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Independent fund administration company Apex Fund Services has opened a Jersey office, expanding its presence in the Channel Islands.
Jersey, together with other Channel Island jurisdictions, has experienced significant growth in its fund servicing industry and in Jersey alone the sector is valued at approximately USD350bn with over 1,300 regulated funds.
Apex has itself experienced an increase in the level of interest being demonstrated by fund managers in Jersey. Jersey quickly took an opt-in approach to the AIFM Directive, giving global managers and investors reassurance and confidence about the regulatory controls that exist in the jurisdiction.
Following the opening
Private equity (PE) firms recognise the value of increased transparency and more effective data management, according to a research study by TABB Group.
But in a world that demands to be kept informed, those firms need an on-demand ability to transform data into useful, digestible, reportable information – intelligence that can be used to meet stakeholder demands and at the same time improve the quality of their decision-making.
The challenges for many of these firms, says Adam Sussman, a TABB partner and director of research who produced the study in collaboration with SunGard, are operational deficiencies preventing them from
Venture capital firm Accel Partners has appointed Eric Wolford as venture partner.
Most recently he served as president, products group for Riverbed Technology, and was recently appointed to the Riverbed board of directors as well as the board's strategy committee.
During his 10-plus years at Riverbed, Wolford led a number of functions including products, marketing and development that helped to take the company public and deliver growth from zero to USD1bn in annual revenue.
Wolford will be working closely with the Accel Partners enterprise IT and data-driven software investment team and will be responsible for evaluating and investing,
Alternative asset manager The Carlyle Group and Investec Asset Management have agreed to invest in J&J Africa, a pan-African logistics company specialising in the road transportation of general cargo along the Beira corridor, one of Southern Africa’s key trade routes.
Financial terms have not been disclosed. The transaction is expected to close in the first quarter of 2014.
Marlon Chigwende, managing director and co-head of the Carlyle Sub-Saharan Africa Fund, says: “Carlyle brings strong expertise working with companies in the transportation sector, along with deep experience in emerging markets, including Africa. We have a particularly strong track record in
Rollins has signed a definitive purchase agreement to acquire the assets and operations of Allpest, an independent pest control provider in Western Australia.
The acquisition is expected to close in February and is Rollins' first business venture in Australia.
Established in 1959 and headquartered in Perth, Allpest recorded revenues of approximately USD25m for 2013.
In addition to traditional residential, commercial and termite service offerings, Allpest provides consulting services around the globe on pre-border protection of Australia's biosecurity and provides specialised offerings to Australia's mining and oil and gas sectors.
Gary W Rollins, vice chairman and chief executive
Following a restructure, fiduciary and fund services specialist Abacus has formed the Abacus Financial Services Group.
The new group structure will include Abacus’ two entities in Malta, Abacus Financial Services (Malta) Limited (AFSML) and Abacus Corporate Services Limited (ACSL), and Abacus Financial Services Limited (AFSL) in the Isle of Man.
Former managing director of AFSML and AFSL Paul Kneen (pictured) will head the new group as chief executive officer. Martin Heaney has been promoted to managing director of AFSL.
Kneen says: “The formation of the Abacus Financial Services Group aims to advance the growth of business across the
Liquid private equity rose 39 per cent in 2013, as measured by the Red Rocks Capital Global Listed Private Equity Index (GLPE), outpacing major market indices and other alternative investments.
The GLPE Index is the largest, most widely followed private equity index, with more than USD500m in exchange-traded fund (ETF) tracking assets, and was the first investable US-based index to monitor global listed private equity companies.
GLPE puts an emphasis on direct private equity investing, overweighting direct investment vehicles and underweighting less direct investments such as business development companies and asset managers.
“It was a very good year
With over USD1trn in US mergers and acquisitions announced last year, the US remains the strongest M&A market.
According to PwC’s 17th Annual CEO Survey, acquisition strategies are ripe for change as CEOs become comfortable with their positioning in the changing deals arena, indicating a continued uptick in deal flow throughout the year.
As a result, more US executives are planning to maintain and pursue new joint ventures and business alliances in 2014 as they seek new ways of collaboration to accelerate growth and to capture innovative and disruptive technologies even faster. As companies continue to seek new ways
Funds managed by HgCapital are to acquire a majority stake holding in the parent company of Zenith Vehicle Contracts Group from Morgan Stanley Global Private Equity (MSPE), subject to regulatory approvals.
The contract hire and leasing company was recently ranked 12th in the FN50’s list of the UK’s top 50 contract hire companies, with a risk fleet of 27,300 vehicles.
Tim Buchan, chief executive officer, says: “We thank MSPE for their contribution and are pleased to welcome HgCapital as our new partner. We look forward to working together on our long term strategy of continued investment in product and
Alter Domus is the first service provider to be authorised by the Luxembourg Financial Regulator (CSSF) to act as a professional depositary.
Alter Domus has launched a depositary service to support its clients in meeting the new requirement for funds captured under the AIFM Directive to appoint an independent depositary.
Laurent Vanderweyen, chief executive, says: “This is a natural evolution of our product offering, allowing us to provide a complete solution to private equity and real estate firms globally. We provide our clients with a vertically integrated approach, from outsourced fund administration to management of local companies, to which
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