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The International Organization of Securities Commissions has published a set of principles regarding cross-border supervisory cooperation developed by its technical committee’s task force on supervisory cooperation.
These principles, accompanied by a report and sample memorandum of understanding, set out how securities regulators can better build and maintain cross-border cooperative relationships that will allow them to more effectively oversee financial services providers such as investment advisers, asset managers, hedge funds, credit rating agencies, exchanges and clearing houses, that operate in multiple jurisdictions.
The objective of the principles is to assist regulators in determining the form of cooperation best suited to the
Junior minerals exploration and development company General Metals has appointed Mike Powell, a venture capitalist and general partner at Sofinnova Ventures, to its board of directors.
Powell has more than 25 years of pharmaceutical development experience, and he has focused interest in clinical-stage product companies.
He joined Sofinnova Ventures as a general partner in 1997.
Prior to becoming a venture capitalist, Powell worked on 20 clinical products and authored almost 100 papers and books, including an 1,100-page treatise on vaccine design.
Powell was an early investor in Actelion, InterMune, Anesiva, Orexigen Therapeutics, Seattle Genetics, and Threshold Pharmaceuticals, as well as
Prime Fund Solutions, the hedge fund administration business currently being sold by Fortis Bank to Credit Suisse, has made a number of hires across its network of offices.
Jay Moghe has joined Prime Fund Solutions’ Singapore office as deputy managing director in charge of sales and relationship management. Moghe has over 20 years of experience in financial markets, the last eight of which have been within the hedge fund space. He previously founded Asian Alternative Consulting after senior positions at OPAM/Stork Capital and APS Asset management.
Martin Lui has taken on the role of director of client services and operations
Guardian Analytics, a provider of predictive analytics-based fraud prevention software, has raised USD9m in funding led by Sutter Hill Ventures with participation by existing investor Foundation Capital.
The series C funding will be used to accelerate product innovation and capitalise on the growing demand for fraud prevention solutions.
2009 saw record highs in online banking cyber attacks and fraud losses as criminals directly assaulted existing online security solutions, sparking both high-profile lawsuits and debates in Washington over business protection and security regulations.
To stem the tide of losses, industry experts are recommending that financial institutions take a new approach to
Hampton Roads Bankshares has entered into definitive agreements with affiliates of The Carlyle Group and Anchorage Advisors to purchase at least USD73m in common stock each as part of an expected aggregate USD255m capital raise by the company from institutional investors.
Hampton Roads also plans to conduct a USD20m rights offering after the closing of the capital raise that will allow existing shareholders to purchase common shares at the same purchase price per share as the investors.
Any portion of the rights offering not purchased by existing shareholders will be purchased by the investors.
The investment and related transactions, which
The private equity and special situations team at VTB Capital has acquired the Capital Plaza business centre in Moscow.
The 14-floor building has a total floor space of approximately 50,000 square metres.
Valentina Stanovova, first vice president at Capital Group, says: “Implementing a development project as a business process envisions the creation and development of quality real estate, to be put into maximum effect as soon as project development has been finished. This approach allows us to acquire and develop new sites. Our agreement with VTB Capital makes it possible for Capital Group to actively proceed with new development project
Dublin-based Irish mobile services company Digital Reach Group has completed an investment deal with Irish investment group Pageant Holdings, just nine months since its inception.
The investment of EUR500,000 is forecasted to fund the company to profitability and will be used to facilitate the expansion of Digital Reach Group’s sales, technology and finance teams.
Digital Reach Group currently employs ten staff based in Dublin, with a team of 20 planned by the end of the year.
Digital Reach Group chief executive Colm Grealy says: “This investment is further endorsement of our management team and business strategy and puts us
The Irish office of law firm Maples and Calder has advised Avolon, the aircraft leasing group, on the completion of its initial capital raise of USD1.4bn.
The capital raised includes an equity commitment of USD750m from three private equity firms, Cinven, CVC and Oak Hill Capital, and a USD400m warehouse facility, the first facility of its type completed since 2007.
Nollaig Murphy (pictured), partner and head of the finance group at Maples, says: “We are pleased to serve as legal adviser to Avolon which demonstrates our firm’s credentials within this sector.”
Andrew Doyle, managing partner at Maples, adds:, “We are
Private equity firms active in the healthcare industry have launched the Healthcare Private Equity Association, a Chicago-based, non-profit trade association whose purpose is to support the reputation, knowledge and relationships of the healthcare private equity community.
As of its founding, the association’s roughly 40 member firms represent over USD300bn of capital under management and over 300 healthcare-focused investment professionals.
As the first sector-focused trade association in private equity, the association anticipates it will represent one of the largest groups of privately-held healthcare businesses in the US.
Its members’ approximately 500 healthcare portfolio companies have over USD200bn of combined revenue and
Morgan Stanley Private Equity has formed a partnership with William E. (Bill) Mitchell, the former chairman and chief executive of Arrow Electronics, to acquire or invest in managed IT services companies.
The goal of the partnership is to create a leading IT services provider focused on serving small and medium sized businesses.
Mitchell (pictured) retired from Arrow Electronics on 1 January 2010. He originally joined Arrow Electronics as president and chief executive officer in February 2003, and was named to the additional position of chairman of the board in May 2006.
Prior to joining Arrow, Mitchell led the growth of
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