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Schroders Chief Economist and Strategist Keith Wade updates us on his thoughts on the pace of the current US economic growth…
The US economy has strong momentum having shrugged off the government shutdown, and leading indicators suggest that growth will remain robust in the first quarter of 2014. Risks are still skewed to the upside of our 3% real GDP forecast with signs that capex may also join the party as shareholders become more positive toward companies who invest.
Stronger growth will bring lower unemployment and our view is that the US Federal Reserve will be surprised by the pace of
The Securities and Exchange Commission’s office of compliance inspections and examinations (OCIE) has issued a risk alert on the due diligence processes that investment advisers use when they recommend or place clients’ assets in alternative investments such as hedge funds, private equity funds, or funds of private funds.
“Money continues to flow into alternative investments. We thought it was important to assess advisers’ due diligence processes and to promote compliance with existing legal requirements, including the duty to ensure that such investments or recommendations are consistent with client objectives,” says OCIE director Drew Bowden.
The alert describes
Accountant and business adviser firm James Cowper has advised City & County Healthcare Group on a secondary management buy-out from Sovereign Capital Partners with backing from Graphite Capital.
City & County provides home care assistance, primarily for the elderly. It also provides specialist care services for young people and adults with more complex or long term conditions such as learning disabilities, mental health needs and brain injuries.
Operating from 64 branches across England, Wales and Northern Ireland, City & County’ carers provide care to over 15,000 individuals a year, primarily on behalf of local authorities and the NHS, as
HIG Growth Partners has partnered with CDI Computer Dealers’ owners and management team to make an investment in the company.
Founded in 1981, CDI is a provider of refurbished technology to the North American education market.
The financial terms of the investment were not disclosed.
“HIG’s investment in CDI provides additional resources, capital and strategic guidance that will enable us to expand our product and service offering to even better serve our core education customer base,” says Saar Pikar, CEO of CDI.
Steve Loose, a managing director of HIG, says: “Through a combination of both organic growth
David Schamis, formerly a managing director at JC Flowers, a private equity firm that invests in financial services firms, has joined Atlas as a founding partner.
At Atlas, which was founded in 2013 by Bob Diamond, Schamis will oversee the firm’s private equity investing.
“David is a financial services powerhouse and a consummate dealmaker,” says Diamond. “He brings to Atlas over 13 years of private equity experience at J.C. Flowers and, from his time at Salomon Brothers, has been known as one of a small handful of bankers that other bankers want as their banker. He will be an
Sovereign Capital, the UK private equity buy and build specialist, has appointed Robert Morgan as non-executive chairman of portfolio company Alcumus, a compliance software and certification services company.
Morgan chairs a number of private equity backed businesses in the B2B services and healthcare sectors in the UK and US, which include SME services, oil & gas sustainability, certification, compliance and learning & development.
He has worked in the legal and criminal justice system in outsourcing and previously he was executive director of Hays, a FTSE 100 services group.
Alcumus has expanded considerably since Sovereign’s investment began in 2009.
New Enterprise Associates (NEA) has appointed Paul Palmieri, the founder and former chairman and chief executive of Millennial Media, as venture advisor.
Palmieri served as the company's president and CEO from its start in 2006 until January 2014. He brings to NEA more than 20 years of experience spanning mobile, ad tech, data analytics, and the app economy.
"Paul is among the most accomplished, respected and forward-thinking entrepreneurs in the digital advertising industry, and we are thrilled to welcome him to the NEA team," says Patrick Kerins, NEA general partner and co-head of the firm's technology practice. "He will
KKR has partnered with the existing management team of Sedgwick Claims Management Services to acquire majority ownership of the claims and productivity management solutions provider for approximately USD2.4bn.
The business is being acquired from its current group of investors, which includes Hellman & Friedman and Stone Point Capital.
"We couldn't ask for a better partner in the next stage of Sedgwick's evolution," says David A North, president and CEO of Sedgwick. "KKR has an exceptional record of investing in financial services companies and will be a valuable strategic resource for our organisation. We share a commitment to continued innovation
GTCR has held the final closing of its 11th buyout fund, GTCR Fund XI, with USD3.85bn of equity capital commitments.
The fund, which had a target of USD3.25bn, was oversubscribed, resulting in fundraising activity culminating relatively quickly after the fund’s initial launch in June 2013.
“The firm is gratified by the strong support we received from existing and new investors for Fund XI,” says Phil Canfield, GTCR managing director. “This is our largest fund to date and the successful close further supports our investment strategy, which we have pursued for more than 30 years.”
Since 1980, GTCR has
J Rich Alexander, who held a number of senior operating executive positions during a 35-year career at PPG Industries, has joined Advent International as an operating partner.
He will work closely with Advent's chemicals team to identify and evaluate new investment opportunities in the chemicals and materials sector and create value in existing portfolio companies.
Alexander (pictured) serves on the board of directors of Allnex, a supplier of coating resins and additives that Advent acquired last year from Cytec Industries.
Alexander most recently was a member of PPG's executive and operating committees and oversaw the company's global
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