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The UK asset management industry needs to considerably ramp up its plans for responding to the Alternative Investment Fund Managers Directive as only two per cent of the industry currently has a plan in place that is being implemented.
According to a recent poll by PricewaterhouseCoopers of 186 senior industry figures from the hedge fund, private equity and real estate sectors, only 16 per cent have set up a dedicated working group to consider the implications and formulate how they should respond.
The poll also revealed that 41 per cent of respondents expect the AIFMD to result in increased management
Private equity firm CVC Capital Partners has appointed Chan Tze Ching, Ignatius as senior adviser.
Chan will join CVC’s global financial institutions advisory board to support CVC’s activities in the financial services sector in Asia.
Chan was previously head of corporate and investment banking/senior country corporate officer for Greater China at Citigroup and deputy chief executive at Bank of China (Hong Kong).
Chan has over 30 years of experience in the banking industry in Asia, which includes senior executive positions in Hong Kong, Taiwan, and Japan during his career at Citigroup.
He currently serves as senior adviser to the
Ross Marshall, chief executive of UK mid-market private equity firm Dunedin, says the Chancellor’s economic recovery plan outlines that the UK has scored a welcome double boost from strong economic recovery and a credit rating upgrade.
As the economy slowly gathers momentum, UK businesses of all sizes will once again return to a focus on growth.
Marshall says increased market confidence means that deal flow will continue to pick up in 2011 and because the banks are still cautious about lending, a greater number of UK SME’s will look to private equity to bridge the funding gap.
The private equity
Yorkville Advisors, the US-based alternative investment manager, has entered into a GBP15m standby equity distribution agreement on behalf of one of its funds with AIM listed San Leon Energy.
San Leon is an international group of companies focused on the exploration and production of oil and gas projects in Poland, Ireland, Italy, Morocco, Netherlands and North America.
The transaction also included a SEDA-backed promissory note for the amount of GBP2.2m. The deal was advised out of London.
San Leon Energy entered into the SEDA as a means of raising additional capital when required, to assist its company strategy to
GMT Communications Partners, a private equity investor focused on the communications sector in Europe, has appointed Bernard Gray to the GMT Industry Council, a network of media industry experts who provide market perspective on the communications industry.
Gray was recently appointed chairman of Magicalia, the digital cross media publisher and platform provider, and Group GTI, a graduate recruitment business.
He was previously chairman of TSL Education, the educational publisher.
Prior to taking up the appointment at TSL in 2005, Gray was for five years chief executive of CMP Information, the UK media arm of United Business Media. Gray was also
Danville Partners has acquired Multi-Flex, a Florida-based manufacturer of modular extrusion and stainless steel conveyor systems, alpine accumulators, side gripper elevators, lowerators and product inverters.
In addition, the company sells automation components for conveyor and pallet transfer systems.
Multi-Flex is an add-on acquisition to complement Danville Automation Holdings’ other companies: Simplimatic Automation, which provides conveyors and high-speed puck-handling automation equipment; and Advantage Puck Technologies, which manufactures puck-style product carriers used to maximise efficiency in packaging and producing personal-care product lines.
"Multi-Flex’s outstanding product line and customer base will offer exceptional opportunities for growth and be a robust complement to Danville’s
Credit Suisse has appointed Andy Stewart to the asset management division as managing director and head of the liquid alternatives business, effective 1 December 2010.
Stewart joins Credit Suisse Asset Management from Man Investments, where he was president and chief operating officer in the US, responsible for business management and overall supervision of the firm’s activities in the US market.
He was also global head of managed accounts, charged with oversight of Man’s managed account initiatives globally.
In his new role at Credit Suisse, Stewart will be responsible for further developing and expanding the liquid alternatives business – which includes
Private equity firm 8 Rivers Capital has opened an office in the historic Power House of Durham’s West Village in North Carolina.
At the opening celebration, founders Bill Brown (pictured) and Miles Palmer committed to donate shares of stock worth five per cent of 8 Rivers to Duke University School of Law.
Palmer and Brown are joined in their support of Duke Law by Lanty Smith, chairman and chief executive of Tippet Capital, an emeritus member of the Duke University board of yrustees, life member of Duke Law School’s board of visitors, and former chairman of the board at Wachovia.
Citigroup has transferred the management and certain proprietary interests in its fund of funds, mezzanine funds, feeder funds and co-investment businesses to StepStone Group and Lexington Partners.
As part of the agreement, StepStone will provide ongoing management and advisory services for the CPE businesses’ USD4,000m fund of funds, feeder and co-investment funds.
Lexington will acquire a portion of Citigoup’s proprietary capital investments in the various funds and provide oversight for the co-investment portion of the CPE businesses.
The CPE businesses, which include investments in private equity funds, co-investments in buy-outs and mezzanine investments in middle market companies, are managed by
US venture capital investment in cleantech companies in Q3 2010 fell to USD575.6m in 53 financing rounds, a 55 per cent decrease in capital and a 22 per cent decrease in deals compared to Q3 2009, according to an Ernst & Young analysis based on data from Dow Jones VentureSource.
These results come amidst a quarter of significant corporate engagement with the cleantech sector.
"This quarter reflects the ongoing volatility in cleantech investment that we have observed over the past two years, depending on the presence of the very large transactions we see in cleantech," says Jay Spencer, Ernst &
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