NEW YORK (AP) – Lehman Brothers Holdings Inc., the No. 4 investment bank, on Tuesday said third-quarter profits fell less than expected, as strength in stock trading and investment banking offset losses from the struggling mortgage market. The report provided investors a crucial first glimpse at how Wall Street fared in the fallout from the […]
WASHINGTON (AP) – The Federal Reserve cut a key interest rate for the first time in four years, starting with an aggressive half-point move to prevent a steep housing slump and turbulent financial markets from triggering a recession. The action triggered a huge rally on Wall Street. The Fed announced Tuesday that it was reducing its […]
WASHINGTON (AP) – The Securities and Exchange Commission is ratcheting up scrutiny of the potential for insider trading at hedge funds. The agency has sent hedge funds a detailed list of questions intended to ferret out employees and clients who would be in a position to acquire and pass along inside corporate information to managers […]
Atle Eide has joined HitecVision Private Equity as a partner. Eide previously served as CEO of Nordic seafood company Marine Harvest ASA. www.hitecvision.com
Frontenac Co. has sold TrialGraphix, a Miami, Fla.-based provider of trial consulting and presentation services, to risk consultant Kroll. No financial terms were disclosed. www.trialgraphix.com
Jay Sidhu, former chairman and CEO of Sovereign Bancorp, has formed a new private equity firm focused on the financial services industry. Addition information is not yet available. Sidhu is announcing the firm today during the Piper Jaffray Financial Services Private Equity Conference in New York.
Graphite Capital has sponsored a Gbp22 million (US$44m) bolt-on acquisition of Global Gas, for its Dominion Gas portfolio company. RBS Structured Financing provided debt financing for the deal. Law firm Maclays advised Dominion. No terms were disclosed for Graphite's June MBO of Aberdeen-based Dominion Technology Gases, but financing is understood to have been slightly less than Gbp30 million, […]
Ascend Venture Group has promoted Kylie Sachs to the position of partner. She joined Ascend's New York office in 2003. www.ascendventures.com
Cisco (Nasdaq: CSCO) has agreed to acquire Cognio Inc., a Germantown, Md.-based provider of wireless spectrum analysis and management for wireless networks. No financial terms were disclosed. Cognio has raised over $30 million in VC funding since 2001, from firms like ABS Ventures, North Bridge Venture Partners and Avansis Ventures. www.cisco.com www.cognio.com
Tim Bunting has joined Balderton Capital as a partner. He is the former vice chairman of Goldman Sachs International, and also served as Goldman's head of equity capital markets. Balderton is a London-based VC firm previously known as Benchmark Capital Europe. www.baldertoncapital.com