MAGAZINE

July 2017 Issue

Financier Worldwide Magazine


Click cover to download

(Subscriber-only password access)

 

Not a subscriber?

Click here to join the FREE mailing list and receive password access


COVER STORY

Private equity fundraising

The private equity (PE) industry is in good health. According to Preqin, as of June 2016, there were $2.49 trillion worth of PE assets under management – an all-time high. With record levels of dry powder held by funds – $820bn by December 2016...

 

FEATURES

M&A in a world of protectionism

If the seismic geopolitical events of the past 18 months are anything to go by, protectionism now pervades the new world order. In this ‘new normal’ the spectre of sluggish growth, international discord, increased uncertainty and reduced returns...

Zombie companies in Asia

Since the financial crisis there has been an undercurrent of weak productivity growth affecting economies across the globe. One of the causes of this lethargy, in both developed and emerging economies, has been the spread of so-called...

Fathoming corporate ethics

In a world in which ethics and related concepts, such as transparency and democracy, seem to be under scrutiny like never before, a broad spectrum of stakeholders – including customers, shareholders and citizens – are demanding...

Doing business with Iran – sanctions and compliance

During the US presidential election campaign, then-candidate Donald Trump was fiercely critical of the Obama administration for the 2015 nuclear deal struck with Iran. However, president Trump’s stance toward the former pariah state appears...

Extracting business value via ORSA

In the realm of decisionmaking and strategic analysis, the Own Risk Solvency Assessment (ORSA) tool is a valuable resource for helping insurers conduct risk and solvency assessments. This series of processes and procedures is designed to ensure...

 

ROUNDTABLE

Bankruptcy litigation

THE PANELLISTS: Devon Eggert, Freeborn & Peters LLP; Craig Montgomery, Freshfields Bruckhaus Deringer LLP; Melissa M. Root, Jenner & Block LLP; James H.M. Sprayregen, Kirkland & Ellis LLP; and Van C. Durrer II, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.

Bankruptcy litigation is a daunting experience for any individual or organisation caught up in the storm. Certainly, for debtors, creditors, committees and trustees, as well as other stakeholders, the processes and procedures involved in examining...

 

SPECIAL REPORT

White-collar crime

Although there is no such thing as victimless crime, the white-collar variety is often afforded this erroneous description. In actuality, white-collar crime generally refers to infractions which are financially motivated, nonviolent, and often...

FORUM: Tackling fraud and money laundering within financial institutions

FW moderates a discussion on tackling fraud and money laundering within financial institutions between Mike Martinez at Associated Foreign Exchange Inc. (AFEX), Simon Wong at Deutsche Bank AG, Clare Lipworth at Hogan Lovells International LLP, Seetha Ramachandran at Schulte Roth & Zabel LLP, and Kevin Petrasic at White & Case LLP.

Seeing red? – get the lowdown on Interpol

Davies Ward Phillips & Vineberg LLP White-collar crime investigations are increasingly becoming multijurisdictional. As such, the ability for investigators to arrest the target of an investigation abroad often becomes a crucial consideration in deciding to pursue an...

Cooperation: the key to fraud detection under Trump government?

Bennett Jones Donald Trump’s recent promises to crack down on prosecuting violent crimes have left critics anticipating a halt on white-collar crime prosecutions. The Department of Justice (DOJ) has indicated it will give a higher priority to tackling violent...

White-collar crime – surfing the rising tide of UK and international enforcement

CorkerBinning Companies and their senior executives face regulatory burdens and the possibility of criminal sanctions as never before. Major jurisdictions, particularly the UK and the US, are becoming increasingly aggressive in pursuing corporates...

SFO v. NCA – will the SFO win the battle for survival this time?

Lewis Nedas Law Theresa May has, within the latest Conservative Party manifesto, pledged to finally absorb the Serious Fraud Office (SFO) within the National Crime Agency (NCA), the UK’s self styled answer to the FBI. This has sent shudders down the spines...

The Serious Fraud Office – soon falling over

Saunders Law Life expectancy is on the up generally, but the forecast imminent demise of the Serious Fraud Office (SFO) is after only 30 years of life. Such an early demise would mark the end of a controversial experiment in allowing investigators to take...

Are you ready for the Annual Financial Crime Report?

Peters & Peters In November 2016, the Financial Conduct Authority (FCA) finalised its guidance and form for its Annual Financial Crime Reports (REP-CRIMs), which came into effect on 31 December 2016. Most regulated firms that are subject to the Money...

Australian developments – bribery, whistleblowers and DPAs

Corrs Chambers Westgarth As of May 2017, the Australian Federal Police (AFP) was investigating 37 foreign bribery matters. Twenty of these are active cross-border investigations involving Canada, the UK, the US and others. International experience is that a single...

 

DEALfront

mergers & acquisitions

US and Europe M&A hits 10-year high

Mergers & acquisitions (M&A) activity between the US and Europe is at a 10-year high according to recently published M&A data – an analysis which highlights target sectors, the ranking of financial advisers and the largest year-to-date deals...

Huntsman and Clariant agree merger of equals

Clariant AG and Huntsman Corporation announced a merger of equals which will create a leading global speciality chemical company with an enterprise value of approximately $20bn, including debt. The merger, announced in late May...

private equity & venture capital

Advent-backed inVentiv Health sold in $4.6bn deal

In a $4.6bn deal that creates a leading global biopharmaceutical solutions organisation, INC Research Holdings, Inc. and inVentiv Health, Inc. announced a definitive merger agreement. The combined company will be the second largest biopharmaceutical...

Saudi Arabia commits $20bn to US focused fund

Private equity giant The Blackstone Group announced that Saudi Arabia’s sovereign wealth fund has agreed to commit $20bn to a new investment fund aimed at infrastructure projects, primarily in the US. The commitment from the Public Investment...

bankruptcy & corporate restructuring

Rue21 files for Chapter 11 protection

In a bid to reduce debt and focus on its best performing stores, leading teen specialty apparel retailer rue21, Inc. filed a voluntary petition for reorganisation under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Western...

Supreme Court in UK awards European Lehman clients £5bn

Claimants against Lehman Brothers’ European trading unit will receive at least £5bn following a Supreme Court judgement on issues relating to the bank’s 2008 collapse. Those creditors who are owed statutory interest from the bank’s debt...

 

PROFESSIONALinsight

Private Equity

Are we pricing private equity risk properly?

ALFA Valuation & Advisory Investment is a double-sided coin of risk and return. Quantifying risk is, therefore, integral in estimating expected returns. Finance theory tells us that the value of any stock, bond or business is a function of its cash flows, discounted at an...

Investor communications – a continuing challenge

Augentius Enthusiasm for private equity (PE) continues to rise in an exciting time for GPs. 2017 Preqin figures show that 84 percent of LPs surveyed had a positive impression of PE, and that a huge 95 percent believe that their PE portfolios have met or exceeded...

Bankruptcy & Restructuring

Liens and insolvency: beware of the nuances

Blake, Cassels & Graydon LLP In Nelson Drywall Interiors Alberta Inc v. Dowland Contracting Ltd and KNC Holdings Ltd v. FTI Consulting Canada Inc et al, the superior courts of Yukon and Saskatchewan respectively provided guidance to court officers and creditors as to...

Central and Eastern Europe – a brief update on restructuring and insolvency

Freshfields Bruckhaus Deringer LLP The restructuring and insolvency landscape in the central and eastern European (CEE) region varies as much as the legal systems on which it is based. The European Bank for Reconstruction and Development’s (EBRD) outlook for most CEE countries...

Boardroom Intelligence

The conflict of interest faced by board directors

IMD Conflicts of interest abound at the board level. They constitute a significant issue in that they affect ethics by distorting decision making and generating consequences that can undermine the credibility of boards, organisations or even entire economic...

Is your supply chain optimisation actually optimal?

FICO Supply chain optimisation is a fantastic way to maintain profitability and stay competitive. But now that everyone is doing it, it is time to ask – are you doing it well enough? In our joint study with IndustryWeek, roughly three in four executives...

Litigation & Dispute Resolution

Article 50: what next for international contracts?

Stevens & Bolton LLP The UK government set the clock ticking as it served notice of departure from the European Union (EU) on 29 March, with negotiations likely to start in earnest soon after the general election on 8 June. As the nation braces itself for what could...

Class action reform in the US

TroyGould PC Although the US legal system is notable, perhaps notorious, for spawning class-action litigation, the pendulum appears to now be swinging in a new direction. In this regard, two recent developments deserve mention. First, major class action reform...

 

SPOTlight

Open banking: implications and risks

Tata Consultancy Services (TCS) Open banking is an emerging trend aimed at creating an Application Programming Interface (API) banking ecosystem with the help of FinTech companies. This will help banks innovate new products, devise novel strategies of approaching customers...

Is industry 4.0 the new dotcom boom?

Focus Investment Banking Fear stalks the land. The robot apocalypse is nigh, destined to steal our jobs and our future. Worse yet, the machines are made elsewhere and the Western economies are being left behind in the race for manufacturing prowess. We have heard this...

Data protection and subject access requests

JAG Shaw Baker An individual whose data is being processed (a data subject) has the right to request copies of that data from the organisation that controls the processing of it (the data controller) under section 7 of the Data Protection Act 1998 (DPA). The data controller...

Digital transformation – where does biopharma stand?

Catenion Digital transformation is a major driver for innovation across industries. Modern cars are equipped with a multitude of sensors and digital assistants, which make our travels easier and safer. The ultimate innovation – self-driving vehicles – are...



CONTRIBUTORS

ALFA Valuation & Advisory

Associated Foreign Exchange Inc. (AFEX)

Augentius

Bennett Jones

Blake, Cassels & Graydon LLP

Catenion

CorkerBinning

Corrs Chambers Westgarth

Davies Ward Phillips & Vineberg LLP

Deutsche Bank AG

FICO

Focus Investment Banking

Freeborn & Peters LLP

Freshfields Bruckhaus Deringer LLP

Hogan Lovells International LLP

IMD

JAG Shaw Baker

Jenner & Block LLP

Kirkland & Ellis LLP

Lewis Nedas Law

Peters & Peters

Saunders Law

Schulte Roth & Zabel LLP

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates

Stevens & Bolton LLP

Tata Consultancy Services (TCS)

TroyGould PC

White & Case LLP


©2001-2017 Financier Worldwide Ltd. All rights reserved.