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Forecasting is a necessary but challenging exercise in investing. The more complex the financial markets, the more complicated a forecast. In addition, the natural difficulty of forecasting is exacerbated further by typical human responses to complex situations. Scott Wolle (pictured), Chief Investment Officer of Invesco, believes investors must develop a process that avoids the worst of the obvious errors, has hedges in place, and is constantly reviewed for sufficient robustness…
Invesco’s Global Asset Allocation team has analysed the pitfalls of forecasting in times of uncertainty confirming forecasters’ poor record at forecasting complex, long-term events and highly uncertain variables such as
Devglass Group, an independent manufacturer and distributor of insulating glass, has refinanced its bank debt and repaid EUR35 million of senior and junior mezzanine bonds held by European Capital. European Capital will continue to hold 40% of the equity alongside Olivier Rambeau, CEO and majority shareholder of the Devglass Group.
"We are very pleased with our investment in Devglass. The group has been able to create value ever since 2007," declared Ira Wagner, President of European Capital Financial Services Limited ("European Capital Services"). "This refinancing shows that French banks are still prepared to back the most dynamic and best-performing regional
Global law firm K&L Gates LLP has added Christian M Lucky as a corporate partner in its Spokane office. Lucky joins K&L Gates from Stoel Rives LLP.
A corporate transactional lawyer with a wide-ranging practice, Lucky has experience in such areas as corporation and project finance, mergers and acquisitions, securities regulation, and project development. He represents a broad array of domestic and international clients, publicly-traded and private, in the financial services, venture capital, energy development, clean technology, and food production sectors, among others.
“We are excited to have Christian join K&L Gates and believe that his background in corporate finance will
Tony Reed has been appointed as Managing Director of Phoenix Fund Services (UK) Limited. He will report to John Rice, CEO, and join the Phoenix Fund Services’ executive management team.
Reed will be responsible for managing the relationships with clients of Phoenix’s UK funds business as well as for Phoenix’s compliance and risk management.
John Rice, Managing Director of Phoenix Fund Services, says: “Tony brings a wealth of experience to Phoenix having worked in a range of roles managing client relationships, running collective investment scheme operations and regulatory risk management at Insight Investment, JP Morgan, Halifax Bank of Scotland and
Investec Project and Infrastructure Finance has recently completed a new senior debt facility for Sea Fibre Networks Ltd. The USD7.5 million loan, for which Investec was the sole mandated lead arranger (MLA), will finance Europe’s most advanced sub-sea telecommunications network in a project which will link Ireland and the UK by fibre-optic cable.
Additional equity was provided by a group of mainly US investors. This was part of a USD15m funding round with CC Equity LLC as the equity participants.
Running between Anglesey and Dublin, the sub-sea cable will be the first laid within Europe in eleven years. This
In light of the current fiscal and monetary concerns that are gripping the minds of investors around the world, Institutional Asset Manager asked the heads of some of the world’s leading asset managers to share their thinking on portfolio management trends post-Lehman and beyond 2011 in concise fashion. Jeff Molitor (pictured), CIO Europe, Vanguard, responds:
"In both the equity and fixed income space, the move away from capitalization-weighted benchmarks to equal-weighted or alternative benchmark approaches is an unfortunate trend in institutional investment segments, reflecting a backwards-looking view of the markets and active bets based on data-mining (marketed as indexing). As
Stratus Group, a Brazilian private equity firm focused on mid-market investments, has made a USD32 million investment to take a majority stake in a Brazilian corporate fleet management company, Maestro. The equity transaction was also financed by a co-investment from DEG – the German Development Financial Institution – and represents the first transaction of the Stratus Capital Partners program, which has recently been launched to follow the successful flagship fund, Stratus Growth Capital I.
The car rental sector in Brazil grew by 17% in 2010 to USD3.1 billion, and has grown at a compound annual growth rate of 11% since
In the wake of several years of underwhelming performance and lack of liquidity, many private equity fund managers are increasing transparency and decreasing fees to attract and retain skeptical investors, according to a global survey report released by SEI in collaboration with Greenwich Associates.
In fact, the majority of managers polled (59 per cent) said they have increased transparency to retain/attract new capital since the 2008 market decline, while more than a third of managers (37 per cent) said they have lowered management fees. The survey report, titled "Client Knowledge to Competitive Advantage," points to both an increasingly wary investor
RJD Partners (RJD) has sold its investment in TransLinc, the market leader in the provision of specialised vehicles and related services to local authorities and the utilities market, in a trade sale to May Gurney Integrated Services.
The transaction values TransLinc at GBP65.6 million, giving a return to RJD of approximately 2.7x its original investment and an IRR of 26%. TransLinc is the second realisation from RJD’s second fund, RJD Private Equity Fund II.
RJD backed the GBP50 million buyout of TransLinc in June 2007.
Having originally been formed within Lincolnshire County Council, TransLinc has grown to become the market
Ingenious Ventures has launched its fifth Shelley Media Fund, providing another great opportunity for investment in the fast-growing entertainment sector.
The Fund will invest in HMRC pre-approved EIS companies producing films, television programmes and video games. These media sectors continue to exhibit strong indicators for sustained growth despite wider uncertainty in the macro-economic environment. Ingenious has made this exciting growth sector accessible to a wide market, with a minimum investment amount of just GBP3,000.
Ingenious Ventures anticipates that the Fund will generate tax free returns of 13.7% p.a. (a gross equivalent return of 27.3% p.a. for a 50% taxpayer).
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