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The Transfer Agent division for U.S. Bancorp Fund Services has announced its first quarter 2011 results from National Quality Review (NQR), including a Best-In-Class rating for NQR’s new Correspondence Composite rating.
“This new benchmark allows us to gauge how our correspondence group performs compared to the industry based solely on contents of letters to shareholders. I’m proud that our organisation receives compliments from National Quality Review related to the quality of our content and that we are recognised as Best-In-Class,” says Ian Martin, executive vice president of the Transfer Agent at U.S. Bancorp Fund Services.
The Correspondence Composite rating
FATCA could fundamentally change the way funds are distributed, according to Charles Muller (pictured), Deputy Director General of ALFI, the Association of Luxembourg Funds Industry. “Implementation will be a long and costly process and it will be the European investor who pays the price as US investors are very rarely invested in European funds," he says.
The Foreign Account Tax Compliance Act, or FATCA, was enacted in March 2010 by the US government to combat tax evasion by US taxpayers.
FATCA is due to be implemented on 1 January 2013. It affects funds invested in the US market including,
Specialist finance and advisory firm Trafalgar Capital Advisors (TCA) has signed a strategic relationship with leading Israeli financing boutique, Xpert Financial Group (Xpert).
The strategic relationship allows TCA to expand its reach into the institutional investor market in Israel, as well as having access to a robust pool of companies in need of financing both listed on the Tel Aviv Stock Exchange and private.
Ramy Ordan, CEO and Partner of Xpert, says: “TCA provides the type of financing and advisory services that can help us expand our corporate finance efforts and the TCA Fund provides investors with an asymmetrical return
Out of approximately 400 European leveraged loan and high yield bond issuers backed by private equity sponsors in the Debtwire universe, 81 completed a debt restructuring between 2008 and 2010. These 81 issuers represented EUR 367bn of pre-restructured debt in Western Europe.
While a large share of LBO restructurings returned companies to sustainable footing, a number of 2010 workouts left most or all the issuers’ original debt in place, suggesting many could face a second round with creditors, according to Debtwire’s inaugural European Restructuring Report: Default, Restructuring and Recoveries in 2008-2010.
The subprime bubble burst in 2007 sparked a full
Olswang’s Private Equity group has advised Chamonix Private Equity LLP (Chamonix), on the sale by funds managed by Chamonix of Intellident Acquisition Company Holdings Limited (Intellident) to Library Solutions BV, a company within the Bibliotheca group and a portfolio company of One Equity Partners (a division of JPMorgan Chase & Co).
Intellident provides RFID solutions for libraries, document tracking and supply chains, and its addition to the Bibliotheca group has created the largest specialized RFID supplier in Europe. The transaction follows the acquisition by Chamonix of a portfolio of five companies from the LINPAC Group in December 2010, on
Harris Williams & Co ha advised Packers Sanitation Services, Inc (PSSI), a portfolio company of Blue Point Capital Partners (Blue Point), on its sale to Harvest Partners. The transaction closed on June 13, 2011. Harris Williams & Co acted as the exclusive advisor to PSSI. The transaction was led by John Neuner in the firm’s Richmond office as well as Glenn Gurtcheff, Tim Alexander, Ryan Budlong, Brant Cash and Lukas Hansen in the firm’s Minneapolis office.
“PSSI delivers mission critical services that enable food processors to maximize operational efficiency while meeting strict USDA and FDA food safety guidelines on
Larger deals are winning favour amongst private equity backed businesses according to an analysis of buy & build activity across Europe during the first quarter of 2011.
The study, to be published on, 13 June 2011, by Silverfleet Capital the European private equity house in conjunction with mergermarket, shows that the average deal value of add-ons has almost trebled on the same period in 2010, with a percentage increase of 292 per cent.
Neil MacDougall, managing partner of Silverfleet Capital says: "The nascent recovery in deal value shows that buoyance is returning to the buy & build market. After
Baring Asset Management (Barings), the international investment management firm, believes that as Asian economies continue to strengthen, Asian debt and currencies can provide some of the best absolute and risk-adjusted returns versus US and other global fixed income sectors.
Thomas Kwan, Head of Asian Debt at Baring Asset Management comments: “Asian debt, both local government and US dollar corporate, has been less volatile than emerging market debt and this stability has enabled the sector to deliver superior risk-adjusted returns in comparison to some other asset classes. We believe that the Asian bond market continues to offer attractive risk-adjusted returns for
Finmeccanica has finalised its agreement with private equity investor First Reserve Corporation (First Reserve for the sale of a 45% stake in Ansaldo Energia (AEN). The terms of the agreement are those previously announced in March 2011.
Finmeccanica sold AEN at a price of EUR 1,073 million to an Italian registered company, Ansaldo Energia Holding (AEH) – previously referred to as Ansaldo Electric Drives (AED) – which is 45% held by First Reserve and 55% by Finmeccanica. In addition, Finmeccanica has received from AEN EUR95 million in relation to a 25 year agreement licensing the use of the “Ansaldo” trademark
borro, the short term asset lender has announced an important new partnership with Octopus Investments (Octopus), which will provide borro with significant new lending capacity.
Octopus is a leading investment specialist whose funding solutions cover the entire capital structure, from equity through mezzanine to senior debt. Octopus has won a number of awards for its products and customer service.
According to Paul Aitken (pictured), CEO of borro, the new funding line is an expression of the confidence that the market has in borro’s business. He says: “First and foremost, this new relationship reinforces our ability and desire to fund
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