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The principal sectors of Jersey’s finance industry showed strong growth in the first three months of 2011, with rises in new fund launches and the value of funds under administration providing particularly positive news for Jersey’s funds sector.
Geoff Cook, Chief Executive of Jersey Finance Limited, was encouraged by the strong performance for the first quarter of 2011, highlighting that the value of funds being administered in Jersey is now at its highest since June 2009 and that the total number of funds has increased by the largest amount for the first quarter of any year since 2008.
Furthermore, bank
Equitix, the UK-based developer, investor and fund manager specialising in core infrastructure, is delighted to announce that more than GBP100 million has now been invested in Equitix Fund II, following an initial close of GBP70 million at the beginning of the year.
Fund II has already invested in six PFI contracts in healthcare, street lighting and integrated highways, and Equitix is part of the consortium that is preferred bidder on the Greater Gabbard Offshore Transmission Owner project (OFTO). Equitix Fund II expects to announce further closes through the third and fourth quarters of 2011.
The three new investors are all UK
Clydesdale and Yorkshire Bank Corporate & Structured Finance has expanded its services with the launch of a new corporate asset finance team.
Ian Barr, who is head of Clydesdale’s existing asset finance function, will lead the new team which will provide asset finance to mainly listed companies and larger privately owned businesses. Ian is joined by four new arrivals – Iain Corbett, Gordon Young, Neil Roberts and Peter Burton – all of whom have moved from Fortis Lease UK.
The new service will provide funding for a wide range of assets including most types of vehicles, general plant and
AnaCap, the London based private equity firm that specialises in financial services companies, has completed its acquisition of the Czech subsidiary of Italy’s Banco Popolare.
The deal to buy Banco Popolare Ceská Republika (BPCR) has been under discussion with its Italian parent for some time and is AnaCap’s third acquisition of a European bank.
The deal also makes AnaCap unique amongst European private equity firms. No other European PE firm has been allowed by regulators to take control of so many banks.
Post the credit crunch there has been intense speculation over what divestments European banks would make
Global alternative asset manager The Carlyle Group has entered into exclusive negotiations for the acquisition of Sagemcom, a global high-technology group specialising in broadband communications and energy activities, from the Gores Group.
Carlyle would invest through Carlyle Europe Partners III (CEP III), a EUR5.4 billion buyout fund focused on investment opportunities in Europe, and would own 70% of Sagemcom whilst management and employees would hold the remaining 30%. Further financial terms of the transaction were not disclosed.
Sagemcom is a European manufacturer of high-end digital TV set-top boxes, very high speed broadband residential terminals and advanced electricity meters,
Religare Global Asset Management (RGAM), a wholly owned subsidiary and the multi-boutique asset management arm of integrated financial services group, Religare Enterprises Limited, has appointed Alan Berkshire as President – North America.
RGAM’s strategy is to acquire equity stakes in top-tier asset management firms around the world with proven performance and capabilities in traditional as well as alternative asset classes. RGAM aims to facilitate the growth of its affiliates by providing wider sales and distribution support and facilitating access to capital and deal flow in countries where Religare’s broader financial services platform has a presence, while leaving the existing management
Some 81% of venture capitalists believe an active IPO market is essential to the success of the venture capital industry, according to a new report on the global venture capital industry, issued by Deloitte and the British Private Equity and Venture Capital Association (BVCA). The majority of respondents (84%) surveyed felt that current levels of IPO activity were too low to support a healthy venture capital industry.
The survey indicates that the majority of venture capitalists think that without the higher returns generated by IPOs, the exit opportunities offered by M&A alone are not compelling enough to draw limited partner
Maven has led the off-market acquisition of certain trade and assets from the Ely Property Group, most notably a number of long term student accommodation management contracts in the UK and Ireland.
The new business, which will be branded as Space Student Living and operate from a commercial hub in London, will focus its resources and expertise on providing contracted management services in the student housing sector where there is considerable scope for further growth. The business has developed a solid recurring revenue base generated from seven established sites which are operating at near 100% occupancy and have identifiable levels of
JZ Capital Partners Limited (JZCP), the London listed closed ended investment company which principally invests in US and European micro cap buyouts, has seen its NAV per share increase 6 per cent during Q1 2011 and now stands at USD9.03 (on an annualised basis) up from USD8.93.
The company’s interim management statement for the quarter also reveals that there has been a further narrowing of the firm’s NAV discount to 23%.
European investments also increased by USD31.5 million over the first quarter, following the investments in two Spanish companies, Docout and Ombuds.
JZCP has also made its first USD7.7 million
International law firm Eversheds has advised private equity house Endless and the Board of Crown Paints on the sale of Crown Paints to Danish company Hempel.
Endless acquired Crown Paints in September 2008 from Akzo Nobel. Endless and the management team at Crown Paints then turned around a loss-making business achieving profits of GBP20m on sales of GBP180m in 2010.
Hempel, which was established in Denmark nearly a century ago, supplies products to the decorative, protective, marine, container and yacht markets in more than 80 countries.
The Eversheds team was led by partners Jonathan Robinson and Daniel Hall assisted by
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