MAGAZINE
December 2015 Issue
Financier Worldwide Magazine
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COVER STORY
Having previously disappeared into the folder marked ‘Inactive’ in the years following the 2007/08 financial crisis, the special purpose acquisition company (SPAC) collective investment structure has now returned to add...
FEATURES
Though a true zombie apocalypse is unlikely, zombies of a different sort have disturbed the sleep of private equity (PE) professionals in recent years. Indeed, ‘zombie’ private equity funds are becoming a genuine concern for...
Initial impact of the Volcker Rule
The Dodd-Frank financial reforms have been on the radar of firms in the financial services industry for years. However, one of the most important and divisive components – the Volcker Rule – has only just come into...
Washing away – ‘carwash’ scandal in Brazil
Latin America has long had a problem with bribery and corruption. For companies operating in the region, corporate malfeasance has been a major issue for years. Though efforts are being redoubled to eradicate bribery...
Running the rule over the Internet of Data
Whilst the Internet of Things (IoT) is a now a familiar concept for many, less well-known is one of its progeny – the Internet of Data (IoD) – and the myriad issues it presents. First among these issues is the sheer volume of data...
Turmoil in the US shale industry
Few sectors have experienced as tumultuous a time in recent years as the energy fraternity – a period of turmoil which has seen oil & gas prices plummet and traumatised shale producers in the US. Once upon a...
ROUNDTABLE
THE PANELLISTS: Catherine McCarthy, Bracewell & Giuliani LLP; Dan Howard, Clayton Utz; Clinton A. Vince, Dentons US LLP; Anthony Speier, Kirkland & Ellis LLP; Todd Giardinelli, Morgan Stanley.
Change and volatility readily describe the circumstances in which the energy & utilities sector has been operating. Technological advances are having a major impact on resource extraction and energy distribution and use...
SPECIAL REPORT
Fund managers continue to face new challenges and adapt their strategies to survive in the current climate. They are focused on addressing new regulations and compliance requirements as well as enhancing their relationship with investors...
FORUM: Managing risk and creating value in emerging market investments
FW moderates a discussion on managing risk and creating value in emerging market investments between Sam Robinson at Aberdeen Private Equity, Daniel Schmidt at CEPRES GmbH, and Luz María Pineda Lucy at Fondo de Fondos...
Private equity unrealised assets – a secondary market solution?
Preqin The issue of unrealised assets in mature private equity funds is one that transcends the secondaries market, and is of increasing concern for LPs and GPs alike as boom year vintages approach the end of their lifetime. This...
The influence of trends in the global pensions industry on alternative investment product design
Cleary Gottlieb Steen & Hamilton LLP Institutional investors, particularly large pension funds, are major investors in alternative assets such as private equity, infrastructure, debt and real estate funds. Their influence on these funds’ product offerings is significant...
The rise of the non-fund manager
Carey Group Increased regulation has made regulated fund structures less attractive to those who may once have become fund managers. Instead, some erstwhile fund managers are forming either private or public investment vehicles as an...
Senior Managers Regime – government u-turn on the proposed ‘presumption of responsibility’
Morgan, Lewis & Bockius LLP The Senior Managers and Certification Regime (SMCR), which has headlined regulatory news over the past 14 months, is currently undergoing major developments at government level prior to its official implementation on...
FW moderates a discussion on portfolio valuation between Tony Loughran at Cushman & Wakefield, Dr James Dimech-DeBono at FTI Consulting, and Dr Cindy Ma at Houlihan Lokey...
DEALfront
mergers & acquisitions
Energy Transfer and Williams agree $33bn deal
After a yearlong chase, Energy Transfer Equity LP has finally agreed to acquire rival firm Williams Cos Inc in a deal worth around $33bn. The deal, once completed, will create a natural gas superpower. The two companies will have a combined...
Altice agrees $17.7bn deal to acquire Cablevision
In a deal that makes the organisation the fourth biggest cable operator in the US market, Altice NV has acquired Cablevision Systems Corporation for around $17.7bn. The transaction is to be financed by $14.5bn of new and...
private equity & venture capital
Q3 2015 saw private equity (PE) deal activity slump considerably according to new data from Pitchbook. The decline in PE dealmaking in Q3 sees the continuation of the general fall in deal activity. Deal exit channels...
Carlyle to exit BBA Aviation in $2.1bn deal
Global aviation support and aftermarket services provider, BBA Aviation plc, is to expand its fixed-base operation (FBO) network with the acquisition of Landmark Aviation from The Carlyle Group in a $2.1bn...
bankruptcy & corporate restructuring
PE-backed Samson Resources files for bankruptcy
Following a lengthy battle with financial difficulty, private equity owned oil & gas producer Samson Resources has filed for a pre-arranged Chapter 11 bankruptcy. According to a statement announcing the filing, Samson, which is owned by KKR & Co...
American Apparel files for Chapter 11 bankruptcy
American Apparel, the manufacturer, distributor and retailer of branded fashion-basic clothing, has voluntarily filed for reorganisation under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the...
PROFESSIONALinsight
Banking & Finance
Halting the CCO merry-go-round
Marlin Hawk Post 2008, financial institutions continue to be faced with more regulation than ever before. The compliance function has had to raise its game, with growing departments and, for many firms, direct reporting to the...
NPL solutions in Hungary – regulatory overview
Schoenherr Non-performing loans (NPL) are on the rise in both the retail and commercial sectors in Hungary. Hungarian banks have struggled for the past few years, and the effect of the crisis on the NPL rates was exaggerated by...
Indonesian law on Sovereign Sukuk
Karim Syah In 2008, Indonesia promulgated its law on Sovereign Sukuk, Law No. 19 of 2008 (the Sukuk Law), followed shortly thereafter by the issuance of the country’s first Sovereign Sukuk. The law was welcomed warmly with...
Risk Management
Łaszczuk & Partners On 6 October 2015, the Court of Justice of the European Union held that the EC’s Safe Harbor decision (Commission Decision 2000/520/EC of 26 July 2000 on the adequacy of the protection provided by the safe...
Data security – protect and survive
Walker Morris LLP The related issues of data privacy and data security have dominated the news agenda in recent months. First, on 6 October, the Court of Justice of the European Union (CJEU) ruled the current Safe Harbor regime ineffective...
Litigation & Dispute Resolution
Avoiding spoliation and sanctions: recent USITC decision highlights risks of inaction
Adduci, Mastriani & Schaumberg, LLP Advances in technology have allowed companies to store information and data in myriad ways, including the mass storage of files and records via hard drives, memory chips and the cloud. Preservation of such...
Fenwick Elliott LLP The Chartered Institute of Arbitrators (CIArb) held a public consultation on dispute boards in 2013 and 2014, seeking to identify the key issues of a dispute board process which is not geared to any particular economic...
Effective use of mediation: overcoming assumptions to make good decisions
Resolution Systems Institute Good information is required to make good decisions. That’s as true in law as it is in banking. And it’s true when determining whether and how to mediate one’s case. Unfortunately, many attorneys continue to have...
SPOTlight
The unaccounted cost of accounting-sounding terms in purchase agreements
The Brattle Group Mergers and acquisitions can benefit companies by increasing the breadth and depth of companies’ goods and services, and enabling companies to capture economies of scale. Of course, not all mergers and...
BoyneClarke LLP It’s a fact. All businesses need money to survive. Some, however, find it easier to access than others. Money is usually raised in the form of debt or equity. In Canada, equity investments are governed by securities laws, which differ from province to...
Why shareholder activists are set to leapfrog North American companies
Kingsdale Shareholder Services It appears too many North American companies are still not getting the message when it comes to preparing for shareholder activism. Boards should be under no illusion that what got them through this year...
Pricing of acquisitions and reorganisations in the spotlight
CMS Cameron McKenna The Organisation for Economic Co-operation and Development (OECD) finalised its highly anticipated Action Plan on Base Erosion and Profit Shifting (BEPS) in October 2015. Contained within the report was a...
Global biopharma between stagnation and outperformance
Catenion Looking at the market appreciation of biopharmaceutical companies during the last 2-3 years (biopharma share index, IPOs, funding flows) it is clear that this industry is back in the spotlight of investors...
CONTRIBUTORS
Aberdeen Private Equity
Adduci, Mastriani & Schaumberg, LLP
BoyneClarke LLP
Bracewell & Giuliani LLP
Carey Group
Catenion
CEPRES GmbH
Clayton Utz
Cleary Gottlieb Steen & Hamilton LLP
CMS Cameron McKenna
Cushman & Wakefield
Dentons US LLP
Fenwick Elliott LLP
Fondo de Fondos
FTI Consulting
Houlihan Lokey...
Karim Syah
Kingsdale Shareholder Services
Kirkland & Ellis LLP
Łaszczuk & Partners
Marlin Hawk
Morgan Stanley
Morgan, Lewis & Bockius LLP
Preqin
Resolution Systems Institute
Schoenherr
The Brattle Group
Walker Morris LLP