80 Investors: Longevity in Switzerland 3Wventures
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2013 Annual Report Swift Code: BCVLCH2L Clearing Number: 767 [email protected] BCV at a Glance
Head Office Place St-François 14 Case postale 300 Rapport 2013 annuel 1001 Lausanne Switzerland Phone: +41 21 212 10 10 2013 Annual Report Swift code: BCVLCH2L Clearing number: 767 www.bcv.ch [email protected] BCV at a glance 2013 highlights Our business remained on firm track in a mixed BCV decided to take part in the US Department of environment Justice’s program aimed at settling the tax dispute • Business volumes in Vaud were up, spurred by a between Switzerland and the USA resilient local economy. • Given the uncertainty surrounding the program • Nevertheless, the low-interest-rate environment and and in keeping with the Bank’s sound approach to the cyclical slowdown in international trade finance risk management, BCV decided to participate in the activities weighed on revenues, which came in at program, for the time being as a category 2 financial CHF 991m. institution. • Firm cost control kept operating profit at CHF 471m We maintained our distribution policy (–3%). • We paid out an ordinary dividend of CHF 22 and BCV’s AA rating was maintained by S&P distributed a further CHF 10 per share out of paid- • Standard & Poor’s confirmed BCV’s long-term rating in reserves, thus returning a total of more than of AA and raised the Bank’s outlook from negative to CHF 275m to our shareholders. stable. We launched stratégie2018 • We achieved virtually all of the goals we had set in our previous strategy, BCVPlus, with concrete results in all targeted areas. • Our new strategy builds on this success and takes its Thanks cue from two key words: onwards and upwards. -
No Place Left to Hide – Swiss Banks Under Scrutiny from US Regulators Author: Alexander Troller, Simone Nadelhofer and Nicolas Ollivier
No place left to hide – Swiss banks under scrutiny from US regulators Author: Alexander Troller, Simone Nadelhofer and Nicolas Ollivier 20 Sep 2013 | 00:00 | Tags: Banking & finance, Regulatory Alexander Troller, Simone Nadelhofer and Nicolas Ollivier say the Wegelin case shows that the US is willing to target senior managers, lawyers and trustees On 28 August, the Swiss Government and the US Department of Justice (DOJ) issued a joint statement announcing an 'accord' over a unilateral program launched by the DOJ and allowing most Swiss banks to seek a non-prosecution agreement (NPA) from the DOJ and pay heavy fines. This would allow them to avoid or defer prosecution in relation to the custody of undeclared assets of former or existing US customers, or – subject to demonstrating the bank's US tax compliance in relation to each and any former and existing customers – a non-target letter (the "Program"). The Program will be available to any of Switzerland's 300 banks, save for those 14 institutions already prosecuted by the DOJ, among which are Credit Suisse, Julius Baer, Zurich Cantonal Bank and Pictet to name only a few. The decision whether or not to join the Program lies with each bank. Participating banks will be split into four categories, depending on their degree of responsibility in relation to tax offences committed by their US customers. The categories explained Category 1 includes the 14 banks already under investigation and to which the Program does not apply. Category 2 covers those banks who believe they may have committed a US tax offence in the way they handled assets of US persons, and Categories 3 and 4 includes those banks who can show a clean bill of (tax) health in relation to US customers or demonstrate having an exclusively non-US client base only. -
Zurich Cantonal Bank to Go Live on Reuters Trading for Foreign Exchange Service
Zurich Cantonal Bank to go live on Reuters Trading for Foreign Exchange service February 20, 2006 Zurich – Reuters (LSE: RTR, NASDAQ: RTRSY) today announced that Zurich Cantonal Bank is the latest bank to go live on Reuters Trading for Foreign Exchange. Zurich Cantonal Bank, the first Swiss bank to join RTFX, has also signed up for Reuters Electronic Trading – Automated Dealing to support its e-commerce needs. Zurich Cantonal Bank, one of the leading FX liquidity providers in Switzerland and central Europe with an AAA rating, brings its core strength in Swiss franc and the other major currencies to the Reuters Trading for Foreign Exchange (RTFX) platform. Initially, Zurich Cantonal Bank will target inter-bank customers in Europe, Middle East and Asia and buy-side customers in Europe. Zurich Cantonal Bank's prices will be fed to the RTFX platform using the Reuters Electronic Trading – Automated Dealing pricing engine. Daniel Corbaz, Director and Head of FX at Zurich Cantonal Bank, commented: “Reuters Trading for Foreign Exchange allows us to offer our clients additional access to our FX services and leverage the global Reuters footprint to serve our customer base in the German speaking part of Europe, Middle East and Asia with attractive FX pricing and extend it globally. These will be provided by the Reuters Electronic Trading rate engine from Reuters and will give us the best in class prices to compete successfully in the FX e-trading markets.” RTFX allows banks and their customers to trade foreign exchange from their Reuters desktop. Zurich Cantonal Bank will go live in March and bring banks, corporate and other financial participants using Reuters desktops the ability to trade 13 currency pairs 24- hours a day with the triple A rated bank. -
2004 Annual Report
2004 ANNUAL REPORT Our commitment: your trust 2004 ANNUAL REPORT BCV AT A GLANCE BCV AT A GLANCE KEY FIGURES (in CHF millions) 2003 2004 Change (as %) Total assets 34 252 32 295 –5.7 Total income 943 944 +0.1 Gross profit 389 399 +2.5 Net profit 157 337 +114.1 Assets under management 60 248 64 071 +6.3 Ratios (%) Cost / income ratio (C / I)* 71 67 Return on equity (ROE) 6.5 12.4 BIS Tier I capital-adequacy ratio 13.4 16.5 BIS Tier II capital-adequacy ratio 15.1 17.4 * Excluding goodwill amortization and goodwill write-downs Highlights in 2004: The Bank confirmed the turnaround in its financial performance: – Net profit jumped 114.1% to CHF 336.6 million. – Capital adequacy, calculated according to rules set out by Switzerland’s Implementing Ordinance on Banks and Savings Institutions, improved from 156.3% to 184.6%. – S&P raised its credit rating on BCV from A– with negative outlook to A– with stable outlook. The strategic realignment on core businesses was completed: – BCV withdrew fully from ship financing and oil-trading financing. – BCV Finance (France) was sold, bringing strategic withdrawals from foreign subsidiaries to an end. – The Yverdon-based retail subsidiary CEPY was integrated within the parent company (effective January 2005). The Bank drew up a statement of its core values: responsibility, performance and close ties to cus- tomers and the community at large. The Bank developed a buyback plan for its participation certificates. The plan was jointly proposed by BCV and the Cantonal Government for approval by the Cantonal Parliament. -
Private Equity & Venture Capital
VOLUME 14, ISSUE 6 ■ AUGUST 2018 PRIVATE EQUITY & VENTURE CAPITAL SPOTLIGHT THE RISE OF VENTURE AND IN THIS ISSUE GROWTH CAPITAL IN EUROPE €11bn in capital has already been secured by venture and growth capital funds focused on Europe that have closed this FEATURE 3 year; this is the highest figure seen at this stage in recent The Rise of Venture years. We put activity in the region under the microscope, examining the economic factors that have contributed to and Growth Capital in this. Europe Find out more on page 3 INDUSTRY NEWS 7 THE FACTS ■ Private Equity in the 9 PRIVATE EQUITY IN THE NORDIC Nordic Region REGION ■ Public Pension Funds 12 Investing in Private With the capital raised by managers based in the Nordic Equity region reaching record highs, we take a look at the growing private equity market in terms of fundraising activity, investor make-up and largest exits in the region. CONFERENCES 14 Find out more on page 9 RECENTLY RELEASED: THE 2018 PREQIN PRIVATE CAPITAL FUND TERMS THE 2018 PRIVATE CAPITAL All data in this newsletter ADVISOR can be downloaded to PREQIN FUND TERMS ADVISOR Excel for free Order Your Copy Download Sample Pages Sign up to Spotlight, our free monthly newsletter, providing insights into performance, investors, deals and fundraising, powered by Preqin data: Alt Credit Intelligence European and US Fund Services Awards: Best Data and Information Provider | Africa Global Funds Awards 2016: Best Research and Data Provider | The Queen’s SIGN UP Award for Enterprise: International Trade | HedgeWeek Global Awards: -
2003 Annual Report
2003 Annual Report Our commitment: your trust contentsContents Key Figures 3 Letter from the Chairman 4 Letter from the CEO 5 Executive Board (photo) 6 Business Report: Divisions and Subsidiaries in 2003 8 Significant Events in 2003 22 Extraordinary General Meeting of 5 February 22 General Meeting of 22 May 23 Participation-certificate capital 23 Ongoing proceedings 23 Mortgage rate 24 Rating 24 Structural realignment 24 Risk Management 26 Compliance Office 29 Comments on the Consolidated Financial Statements for 2003 31 Consolidated Financial Statements 38 Balance Sheet, Income Statement, Cash Flow Statement 38 Accounting principles 42 Risk management 47 Scope of consolidation 51 Notes to the Consolidated Financial Statements 54 Report of the Group Auditors 68 Company Financial Statements 69 Proposals of the Board of Directors 76 Report of the Statutory Auditors 77 Corporate Governance 78 Group structure and shareholder base 78 Group operational structure 79 Capital structure 80 Governing bodies 82 Compensation, shareholdings and loans 90 Shareholders’ rights 92 Takeovers and defensive measures 93 Auditors 93 Information policy 95 Organizational Structure 96 BCV Group 99 1 keyKey figures Figures 1999 2000 2001 2002 2003 Balance sheet (in CHF millions) Total assets 34 978 37 963 36 104 35 138 34 252 Advances to customers 25 678 26 038 25 985 25 026 23 208 Customer deposits and bonds 26 244 27 700 27 499 27 208 25 683 Shareholders’ equity 2 627 2 664 1 499 1 167 2 563 Income Net interest income 367 413 436 429 419 Net fee and commission -
An Alternative Source of Finance - International Law
The Mortgage Bond System: An Alternative Source of Finance - International Law ... Seite 1 von 8 Securitization & Structured Finance - Switzerland The Mortgage Bond System: An Alternative Source of Finance Contributed by Walder Wyss & Partners Ltd April 14 2009 Background Past Transactions UBS AG Mortgage Bond Transaction and Mortgage Bonds System Security System Characteristics of Mortgage Bonds System Outlook The ongoing disruption of credit and capital markets has led banks to invent and pursue refinancing solutions that have previously been used only rarely or that have been used in a different context. Credit portfolios are now sold and transferred to selected investors at substantial discounts rather than to the broader capital markets. Governments around the world have intervened to support financial institutions. Securities satisfying certain collateral eligibility criteria set up by central banks have been created in the framework of securitization transactions, thus allowing banks to access various liquidity programmes introduced by central banks. In a recent deal, UBS AG issued a Sfr2 billion Swiss Pfandbrief (ie, covered mortgage bond) through the Swiss mortgage bond bank (Pfandbriefbank) in a private placement aimed at three Swiss local retail banks. It is the first transaction of such a volume in which Swiss Pfandbriefe have been issued and privately subscribed for by three financial institutions only and under which the proceeds of such issues have been used for lending purposes to one specific member bank only. Further deals have been announced, also involving Credit Suisse. Background Since late Spring 2007, the disruption in the credit market has forced banks to create new structures for refinancing credit portfolios and gaining access to liquidity. -
SL Capital Barometer 2016.Q2
Q2 2016 Preliminary Data Private Equity BAROMETER Figures based on preliminary quarterly data from Q2 2016 Europe’s specialist private equity information provider. 1 Q2 2016 Preliminary Data Key Findings Overall European private equity ➤ The number of European private-equity-backed deals declined by 8% in the second quarter of 2016, from 381 transactions in Q1 to 350. ➤ Combined deal value improved in the second quarter, rising by 66%. ➤ The average deal value in the second quarter (€86.1m) was 81% higher than that of the first quarter (€47.6m). ➤ Overall, the year to Q2 2016 witnessed a shift towards larger deals; total deal value increased by 2%, while total volume slipped by 17%. As a result, average deal value increased by 23%. Buyouts ➤ The aggregate value of buyouts in the year to Q2 2016 (€107.4bn), was down a nominal 0.2% on the previous 12 months, while the number of deals (560) represented a 4% decline. ➤ Deal numbers increased to 148 in the second quarter, a rise of 15 from the 133 deals completed in the first quarter, and registered the highest total seen over the last six quarters. ➤ Aggregated value increased markedly, rising by 80% from the previous quarter’s total of €15.2bn, to €27.3bn. ➤ An abundance of dealflow in the small-cap (sub-€100m) and large-cap (€1bn+) ranges was responsible for the increase in the total number of buyouts in the second quarter. ➤ The small-cap range improved relative to the first quarter, increasing from 88 to 97 transactions; value rose by 25% from €3.3bn to €4.2bn. -
INTERIM REPORT for the Period from 1 January 2007 to 30 September 2007 INTERIMSTATEMENT REPORT of the INVESTMENT MANAGER
INTERIM REPORT for the period from 1 January 2007 to 30 September 2007 INTERIMSTATEMENT REPORT OF THE INVESTMENT MANAGER INVESTMENT MANAGER’S REPORT PRINCESS’ NET ASSET VALUE UP 11% IN 2007 Princess continued its positive development during the third quarter of 2007. Despite the recent turbulence in the finan- cial markets and the weakness of the US dollar, the net asset value (NAV) increased by another 3.1% during the past three months to stand at EUR 98.64 per share at the end of Sep- Princess Private Equity Holding Limited (“Princess”) is an investment holding company tember 2007. A number of the underlying partnerships in the portfolio – especially buyout funds and partnerships in the domiciled in Guernsey that invests in private equity and private debt investments. North American region – reported write-ups, leading to reval- uations in the Princess private equity portfolio. Adjusted for Investments include primary and secondary fund investments, direct investments and the dividend that was paid out in April, the NAV has gained 11% since the beginning of the year. listed private equity. Princess aims to provide shareholders with long-term capital The recent concerns over the US subprime mortgage market growth and an attractive dividend yield. that spilled over to the wider credit market had no significant impact on the NAV development of the Princess portfolio and are not expected to materially affect the portfolio. Princess has no direct sub-prime exposure and while it has some The shares deliverable in the form of co-ownership interests in a global bearer certifi- exposure to the credit market through mezzanine invest- ments under its special situations allocation, these invest- cate are traded on the Frankfurt Stock Exchange. -
The Banking Sector and the Swiss Financial Account During the Financial and European Debt Crises1
Aussenwirtschaft 67.2 The banking sector and the Swiss financial account during the financial and European debt crises1 Raphael A. Auer and Cédric Tille Swiss National Bank and CEPR; Graduate Institute Geneva and CEPR The US financial crisis and the later Eurozone crisis have substantially affected capital flows into and out of financial centers like Switzerland. We focus on the pattern of capital flows involving the Swiss banking industry. We first rely on balance-of-payment statistics and show that net banking inflows rose during the acute phases of the crises, albeit with a contrasting pattern. In the wake of the collapse of Lehman Brothers, net inflows were driven by a large retrenchment towards the domestic market by Swiss banks. By contrast, the net inflows from mid-2011 to mid-2012 were driven by large flows into Switzerland by foreign banks. We then use more detailed data from the Swiss banking statistics which allow us to contrast the situation across different banks and currencies. We show that the cycle during the US crisis in bank flows was driven strongly by exposures in US dollars, and to a large extent by Swiss-owned banks. During the Eurozone crisis by contrast, the flight to the Swiss franc and the move away from the Euro was also driven by banks that are located in Switzerland, yet are foreign-owned. In addition, while the demand for the franc was driven by both foreign and domestic customers during mid-2011 to early 2013, domestic demand took a prominent role thereafter. JEL codes: E51, G15, G21, F21, F32, F36, F65 Key words: capital flows, safe haven, Switzerland, financial globalization, international banking 1 Introduction The global financial crisis and the subsequent Eurozone crisis had pronounced effects on the behavior of international capital flows. -
PRIVATE EQUITY Fund and Corporate Services
PRIVATE EQUITY Fund and Corporate Services The Bright Alternative Explore: aztecgroup.co.uk | .eu Aztec Group in numbers Hello. 1,200+ employees + We’re the Aztec Group – an independent, owner- 450 managed provider of fund and corporate services. Since our inception in 2001, we’ve remained focussed on the industry in which we have earned our unrivalled OVER + statistics – alternative investments. What this means + 4,500 for you, as a private equity manager, is in addition to 440 entities billion in providing you with a stable relationship team over the 240 life of your fund, you’ll also benefit from our specialist clients expertise, industry-leading technology and the extensive experience we’ve gained from supporting Edward Moore Founder and CEO clients with similar outsourcing requirements. High It’s this unwavering focus on your industry, combined employee 90% with our dedication to building long-term relationships, retention rate that has made us the award-winning business clients have migrated from of client-facing employees we are today. other service providers are qualified or in training maor industry standards 15 Strong reputable client industry retention awards in rate 10 years Private equity we administer: A snapshot of growth capital / venture capital / buyout our business. A selection of our private equity clients: From start-ups and mid-market managers to financial UK Europe institutions, we’re proud to work with clients of all BlueGem Capital Partners. CapVest. Cinven. EMK 3TS Capital Partners. Ardian. Brockhaus Private shapes and sizes across the major asset classes. Capital. EMF Capital Partners. Equistone Partners. Equity. Clearsight Investments. -
GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 GB P3 07.Qxp:GB P3 18.3.2008 16:15 Uhr Seite 2
GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 1 GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 2 GESCHÄFTSBERICHT 2007 ÜBERBLICK 2007 OVERVIEW 2007 ENTWICKLUNG DES BÖRSENKURSES UND DES INNEREN WERTES 01.01.2007 BIS 31.12.2007 PRICE AND NAV DEVELOPMENT 01.01.2007 UNTIL 31.12.2007 1’600 1’500 1’400 1’300 EUR in 1’200 1’100 1’000 900 12.06 01.07 02.07 03.07 04.07 05.07 06.07 07.07 08.07 09.07 10.07 11.07 12.07 Innerer Wert pro Zertifikat / Net Asset Value (NAV) per certificate Preis / Price 2 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 3 ANNUAL REPORT 2007 Firmenprofil Company Profile Die Partners Group Private Equity Performance Holding Partners Group Private Equity Performance Holding Limited Limited («P3 Holding», «P3») ist eine nach dem Recht von (“P3 Holding”, “P3”) is a limited liability company, which was Guernsey gegründete Gesellschaft mit beschränkter Haftung incorporated under the laws of Guernsey and is domiciled in mit Sitz in St. Peter Port, Guernsey. Der Zweck der Gesell- St. Peter Port, Guernsey. The objective of the company is to schaft ist die Verwaltung und Betreuung eines Portfolios aus professionally manage a portfolio of investments in private Beteiligungen an Private Equity-Zielfonds, börsennotierten equity partnerships, listed private equity vehicles and direct Private Equity-Gesellschaften und Direktinvestitionen. P3 investments. P3 is supported in its activities by the Invest- wird in dieser Tätigkeit durch ihren Anlageberater Partners ment Advisor, Partners Group, which is a global alternative Group beraten.