Turning Distance Into an Advantage

Total Page:16

File Type:pdf, Size:1020Kb

Turning Distance Into an Advantage Capital Thursday, May 19, 2016 Section D Markets NZ stock market in tip-top shape sthe benchmark S&P/ “In the next year or two, we expect NZX50 share index heads NZX boss Tim Bennett doesn't believe the sharemarket is over- to see agood mix of New Zealand towards yet another record businesses come to the market in the A high, NZX chief executive valued; he says it is poised for further growth, as Jamie Gray reports mid-sized businesses —inthe range Tim Bennett says the market is in of $300 million to $700 million,” great shape. Bennett says. The index built on an already As the sharemarket enters another strong 2014 to end last year with a year of very strong gains, analysts 13 per cent gain. fear it is looking overvalued from a Concerns about an economic price-earnings perspective but slowdown in China led to convul- Bennett is dismissive. sions in domestic and world markets “It’s all relative,” Bennett says. “New in February, but investors seem to Zealand is an attractive market. We have put their worries behind them have got avery strong economy. We for now. have got businesses that are paying “The sharemarket is in great relatively high yields and with agood shape,” Bennett says. ``We have seen, mix of companies to invest in.'' over anumber of years, avery strong The common complaint from fund performance in the index. We are also managers is that not enough IPOs seeing alot more interest in the initial have come to the market to meet public offer (IPO) pipeline this year investor demand. Bennett does not than last year.” expect to see the number of new Globally, 2015 was aslow year for share issues racing away anytime IPOs. In the United States it was the soon. slowest year since 2009 and New “By and large, we have seen some Zealand felt the impact of that. quality companies list in New Zea- Bennett and investment bankers land, and investors who have had a pointed to the successful listing of diversified portfolio have done very Tegel as an important milestone for well out of that, so we are very the market. “In alot of ways, it (Tegel) pleased with what has happened in was abellwether and we hope that the market over the last few years,” it will open the IPO window over the he says. next couple of quarters,” he says. After the partial privatisations of The NZX has seen an increase of the big power generators —Meridian, debt issuance on the local market. Mighty River Power and Genesis — “Trading activity in the debt market Bennett says big listings in the years is up 60 per cent, year on year, so ahead would be few and far between. there is obvious investor demand But in terms of future trends, he there as well,” says Bennett. expects to see some of the foreign- He says the NZX launched more Tim Bennett says we have astrong economy and an attractive market. Picture /Michael Craig owned local businesses start to come exchange traded funds (ETFs) last back to the market. year and the NZX now has 23. Interest pipeline develop. “While we don’t sellers’ side they are wanting to raise seeing some private equity investors And Bennett expects to see more in those products continued to be think that we will have aspectacular capital to grow their businesses, looking to realise their investments.'' of the medium-sized privately held strong. year like we did in 2013/14 —when which is good for the economy. “The caveat to all that is that we companies —inthe $300 million to Bennett says demand for initial the mixed ownership models listed “We are also seeing foreign in- still live in avolatile world, with two $500 million bracket —coming to the public offers from investors is clearly —clearly there are alot of investors vestors looking to divest their New IPOs pulled last year because of mar- evident and we are starting to see the who are seeking IPOs and so from a Zealand assets and of course we are ket volatility. continued on D4 Turningdistance into anadvantage Leading investment banker Scott St Youhave got afew world is staring down the barrel with “You have got afew champions John is upbeat about the prospects demographic changes and ageing who are growing their businesses for the New Zealand economy and champions whoare populations, we are striding into a from New Zealand,” he adds. “The markets saying the “tyranny of dis- very low interest rates environment obvious listed examples are Xero and tance” has turned into an advantage. growingtheir businesses ...that is going to create challenges. Fisher and Paykel Healthcare. “New Zealand continues to be a “Add to that the interesting pros- “Auckland Airport and Air New wonderful place to be and live,” says from NewZealand. pect of disruption in its various forms, Zealand are also seeing the benefit of St John who is managing director of Ithink it argues for active manage- the investment they have made in NZ First Capital. “I think the rest of Scott St John ment —not so much in the sense of route development.” the world continues to wish it had our trying to pick winners —but more St John says the continued re- problems. Ithink immigration and importantly in terms of avoiding structuring by global investment tourism opportunities will continue potholes. The returns one has derived banks is also creating more opportun- to grow faster than most people think, in the past will, in my view, not ities for homegrown talent. for longer than most people think. necessarily be apredictor of the “We are continuing to hire talent “The tyranny of distance has now returns one will receive in the future ... this is abig advertisement for turned into an advantage and in an projections of three million tourists “We have alot to offer ...peace and from various assets or asset classes.” locally based deep-rooted resource infrastructural sense Ihope we are coming to New Zealand each year. lack of crowds being two relatively St John says meaningful trans- on the ground,” he laughs. bold enough and aspirational enough “You don’t need to travel too far to attractive elements.” actions are proposed or executed — Though there continues to be to capture that opportunity.” see what those numbers could mean.” St John underscores his upbeat pointing to the proposed NZME/ some “fly in fly out activity” from He supports the Government’s an- Italy has close to 50 million visitors outlook with some caution: “In that Fairfax NZ merger and Sky City’s service providers, he says, locally nouncement that it intends to invest each year, with Venice attracting last six months there has been alift capital-raising “in the last week or so based support will provide astronger in tourism infrastructure to underpin more than 30 million tourists alone. of activity, but at atime when the alone”. resourcing model. —Fran O’Sullivan D2 nzherald.co.nz | The New Zealand Herald | Thursday, May 19, 2016 Capital Markets Doing the right thing Inside by the customer he International Monetary No longer Wild Fund (IMF) is making two After the finance company debacle, New Zealand securities visits to New Zealand this The benefits of amore robust T year —the first in August to regulation has concentrated on enlivening the capital markets and regulatory regime have become assess the banking and insurance clearer, says Rob Everett —D8 sectors and the second in November building renewed customer confidence, writes Jim McElwain to check out our securities regulation. The visits are part of the IMF’s Financial Sector Assessment Pro- gramme. This process was last undertaken in 2003, well before the Global Fin- ancial Crisis transformed the world’s regulatory landscape. The IMF will be looking at inter- national best practice. New Zealand was offered a“two paths” moment Soaring angels when we sat down to write the Financial Markets Conduct Act Angel investment is playing an (FMCA), hard on the heels of our own important role in growing the version of the GFC —the finance economy —D10 company debacle. We could have gone the way of the North, writing thousands(or, in the case of America,literally millions) of pages of heavily prescriptive regu- latory code, overseen by an alphabet soup of regulatory agencies. INFINZ Fellow and Chair of our Advocacy Committee, Ross Pennington, notes that we have opted for anew approach, based on enliv- ening the capital markets and The futures of dairy attracting confident participation in them. This new law is principles- New contracts away to lessen the based and the guiding principle is volatility in milk prices —D14 conduct (translated basically as doing the right thing, especially by your customers). The sort of novelty adopted in our Infinz executive director Jim McElwain with Maree Webster (left) and Lady Deborah Chambers at the 2015 Infinz Awards. approach to securities regulation isn’t particularly new in New Zealand. We against the extent to which they have have lent against the tide in estab- assisted in achieving the client’s lishing central bank independence; It’s about doing the objectives and contributed to de- Crown fiscal transparency; the velopment of the capital markets and world’s only traded interbank bench- rightthing. the wider economy. mark; listed debt and equity issues off To assist the market in establishing terms sheets; Open Bank Resolution; Sir John Anderson better practice in conduct and cul- the New Zealand Debt Management ture, INFINZ has partnered with the Room at the inn? Office and New Zealand Local Gov- Financial Markets Authority and the ernment Funding Agency; and CFA Society (an association of invest- Tourism growth means BZ is filling up macro-prudential restrictionsto ment professionals) to hold an after- fast, writes Anne Gibson —D18-20 quieten asset bubbles while keeping And leadership is crucial.
Recommended publications
  • Southeast Asia
    Asia’s Private Equity News Source avcj.com December 04 2012 Volume 25 Number 46 Ed itor’s VieWpoint German manufacturing might meets Chinese M&A ambition Page 3 neWs Carlyle, CDH, China Life, CITIC Capital, GPIF, Hamilton Lane, IDFC, IFC, L Capital, Lombard, MBK, Multiples, Oaktree, OPIC, Saratoga, Valar Page 5 a rsia aWa Ds Interviews with all the winners: Bain, CVC, Morgan Stanley, Qiming, Morningside, Navis, PAG, Helion, Inter-Asia Page 11 f ocus New beginnings? Secondaries: Do LPs sell fund positions in secret? VCs say cleantech is a viable investment option in a subsidy-free world Page 9 Page 22 Deal of the Week Deal of the Week At your convenience Welcome, traveler Morgan Stanley in China retail carve-out Page 23 Abraaj rides Thai medical tourism boom Page 23 Anything is possible... There are many barriers to liquidity in private equity: complexity, transaction size, deadlines, disparate assets, confidentiality, alignment, tax, shareholder sensitivities – the list goes on. But with creativity, experience and determination ... anything is possible. Secondaries Firm of the Year for the 8th consecutive year www.collercapital.com London New York Hong Kong 33 Cavendish Square 950 Third Avenue 20 Pedder Street London New York Hong Kong Liquidity solutions for private equity investors worldwide Contact: [email protected] Desert Ad_A4.indd 1 26/11/2012 15:43 Ed itor’s VieWpoint [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Senior Editor Brian McLeod (1) 604 215 1416 Staff Writer Alvina Yuen (852) 3411 4907 Andrew Woodman (852) 3411 4852 Teutonic Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager Helen Lee Research Manager ambitions Alfred Lam Research Associates Kaho Mak, Jason Chong Circulation Manager Sally Yip Another week, Another Chinese There is clearly a role for private equity to play Circulation Administrator strategic acquisition of a German manufacturing in bringing investors and investees together, Prudence Lau asset.
    [Show full text]
  • THE ASIA-PACIFIC 02 | Renewable Energy in the Asia-Pacific CONTENTS
    Edition 4 | 2017 DLA Piper RENEWABLE ENERGY IN THE ASIA-PACIFIC 02 | Renewable energy in the Asia-Pacific CONTENTS Introduction ...................................................................................04 Australia ..........................................................................................08 People’s Republic of China ..........................................................17 Hong Kong SAR ............................................................................25 India ..................................................................................................31 Indonesia .........................................................................................39 Japan .................................................................................................47 Malaysia ...........................................................................................53 The Maldives ..................................................................................59 Mongolia ..........................................................................................65 Myanmar .........................................................................................72 New Zealand..................................................................................77 Pakistan ...........................................................................................84 Papua New Guinea .......................................................................90 The Philippines ...............................................................................96
    [Show full text]
  • People Purpose Performance
    ANNUAL REPORT 2013 People Purpose Performance Toronto London Hong Kong Corporate Profile Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization with a critical purpose – to help provide a foundation on which Canadians build financial security in retirement. We invest the assets of the Canada Pension Plan (CPP) not currently needed to pay pension, disability and survivor benefits. — CPPIB is headquartered in Toronto with offices in London and Hong Kong. We invest in public equities, private equities, bonds, private debt, real estate, infrastructure and other areas. Assets currently total $183.3 billion. Of this total, 36.7% or $67.4 billion is invested in Canada and the rest globally at 63.3% or $116.1 billion of the portfolio. Our investments have become increasingly international as we diversify risk and seek growth opportunities in growing global markets. Created by an Act of Parliament in 1997, CPPIB is accountable to Parliament and to the federal and provincial finance ministers who serve as the CPP’s stewards. However, we are governed and managed independently from the CPP, operating at arm’s length from governments with a singular objective: to maximize returns without undue risk of loss. The funds that we invest belong to the 18 million Canadians who are current and future CPP beneficiaries. We adhere to high standards of transparency and accountability. The CPP Fund ranks among the world’s 10 largest retirement funds. In managing the Fund, CPPIB pursues a diverse set of investment programs that contribute to the long-term sustainability of the CPP. The most recent triennial report by the Chief Actuary of Canada indicated that the CPP is sustainable over a 75-year projection period, and that contributions to the Fund will exceed benefits paid until 2021.
    [Show full text]
  • Kathmandu Holdings Limited
    66 Kathmandu Holdings Limited Independent Adviser’s Report On the full takeover offer by Briscoe Group Limited July 2015 Grant Samuel confirms that it: §. has no conflict of interest that could affect its ability to provide an unbiased report; and §. has no direct or indirect pecuniary or other interest in the Briscoe Group Offer considered in this report, including any success or contingency fee or remuneration, other than to receive the cash fee for providing this report. Grant Samuel has satisfied the Takeovers Panel, on the basis of the material provided to the Panel, that it is independent under the Takeovers Code for the purposes of preparing this report. LEVEL 31, VERO CENTRE, 48 SHORTLAND STREET, PO BOX 4306, AUCKLAND 1140 T: +64 9 912 7777 F: +64 9 912 7788 WWW.GRANTSAMUEL.CO.NZ KATHMANDU TARGET COMPANY STATEMENT 67 Table of Contents Glossary 69 1. Terms of the Full Takeover Offer from Briscoe 70 1.1 Background 70 1.2 Details of the Briscoe Offer 70 1.3 Requirements of the Takeovers Code 71 2. Scope of the Report 72 2.1 Purpose of the Report 72 2.2 Basis of Evaluation 72 2.3 Approach to Valuation 72 3. Profile of Kathmandu 74 3.1 History and Background 74 3.2 Operations 75 3.3 Markets and Competitors 77 3.4 Growth Strategies 80 3.5 Financial Performance 81 3.6 Country Results 84 3.7 Financial Position 87 3.8 Cash Flows 88 3.9 Capital Structure and Ownership 89 3.10 Share Price Performance 90 4.
    [Show full text]
  • Avcal Members
    ANNUAL REPORT 2018 AVCAL.COM.AU CONTENTS INTRODUCTION 03 AVCAL MEMBERS 04 AVCAL BOARD OF DIRECTORS 05 CHAIRMAN & DEPUTY CHAIRMAN’S MESSAGE 07 CHIEF EXECUTIVE’S MESSAGE 11 AVCAL AT A GLANCE 13 POLICY & ADVOCACY 14 AVCAL MEDIA COVERAGE 20 RESEARCH PUBLICATIONS 21 DIVERSITY & INCLUSION 22 INDUSTRY AWARDS 23 AVCAL IN THE COMMUNITY 24 INDUSTRY EVENTS 28 STAKEHOLDER ENGAGEMENT 32 CODE OF CONDUCT 34 COMMITTEES & WORKING GROUPS 35 BUILDING CONCISE FINANCIAL REPORT 37 BETTER BUSINESSES OUR STRATEGIC PILLARS POLICY & ADVOCACY CONNECTED COMMUNITY INVESTOR ENGAGEMENT THE AUSTRALIAN PRIVATE EQUITY INTRODUCTION AVCAL’s members comprise most of the active private AND VENTURE CAPITAL ASSOCIATION equity and venture capital firms in Australia, as well LIMITED (AVCAL) IS A NATIONAL as the institutional investors into the industry. These ASSOCIATION WHICH REPRESENTS THE firms provide capital for early stage companies, later stage expansion capital, and capital for management PRIVATE EQUITY AND VENTURE CAPITAL buyouts of established companies. INVESTMENT INDUSTRY. AVCAL MEMBERS BUILD BETTER BUSINESSES The investment model used by the private equity and venture capital industry supports the building of stronger businesses that can deliver sustainable increases in enterprise value over the long-term. AVCAL’S CORE OBJECTIVE To ensure the business community and other key stakeholders understand the benefits of the private capital model of business ownership, and the role it can play in contributing to investment and employment growth across the Australian economy.
    [Show full text]
  • Broken Confidences Sebastiaan Van Den Berg of Harbourvest Partners Are PE Players Losing Sleep Over Australia’S Super Fund Disclosure Rules? Page 7 Page 19
    Asia’s Private Equity News Source avcj.com February 25 2014 Volume 27 Number 07 EDITOR’S VIEWPOINT Bumper PE deal flow in 2013 flatters to deceive Page 3 NEWS Baring Asia, CalPERS, CDH, EQT, Fosun, GGV, Hopu, IDFC, IFC, INCJ, Kendall Court, Morningside, NSSF, Origo, Samena, Temasek Page 4 ANALYSIS Australia’s mid-market GPs wait patiently for a buyout rebound Page 16 INDUSTRY Q&A HESTA’s Andrew Major and QIC’s Marcus Simpson Page 11 Broken confidences Sebastiaan van den Berg of HarbourVest Partners Are PE players losing sleep over Australia’s super fund disclosure rules? Page 7 Page 19 FOCUS FOCUS Diversity in distress The collective spirit GPs adjust to evolving special situations Page 12 Crowdfunding gains traction down under Page 14 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM AUSTRALIA 2014 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Mirzaan Jamwal (852) 3411 4821 That was then, Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager this is now Helen Lee Research Manager Alfred Lam Research Associates Herbert Yum, Isas Chu, Jason Chong, Kaho Mak Circulation Manager FROM 2006 OR THEREABOUTS, AUSTRALIA pace during the second half of 2013. A total of Sally Yip Circulation Administrator suddenly became the destination in Asia for GPs nine PE-backed offerings raised record proceeds Prudence Lau focused on leveraged buyout deals.
    [Show full text]
  • ANNUAL REVIEW 2017 Land of the Giants Cycle-Tested Credit Expertise Extensive Market Coverage Comprehensive Solutions Relative Value Focus
    ANNUAL REVIEW 2017 Land of the giants Cycle-Tested Credit Expertise Extensive Market Coverage Comprehensive Solutions Relative Value Focus Ares Management is honored to be recognized as Lender of the Year in North America for the fourth consecutive year as well as Lender of the Year in Europe Lender of the year in Europe Ares Management, L.P. (NYSE: ARES) is a leading global alternative asset manager with approximately $106 billion of AUM1 and offices throughout the United States, Europe, Asia and Australia. With more than $70 billion in AUM1 and approximately 235 investment professionals, the Ares Credit Group is one of the largest global alternative credit managers across the non-investment grade credit universe. Ares is also one of the largest direct lenders to the U.S. and European middle markets, operating out of twelve office locations in both geographies. Note: As of December 31, 2017. The performance, awards/ratings noted herein may relate only to selected funds/strategies and may not be representative of any client’s given experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. learn more at: www.aresmgmt.com | www.arescapitalcorp.com The battle of the brands the US market on page 80, advisor Hamilton TOBY MITCHENALL Lane said it had received a record number EDITOR'S of private placement memoranda in 2017 – ISSN 1474–8800 LETTER MARCH 2018 around 800 – and that this, combined with Senior Editor, Private Equity faster fundraising processes, has made it dif- Toby Mitchenall, Tel: +44 207 566 5447 [email protected] ficult to some investors to make considered Special Projects Editor decisions.
    [Show full text]
  • The Global Corporate Advisor
    ® The Global October 2014 Corporate Advisor The Corporate Finance newsletter of Crowe Horwath International Welcome to the October issue of The In both the UK and the US, PE firms Global Corporate Advisor. This newslet- are exiting investments as strategic ter has a special focus on the private buyers are looking for growth and equity sector in the UK, US, Mexico, valuations are high. India, Canada and Australia. In our next issue, we will examine the While private equity (PE) in Australia is M&A landscape in key European coun- a small part of the investment tries as well as Australia and South community, activity is increasing due Asia. to the recent returns track record. The characteristics of the Canadian environment suggest that PE investing will increase in the near term. Those interested in the Indian market are hopeful that the new government will spur both domestic and foreign PE investments. In Alfred Cheong Mexico, the government has already Regional Leader, South East Asia been a catalyst for PE investing +65 6221 0338 through development of a pool of [email protected] available funds. Inside This Issue: Welcome 1 Private Equity, Australia 2 Private Equity, Canada 5 Contact Us Private Equity, India 7 The GCA team is here to respond to your needs relating to M&A transaction Private Equity, Mexico 8 support, valuations and advisory services. If there is a topic you would like us to cover in future issues of the GCA newsletter, don’t hesitate to contact Peter Private Equity, UK 9 Varley, Chairman of GCA, at [email protected].
    [Show full text]
  • Annual Report
    Top Ranking Report Annual Report Architectural Record ENR VMSD Top 300 Architecture Top 150 Global Top Retail Design Firms: Design Firms: Firms of 2014: # #1 Firm Overall #1 Architecture Firm #1 Firm Overall Building Design ENR Interior Design Message from the Board of Directors 2014 World Top 500 Design Firms: Top 100 Giants: Architecture 100 Most #1 Architecture Firm #1 Architecture Firm Admired Firms: Gensler is1 a leader among the #1 in Corporate Office As we celebrate our 50th anniversary, we world’s architecture and design #1 US Firm #1 in Retail #4 Global Firm #1 in Transportation firms. Here’s how we ranked in #1 in Government look forward to more record-setting years, our industry in 2014. #1 in Cultural thanks to our great client relationships and extraordinary people around the world. Financial Report Our financial performance and recognition throughout the We’re entering our 50th year stronger than ever. Financially strong and debt-free, we contributed industry are indications of the breadth of our practice, our global In 2014, our global growth continued apace $38.5 million in deferred compensation to our reach, and the long-standing trust of our clients. with our clients as they entrusted us with new employees through our ESOP, profit-sharing, and challenges and led us to new locations. Our international retirement plans. We made strategic expanded Gensler team of 4,700+ professionals investments in our research and professional We’ve broadened our services to 27 now work from 46 different offices. With their development programs, along with upgrades to practice areas, with total revenues help, we completed projects in 72 countries and our design-and-delivery platform and the tools for the year setting a new record $ increased our revenues to $915 million—a record and technology to support it.
    [Show full text]
  • PEI 300 Guess Who’S Back on Top?
    Issue 165 | May 2018 | privateequityinternational.com PEI 300 Guess who’s back on top? THE ORACLE SPEAKS David Rubenstein on the future of private capital SECONDARIES ROUNDTABLE Keeping LPs front and centre WHY PRIVATE EQUITY? The asset allocation special PLUS: the PEI Q1 Fundraising Report; IRRs vs money multiples; introducing the CEPRES model portfolio; Texas TRS goes Canadian; inside the PE retail blowouts; and much more… Equistone announced the successful final We are one of close of Fund VI at its €2.8bn hard cap in March 2018. Europe’s most Equistone has made three investments for Fund VI and will continue to source deals active mid-market and build value with management teams across our target markets. investors. www.equistonepe.com Evercore acted as the exclusive global placement agent for Equistone Partners Europe Fund VI. © EQUISTONE PARTNERS EUROPE LIMITED Authorised and regulated by The Financial Conduct Authority. PE International Ad May 2018.indd 1 18/04/2018 15:18 Riding high historically it’s been successful, but it needs to ISOBEL ISSN 1474–8800 | ISSUE 165 | MARKHAM work hard to avoid becoming a victim of that MAY 2018 EDITOR'S success. The signs are already there that this LETTER is starting to happen. Senior Editor, Private Equity Toby Mitchenall Tel: +44 207 566 5447 Sandra Robertson, chief investment officer [email protected] and chief executive of the UK’s £3 billion ($4.3 Americas Editor, Private Equity Marine Cole billion; €3.4 billion) Oxford University Endow- Tel: +1 212 633 1455 [email protected] ment
    [Show full text]
  • Wayne A. Budd
    PRESENTSPRESENTS in the law IN PARTPARTNERSHIPNERSHIP WITH GOLD SPONSORS SPO SROSN SILVERSILVER SPONSORS SPONSO SR BESPOKE BANKING 2012 Annual Dinner Featuring Keynote Speaker VICTORIA REGGIE KENNEDY, ESQ. Thursday, May 31 ◆ Westin Boston Waterfront 5:30 p.m. Reception ◆ 7 p.m. Dinner Honoring Also honoring MBA LEGISLATOR OF THE YEAR 2012 ACCESS TO JUSTICE AWARDS RECIPIENTS Legal Services Award Thomas Mela Massachusetts Advocates for Children Pro Bono Law Firm Award Brody, Hardoon, Perkins & Kesten LLP Boston Pro Bono Publico Award Linda Hickman SPEAKER ROBERT A. DELEO Neighborhood Legal Services Inc. (D-Winthrop) Defender Award Dulcinea (Duci) Goncalves Sponsorship and registration CPCS Youth Advocacy Department information at Prosecutor Award Michael Fabbri www.MassBar.org/AD12 or (617) 338-0530. Massachusetts Lawyers Weekly • May 2012 • B3 in the law TABLE OF CONTENTS Up & Coming Lawyers Excellence in Diversity Excellence in Firm Alison R. Bancroft . 5 Wayne A. Budd . 19 Administration Jason G. Benzaken . 5 Angela McConney Scheepers . 19 Fangli Chen . 6 Catherine E. Reuben . 20 Lorraine Curry . 23 Zachary N. Coseglia . 6 Minita Shah-Mara . 20 Sherley E. Cruz . 8 Excellence in Operations Vikas S. Dhar . 8 Excellence in Pro Bono Steven E. Gagne . 9 Julie C. Pease . 23 Daniel K. Gelb . 9 Hanishi T. Ali . 21 Cynthia M. Gilbert . 10 Susan M. Finegan . 21 Rebecca A. Jacobstein . 10 William E. Kelly . 21 Excellence in Legal Joseph P. Kennedy III . 11 William O’Brien . 22 Journalism Adam J. Kessel . 12 William L. Patton . 22 John B. Koss . 12 Michael N. Sheetz . 22 Kevin Cullen . 24 Stephen M. LaRose . 13 Brown Rudnick . 22 Katharine L.
    [Show full text]
  • Financial Services Update
    MAY 2016 FINANCIAL SERVICES UPDATE Some welcome relief for managers of real property schemes. The Financial Markets Authority (FMA) CUSTODY OF REAL PROPERTY The first exemption removes the need for real property has announced a new class exemption assets of existing closed property investment schemes to for managers of property schemes. The be held by the scheme’s supervisor or an independent custodian. This will be conditional on the supervisor exemption announced yesterday relieves holding a first ranking security that is registered against the managers and their custodians from the property. If a manager holds real property under this exemption then it will also be exempt from the need to some of the licensing and governance obtain an annual assurance engagement - this would requirements that would usually apply otherwise require the manager to engage an auditor to provide an annual assurance report on the custodial under the Financial Markets Conduct Act processes, procedures and controls. (FMCA), and that may cause unnecessary All other assets will need to be held by the supervisor or custodian and will be subject to an annual assurance costs for property schemes because of the engagement. special nature of their assets and operations. CASH RECONCILIATIONS Custodians of all schemes (new and existing) will be exempt from the requirement to undertake daily cash reconciliation. This will be conditional on reconciliations taking place at a frequency that is appropriate for the volume and frequency of transactions. Financial Services Update | 1 QUALIFYING PROPERTY INVESTMENT KEY CONTACTS SCHEMES IN ACTIVE WIND-UP Daniel Arapere The FMA has recognised that, for a scheme that is in Partner active wind-up, the cost of compliance with the new +64 4 474 3210 licensing and governance requirements will outweigh the [email protected] benefit for investors.
    [Show full text]