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KPMG International’s latest Global M&A Predictor shows that the confidence to undertake significant M&A is predicted to return to the world’s largest companies, according to the latest analyst predictions, with global forward P/E ratios rising 15 per cent over the past six months and 12 per cent year-on-year.
Not only do companies appear to have their appetite back, but they also have the capacity to transact, which is indicated by the forecast net debt to EBITDA ratio, which shows an expected improvement of 15 per cent over the next year. Over the last two years, the trend has been for
Michelle Carroll, Partner, Investment Management Division, BDO LLP on the changes to the disclosure of funds and directors in the Cayman Islands…
CIMA’s public consultation is a welcome step forward as it should help reduce the misconceptions some investors and politicians have over the Island’s legitimacy as a global hedge fund centre. Having said that, no one should invest in a fund aimed at sophisticated investors without first going through a thorough due diligence process which should include interrogation of the competency of the fund’s directors. These directors are not hard to find and, in my experience, are very happy
PineBridge Investments is to make an equity investment of EUR26m in Work Service, a temporary staffing and personnel outsourcing company in Poland.
As a result of this investment PineBridge will hold 20.02 per cent of the company’s share capital and will have two supervisory board seats.
The agreement is subject to customary merger control clearance in Poland. Equity capital for this investment will be provided by PineBridge New Europe Partners II, a EUR522m private equity fund investing in Central and Eastern Europe.
Work Service operates in the large and rapidly expanding Central European personnel services market. The company is the
The US buyout market faces a challenging environment of rising purchase price multiples for high quality companies while in Europe, GPs have found sources of capital amongst sovereign wealth funds and public fund managers willing to bridge the pre-IPO gap.
This is according to the new report, Ten Challenges facing the private equity sector, by Altius Associates.
The report also reveals that private equity flow in China, Peru and Colombia is set to boom while private credit strategies have begun to attract the attention of LPs as funds focussed on distressed and primary issuance of debt emerge.
Altius
Private equity and infrastructure investor Pantheon has appointed Andrea Echberg as partner and head of European infrastructure investments.
Echberg, who is based in London, will be focusing on infrastructure secondary and co-investments as well as managing the primary infrastructure fund investments in Europe.
Kathryn Leaf Wilmes, global head of infrastructure, says: “We are delighted to welcome Andrea Echberg to our infrastructure team at a time of attractive opportunities across Europe. We expect strong deal flow in secondaries and co-investments as banks and insurance companies continue to sell down infrastructure assets due to regulatory pressure and as general partners look for
Carne Group, the global fund governance specialist, has welcomed the consultation initiative and the decision by the Cayman Islands Monetary Authority (CIMA) to enhance and clarify corporate governance standards for the Cayman Islands funds community.
The proposals include the extension of the current Statement of Guidance on Corporate Governance to all registrants, including registered mutual funds “to reinforce fundamental corporate governance standards expected from entities regulated and supervised by the Authority”.
The draft Statement of Guidance has also been enhanced to clarify the role and duties of Cayman Islands fund directors in accordance with existing common law principles and international
Optimism among investment managers rose for the fourth successive quarter as business volumes and incomes grew again, according to the latest CBI/PwC Financial Services Survey.
Numbers employed also increased for the third quarter running. Securities trading respondents saw business volumes and income values fall and average costs increased. However, the decline in profitability is expected to ease considerably in the next three months.
Robert Mellor, hedge fund practice leader at PwC, says: “Investment managers remain remarkably optimistic. Overseas business is growing, but it remains to be seen if predicted retail growth will materialise.
“In the current environment of economic
The European Bank for Reconstruction and Development (EBRD) financed a record number of projects in 2012, providing strong support in a particularly difficult environment for the countries where it invests.
Bolstered by healthy profits in 2012, the bank remains well-equipped to reach out to emerging economies again this year and to help them prepare for economic recovery when it finally emerges.
The bank expects to have made a 2012 net profit of around EUR1bn, after EUR173m in 2011.
According to preliminary estimates, the EBRD invested EUR8.7bn in its traditional area of operations in 2012, financing an unprecedented 388 individual projects.
It’s easy to fall prey to misconceptions and generalisations about places we’ve never been: to assume everyone in the United States drives big cars, all the French love croissants and all Canadians play hockey. There are many misconceptions about investing in developing markets, and Africa certainly has its fair share, but it’s dangerous to make sweeping generalisations, says Dr Mark Mobius (pictured), Executive Chairman of Templeton Emerging Markets Group…
It’s impossible to know everything about this huge and diverse continent (the second largest in the world by land mass and population) so my team’s approach has been to keep our minds
Employee-owned financial services firm Baird has promoted Steve Booth to the role of chief operating officer.
Booth (pictured) takes on the new role in addition to his current responsibilities as director of investment banking and co-head of Baird’s equity capital markets (ECM) business.
The plan calls for Booth to eventually succeed Baird chairman, president and chief executive Paul Purcell.
Like Purcell, Booth joined Baird in 1994. He has led its investment banking efforts and served as co-head of ECM since 2006. Booth is also a member of Baird’s board of directors and executive committee and chairs the firm’s finance committee.
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