All GLG News Analyses Filed Under: Asset Management & Private Banking
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
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A bigger deal than simply iShares
May 18, 2009
Barclays waits for new offers for iShares | business.timesonline.co.uk
A deal that would surpass the combined CVC offer price and the additional cost of the break fee payment would likely need to be for more than just the iShares business and include the rest of BGI. One of the biggest revenue generators for BGI is the securities lending business which was EXCLUDED from the CVC deal. It is unlikely that BGI would sell the iShares business and include securities lending as it would undermine the overall BGI program and create an iShares lending entity that was too small to compete stand-alone.
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May 8, 2009
Hedge Funds, Buyout Firms Say EU Rules Are Punitive | www.bloomberg.com
Implications: 1.More legislative directive's appear to be the answer to volitilty - Inappropriate at this time! 2.A factor to consifer: The diversion of Private Equity and Venture Capital to a condusive Monetar Marlketplace. A mistake with Long Term consequences. 3.The three (3) Primary Criteria are being overlooked: (A). Investment Returns will change. (B) . The matter of Volatility must be acceptable not regulated and (C). The concept of Risk cannot be avoided. 4.Hedge Funds Strategies vary greatly and cannot guarantee a cushion against a market downturn. 5.The primary objective is a reduction in volatility and risk. There is NO guarantee that the same wii take place!!!!!
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Takeover of Bramdean Alternative Funds - Caution is the Method: Buyer Beware of Fault!
May 6, 2009
Takeover approach for Horlick fund | www.ft.com
Implications: 1. Progessive European Markets Has a small stake in the venture - Madoff is the "Deal Killer"! 2.Dissatisfaction over FUNDS Performance with a third of asset distribution is a Serious Mattter and must be corrected. 3.Two (2) major investors: Hampshire County Council and RMF Investments with a 19% and a 15 % stake are in a hazardous position. 4.Private Equity appears to be the most saliet issue , at hand.The factsheet has a Lack of Disclosure and will require a material amount of Due Diligence. 5.Net Asset Valuations fluctuate due to Regulatory Capital requiremets - an obvious hazard to any Financial Marketeer!!!!!!
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Improved Free Cash Flow Yields Will Contribute To Improved Foreign Private Investments To India
April 14, 2009
Private equity money dries up for India Inc | economictimes.indiatimes.com
Availability of credit in recent years has been relatively easy but this has changed and obtaining competitive credit and attracting inward investment will require a radical management adjustment in the Indian manufacturing and Service industries Relying on shareholders and bank debt for increased working capital without corresponding internal improvements in cash management will deter Private Equity investors and is doomed to failure. As a country with a large manufacturing base, Indian companies could adopt simple capital rationalisation procedures to strengthen their balance sheets and improve free cash flow yields, therefore in some respect counteracting risk aversion displayed by investors.
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Harnath SithamrajuConsultantHarnath Sithamraju
April 13, 2009
Private equity money dries up for India Inc | economictimes.indiatimes.com
Current downturn is temporary and though it would take some more time to sort out, would eventually lead to better times.
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April 13, 2009
Private equity money dries up for India Inc | economictimes.indiatimes.com
Fundamentals of the Indian Economy are intact. Temprorary withdrawal of funds has happened. GDP is still expected to grow at 6% in 2009 and reach 10 percent in 2011. India needs large amount of funds, which would give sustainable returns and growth. Nation is stable. Current account deficit is temprorary, particularly in 2008 because crude touched $147 a barrel at one time. Now it has stabilised at about $50- it is a bullish factor for the Indian Economy. Growth shall be strong in Motor Vehicle Industry, Steel, Banking & Services. No where else this sustainable/stable growth is possible. China, largely dependent on exports to USA shall be volatile, directly linked to revival in USA . It may not be a big competitor to India, for PE investors. India has young population, english speaking, very good at software services, banking. Moreover Indian Economy serves and depends on internal demand to the tune of 90%. Economy is slowly, but surely becoming competitive.
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March 26, 2009
Maximizing Marketing Budget During Hard TImes | www.ivoryriver.com
Some ways senior marketers can generate more value with a smaller budget: 1) align the marketing agenda with the company's overall objectives--growth, retention, innovation; 2) apply appropriate metrics--find out what leadership values and reverse-engineer functions to reduce fixed costs (salaries) and outsource non-core functions; 4) audit communications and introduce discipline by reducing duplication and complexity.
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Mark MariottiChief Executive OfficerFuture Management Holdings Inc
The risk of heavy outflows versus reality of transparancy
March 19, 2009
Swiss warn lifting secrecy ‘will take time’ | www.ft.com
Most of the financial community has demanded transparency within publicly traded corporate organizations - which seems appropriate if the public is to risk capital and buy stock of these equities. Now it seems the next directive is following the actual capital and making the global banking repositories provide transparency as well. Switzerland had succumbed to pressure on easing bank secrecy, but the full automatic exchange of tax information, as demanded by countries such as Germany, remained out of the question for Switzerland.
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Patrick YoungFounder and ChairmanDerivatives Vision
UBS: Villiger and Grubel To Sweep Away the Kurer/Rohner/Ospel Legacy
March 4, 2009
UBS Chairman to Step Down | online.wsj.com
The appointment of Kaspar Villiger as Chairman of UBS marks a clear intention of "Switzerland Inc" to assert control over the bank & future banking regulatory changes.
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Nitish GroverPrincipal, OwnerNitish Grover and Associates
The Changing Nature of Tax Havens and The Flow of International Capital
February 27, 2009
Tax havens under pressure | www.economist.com
Tax havens are becoming less secretive. The UBS deal, the Lichenstein deal and other changes in OECD and American rules are all having their effects. The Stanford scandal will invariably have its effect on Antigua and other island havens. All this will have its effect on the international flow of capital and tax policy at a global level. These are the aspects I look at in this analysis.
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