Asset Management

  • October 17, 2014

    Old Mutual Forks Over $941M For UK Investment Manager

    International insurance giant Old Mutual PLC is set to acquire private equity-backed investment manager Quilter Cheviot for up to £585 million ($941.2 million), the companies said Friday, moving Old Mutual one step closer to its goal of becoming a leading wealth management player in the U.K.

  • October 17, 2014

    CBRE Brokers $158M Refi For Calif. Business Center

    Real estate developer and manager The Koll Company has secured a $158 million refinancing package from Brookfield Asset Management Inc. for a California office and industrial business center, broker CBRE announced Friday.

  • October 17, 2014

    IRS Wipes Out Secured Debt In Scott Cable Bankruptcy Case

    The Internal Revenue Service has succeeded in subordinating secured debt issued by Scott Cable Communications Inc., with a Delaware bankruptcy judge finding the debtholders obtained the notes in a Chapter 11 plan structured to keep the agency from collecting up to $50 million in capital gains taxes.

  • October 17, 2014

    Einhorn Hedge Fund Greenlight Capital Raising Extra Cash

    As the stock market slides, David Einhorn sees opportunity. The billionaire hedge fund manager is looking to raise cash for his Greenlight Capital Inc. for the first time in more than two years as he sees the chance for new investments amid the recent market tumult.

  • October 16, 2014

    Ex-UBS Exec Points Blame At Gov't Witness In Tax Trial

    Ex-UBS AG executive Raoul Weil's counsel distanced him from a former colleague's testimony on an alleged conspiracy at the Swiss bank to conceal $20 billion in U.S. client assets from the Internal Revenue Service, instead pointing blame at the government's witness himself Thursday in Florida federal court.

  • October 16, 2014

    Clock Ticks On Momentive To Pull Off Thorny Ch. 11

    The stakeholders that crafted Momentive Performance Materials Inc.’s Chapter 11 plan are facing a Friday deadline to iron out differences between their respective constituencies that have prevented the hotly contested debt restructuring from going effective.

  • October 16, 2014

    Co-Investment Craze Drives Private Equity Evolution: Report

    Private equity funds are trying to cash in on large limited partnerships' rising interest in co-investment by offering such partners lower fees and carry-fee percentages, according to a new study by Fitch Ratings released Wednesday.

  • October 16, 2014

    CFTC Chair Open To Harmonizing Swaps Rules With Europe

    The head of the U.S. Commodity Futures Trading Commission on Thursday said he is open to harmonizing his agency’s derivatives rules with those in Europe if it helps move the European Commission towards recognizing U.S.-registered clearinghouses as like their own.

  • October 16, 2014

    Belgium Referred To EU High Court Over Investment Tax

    Belgium has been referred to the European Union's highest court for imposing a discriminatory tax on collective investment schemes established in other EU states, the European Commission said on Thursday.

  • October 16, 2014

    Ex-Hedge Fund Analyst Gets 5 Years For $27M Trading Scheme

    A former hedge fund analyst who doled out illegal stock tips as part of an alleged $27 million scheme was sentenced in New York federal court on Thursday to five years in prison.

  • October 16, 2014

    Sonifi Creditors Lose Challenge To Mast-Led Restructuring

    A New York bankruptcy judge on Thursday elected not to hear a suit accusing reorganized Sonifi Solutions Inc. of scheming with creditor Mast Capital Management LLC to subordinate a rival lending group’s debt in violation of the hotel media provider’s Chapter 11 plan.

  • October 16, 2014

    SEC Fines High-Speed Trader In Market Manipulation Case

    The U.S. Securities and Exchange Commission on Thursday said it brought its first market manipulation case against a high-frequency trading firm when it fined a New York-based dealer $1 million to settle charges it schemed to take advantage of the markets during the closing seconds of trading.

  • October 16, 2014

    Madoff Link Doesn't Cap Damages In Suit Vs. Accounting Firm

    A Nassau County trial judge was correct in refusing to limit damages as a matter of law in an accounting negligence case claiming Margolin Winer & Evens LLP failed to inform fund investors that it had no way to tell whether Bernie Madoff's claimed profits were accurate, a New York appellate court ruled Wednesday.

  • October 16, 2014

    Freshfields, Baker & McKenzie Guide Dutch Co.’s $1B Mall Buy

    Freshfields Bruckhaus Deringer LLP and Baker & McKenzie LLP advised Wereldhave NV in a €850 million ($1.1 billion) deal to buy six French shopping centers from Unibail-Rodamco SE, the companies said Thursday, in a deal Wereldhave hopes to partially finance by issuing up to €550 million of new shares.

  • October 16, 2014

    SEC Admin Judge Bars Former SAC Trader Steinberg

    The U.S. Securities and Exchange Commission has won an administrative ruling banning former SAC Capital Advisors LP trader Michael Steinberg from the securities industry, despite a looming Second Circuit decision that could eventually overturn his insider trading conviction.

  • October 16, 2014

    Calif. Law Firm Challenges $1.9M IRS Deficiency Notice

    A California-based law firm is protesting an Internal Revenue Service determination alleging it misreported its income by $1.9 million, claiming the funds-in-question belonged to its clients, according to a petition made public on Wednesday.

  • October 15, 2014

    6th Circ. Corporate Scienter Test Leaves Cos. Vulnerable

    The Sixth Circuit recently tried to strike a middle ground between divergent opinions around the pleading standards for corporate scienter, but defense attorneys say the test it adopted leaves companies wide open to claims they knew about wrongdoing simply because someone along the chain of command did.

  • October 15, 2014

    Jones Day Reps Behringer In 435-Unit Dallas Apartment Buy

    A Behringer real estate investment trust has purchased a 435-unit apartment complex outside of Dallas, according to a Wednesday announcement from the company, which had counsel from Jones Day.

  • October 15, 2014

    Investors Knock SAC's Bid To Cut Racketeering Claims

    Investors in Elan Corp. Ltd. and Wyeth LLC fought back against SAC Capital Advisors LP's efforts to dismiss racketeering charges from their class action over supposed insider trading in the companies' stock, asserting Wednesday that they have suffered concrete losses caused by the alleged fraud.

  • October 16, 2014

    CORRECTED: American Realty Strikes $162M Deal For NYC Office

    American Realty Capital has struck a deal to pick up a prized Times Square-area Manhattan office tower from The Carlyle Group and Capstone Equities for $162 million, a source told Law360 on Wednesday. (Correction: An earlier version of the story misidentified American Realty Capital. The error has been corrected.)