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Staff changes at its Guernsey office is not a precursor to the transfer of fund administration operations outside the island, according to alternative fund service provider Butterfield Fulcrum Group.
The jobs of six staff at the firm’s Guernsey office have been terminated as a result of the implementation of new technology by the group, a spokeswoman says.
However, she insists that local concerns that there were plans to transfer funds or business away from Guernsey were unfounded. All staff affected by the changes had been offered alternative positions in other parts of the business, the spokeswoman says, but not
During the first half of 2010 almost one in ten (9.4 per cent) of UK mergers and acquisitions involved distressed businesses.
Of the 1,491 deals completed in the UK, 141 involved companies acquired out of administration or other formal insolvency procedure, according to research by Experian Corpfin on behalf of insolvency trade body R3.
The total value of all distressed deals in the first six months of the year amounted to close to GBP519m.
Steven Law, R3 president, says: “Insolvent businesses continue to feature in a significant proportion of deals within the UK. The number of distressed deals has more
More than half (56 per cent) of US venture capital executives are more confident and optimistic about the industry today compared to a year ago, according to a survey by Polachi, a provider of executive search services to technology, private equity and venture capital companies.
The survey found executives to be split down the middle when it comes to which geographical region currently represents the area of hottest investment opportunities, as 42 per cent indicated the east coast and 42 per cent indicated the west coast/Silicon Valley.
The Boston and New York markets are gaining speed with a spike in
Arma Partners has acted as exclusive financial adviser to Lloyds Development Capital and the Easynet Global Services management team on the GBP100m acquisition of Easynet from BSkyB.
Easynet is a telecommunications business that designs and manages data networks for large businesses as well as providing managed hosting and video conferencing solutions. It also provides fibre services for mid-market businesses in the UK and Holland.
Sky and LDC will enter into a long-term supply agreement to grant Easynet Global Services continued access to Sky’s national fibre network in the UK and Sky will also continue to be a business customer of
The Blackstone Group made a net loss of USD193.3m in the second quarter of 2010, compared to a net loss of USD164.3m for the second quarter of 2009.
For the second quarter of 2010, total segment revenues were USD552.3m, up significantly from USD403.6m for the second quarter of 2009.
The improvement was driven by increases in investment income derived from an increase in the carrying value of the underlying portfolio investments in the private equity and real estate segments, and by increased fees earned in the financial advisory segment.
These increases were partially offset by decreases in performance fees and
GCP Infrastructure Investments has admitted 40,000,000 ordinary shares to trading on the Official List and to trading on the London Stock Exchange’s main market for listed securities.
The company has raised GBP40m through a placing and offer for subscription of 29,840,909 ordinary shares and the switching into 10,159,091 ordinary shares, at a price of GBP1.00 per share
Based on the offer price, the company has a market capitalisation of GBP40m
Stephen Ellis, managing partner of Gravis Capital Partners, the investment adviser to GCP, says: "This is a very good result. In spite of difficult market conditions, the quality of our
Lloyds TSB Corporate Markets has appointed Nigel Myer as director and credit desk analyst reporting to Alan Capper, head of credit strategy.
Myer has over 25 years of financial markets experience including over 13 years in banks and insurance research.
He joins from Macquarie Securities. Previously, he was head of financial institutions credit research at Dresdner Kleinwort.
Capper says: “I am delighted Nigel is joining Lloyds TSB Corporate Markets. Nigel is a very senior and widely respected analyst and he will be instrumental in the evolution of our credit desk offering.”
Private equity firm SK Capital Partners has expanded its investment team with the additions of Aaron Davenport and Jim Marden as managing directors.
Both Davenport and Marden previously led the healthcare investing effort at Arsenal Capital Partners, where they worked closely with Barry Siadat and Jack Norris, two managing directors at SK Capital.
"Aaron, Jim and I collaborated on several successful investments while at Arsenal," says Siadat. "I have the utmost respect for their investment judgment and deal execution capabilities and am excited to have them become an integral part of SK Capital going forward."
"Jim and I are very
Copano Energy has issued USD300m of convertible preferred equity to an affiliate of TPG Capital, a private investment firm.
The series A preferred units were priced at USD29.05 per unit, a ten per cent premium to the 30-day volume weighted average price of Copano’s common units as of 19 July 2010.
The preferred units are entitled to in-kind quarterly distributions of USD0.72625 per unit for the first three years, and are generally convertible into common units on a one-for-one basis after 21 July 2013.
Copano intends to use the proceeds from the private placement to fund its Eagle Ford Shale
MMC Ventures says it has attracted considerable interest in its new fund, an EIS venture capital fund specifically created for younger investors.
The Growth Generation Fund, which was oversubscribed, closed today with over 60 new EIS investors.
Rory Stirling, investment manager at MMC, says: “The interest in the MMC Growth Generation Fund exceeded our expectations and we are delighted with the result. The average investment was nearly twice the minimum subscription and shows that younger investors want access to venture capital as an asset class. Given the current economic environment and pension expectations it’s more important than ever for investors
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