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Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has completed the Service Organization Controls (SOC1) Type II reports for its hedge fund application hosting and managed cloud services.
Following the successful completion of the SSAE16 Type II examinations in June 2012, Abacus became one of the first private cloud providers for hedge funds to complete both SAS70 Type I and SSAE16 Type II reports, ensuring the highest level of security and internal controls.
Abacus builds upon its commitment for security and control by completing annual audits. The most recent, the SOC1
Clearwater Corporate Finance’s industrials team has advised shareholders at Rimor, a supplier to the sub-sea oil and gas industry, on the multi-million sale to its management backed by LDC, the mid-market private equity firm.
The company, based in Denmead, Hampshire, employs 123 staff and specialises in the supply of complex, high-precision components, technical fabrications and complete assemblies, predominately to the capital equipment sub-sea, deep water oil and gas market.
Partner Jon Hustler and assistant director Mark Day from the Birmingham office of Clearwater advised shareholders of Rimor on the transaction.
Hustler says: “Rimor’s unique capabilities, highly-skilled workforce and
youAPPi has secured USD1m in funding from Glilot Capital Partners, an Israeli-based early stage venture capital firm.
Founded in late 2011, youAPPi resolves the most critical and urgent problem within the mobile eco-system, identifying, matching and connecting the best mobile applications to the most relevant users. youAPPi provides a fully managed mobile application recommendation platform which drives publisher’s revenue and increases mobile users’ engagement.
Glilot is also opening up its professional network and experience to youAPPi, which will augment its investment in the company’s growth. The raised capital will specifically be used to extend youAPPi’s matching and mobile
Mayor of Liverpool Joe Anderson fired the starting gun on Accelerate 2013 when he opened trading in the central London Stock Exchange (LSE) atrium.
The London Stock Exchange is home to AIM, the world’s most successful growth market.
Following the market opening ceremony, guests headed to the flagship headquarters of event sponsor Coutts at 440 Strand. There, a display designed to raise awareness of the vital role Britain’s high-growth businesses play in supporting the national economy, was unveiled, featuring Accelerate 2013 speakers Paul Lindley, founder and chief executive of Ella’s Kitchen, Thea Green, founder of Nails Inc, and
KPMG, the US audit, tax and advisory firm, is adding more depth to its alternative investments practice by hiring Constance Hunter, an economic thought leader and former portfolio manager, as its chief economist, alternative investments.
In this newly created position, Hunter (pictured), who is based in New York, will work with the firm’s global alternative investments leadership team to play a key role in economic forecasting, planning and strategy, and client relationship development.
"Many financial services companies are struggling to understand the impact that current economic and geo-political developments will have on their businesses and their customers," says
BaltCap has signed a EUR1.5m investment in PostService Group, a Latvian private postal operator and developer of automated last mile delivery solutions.
PostService Group is the largest privately-owned postal operator in Latvia and the market leader of unaddressed mail. With forty “Mana Pasta Stacija” parcel delivery and shipment terminals in all largest cities, PostService Group is the leading operator of automated parcel delivery and shipment terminals. In addition, the group develops and exports automated parcel terminals to satisfy the needs of other postal operators and courier companies as well as companies from other industries where parcel deliveries are crucial.
MIR Capital, a private equity fund formed by Gazprombank and Intesa Sanpaolo, has made its first investment by acquiring a non-controlling stake in Packer Service Group.
Packer Service Group is a Russian company specialising in hi-tech services and solutions for some of the largest oil and gas companies. The investment will be used towards developing Packer Service Group, and particularly for the acquisition of new, advanced technology equipment which will enable the company to expand its range of services.
The investment, made within one of the most strategic sectors of the Russian economy, is the first result of the
Riverside Partners, a Boston-based private equity firm, has completed an investment in BioAgilytix Labs, a contract bioanalytical laboratory specialising in large molecule biologic drugs.
Riverside Partners’ investment was completed in partnership with the BioAgilytix founders and management team.
Headquartered in Research Triangle Park, North Carolina, BioAgilytix provides outsourced laboratory services to customers within the pharmaceutical, biotechnology, and agriculture industries. By developing, optimising and conducting bioanalytic testing, the company offers its customers a high-quality outsourcing option, which supports drug discovery, pre-clinical and clinical development, and manufacturing.
"The BioAgilytix team is very excited work with Riverside Partners. The Riverside
Middle Eastern private equity group Foursan Group has exited its investment in Al-Isra Education & Investment, a holding company that operates Al-Isra Private University, a Jordanian private university that provides graduate and undergraduate degrees to nearly 6,500 Jordanian and foreign students.
Since Foursan invested in Al-Isra, the company grew its annual profitability seven-fold from JD1.2m to JD7.2m, increased its net income margin from 11 per cent to 43 per cent, and the company recently paid a dividend representing a nine per cent yield.
Nashat T. Masri, a partner with Foursan Group, says: “We are pleased with this transaction and
The Defined Contribution Institutional Investment Association (DCIIA) believes that plan sponsors should consider the use of “alternative” investment structures that provide better risk balance in an attempt to reduce the volatility experienced by the typical plan participant.
A newly released DCIIA paper, “Is It Time to Diversify DC Risk with Alternative Investments?” explores the potential for greater inclusion of alternative investments in DC plans.
Lew Minsky (pictured), DCIIA’s executive director, says: “DCIIA’s interest in exploring this topic stems from the potential diversification and performance benefits offered by non-traditional asset classes and alternative strategies to a participant’s asset allocation.”
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