Winners and Finalists
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Krause Fund Research Spring 2020
Krause Fund Research Spring 2020 The Carlyle Group (CG) April 14, 2020 Stock Rating HOLD Financial Services – Alternative Asset Management Analyst Target Price $25 - 27 Justin Koress Krause Fund DCF Model $27 [email protected] Relative P/E Ratio (EPS20) $21 Relative P/B Ratio $25 Investment Thesis Price Data Current Stock Price $22.68 We recommend a HOLD rating for The Carlyle Group because of its diversified 52Wk RanGe $15.21 - $34.98 investments within key drivers in the Asset Management industry, such as Key Statistics corporate private equity, with an emphasis to capitalize on the ESG investment Market Cap (B) $7.90 trend. However, CG’s use of leverage will expose them to extreme risks associated Shares OutstandinG (M) 348.23 with COVID-19. Five Year Beta 1.77 Current Dividend Yield 4.17% Drivers of Thesis Price/EarninGs (TTM) 8.04x Price/EarninGs (FY1) 13.98x • With private capital dry powder at a record $2.3 trillion dollars, Profitability alternative managers will be able to create high-quality investments at Profit MarGin 35.07% distressed valuations in response to COVID-19. Return on Equity (TTM) 39.88% Return on Assets (TTM) 17.15% • CGs management team has a proven track record in locating Debt to Equity Ratio 365.01% companies that weather economic downturns, providing tremendous investment opportunities in a destabilized market. 25.00 • The alternative asset management business is intensely competitive, with competition based on a variety of factors, including investment 20.00 performance, a record number of private investment funds, and lack of 19.00 20.28 investor liquidity due to COVID-19. -
Staffing M&A Funders and Advisors
Global Market Information and Forecasts Staffing M&A Funders and Advisors 2 September 2020 | Adam Pode, Director of Research (EMEA & APAC) | [email protected] M&A Funders and Advisors Directory | 2 September 2020 Introduction Use this report to identify M&A • This directory provides full records for over 30 companies operating in the M&A space funders and advisors and around the world. Some firms provide services in just one market while others provide understand the nature of their international and cross-border M&A advice and services in up to 40+ countries. They are services listed in alphabetical order, and an index is provided at the rear of this document (page 34). • An additional 115+ firms who have been identified as providing M&A services are also shown (pages 28 to 33). We have tried to make this report as exhaustive as possible, but if there are additional companies you believe should be listed, or if you would like to contribute a “full” entry within this directory, please contact the author, shown below. • This report is designed as a standalone document but can also be read in conjunction with our M&A reports which are available to subscribers of Staffing Industry Analysts’ research services. These included our interactive dashboard of staffing and workforce solutions M&A activity, which details more than 1,300 transactions in the sector. • If you are interested in joining our service or require further information, please contact Tina McGarvey at [email protected]. In addition, you can subscribe free to our Daily News, which reports deals as and when they happen, by clicking here. -
TRS Contracted Investment Managers
TRS INVESTMENT RELATIONSHIPS AS OF DECEMBER 2020 Global Public Equity (Global Income continued) Acadian Asset Management NXT Capital Management AQR Capital Management Oaktree Capital Management Arrowstreet Capital Pacific Investment Management Company Axiom International Investors Pemberton Capital Advisors Dimensional Fund Advisors PGIM Emerald Advisers Proterra Investment Partners Grandeur Peak Global Advisors Riverstone Credit Partners JP Morgan Asset Management Solar Capital Partners LSV Asset Management Taplin, Canida & Habacht/BMO Northern Trust Investments Taurus Funds Management RhumbLine Advisers TCW Asset Management Company Strategic Global Advisors TerraCotta T. Rowe Price Associates Varde Partners Wasatch Advisors Real Assets Transition Managers Barings Real Estate Advisers The Blackstone Group Citigroup Global Markets Brookfield Asset Management Loop Capital The Carlyle Group Macquarie Capital CB Richard Ellis Northern Trust Investments Dyal Capital Penserra Exeter Property Group Fortress Investment Group Global Income Gaw Capital Partners AllianceBernstein Heitman Real Estate Investment Management Apollo Global Management INVESCO Real Estate Beach Point Capital Management LaSalle Investment Management Blantyre Capital Ltd. Lion Industrial Trust Cerberus Capital Management Lone Star Dignari Capital Partners LPC Realty Advisors Dolan McEniry Capital Management Macquarie Group Limited DoubleLine Capital Madison International Realty Edelweiss Niam Franklin Advisers Oak Street Real Estate Capital Garcia Hamilton & Associates -
LAZARD GROUP LLC (Exact Name of Registrant As Specified in Its Charter)
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2008 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 333-126751 (Commission File Number) LAZARD GROUP LLC (Exact name of registrant as specified in its charter) Delaware 51-0278097 (State or Other Jurisdiction of Incorporation (I.R.S. Employer Identification No.) or Organization) 30 Rockefeller Plaza New York, NY 10020 (Address of principal executive offices) Registrant’s telephone number: (212) 632-6000 Securities Registered Pursuant to Section 12(b) of the Act: None Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. -
The Corporate Culture in a Japanese Bank: Study of the Changing Organizational World
The Corporate Culture in a Japanese Bank: Study of the Changing Organizational World by HIROFUMI HOJO B.A. Law, Keio University (1986) SUBMITTED TO THE MIT SLOAN SCHOOL OF MANAGEMENT IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE IN MANAGEMENT at the MASSACHUSETTS INSTITUTE OF TECHNOLOGY June 2005 © Hirofumi Hojo 2005. All rights reserved. The author hereby grants to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part. ^ /' Ar Signature of Author: 'I (! J MIT SloVn School of Management May 6, 2005 Certified by: I John E. Van Maanen Erwin H. Schell Professor of Organization Studies Thesis Advisor Accepted by: / I I , / Stephen J. Sacca Director, Sloan Fellows Program in Innovation and Global Leadership lMASSACHUSETSINSTITE OF TECHNOLOGY 'A I IX~IFtes SEP 012005 LIBRARIES 2 The Corporate Culture in a Japanese Bank: Study of the Changing Organizational World by HIROFUMI HOJO Submitted to the MIT Sloan School of Management on May 6, 2005 in partial fulfillment of the requirements for the Degree of Master of Science in Management ABSTRACT The environment surrounding companies is constantly changing. and that change forces companies into paradigm shifts. If a company cannot cope with change, it faces the distinct possibility of being be weeded out of the industry. Today, Japanese companies are facing dramatic environmental change. For example, the introduction of new global accounting rules is changing the behavior of equity holders. The long and deep recession following the collapse of the Japanese "bubble" economy continues to sap the economic energy of many Japanese companies, and most leaders of those companies still struggle to find new ways to exit from this dark tunnel. -
Meet Our Speakers
MEET OUR SPEAKERS DEBRA ABRAMOVITZ Morgan Stanley Debra Abramovitz is an Executive Director of Morgan Stanley and serves as Chief Operating Officer of Morgan Stanley Expansion Capital. Debra oversees all financial, administrative, investor relations and operational activities for Morgan Stanley Expansion Capital, and its predecessor Morgan Stanley Venture Partners funds. Debra also serves as COO of Morgan Stanley Credit Partners. Debra joined Morgan Stanley’s Finance Department in 1983 and joined Morgan Stanley Private Equity in 1988, with responsibility for monitoring portfolio companies. Previously, Debra was with Ernst & Young. Debra is a graduate of American University in Paris and the Columbia Business School. JOHN ALLAN-SMITH Barclays Americas John Allan-Smith leads the US Funds team for Corporate Banking at Barclays and is responsible for coordinating the delivery of products and services from our global businesses; ranging from debt, FX solutions, cash management and trade finance, to working capital lending and liquidity structures. John joined Barclays in 2014 and has 20 years of experience in the funds sector. Prior to joining Barclays, John worked at The Royal Bank of Scotland (RBS) in London, Stockholm and New York, spending 10 years in the RBS Leveraged Finance team. Subsequently, John had responsibility for the portfolios and banking sector of the Non-Core division of RBS in the Americas. John holds an ACA qualification from the Institute of Chartered Accountants of England and Wales and is a qualified accountant. He also has a BSc (Hons) in Chemistry from The University of Nottingham. ROBERT ANDREWS Ashurst LLP Robert is a partner in the banking group at Ashurst and is one of the most experienced funds finance specialists in Europe. -
Press-Release-For-Financial-Advisers-Q1-2008
April 1, 2008 For Immediate Release mergermarket league tables of fi nancial advisers to global M&A for Q1 2008 Contacts: Mergers and acquisitions experienced something of a ‘death rattle’ in the fi rst quarter of 2008 as large transac- tions in the commodities sector - typically the last sector to fall in a general cyclical downturn - comprised 40% Europe of all announced global deals in the fi rst quarter of 2008. In fact, if the USD 211bn bid for Rio Tinto by BHP Hannah Bagshawe Billiton is stripped out, as well as the Philip Morris demerger, Europe saw its slowest quarter by value since Q3 [email protected] 2004. The US M&A market saw its slowest quarter since Q3 2003, with the complete absence of any major Tel: +44 20 7059 6118 head turning deal announcement so far*. North America And with the wholesale deleveraging taking place in the global fi nancial services sector, it should come as Karishma Thakkar no surprise that no debt was available to put even a single buyout on the list of the top 10 of global deals this [email protected] past quarter. By contrast, no less than seven of the top 10 deals announced in the fi rst half of 2007 comprised Tel: +1 212 686 6305 LBOs. Meanwhile, the fi nancial services sector, which had consistently been the hottest single sector for M&A in recent years, made up just 12% of all M&A activity by value. Asia-Pacifi c Seye Im But it is always darkest before the dawn. -
EMS Counterparty Spreadsheet Master
1 ECHO MONITORING SOLUTIONS COUNTERPARTY RATINGS REPORT Updated as of October 24, 2012 S&P Moody's Fitch DBRS Counterparty LT Local Sr. Unsecured Sr. Unsecured Sr. Unsecured ABN AMRO Bank N.V. A+ A2 A+ Agfirst Farm Credit Bank AA- AIG Financial Products Corp A- WR Aig-fp Matched Funding A- Baa1 Allied Irish Banks PLC BB Ba3 BBB BBBL AMBAC Assurance Corporation NR WR NR American International Group Inc. (AIG) A- Baa1 BBB American National Bank and Trust Co. of Chicago (see JP Morgan Chase Bank) Assured Guaranty Ltd. (U.S.) A- Assured Guaranty Municipal Corp. AA- Aa3 *- NR Australia and New Zealand Banking Group Limited AA- Aa2 AA- AA Banco Bilbao Vizcaya Argentaria, S.A. BBB- Baa3 *- BBB+ A Banco de Chile A+ NR NR Banco Santander SA (Spain) BBB (P)Baa2 *- BBB+ A Banco Santander Chile A Aa3 *- A+ Bank of America Corporation A- Baa2 A A Bank of America, NA AA3AAH Bank of New York Mellon Trust Co NA/The AA- AA Bank of North Dakota/The AA- A1 Bank of Scotland PLC (London) A A2 A AAL Bank of the West/San Francisco CA A Bank Millennium SA BBpi Bank of Montreal A+ Aa2 AA- AA Bank of New York Mellon/The (U.S.) AA- Aa1 AA- AA Bank of Nova Scotia (Canada) AA- Aa1 AA- AA Bank of Tokyo-Mitsubish UFJ Ltd A+ Aa3 A- A Bank One( See JP Morgan Chase Bank) Bankers Trust Company (see Deutsche Bank AG) Banknorth, NA (See TD Bank NA) Barclays Bank PLC A+ A2 A AA BASF SE A+ A1 A+ Bayerische Hypo- und Vereinsbank AG (See UniCredit Bank AG) Bayerische Landesbank (parent) NR Baa1 A+ Bear Stearns Capital Markets Inc (See JP Morgan Chase Bank) NR NR NR Bear Stearns Companies, Inc. -
Reverse Convertible Notes Linked to Blackstone Group
Structured Products Research Report Report Prepared On: 12/14/12 Structured Product Details Reverse Convertible Notes linked to Blackstone Group Name Reverse Convertible Notes linked to Blackstone Group Description HSBC issued $784,000 of Reverse Convertible Notes linked to Blackstone Group on Issue Size $784,000 October 31, 2007 at $1,000 per note. Issue Price $1,000 Term 6 Months These notes are HSBC-branded reverse convertibles. Reverse convertibles pay periodic Annualized Coupon 11.50% interest coupons and at maturity convert into shares of the reference security if the price of the reference stock at the notes’ maturity is below its price when the notes were issued Pricing Date October 26, 2007 and had closed below a specified “trigger” during the term of the notes. Issue Date October 31, 2007 Valuation Date April 25, 2008 April 30, 2008 These 6-month notes pay monthly coupons at an annualized rate of 11.50%. In addition Maturity Date to the monthly coupons, at maturity on April 30, 2008 investors will receive the mar- Issuer HSBC ket value of 39.08 shares of Blackstone Group’s stock if on April 25, 2008 Blackstone CDS Rate 43.4 bps Group’s stock price closes below $25.59 (Blackstone Group’s stock price on October 26, Swap Rate 4.78% 2007) and had ever closed at or below $17.91 during the term of the notes. Otherwise, investors will receive the $1,000 face value per note. Reference Asset Blackstone Group’s stock Initial Level $25.59 Valuation Trigger Price $17.91 This HSBC reverse convertible linked to Blackstone Group’s stock can be valued as a Conversion Price $19.20 combination of a note from HSBC and a short down-and-in, at-the-money put option on Dividend Rate 0.00% Blackstone Group’s stock. -
Including League Tables of Financial Advisors
An Acuris Company Finding the opportunities in mergers and acquisitions Global & Regional M&A Report 2019 Including League Tables of Financial Advisors mergermarket.com An Acuris Company Content Overview 03 Global 04 Global Private Equity 09 Europe 14 US 19 Latin America 24 Asia Pacific (excl. Japan) 29 Japan 34 Middle East & Africa 39 M&A and PE League Tables 44 Criteria & Contacts 81 mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 2019 Global Overview Regional M&A Comparison North America USD 1.69tn 1.5% vs. 2018 Inbound USD 295.8bn 24.4% Outbound USD 335.3bn -2.9% PMB USD 264.4bn 2.2x Latin America USD 85.9bn 12.5% vs. 2018 Inbound USD 56.9bn 61.5% Outbound USD 8.9bn 46.9% EMU USD 30.6bn 37.4% 23.1% Europe USD 770.5bn -21.9% vs. 2018 50.8% 2.3% Inbound USD 316.5bn -30.3% Outbound USD 272.1bn 28.3% PMB USD 163.6bn 8.9% MEA USD 141.2bn 102% vs. 2018 Inbound USD 49.2bn 29% Outbound USD 22.3bn -15.3% Ind. & Chem. USD 72.5bn 5.2x 4.2% 17% 2.6% APAC (ex. Japan) USD 565.3bn -22.5% vs. 2018 Inbound USD 105.7bn -14.8% Outbound USD 98.9bn -24.5% Ind. & Chem. USD 111.9bn -5.3% Japan USD 75.4bn 59.5% vs. 2018 Inbound USD 12.4bn 88.7% Global M&A USD 3.33tn -6.9% vs. 2018 Outbound USD 98.8bn -43.6% Technology USD 21.5bn 2.8x Cross-border USD 1.27tn -6.2% vs. -
Powerpoint Template
BeBeez Magazine 10 febbraio 2018 - n.3/2018 - Le news del private capital dal 3 febbraio al 9 febbraio 2018 Per le news del weekend appuntamento lunedì su BeBeez Gli azionisti di Italo-Ntv accettano l’offerta di Global Infrastructure Partners In Private Equity pag. 3 I EdiBeez srl - Corso Italia, 22 – 20122 Milano – PIVA 09375120962 1 SOMMARIO PRIVATE EQUITY In Italia 3 All’estero 4 SOCIETA’ 6 PRIVATE DEBT 6 REAL ESTATE In Italia 7 All’estero 7 VENTURE CAPITAL 9 ANGELS & INCUBATORS 9 CROWDFUNDING 10 CRISI E RILANCI 10 NPL 11 LIBRI 12 ARTE 13 EdiBeez srl - Corso Italia, 22 – 20122 Milano – PIVA 09375120962 2 PRIVATE EQUITY LA SETTIMANA DEL PRIVATE EQUITY IN ITALIA BC Partners studia l’exit dai ristoranti Il Cda di Ntv rimanda a oggi la Old Wild West decisione sull’offerta del fondo GIP 9 febbraio 2018 - Mentre Cigierre è in corsa per 7 febbraio 2018 - Il consiglio di amministrazione comprare Sebeto, la holding a capo delle catene di di Nuovo Trasporto Viaggiatori (Ntv) che si è riunito ristorazione Rossopomodoro, Anema&Cozze, ieri ha lasciato aperti lavori sino a questo pomeriggio (si Rossosapore e Ham Holy Burger, controllate dai veda qui il comunicato stampa), per valutare con il fondi Change Capital e Quadrivio, ma per le quali in supporto dei propri advisor quale decisione prendere a pole position pare ci sia il fondo OPCapita. Leggi tutto. proposito dell’offerta inattesa da parte del fondo Global Infrastructure Partners di acquisto del 100% della società per 1,9 miliardi di euro di valore dell’equity, Leggi tutto. -
'Musical Chairs' Q2 2021
‘Musical Chairs’ Q2 2021 CREDIT P. 2–6 | INVESTMENT BANKING P. 7–11 | PRIVATE EQUITY P. 12–15 EUROPEAN CREDIT MOVES Finance team and previously also in the bank’s Financial Sponsors Credit Risk team. Luke Lemon, who joined CREDIT: BANKS Citi from Lloyds’s Leveraged Finance Capital Markets team earlier this year, is also a member of the new ABN AMRO has promoted Vi Davda to Head of DCM – portfolio group. UK, part of its efforts to expand its business across UK FIG and Corporate clients. Davda’s previous position Citi has promoted Samad Sirohey to Head of Debt at the bank was Head of DCM FIG. Financing – CEEMEA from his previous role as Head of DCM – CEEMEA. Sirohey will continue to report to Will CaixaBank has hired Fernando Cuesta as Head of Weaver, Head of DCM – EMEA. Iman Abdel Khalek, DCM, based in Madrid. Cuesta will work alongside the Head of DCM – MENA and Tommaso Ponsele, MD in Head of Syndicate Lorenz Altenburg, and both he and the CEEMEA Capital Markets team, will become Co- Altenburg will report to Eugenio Tubio, Head of DCM & Heads of DCM – CEEMEA and report to Sirohey and FICC Sales. Cuesta was previously an MD focusing on Weaver. The bank has also promoted Zain Zaidi to Long-Term Funding and Treasury at Bankia in Madrid Head of Loans – CEEMEA from his role as an MD in and replaces MD Ainhoa Landa, who is transferring to the Loans team. Zaidi will continue to report to Paul the corporate banking division of CaixaBank to focus Gibbs and Toby Ali, Co-Heads of EMEA Loans & on TMT, Commodities & Services.