muirhead, managing partner of Phoenix, says: "We are delighted that Warwick has joined us; he brings a wealth of operating experience to the Phoenix team across a range of sectors, all of which have high relevance in helping drive value creation in our portfolio.”
Borro has secured a GBP67m lending facility through Victory Park Capital (VPC), an asset management firm that provides debt and equity financing to middle-market companies.
Borro, which has seen significant growth over the last five years, will use the new funding line to meet UK and US customer demand for large-scale personal asset loans.
Borro has disrupted the mainstream pawnbroking and auction industries by creating a liquidity platform for luxury personal assets. Launched in the UK in 2009 and in the US in 2012, Borro has defined a new category of personal asset lending in the process. With an average
Ian Kelly has been appointed group chief executive officer of the Augentius Group.
Kelly (pictured) has been with Augentius since its inception 11 years ago.
He has progressed through the business in a number of roles and more recently has been responsible for the launch of the company’s Luxembourg office, the Netherlands service, the development of the group’s Belfast operational centre and the Augentius depositary service.
He was previously group head of client delivery and led the recent Asian development within Augentius.
Kelly has over 15 years’ experience in the financial services, fund administration and private equity
DocuSign has raised an additional USD85m with the vast majority from large institutional public funds and the balance from existing investors.
DocuSign will use the funds to fuel continued growth as the global standard for Digital Transaction Management (DTM).
The company will further innovate the DocuSign DTM platform, drive deeper vertical solutions, invest in the company’s strategic partnerships, and continue its international expansion.
DTM is a new category of cloud services which digitally manages document-based transactions. DTM removes friction inherent in processes that involve people, documents, and data to create faster, easier, more convenient and secure transactions.
Nordic Capital Fund V is to sell Danish-based Kompan, a manufacturer of outdoor playgrounds and playground equipment, to a group of Danish investors.
Under Nordic Capital’s ownership, Kompan has been transformed from a dispersed European player into a global company and has completed 14 add-on acquisitions. Revenue has almost doubled reaching DKK1.3bn in 2013 while operating profits have more than tripled.
The new owners are Kompan CEO Connie Astrup-Larsen (10 per cent), supply chain director Jesper Egelykke Jensen (5 per cent), PFA pension fund (28 per cent) and private investor Christian Dyvig (57 per cent). Shares will also be
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