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The Blackstone Group has appointed Dr Robert Galvin as chief executive officer of Equity Healthcare.
Equity Healthcare is Blackstone’s health management programme which aims to improve quality and contain costs in providing healthcare to the employees and their families of private equity portfolio companies.
Currently Equity Healthcare encompasses 34 companies, the combined healthcare spending of which exceeds USD2bn annually.
Before joining Blackstone, Galvin was executive director of health services and chief medical officer for General Electric for 15 years. There he was in charge of the design and financial and clinical performance of GE’s health programmes. He was also responsible
The financial services industry in the Cayman Islands has rejected claims by a US business group that low or no-tax jurisdictions hurt the US economy because they encourage tax evasion.
"The deliberate misrepresentation of lawful tax structuring as illegal tax evasion should be a source of real concern to the US Congress and the public it represents," Cayman Finance chairman Anthony Travers wrote in an open letter.
The US business group, called Business and Investors against Tax Haven Abuse, is endorsed by Senator Carl Levin. Levin was a co-author (along with then-Senator Barack Obama) of the Stop Tax Haven Abuse
The move by BlueCrest Capital Management, one of Europe’s largest hedge fund managers, to shift its headquarters from London to Guernsey has encouraged industry members who see signs that asset management activity in the island is set to grow.
They say active wealth management operations have been carried out in Guernsey for many years and the trend toward actually basing asset management there is being encouraged by increased regulatory scrutiny of the investment management business as well the island’s attractiveness as a jurisdiction.
“Serious businesses are being attracted to Guernsey, and as an island we should be enormously
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Paul Wharton, Chief Investment Strategist, Deutsche Bank
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Madison Williams, a capital markets and investment banking firm, has formed a placement and advisory group with fund placement veteran James J. McCarvill, Jr.
The group, called Madison Williams Private Capital Solutions, aims to raise capital for private equity, real estate and real asset funds as well as selected operating platforms and direct investment opportunities.
Bill Sprague, president and chief executive of Madison Williams, says: “We are very excited about partnering with Jim and his team. By working together, we will be the only comparable firm offering the breadth of fund placement services to leading institutional investors, as well direct
Rizvi Traverse Management, a private equity firm specialising in opportunistic investments, and Starwood Capital Group Global, a private investment firm focused on real estate and energy infrastructure, have led the recapitalisation of Key Air, a provider of aircraft management and executive charter services.
Under the terms of the transaction, Rizvi Traverse converted a portion of Key Air’s outstanding indebtedness, which it acquired from Key Air’s lenders in December 2009, into equity.
Starwood has acquired an approximately 50 per cent interest in the remaining debt and converted equity.
As part of the transaction, both Rizvi Traverse and Starwood have committed to
Okapi Partners, the proxy solicitation firm, has hired Geoff Sorbello as a managing director.
Sorbello joins Okapi Partners from ISS, a division of RiskMetrics Group which is now a subsidiary of MSCI.
While at ISS, Sorbello was responsible for providing governance services and advice, including M&A research, to the firm’s hedge fund clients. Sorbello worked closely with the firm’s proxy advisory services group, actively participating in dialogue regarding contentious mergers and acquisitions and proxy fights. Additionally, Sorbello managed relationships with many of the firm’s institutional investor clients.
Bruce H. Goldfarb (pictured), president and chief executive of Okapi Partners, says: "Geoff
Octopus Ventures, a division of Octopus Investments, has made an investment of GBP1.83m into Bowman Power, a developer of clean power generation technology designed to increase the performance of standard diesel and gas fuelled engines.
The deal with Bowman Power represents the 14th investment Octopus has concluded this year.
Based in Southampton, Bowman Power’s core product is a turbogenerator, which recovers waste heat from engines in order to both boost their power and efficiency, whilst reducing their emissions.
Bowman’s recent business wins include a significant contract to supply 2,000 production turbogenerators over four years to two German partners, Schnell
Black Diamond Capital Management, an alternative asset management firm, has appointed Philip Raygorodetsky as managing director.
Raygorodetsky is joining the firm immediately and will be based in Black Diamond’s Greenwich, Connecticut office.
Raygorodetsky joins Black Diamond’s controlled distressed/private equity team, where he will work alongside the current senior team, including Chris Boyle and Chris Parker, to oversee portfolio companies acquired on behalf of Black Diamond’s controlled distressed/private equity funds.
Raygorodetsky has over 13 years’ experience in the controlled distressed field. Most recently, he served as senior managing director in GSC Group’s equity and distressed debt group where he was responsible
GlobeOp Financial Services, a provider of business process outsourcing, financial technology services and analytics to hedge funds and other sectors of the financial services industry, saw its assets under administration increase by ten per cent in the first half of 2010 to USD120bn.
Assets under administration have increased by 43 per cent since 30 June 2009.
Revenues grew 13 per cent to USD89.4m versus USD79.2m in the first half of 2009.
GlobeOp’s adjusted operating profit rose by 60 per cent to USD25.4m at 30 June 2010.
The adjusted operating profit margin expanded to 28.4 per cent of revenues versus 20.0
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