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Firms and Funds
NEW YORK/WASHINGTON (Reuters) – The House of Representatives approved a $700 billion bailout package for U.S. banks, under pressure from all sides as the effort to head off a spreading financial crisis hung in the balance. The House approved the financial rescue plan by a vote of 263-171, sending the measure to President George W. […]
Flexpoint Ford (f.k.a. Flexpoint Partners), a Chicago-based private equity firm focused on the financial services and healthcare sectors, has closed its second fund with a total of $1.28 billion. The first $800 million is for the firm’s general fund, while the other $480 million is for an overage fund.
NEW YORK (Reuters) – Wells Fargo & Co said it agreed to buy Wachovia Corp for about $15.1 billion, without U.S. government help, thwarting a planned Citigroup Inc deal that had been seen as big boost for both Citi and Wachovia. Wells Fargo is one of the few major U.S. banks that has remained consistently […]
(Reuters) American Capital Ltd. may not be able to maintain its current dividend rate in the coming quarters if the market conditions do not improve, JPMorgan Securities said, while downgrading the buyout firm’s stock to “underweight” from “neutral.” The company has been generating realized gains by actively selling its private equity investments and reinvesting capital […]
NEW YORK (Reuters) – John Thain, chief executive of Merrill Lynch, will become president of global banking, securities and wealth management when Bank of America buys Merrill next year. In a statement on Thursday, Bank of America Chief Executive Ken Lewis said Thain will be responsible for investment banking and most of the wealth management […]
Donald Tang, former vice chairman of Bear Stearns & Co., is leaving JPMorgan Chase & Co. in order to launch a private equity firm. The WSJ quotes a source saying that the new firm will be similar to a “merchant bank with a distribution platform.”
NEW YORK (Reuters) – The boards of Bank of America (BAC.N) and Merrill Lynch & Co (MER.N) Inc are asking shareholders to approve the commercial bank’s buyout of the investment bank. According to a filing with a U.S. regulator on Thursday, board members of both banks unanimously approved the deal and recommended shareholders also vote […]
Tough times loom for the European biotechnology sector as investors flee and funding becomes increasingly difficult to attract. With companies collapsing, the next 12 months could make or break the life sciences industry.
Historically home to one of Europe’s most buoyant venture capital communities, the Nordic region is now facing the same shortage of funding as elsewhere on the Continent as limited partners rein in their commitments.
When the Hamburg and Munich-based venture capital manager Earlybird missed the fundraising target on its latest fund in August, it seemed to speak volumes about investors’ scepticism towards venture capital in Germany.