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Mourant, a provider of offshore legal and administration services, has signed an agreement to sell Mourant International Finance Administration to State Street.
MIFA is the division of Mourant which handles fund and company administration.
Completion of the transaction remains subject to regulatory approval but is expected to close early next year.
Jonathan Rigby (pictured), managing partner of Mourant du Feu & Jeune, the Mourant legal practice, says: "This is an exciting development for MIFA. It should enable the administration business to reach its full potential. The partners of Mourant du Feu & Jeune will now be focusing exclusively on
RoundTable Healthcare Partners, a private equity firm focused exclusively on the healthcare industry, has entered into a definitive agreement to sell one of its portfolio companies, Ascent Healthcare Solutions, to medical technology company Stryker for USD525m in cash.
Prior to closing, Ascent will distribute USD35m of cash from its balance sheet to its shareholders, taking the total proceeds from the sale to approximately USD560m.
The closing is conditional on regulatory approval and other customary closing conditions.
Ascent is an independent third-party reprocessor of single-use medical devices in the healthcare industry. It was created through a merger of Vanguard Medical Concepts,
Law firm Sidley Austin is opening an office in Palo Alto, California with lawyers practicing in the areas of corporate, technology transactions and IP litigation.
The Palo Alto office will complement Sidley’s strong presence throughout California, with over 200 lawyers in San Francisco and Los Angeles.
“The Silicon Valley, as a worldwide center of innovation, has been in our sights for strategic expansion,” says Thomas A. Cole (pictured), chairman of Sidley Austin’s executive committee. “Our Palo Alto office will establish a significant presence with veteran attorneys who understand the process of technology innovation. Sidley has a well-recognised reputation in areas
BlackRock has invested GBP20m in Circle, Europe’s largest clinician partnership with the UK’s biggest pipeline of new build private hospitals.
Circle is the fastest growing independent hospital operator in the UK and is majority owned by its employees.
It currently operates three hospitals and two clinics, including Europe’s largest day-case treatment centre in Nottingham.
The company has ambitious plans to open and operate over the next few years a further 27 new generation hospitals.
The first of these hospitals will be opening in Bath in February 2010. Circle Bath is the first hospital in the world to have been designed
Wi-Fi specialist Xirrus has secured an additional USD20m in a financing round led by venture capital firm InterWest Partners.
This financing round brings the total investment in the company to USD80m.
Xirrus will use the new funds to bolster its reserves and invest in partnerships with large integrators focused on making Wi-Fi the primary network connection for their customers.
The financing is anticipated to be the last round of private funding Xirrus will require.
"Times have changed since my last technology venture," says Dirk Gates, founder and chief executive of Xirrus. "Xirrus has reached critical mass and significant customer traction
Canaan Partners, a global venture capital firm, has appointed Tim Shannon as venture partner.
Shannon (pictured) is based in Canaan’s Westport, Connecticut office, from where he will support the firm’s current healthcare portfolio companies and identify new investment opportunities.
Shannon brings more than 15 years of biopharmaceutical operational experience leading product and business development to Canaan’s investments. He was most recently president and chief executive officer at CuraGen, a publicly-held biopharmaceutical company focused on oncology, which was acquired by Celldex Therapeutics in October 2009.
"Tim is a key addition to the firm’s healthcare team, particularly as the investment climate and
MidOcean Partners, a middle market private equity firm, has appointed Robert S. "Steve" Miller as chairman of the firm.
Miller (pictured) will work with the firm’s executive board, provide strategic guidance to MidOcean’s portfolio companies, and participate in the sourcing, evaluation and execution of additional investments.
Mark Angelson, who joined the MidOcean executive board in 2004 and was named chairman in December 2007, will continue as a member of the board.
Miller most recently served as chairman and chief executive, and then as executive chairman, of auto parts giant Delphi Corporation. He has also held top leadership posts at many
Sigma Partnership says it is becoming increasingly apparent to US, Asia and non-EU based managers and advisers that the EU directive is more protectionist than ever.
The key decision makers in Europe are influencing revisions that favour a “Fortress Europe” stance, such as the deletion of certain restrictions, it says.
As these reports stand, there continues to be much confusion about the Ucits fund regime and the Alternative Investment Fund Managers regime. Sigma says while the former is suitable, despite the different national tax consequences for institutional and retail investors, the funds in the AIFM regime are really for
iNovia Capital, a Montreal-based manager of venture capital funds, has invested in BaroSense as part of the company’s series B financing round.
BaroSense is a privately-held medical device company specialising in the minimally invasive treatment of obesity.
There are over 400 million people worldwide considered as obese. Despite proven clinical benefits of surgical weight reduction procedures, including bariatric surgery, it is estimated that less than one per cent of the population eligible for these procedures actually goes for surgery.
"There is an important unmet medical need considering the potential long term impact of obesity on patients’ health and on
State Street is expanding its global fund administration and alternative servicing capabilities with an agreement to acquire Mourant International Finance Administration in a cash transaction.
Pending regulatory approvals and other closing conditions, the transaction is expected to close in the first quarter of 2010.
State Street expects the transaction to be slightly accretive to 2010 earnings, excluding one-time costs.
Headquartered in Jersey in the Channel Islands with approximately USD170bn in assets under administration and approximately 650 employees in locations including Dublin, Singapore and New York, MIFA is a provider of fund administration services, particularly for alternative investments, such as private
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