MAGAZINE

December 2016 Issue

Financier Worldwide Magazine


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COVER STORY

ORM within financial services – the state of play

The importance of an organisation’s operational risk management (ORM) function – particularly for financial institutions (FIs) – should not be misunderstood nor undervalued. Since the financial collapse of 2007-2008...

 

FEATURES

Cyber risks in M&A

For companies embarking upon an M&A deal, there are countless obstacles and issues to meticulously plan for and overcome if the transaction is to be a success and if the newly merged company is to be prosperous...

Pharma industry M&A comes to the boil

The pursuit of mergers & acquisitions (M&A) within the pharmaceutical and biotechnology industry in 2016 has been a fruitful endeavour for corporate entities prepared to take the plunge. Even a cursory examination...

Re-evaluating London’s place in global investment

London’s place in the hierarchy of great global cities has been guaranteed for decades, if not centuries. It has long been viewed as a cultural, legal and political powerhouse. London has also been a global financial hub, the epicentre...

Chinese real estate investment in the US

The US real estate market has long been an attractive destination for both domestic and overseas investors, the perception being that the industry helps facilitate financial success. In a recent survey by Better Homes and Gardens Real Estate...

Will the EU tax bite from Apple trigger crackdown or reform?

Although hardly a face-off of David and Goliath proportions, the European Commission (EC) order requesting Apple pay $14.5bn in unpaid taxes to the Irish government does represent a major taking to task of a corporate behemoth...

 

ROUNDTABLE

Bankruptcy & restructuring

MODERATOR: Mark Robinson, INSOL International. THE PANELLISTS: Barry A. Chatz, Arnstein & Lehr LLP; James Feltman, Duff and Phelps; Mark F. Liscio, Kaye Scholer LLP; Elaine Nolan, Kirkland & Ellis International LLP; Daniel Hayek, Prager Dreifuss AG; Van C. Durrer II, Skadden, Arps, Slate, Meagher & Flom LLP; and Richard H. Golubow, Winthrop Couchot Professional Corporation.

Bankruptcy and restructuring is complex, full of twists and turns. Yet for all the expense, blame, negotiation, compromise and introspection involved, the process does provide an opportunity for distressed companies to get their businesses...

 

SPECIAL REPORT

Investment funds

When it comes to making an investment, one can be forgiven for finding the choice of investment vehicles somewhat overwhelming. This tricky environment can seem awash with impenetrable jargon and intimidating costs, making any bid to grow...

FORUM: MiFID II – the impact on investment managers

FW moderates a discussion on the impact of MiFID II on investment managers between Matthew Baker at Berwin Leighton Paisner LLP, John Adams at Shearman & Sterling LLP and Etienne Deniau at Societe Generale Securities Services.

Drivers of change in the hedge fund industry: fees

Preqin Hedge fund fees have come under increased scrutiny lately as some investors, disappointed with the recent performance of their portfolios, have begun to pay closer attention to the costs of their investments. A number of...

A view on Brexit for asset managers

Ropes & Gray A great deal has happened – and has been written about – since the United Kingdom chose to leave the European Union on the 23 June 2016. Not only does the country have a new prime minister (and we now know that she believes that “Brexit...

Issues affecting investment funds

Ashton Barnes Tee The majority of investment funds operate without problem and allow investors a convenient approach to invest monies in a chosen manner, taking advantage of all of the beneficial attributes of the investment fund structure. However...

Singapore funds and fund management – recent developments

Drew and Napier LLC The Monetary Authority of Singapore (MAS) Asset Management Annual Survey reported in October 2016 that globally, assets under management (AUM) grew just 1 percent to US$71.4 trillion, weighed down by slower growth in emerging...

New investments funds and REIT regimes in Saudi Arabia

King & Spalding The Saudi Arabian economy, while strong and stable relative to other countries in the region, has entered a period of transition. In early 2016, the country’s leadership adopted a national transformation plan – ‘Vision 2030’ the aim...

New Hungarian law makes easier to establish a private equity fund manager and private equity fund

CMS Budapest Simultaneously with the implementation of the EU Alternative Investment Funds Directive into Hungarian law, the Hungarian parliament also made various changes to national rules regulating the establishment and operations of private equity funds...

The outlook for investment companies

Carey Group It has been an interesting year inside the boardroom of investment companies, with a shift in focus from IPO deals and capital raising to managing the status quo. Unexpected and under-discussed implications of the Brexit vote...

 

DEALfront

mergers & acquisitions

AT&T to acquire Time Warner in $85bn deal

American communications giant AT&T Inc. announced that it is to acquire multimedia firm Time Warner Inc. in a deal worth $85bn – the largest deal announced in 2016 to date. The combination of the two companies is another step in the...

CIT Group to sell aircraft leasing unit for $10bn

CIT Group Inc, a leading provider of commercial lending and leasing services, entered into a definitive agreement to sell its commercial aircraft leasing business, CIT Commercial Air, to Avolon Holdings Limited in a transaction valued at $10bn...

private equity & venture capital

Naspers sells Polish Allegro unit to PE firms for $3.25bn

Global internet and entertainment group Naspers Limited announced its intention to sell its 100 percent stake in Allegro Group, one of the world’s largest online marketplaces, for $3.253bn. The sale – which includes both Allegro.pl...

RBS sells $2.5bn worth of loans to Cerberus

Ulster Bank, the Irish division of the Royal Bank of Scotland, confirmed that it is to sell a number of non-performing loans (NPLs) to private equity firm Cerberus. The loans, part of the Project Oyster loan portfolio, are related to properties in...

bankruptcy & corporate restructuring

Nortel stakeholders reach $7.3bn settlement agreement

Almost eight years after multinational telecommunications and data networking equipment manufacturer Nortel Networks Corporation originally filed for Chapter 11 bankruptcy protection, on 14 January 2009, a settlement has now been...

Caesars creditor deal under scrutiny

The last few years has not been a particularly happy period in the history of gambling giant Caesars. In January 2015, the main unit of Caesars Entertainment Corp found itself filing for Chapter 11 bankruptcy protection. As the gambling...

 

PROFESSIONALinsight

Banking & Finance

Relocation – what are the risks?

Brickendon Consulting The vote to leave the European Union (EU) and the potential risk of losing the financial passport has ignited intense discussions about whether financial services should relocate to countries that are still part of the bloc...

FinTech developments and the ‘Uber’ moment

Reed Smith There have been a number of exciting FinTech developments this year, including TD Bank’s app which incorporates chat into banking services, the use of biometric authentication, including retinal and fingerprint scans to assist with data security...

Payment Services Directive 2 (PSD 2) in short

McKeever Solicitors PSD 2 came into force on 12 January 2016 and European Union (EU) member states must transpose PSD 2 into their national laws and regulations by 13 January 2018. Most importantly, the European Commission (EC) has stated that member states should interpret the existing rules on payment services in line with PSD 2 and must not adopt new measures contradicting PSD 2.

Risk Management

New DOJ guidance adds new complexity and costs to export control and sanctions investigations and disclosures

Miller & Chevalier Chartered On 2 October, the US Department of Justice (DOJ) raised the stakes for companies contemplating voluntary disclosure of possible violations of export control and sanctions laws and regulations by issuing new guidance encouraging companies to submit disclosures of such violations to DOJ, as well as the agency responsible for civil...

Cyber security and privacy in emerging technologies – if data is the new oil, how do you stop the leaks?

Mills & Reeve LLP Sixty years ago, whirring away in a facility in Santa Monica, a program known as ‘The Logic Theorist’ quietly and elegantly developed an undiscovered proof to a known mathematical theorem. This first ‘thinking machine’ was the...

What the CEO needs to know about data

It is time to put data in a less technical and more current and urgent context. The threats to an organisation’s reputation and sustainability posed by cyber threats (e.g., exposing sensitive customer information, disrupting...

Focusing on technology implementations and dispute risks

IT Group Technology is everywhere, so how are technology implementations dealt with across different industries? In the construction or transport sectors, for example, technology is not at the forefront; it is a necessity which...

 

SPOTlight

UK sentencing guidelines – are regulatory breaches discovered during deal due diligence now ‘more material’?

Shoosmiths Headline grabbing fines for corporate offences have historically been the preserve of major financial, anticorruption or antitrust investigations. While companies are yet to be fined hundreds of millions of pounds for environmental...

Boards of directors neglect one essential duty: oversight of the relationship between governance and corporate culture

Edelman Corporate culture should be a set of authentic behaviours, set forth by a founder or management team of a company, which is embraced by the entire organisation. Certainly, each culture is distinctive and many diverse elements...

Organising for creativity and innovation – lessons from the biopharmaceutical industry

Catenion The biopharma industry is arguably the most knowledge intense industry of all. Human creativity and ingenuity within R&D and beyond play key roles in turning that knowledge into IP and value for patients and corporate stakeholders...



CONTRIBUTORS

Arnstein & Lehr LLP

Ashton Barnes Tee

Berwin Leighton Paisner LLP

Brickendon Consulting

Carey Group

Catenion

CMS Budapest

Drew and Napier LLC

Duff and Phelps

Edelman

INSOL International

IT Group

Kaye Scholer LLP

King & Spalding

Kirkland & Ellis International LLP

McKeever Solicitors

Miller & Chevalier Chartered

Mills & Reeve LLP

Prager Dreifuss AG

Preqin

Reed Smith

Ropes & Gray

Shearman & Sterling LLP

Shoosmiths

Skadden, Arps, Slate, Meagher & Flom LLP

Societe Generale Securities Services

Winthrop Couchot Professional Corporation


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