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Azad Zangana (pictured), European Economist, Schroders, comments on the ECB’s surprise cut in interest rates…
The European Central Bank has surprised the market by cutting the main interest rate from 0.50% to 0.25%. The cut appears to be in reaction to the early estimate of annual inflation for October, which was much lower than expected at 0.7%.
While leading indicators suggest the Eurozone economy is recovering, the ECB is clearly concerned about the recent strength of the Euro, and the way it has lowered import prices and local inflation.
The problem of low inflation and higher loan interest rates to
Credit Suisse is to spin off the DLJ Investment Partners business (DLJIP), including the existing investment team led by Igor DaCosta and Charles Harper, to Portfolio Advisors.
Portfolio Advisors, an independent, employee-owned firm that provides tailored private equity, private credit and real estate investment solutions to both institutional and high net worth clients through separately managed accounts and commingled fund-of-funds programmes, will become the new investment manager of DLJ Investment Partners (DLJIP I), DLJ Investment Partners II (DLJIP II), and DLJ Investment Partners III (DLJIP III).
DaCosta (pictured) and Harper will continue to manage the DLJIP funds and all
Bestinvest, the UK wealth manager and online investment service, is to be acquired by a company owned by the Permira funds for an undisclosed sum.
The transaction, which is subject to regulatory approval, is expected to complete in the first quarter of 2014.
Founded in 1986, Bestinvest is a UK private client investment group that provides a broad range of services for private investors whether they choose to make their own decisions or require investment advice, financial planning and investment management.
The UK wealth management industry offers attractive growth dynamics with assets increasing in excess of 10 per
Atlas Holdings has acquired certain operating assets of PDM Bridge, a steel fabricator that produces steel components for the largest and most complex bridge structures.
The acquired assets now operate under a new entity, Veritas Steel. Terms of the transaction were not disclosed.
Headquartered in Chicago, Illinois, Veritas Steel becomes a leader in the steel bridge fabrication industry with extensive experience in fabricating both simple and complex bridge structures. With the acquisition, Veritas Steel will operate three fabrication plants in Eau Claire, Wisconsin, Wausau, Wisconsin and Palatka, Florida.
“We are pleased to announce the formation of Veritas Steel,
Ardian has signed an agreement to invest EUR30m in the CLS Group, a provider of location services, environmental data collection, monitoring and ocean observation.
The existing shareholders – the CNES, the government agency responsible for French space policy in Europe, and Ifremer, the French research institute for exploitation of the sea – retain their stakes, while the minority shareholders sell their holdings in the company.
Ardian will work alongside CLS to strengthen the resources of the group and continue its internal and external expansion. The group’s strategy, which will be supported by Ardian, focuses on innovation as a driver
Emerging markets private equity fund Exhilway Global (EG) is to invest USD1bn in India, and will launch its flagship Exhilway Global Opportunities Fund (EGO) next month.
The fund, which plans to raise over USD2bn from the accredited investors based in US, Canada and UK, will operate under the newly introduced JOBS Act and plans to promote its EGO fund over the internet. EG will shell out USD30m on the digital marketing of the fund.
EGO is the world's first hybrid PE fund, which will give its investors a minimum debt return and an unlimited potential to make money over
Apollo Aviation Group has contracted to purchase 38 aircraft and 11 engines, amounting to USD570m, for its second aviation fund, Sciens Aviation Special Opportunities Investment Fund II (SASOF II).
The purchases approved by SASOF II Investment Committee this year include, but are not limited to, 12 Airbus A320ceo family aircraft and 13 Boeing 737 Next Generation models. Specifically during the third quarter, Apollo Aviation committed to purchase 13 aircraft for approximately USD200m.
“Apollo Aviation is a mid-life aircraft specialist. All but two of the aircraft that we have acquired for SASOF II are in-production models,” says William Hoffman, Apollo Aviation’s chairman.
The Maples group is expanding its presence in the Asia Pacific region with the launch of the full service offering of MaplesFS in Singapore.
MaplesFS, through its operating divisions Maples Fund Services and Maples Fiduciary, is an independent provider of fiduciary, accounting and administration services.
With the launch of its office in Singapore, MaplesFS will provide clients in the region with a wide range of services to satisfy their fund administration, corporate formation and fiduciary needs.
Maples Fund Services (Singapore) will focus on providing middle office, data aggregation and reporting, and fund administration services to Singapore domiciled funds
Apex Technologies has selected Eze Castle’s Eze Private Cloud to deliver cloud services to its hedge fund and alternative investment firm customers.
The Apex Cloud, powered by the Eze Private Cloud, allows Apex Technologies to offer clients secure IT operation and hosting solutions that increase operational efficiency and simplified technology management.
Apex Technologies is a wholly owned subsidiary of Apex Holdings, one of the world’s largest independent fund administration companies.
Apex Technologies services clients within the hedge fund, private equity, fund of funds, and investment management industry to deliver technology and operational services.
Apex Cloud, powered
Scandinavian municipal waste collector RenoNorden, a portfolio company of CapVest, has appointed Staffan Ebenfelt as group chief executive officer, effective January 2014.
Ebenfelt has spent the past 13 years with Coor Services Management, a Nordic facilities manager, most recently as executive vice president. Prior to his current position, he was head of Coor’s Swedish business for 12 years as well as being responsible for the group’s operations outside the Nordics, including Hungary, Poland and Belgium.
RenoNorden is focussed exclusively on household waste collection for 4.3 million inhabitants on behalf of municipalities. CapVest, the European mid-market private equity firm, acquired
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