Firms and Funds

Bank of China is set to unveil a deal with the Rothschild family on Thursday for the Chinese bank to take a stake in private bank La Compagnie Financiere Edmond de Rothschild, two sources close to the matter said. A spokeswoman at La Compagnie Financiere Edmond de Rothschild declined comment but said a news conference […]

HONG KONG/LONDON (Reuters) – Morgan Stanley topped the list of major financial firms scrambling to find a buyer, while central banks rushed in $180 billion of extra liquidity to bring some calm to panicked stock and money markets. Morgan Stanley was discussing a deal with U.S. regional banking powerhouse Wachovia, according to a source familiar […]

LONDON (Reuters) – Lloyds TSB (LLOY.L) sealed a rescue takeover of HBOS Plc (HBOS.L) on Thursday to create a dominant British mortgage and savings bank in a $22 billion deal helped through by the government. A change in competition law ensured the credit crunch did not claim another victim, after HBOS shares were battered in […]

HONG KONG (Reuters) – Lehman Brothers staff in Asia remain in the dark about the fate of their business, with the clock ticking on any deal with a potential buyer. The more time that goes by, the more likely Lehman is to lose bankers and advisory mandates to rivals. But rival investment bankers in Hong […]

Trivest Partners has closed its fourth fund with $325 million in capital commitments. The Miami-based firm focuses on founder/family-owned business in North America, and had raised just under $320 million for its third fund in 2001. Hudson Partners served as placement agent, while limited partners include Morgan Creek Capital Management, Parish Capital, AIG Investments, Credit Suisse, Southern Farm Bureau Life Insurance Co. and GE Equity.

(Reuters) – Blackstone Group LP (BX.N) said on Wednesday it won the role of adviser on the emergency $85 billion rescue of insurance company American International Group Inc (AIG.N), a marquee assignment as the private equity firm works to expand its U.S. advisory team. Blackstone had worked with AIG through the weekend to explore options […]

In fact, he was "almost too relaxed,” one of my colleagues remarked, referencing Schwarzman’s appearance today at the PEA conference in New York. The founder of Blackstone Group was interviewed by Dow Jones’ Shasha Dai. And Dai didn’t toss out softball after softball. She opened by asking him about his personal feelings on Lehman’s collapse (Schwarzman got his start at Lehman; Dick Fuld was in his partner class). His answer, by the way, was a believable “It’s very sad.” She closed by asking about Blackstone's stock price, which has traded at close to a 50% discount since its IPO last year. He said Blackstone’s stock price was initially a scapegoat for the credit crisis, but that by this point the whole financial sector has been hit. The most interesting answer I heard was regarding the way Blackstone is going to deploy all that money.

NEW YORK/LONDON (Reuters) – Shares of Wall Street firms Morgan Stanley and Goldman Sachs plummeted on Wednesday and the UK’s biggest mortgage lender, HBOS Plc, looked set to be bought in the latest signs of financial industry distress. Tuesday’s $85 billion rescue of insurer American International Group by the U.S. Federal Reserve did little to […]

Embattled HBOS finally admitted on Wednesday morning, after considerable speculation, that it is in merger talks with rival Lloyds TSB. “In the light of market speculation, the board of HBOS confirms that it is in advanced talks with Lloyds TSB Group which may or may not lead to an offer being made for HBOS,” HBOS […]

(Reuters) – Investment bank Morgan Stanley is weighing whether it should remain independent or merge with a bank, give the recent turbulence in the company’s share price, broadcaster CNBC reported on Wednesday. Morgan Stanley officials were not in merger talks as of late Tuesday, CNBC said, citing unnamed people close to the matter. “But senior […]