Top finance news: JPMorgan poaches Marcus exec, Morgan Stanley reveals Archegos hit, Carlyle power players, and Houlihan Lokey vacations. : Happy Saturday, and welcome to Insider Finance. Here's a rundown of the must-know stories from the past week: If this email was forwarded to you, sign up here to get your daily dose of the stories dominating banking, business, and big deals. Houlihan Lokey is sending its corporate-finance bankers on all-expenses-paid vacations. It's the latest Wall Street firm to hike pay as workers battle burnout after a grueling year of working from home. Here's more on the internal announcement.
According to a recent Fidelity report, there were just over $90 billion in RIA deals across 46 transactions, and $65 billion of money in motion across five IBD transactions in the first quarter of the year. Will the trend continue? While last week was a lull, April's second full week saw Wealth Advisor Growth Network, a practice management provider for breakaways, invest in its second firm; a $1.7 billion lift out named Naviter Wealth from regional broker/dealer Stephens. Recently launched Journey Strategic Wealth tucked in its first advisor team, recruited from Northwestern Mutual and led by Kristin Bartlow who brings $180 million in client assets.
The suit alleges defendants issued false statements re: Credit Suisse business and prospects, resulting in its stock trading at inflated prices.
Roebling Capital Partners ("RCP" or "Roebling"), a Cincinnati area lower middle market private equity investment firm, has agreed to acquire Teron Lighting, Inc. LLC ("TLI" or "the Company"). The deal comes just two months after RCP announced the final closing of its debut private equity fund, Roebling Capital Partners Fund ("the Fund"). Founded in 1980, TLI is a manufacturer and distributor of commercial lighting fixtures. TLI has a broad network of 80+ agents that serve the healthcare, assisted living, educational, government, hospitality, multi-family housing, and commercial channels.
He'll reunite with ex-boss and former Treasury Secretary Timothy Geithner, now Warburg's president. : NEW YORK: Jake Siewert is leaving Goldman Sachs to join New York-based private equity firm Warburg Pincus. The Clinton and Obama administration alum is rejoining former boss Timothy Geithner, who joined Warburg Pincus as president in 2014, at the firm. Siewert worked at Goldman for more than nine years as its top communications executive. From 2009 to 2011, he was counselor to Geithner, then Treasury secretary. Previously in the public sector, Siewert was President Bill Clinton's press secretary.
Summary List PlacementJake Siewert, Goldman Sachs' global head of corporate communications and the chief architect of the bank's efforts to rehabilitate its image in the years following the financial crisis, is retiring from the firm, Goldman's top leaders announced Friday. "Jake has served Goldman Sachs with distinction for more than nine years, working closely with senior leaders across our organization to reshape and enhance the firm's reputation in the wake of the global financial crisis," Goldman's CEO David Solomon, President John Waldron, CFO Stephen Scherr, and executive vice president and Corporate Secretary John F.W.
A former Paulson & Co. partner has transformed a small investment vehicle he inherited from his old firm into a private equity fund with almost $1 billion of assets. When Andrew Klaber's Bedford Ridge Capital took control of Paulson Investment Co. I in October, the fund had just $169 million. Today, its capital and commitments exceed $900 million, according to a regulatory filing. Combined with several other co-investment vehicles acquired from Paulson, as well as money it raised for a pair of new growth equity funds, Bedford Ridge's assets under management totaled almost $1.3 billion at the end of March.
The amount of distressed debt has dropped precipitously, from $1 TN last March to under $100 BN today. However, there are numerous other attractive opportunities for investors in distressed companies before, during, and even after bankruptcy.
BOSTON, April 16, 2021 /PRNewswire/ -- Abry Partners ("Abry"), a leading Boston-based private equity firm, announced today the acquisition of High Street Insurance Partners (HSIP), a full-service insurance brokerage, from Huron Capital ("Huron"), a leading lower middle-market private...