HONG KONG (Reuters) – China Investment Corp, the country’s $200 billion sovereign wealth fund, appointed a new private equity head as part of its latest internal restructuring to boost investment performance, sources told Reuters on Wednesday. CIC made an internal announcement to its staff late on Tuesday that Hu Bing, who was mainly responsible for […]
MIAMI (Reuters) – The co-founder of private equity firm Apollo Management LP, Joshua Harris, said on Tuesday he did not expect the U.S. economy to hit bottom until 2010-2011, with slow growth from there. “Importantly, we’re not looking at 2013/2014 being any better, or the same level, as 2007,” Harris said during a panel discussion […]
MIAMI (Reuters) – David Rubenstein, co-founder of private equity firm Carlyle Group, said the U.S. government program to buy toxic bank loans and securities should provide opportunities for good returns, but he needs to see the rules before committing to it. “We’re always interested in looking for opportunities for good returns. I suspect this will […]
ZURICH (Reuters) – UBS AG (UBSN.VX)(UBS.N) ditched the head of its troubled investment bank on Monday, part of a top-level shake-up by CEO Oswald Gruebel aimed at stemming persistent losses. Switzerland’s largest bank by assets said it had appointed Alex Wilmot-Sitwell, a veteran UBS banker, and Carsten Kengeter, who recently joined from Goldman Sachs (GS.N), […]
Headstrong, a Fairfax, Va.-based financial services consulting firm, has acquired iX Partners, a provider of middle and back-office services to the asset management and financial services companies. No financial terms were disclosed. Welsh Carson Anderson & Stowe holds a majority stake in Headstrong, while other shareholders include H&Q Asia Pacific and Goldman Sachs.
Big 10 Tire Stores Inc., a Mobile, Ala.-based tire retailer, has received bankruptcy court approval to auction off its assets. The leader bidder is an affiliate of Sun Capital Partners, which acquired Big 10 back in 2006. www.big10tires.com
PADUA, Italy (Reuters) – Italian eyewear maker Safilo’s (SFLG.MI) main shareholder is continuing talks with, mainly, four private equity funds and a deal is hoped for before end-June, chief executive Roberto Vedovotto said on Monday. Only 3T, which owns just over 39 percent of Safilo, last week confirmed the group was considering new funding to […]
Kevin Smith has joined The Silverfern Group as a managing director. He previously was with Wachovia Securities as head of Diversified Industrials and Business Services banking.
MUMBAI (Reuters) – Global deal environment is picking up and there are a “few rays of sunshine” for the world economy, an Indian newspaper cited Henry Kravis, co-founder of buyout firm Kohlberg Kravis Roberts and Co [KKR.UL], as saying. “We haven’t decided yet whether the economy has turned around but we’re seeing a few rays […]
HONG KONG (Reuters) – Despite growing opportunities in the United States and Europe, it is too early to jump into distressed investing across Asia, according to a panel of regional experts. The reason to wait is that there is still plenty more pain to come from Asian corporations, as corporate earnings across the region are […]