Asset Management

  • February 5, 2015

    REIT Sovran Self Storage Pays $120M For 4 Properties

    Sovran Self Storage Inc. has purchased four self storage properties in New York and Connecticut from Florida developer Arredondo Holdings for $120 million, the real estate investment trust announced on Wednesday.

  • February 5, 2015

    SEC Won't Let Barred Hedge Fund Manager Return To Old Job

    The U.S. Securities and Exchange Commission on Wednesday told a former hedge fund manager charged in April with defrauding investors that he couldn't go back to work for one of his prior employers, a registered investment adviser.

  • February 5, 2015

    US Financial Watchdogs Tweak SIFI Designation Process

    U.S. financial regulators on Wednesday adopted a series of reforms aimed at increasing the transparency in its process for designating insurance companies and other nonbank firms as systemically important, and placing them under heightened regulatory supervision.

  • February 5, 2015

    Ontario Nets $885M In Sale Of Remaining GM Stake

    Canadian province Ontario on Wednesday said its government has sold its remaining shares of General Motors, earning CA$1.1 billion ($885 million) from a crisis-era investment that helped bail out the automaker, promising to spend profits on upgrading public infrastructure.

  • February 5, 2015

    Real Estate Rumor Mill: Toyota, Norges, Milwaukee Bucks

    Toyota Motor Co. is reportedly considering super-sizing its new $350 million campus in Texas, while Norges Bank Investment Management is rumored to be buying a stake in a Manhattan office tower and Wisconsin lawmakers may shave down a bond plan for the Milwaukee Bucks’ $520 million arena.

  • February 4, 2015

    Paul Weiss Snags Lead Gupta Prosecutor For NY Office

    Paul Weiss Rifkind Wharton & Garrison LLP has hired the New York federal prosecutor who helped take down Goldman Sachs Group Inc.’s Rajat Gupta to bolster its litigation practice, focusing on white collar criminal defense, cybercrime, government investigations and high-stakes litigation, the firm said Wednesday.

  • February 4, 2015

    UBS Faces Fresh Probe For Allegedly Aiding Tax Evasion

    Federal authorities are investigating UBS AG for potentially helping Americans evading taxes through so-called “bearer securities” mostly prohibited in the U.S., about six years after the Swiss banking giant paid $780 million to resolve a similar international-tax dispute, according to a Wednesday report.

  • February 4, 2015

    SEC Commissioners Blast Decision Not To DQ Oppenheimer

    Two top U.S. securities officials on Wednesday voiced their disapproval of the U.S. Securities and Exchange Commission’s recent decision not to disqualify Oppenheimer & Co. Inc. from conducting private capital-raising deals despite a long history of violations, saying the public deserves better.

  • February 4, 2015

    Caesars Brings On Ex-Hertz Head As CEO Steps Down

    Caesars Entertainment Corp. is replacing CEO Gary Loveman with former Hertz Global Holdings Inc. head Mark Frissora in a management change that will be made official July 1, the company told investors Wednesday, weeks after placing its biggest unit in bankruptcy.

  • February 4, 2015

    Attys, SEC Slog Long Road To Debt Tender Offer Reform

    After nearly 30 years of silence, the U.S. Securities and Exchange Commission last month updated its guidance on tender offers for debt securities. The spark for the no-action letter, which grew to incorporate advice from dozens of lawyers, issuers and investors, was ignited by a frustrated group of investors caught on the short end of a takeover deal.

  • February 4, 2015

    JPMorgan Says Bankruptcy Kills $3.7B Petters Ponzi Suit

    JPMorgan Chase & Co. asked a Minnesota federal judge on Tuesday to toss a complaint brought by hedge funds alleging the bank and others aided and abetted disgraced businessman Thomas Petters’ $3.7 billion Ponzi scheme, saying the claims were time-barred and voided by related bankruptcy litigation.

  • February 4, 2015

    Adviser Can't Halt Ne-Yo's Fraud Suit Over Sports Drink Co.

    A New York federal judge on Wednesday rejected a financial adviser's bid to halt discovery in suits brought by Citibank and singer-songwriter Ne-Yo, who claims he was fraudulently induced to invest $2.5 million in sports beverage maker OXYwater, saying a criminal probe should not stall the proceedings.

  • February 4, 2015

    FINRA Eyes New Rules On Fired Brokers, Military Sales

    The Financial Industry Regulatory Authority on Wednesday said its governing board will soon consider plans to speed up the release of information about when registered representatives are terminated from their jobs, as well as potential new rules around how securities are sold on military bases.

  • February 4, 2015

    Holland & Knight Guides Fibra UNO $689M Mexican Debt Offer

    Holland & Knight LLP advised Mexican real estate investment trust Fibra UNO’s 10 billion peso ($689 million) bond issuance Tuesday on the Mexican Stock Exchange, part of the REIT’s inaugural debt program designed to help finance its growth.

  • February 4, 2015

    Despite Staples Snub, Activist Has Flex In $6.3B Merger

    Staples Inc. and Office Depot Inc. became the latest companies to unveil a multibillion-dollar shakeup plan that mirrors a proposal from fast-rising activist investor Starboard Value LP. In each case, the companies took pains to clarifty they set the move in motion before the fund got involved — but that doesn't mean Starboard is without a role.

  • February 4, 2015

    US Bank Reaches $18M CFTC Deal For Peregrine Victims

    U.S. Bank NA will cough up $18 million for futures customers victimized by former Peregrine Financial Group Inc. CEO Russell Wasendorf Sr.’s $215 million embezzlement, putting the Commodity Futures Trading Commission’s accusations of complicity against the bank to rest.

  • February 4, 2015

    Swaps Panel Weighs Briefs On $1.7B Caesars CDS Question

    The International Swaps and Derivatives Association on Tuesday released four briefs filed on both sides of the question of whether Caesars Entertainment Operating Co. triggered some $1.7 billion in credit-default swaps by failing to pay junior bondholders in December.

  • February 4, 2015

    NJ Hedge Fund Swindled $2M From Hotel Developer, Suit Says

    Hotel developer HEI Investments LLC has claimed in a federal suit that it was bilked into investing $2 million with New Jersey hedge fund Black Diamond Capital Appreciation Fund LP, in exchange for $9 million in financing for a Georgia hotel project that never came through.

  • February 4, 2015

    SEC Sanctions Investment Advisers Over Dummy Offices

    The U.S. Securities Exchange Commission on Wednesday sanctioned investment advisers accused of falsely listing their places of business in Wyoming to give the appearance of controlling more assets than they actually did with rarely used offices.

  • February 4, 2015

    Real Estate Rumor Mill: Sarajevo, Related Cos., Tishman

    A United Arab Emirates developer reportedly pitched a $2.6 billion ski resort near Sarajevo, Bosnia-Herzegovina, while a Related Cos. unit is reportedly planning several Chicago apartment towers, and Tishman Speyer may sell a $570 million German tower it just completed.