MA Tracker Q4 2019
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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. -
Zing-Case-Study-Davy.Pdf
CASE STUDY Business continuity at Davy Challenge • Ensure business during migration from continuity after Microsoft Visual Basic removed Visual Basic support About Davy • Migrate complex Established in 1926, the Davy Group is Ireland’s business systems leading provider of wealth management, • Ongoing maintenance asset management, capital markets and and enhancement of new financial advisory services. The Davy Group is solution headquartered in Dublin, with offices in London, Belfast, Cork and Galway and employs over 600 Results people. • Migration of business processes into new The Challenge system Visual Basic is a legacy Microsoft language. From • No system downtime April 2008, development was no longer supported ensuring business by Microsoft, creating potential operational continuity for Davy difficulties for existing Davy applications and customers increasing their risk profile. • Reduced support costs Davy had three key systems written in Visual Basic that continued to meet their business needs and would require ongoing enhancement as they were key to Davy’s growth plans. The Solution Zing Technology was chosen because of the team’s technical experience. Zing analysed each system from a technical perspective and provided: • High-level architecture design for a .NET- based solution • Recommended migration approach • Fixed cost proposal and plan for delivery “Zing provided an experienced, The Zing development team, using a test-driven delivery-focused technical development model, delivered fully tested team, ensuring successful applications into production. application migrations. We have a strong relationship with The Results Zing and would not hesitate to Davy now has a platform that can expand with recommend them” business growth. The existing business processes continue to work, but with reduced support Killian O’Connell costs. -
The Davy Group Complaints Policy
The Davy Group Complaints Policy Purpose At Davy, we are committed to providing world-class outcomes for our clients. Where we fail to meet expectations, we shall endeavour to resolve matters in a manner that: π Reflects the Group’s objective to provide the highest possible level of service to our clients, subject to reasonable commercial constraints. π Respects the right of clients to have any expression of dissatisfaction dealt with courteously, professionally and in a timely manner. π Complies with the Group’s regulatory and fiduciary obligations to our clients. This document sets out our approach to managing complaints and provides contact details for making a complaint for clients and potential clients of all regulated entities within the J & E Davy Holdings Group (the “Davy Group”), namely J & E Davy (including J & E Davy’s London branch), Davy Pensioneer Trustees, J & E Davy (UK) Limited, Davy Securities, Davy Corporate Finance (including DCF’s London branch), Davy Global Fund Management (“DGFM”) (including DGFM’s London Office), Davy Global Fund Management Luxembourg S.A., Advance Fund Management and any other Davy regulated entities that may be acquired and/or incorporated in the future. For the purpose of this Policy, these entities shall be referred to collectively as the Davy Group or the Group. Making a complaint If you are dissatisfied with the provision of a Davy product or service or the offer of same, or where Davy has failed and/or refused to provide a product or service to you, or if you are of the opinion that you have suffered financial loss due to the poor administration of your pension scheme, you are entitled to make a complaint to Davy and to request that an investigation is carried out. -
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. -
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. -
Key Retail Trends Exploding in Retail Today
RetailQ2 2019 TIMES Dublin Is Vibrant Your Dublin, Your Voice Key Survey Findings Retail Lee’s Centra Group Leading the Retail Industry 6 Trends Retail Public Affairs Ma!ers Impacting Ireland’s Shaping the World Today Largest Industry elcome to everyone. We should all And as time and tide wait for no one, it is now be into full “Retail Swing” fantastic to see Joe B arrett, co-owner and COO mode, with strong footfall, of Applegreen and Jean Willow, owner of increasing conversion and higher Willow Boutique being appointed as Chair and transaction rates! As this goes to press, I am not Deputy Chair of our wonderful organisation. sure if this positive message is in the reality, with With these two appointments, I believe this Brexit still in the balance and other international gives a perfect blend of experience, expertise and headwinds. But I will use the old proverb, “it is passion at both the SME level and the larger far better to travel hopefully, then simply arrive national and international retail stage. disappointed!” e most important date for every Irish Retailer, So, a huge amount of change continues in Irish is rapidly approaching, the Retail Retreat and Retail, and there are many strong fundamentals Expo, on in Citywest on the 21st and 22nd of underpinning much of this positive change, May, this year’s event will challenge us all and unemployment at last count was approximately provide real solutions to “Retail in an age of 5.6%, the lowest level for over a decade, the Irish profound Transformation”. -
RTÉ Annual Report 2014
Annual Report & Group Financial Statements 2014 Raidió Teilifís Éireann Board 54th Annual Report and Group Financial Statements for the twelve months ended 31 December 2014, presented to the Minister for Communications, Energy and Natural Resources pursuant to section 109 and 110 of the Broadcasting Act 2009. Is féidir leagan Gaeilge den Tuarascáil a íoslódáil ó www.rte.ie/about/ie/policies-and-reports/annual-reports/ 2 CONTENTS Vision, Mission and Values 2 A Highlights 3 Chair’s Statement 4 Director-General’s Review 6 Financial Review 10 What We Do 16 Organisation Structure 17 Operational Review 18 Board 84 B Executive 88 Corporate Governance 90 Board Members’ Report 95 Statement of Board Members’ Responsibilities 96 Independent Auditor’s Report 97 Financial Statements 98 C Accounting Policies 105 Notes Forming Part of the Group Financial Statements 110 Other Reporting Requirements 149 Other Statistical Information 158 Financial History 159 RTÉ ANNUAL REPORT & GROUP FINANCIAL STATEMENTS 2014 1 RTÉ’S DirecTOR-GENERAL has SET RTÉ’S VISION, MISSION AND VALUes STATEMENT Vision RTÉ’s vision is to enrich Irish life; to inform, entertain and challenge; to connect with the lives of all the people. Mission • Deliver the most trusted, independent, Irish news service, accurate and impartial, for the connected age • Provide the broadest range of value for money, quality content and services for all ages, interests and communities • Reflect Ireland’s cultural and regional diversity and enable access to major events • Support and nurture Irish production and Irish creative talent Values • Understand our audiences and put them at the heart of everything we do • Be creative, innovative and resourceful • Be open, collaborative and flexible • Be responsible, respectful, honest and accountable to one another and to our audiences 2 HIGHLIGHTS A RTÉ ANNUAL REPORT & GROUP FINANCIAL STATEMENTS 2014 3 CHAIR’S STATEMENT The last year has been one of transition for RTÉ and for its Board. -
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. -
260412 REF Blackstonelogistics FINAL
Press Release Consortium provides £204 million financing to support Blackstone UK logis- tics acquisition • pbb Deutsche Pfandbriefbank, HSBC Bank plc and Wells Fargo pro- vide a senior facility • LaSalle Investment Management provides a mezzanine loan support- ing the acquisition Munich/London, 26 April 2012 - pbb Deutsche Pfandbriefbank, HSBC Bank plc and Wells Fargo have jointly provided senior financing for the acquisition of a port- folio of distribution warehouses located across the UK by the Blackstone Group. In addition, LaSalle Investment Management, on behalf of its Junior Loan Pro- gramme, has provided mezzanine financing to to support the acquisition. The total senior and mezzanine financing amount provided was £204 million. The transac- tion closed on 18 April 2012. pbb Deutsche Pfandbriefbank, HSBC Bank plc and Wells Fargo acted as Joint Arrangers and Underwriters. pbb Deutsche Pfandbriefbank is the Facility Agent and Security Agent to the senior facility. The portfolio comprises 17 distribution assets located across the UK. Together they provide circa 3.6 million sq ft of space. The transaction is a continuation of Blackstone’s strategy of investing in high quality logistics properties in the United Kingdom. Bernhard Scholz, the Management Board member of pbb Deutsche Pfand- briefbank, Matthew Webster, Global Head of Real Estate Finance, HSBC, and Chip Fedalen, Group Head, Wells Fargo Commercial Real Estate - Institu- tional and Metro Markets commented on behalf of the senior lenders: “Black- stone is a core client of the senior lending group and we are happy to work with them alongside LaSalle Investment Management. We are excited about future op- portunities to support our clients doing business and appreciate working with our co-lenders.” Amy Klein Aznar, Head of Special Situations and Structured Investments, LaSalle Investment Management, said: “LaSalle is delighted to have provided Blackstone with mezzanine debt financing on this transaction and to have success- fully structured the facility together with pbb, HSBC and Wells Fargo. -
Private Equity Giants Converge on Manufactured Homes
PRIVATE EQUITY GIANTS CONVERGE ON MANUFACTURED MASSIVE INVESTORS PILE INTO US MANUFACTURED HOME COMMUNITIES Within the last few years, some of the largest private equity firms, HOMES real estate investment firms, and institutional investors in the How private equity is manufacturing world have made investments in manufactured home communi - ties in the United States, a highly fragmented industry that has homelessness & communities are fighting back been one of the last sectors of housing in the United States that has remained affordable for residents. February 2019 In 2016, the $360 billion sovereign wealth fund for the Govern - ment of Singapore (GIC) and the $56 billion Pennsylvania Public KEY POINTS School Employees Retirement System, a pension fund for teachers and other school employees in the Pennsylvania, bought a I Within the last few years, some of the largest private equity majority stake in Yes! Communities, one of the largest owners of firms, real estate investment firms, and institutional investors manufactured home communities in the US with 44,600 home in the world have made investments in manufactured home sites. Yes! Communities has since grown to 54,000 home sites by communities in the US. buying up additional manufactured home communities. 1 I Manufactured home communities provide affordable homes for In 2017, private equity firm Apollo Global management, with $270 millions of residents and are one of the last sectors of affordable billion in overall assets, bought Inspire Communities, a manufac - housing in the United States. Across the country, they are home tured home community operator with 13,000 home sites. 2 to seniors on fixed incomes, low-income families, immigrants, Continued on page 3 people with disabilities, veterans, and others in need of low-cost housing. -
Seeking an Alternative
Seeking an Alternative Understanding and Allocating to Alternative Investments Alts Lab Seeking an Alternative: Understanding and Allocating to Alternative Investments 3 Seeking an Alternative Understanding and Allocating to Alternative Investments Summary In this paper we look at some of the forces that may be inclining individual investors to incorporate “alternative” investments in their portfolio, and then offer some general allocation suggestions on how they may do so. We think there are several compelling reasons why investors are considering “alts.” While the century is young we’ve already had two severe market declines, and two long, painful recoveries. The result is a world with lower growth, a good deal of uncertainty, and the feeling that traditional investment options alone may not suffice. We believe some investors are seeking alternative investments to find yield, some for higher returns, or protection from rising rates, or a haven against market volatility—or any combination of the above. Unfortunately there’s no standard approach or “style box” to guide investors on how to reach their goals with alternative investments. We offer up a framework to address this gap. Seeking an Alternative: Understanding and Allocating to Alternative Investments 5 Investor PTSD: Laboring to Forget the Turbulent “Aughts” Let’s look at some of the realities of investing today The display shows that, for U.S. equities, the which are driving investors to consider “alts.” number of days when markets moved 3% or more reached a peak of 95 in the last decade First, volatility has changed—and has changed (the tall grey bar), versus 81 episodes in us.