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After building up market expectations to near euphoric levels, ECB President Mario Draghi failed to deliver the policy to back up his promises of “doing whatever it takes to save the Euro”, says Azad Zangana (pictured), European economist at Schroders…
Given the timing of his comments last week, markets had rallied aggressively on expectations of further interest rate cuts and/or intervention in peripheral sovereign bond markets.
At today’s ECB press conference, Draghi confirmed the Governing Council’s decision to keep the main policy interest rate on hold at 0.75%, but announced that the ECB “may undertake outright open market operations of
By Simon Gray – The global private equity industry remains a long way off the glory days of the mid-2000s. Exiting investments can be problematic, especially through initial public offering markets that have blown hot and cold in the past few years, but mainly cold. The public markets have given little help to portfolio company valuations. High levels of leverage that for a time seemed to help make investments a one-way bet, have subsided.
Meanwhile, fundraising remains difficult, even as more and more private equity firms enter the market, having largely been able to find fresh investments to work through
By Pascal Hernalsteen – Benefiting from a flexible tax and legal environment, but also from a well-educated, multilingual, multinational workforce, and an exceptional concentration of highly skilled service providers and niche experts, the Grand Duchy of Luxembourg has in a few decades become the world’s second largest centre for investment funds, surpassed only by the United States.
In addition to being the leading domicile and servicing centre for cross-border distribution of UCITS worldwide, the country has been taking active steps over the past few years to attract a significant share of the alternative investment industry and has quietly built up
By Simon Henin – These remain difficult times for the private equity industry. Although there are signs that activity is regaining momentum, it remains significantly subdued by comparison with the period before the onset of the financial crisis, especially in terms of fundraising.
Only around 150 new firms raised a fund for the first time in 2011 compared to 450 in 2007. However at the start of 2012 there were a record 1,814 funds in market targeting aggregate capital commitments of USD744.2bn which represent a 14% increase in the number of funds on the road. Private equity houses are having
By Simon Gray – A raft of legislative changes, including the transposition of the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law and the establishment of a new legal vehicle equivalent to a common law limited partnership, as well as a new tax treaty with one of its most important markets, promise to give the Grand Duchy a significant boost as a centre for the domicile, third-party administration and back office operations of private equity investment.
Over the past decade Luxembourg has carved out a significant role in the sector, thanks in part to its established dominance in
The United Arab Emirates’ Security and Commodities Authority (SCA) has issued board’s resolution No. 37 of 2012 concerning the rules of investment funds.
The decision was signed by Sultan bin Saeed Al Mansoori (pictured), Minister of Economy and SCA chairman.
The announcement was made by Abdullah Al Turifi, chief executive of SCA, who says the resolution will enter into force on the day after its publication in the Official Gazette.
“The resolution is part of the SCA’s endeavor to issue new investment products and diversify the investment tools available to traders in the markets. It will boost the investment
Grupo Phoenix, a supplier of rigid packaging solutions for consumer goods and products in the Americas, has entered into a definitive agreement with One Equity Partners (OEP) for a significant minority equity investment.
Alberto Peisach, Phoenix’s chief executive, says: “OEP’s investment will ensure that Grupo Phoenix continues to meet the needs of its expanding global customer base while enabling the company to invest in technologies that add value to these customers – and ultimately the consumer – through innovative packaging.”
JP Morgan acted as exclusive financial adviser in the transaction. Greenberg Traurig acted as legal adviser to Grupo Phoenix, while
McGladrey, a provider of assurance, tax and consulting services, has expanded its financial services investment practice in Connecticut.
The team provides services to hedge funds/investment partnerships, fund of funds, investment advisers, broker-dealers, futures commission merchants, mutual funds and private equity groups.
Partner Kislay "Sal" Shah (pictured) relocated to McGladrey’s Stamford, CT office earlier this summer to serve the firm’s existing relationships throughout Connecticut and Westchester County and to oversee growing demand for the practice’s expertise in the region.
"We’re excited to welcome Sal, who brings with him deep expertise in the investment industry space, and who will provide the very
Bain Capital Partners is to purchase approximately 68 million Genpact common shares from entities affiliated with General Atlantic and Oak Hill Capital Partners for USD14.76 per share, or approximately USD1bn.
Closing of the transaction will take place after payment to all shareholders, including GA and Oak Hill Capital, of the special dividend of USD2.24 per share announced by Genpact today.
"We are excited about this transaction, which is hugely positive for all of our shareholders. Bain Capital’s decision to invest in Genpact is a vote of confidence in the company and our business model, our differentiated service offerings, the value
Akhil Puri has been appointed as director of KKR Capstone.
Puri joins KKR Capstone from TPG Capital.
Puri will lead KKR Capstone’s engagements with KKR’s portfolio companies in India.
KKR Capstone has a 16-member operational team of industry executives and functional specialists in Asia. The team works in partnership with KKR’s private equity investment professionals and portfolio company management teams to help businesses maximise their potential.
“We are extremely pleased to add Akhil to our regional KKR Capstone team,” says Scott Bookmyer, head of KKR Capstone Asia. “His proven track record of helping companies maximise performance throughout Asia will bring
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