Chief Correspondent, Hong Kong
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May 10, 2012

Nomura MDs made to wait 5 years to cash bonus shares-sources

HONG KONG, May 10 (Reuters) – Nomura has made it
mandatory for managing directors to wait five years before they
can cash the share portions of their bonuses, sources said on
Thursday, the longest waiting period for such a payout at an
investment bank in the latest pay cycle.

Last year, Nomura and other investment banks moved to make
employees wait for three years to cash out the share portion of
an annual bonus, wh ich for managing directors in the industry
can be at least $1 million in cash and shares — on top of a
$250,000 per year salary.

Apr 16, 2012

Temasek buys 1.4 billion pounds of ICBC shares from Goldman

HONG KONG/SINGAPORE (Reuters) – Singapore state investor Temasek TEM.UL is buying $2.3 billion (1.4 billion pounds) worth of ICBC’s (1398.HK: Quote, Profile, Research) Hong Kong-listed shares from seller Goldman Sachs (GS.N: Quote, Profile, Research), piling into three of China’s top four banks and raising its bet on the world’s second-biggest economy.

Temasek was burned by its financial industry exposure in 2008, hit by stakes in large European and U.S. banks that plunged in the crisis. But it has kept nearly 40 percent of its investment portfolio in banks it feels are strong and are capturing emerging market growth.

Apr 16, 2012

Temasek buys $2.3 billion of ICBC shares from Goldman

HONG KONG/SINGAPORE (Reuters) – Singapore state investor Temasek TEM.UL is buying $2.3 billion worth of ICBC’s (1398.HK: Quote, Profile, Research, Stock Buzz) Hong Kong-listed shares from seller Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz), piling into three of China’s top four banks and raising its bet on the world’s second-biggest economy.

Temasek was burned by its financial industry exposure in 2008, hit by stakes in large European and U.S. banks that plunged in the crisis. But it has kept nearly 40 percent of its investment portfolio in banks it feels are strong and are capturing emerging market growth.

Mar 27, 2012

Exclusive: Singapore’s Temasek: evolution not revolution

SINGAPORE (Reuters) – Temasek Holdings, the smaller but more visible of Singapore’s two sovereign funds, is moving into a new phase with its investment strategy, and could look more like Blackstone Group (BX.N: Quote, Profile, Research, Stock Buzz), another $160 billion institution, which has grown from a focused private equity firm to a global asset manager.

The shift follows setbacks since the 2008 financial crisis; the loss of $5 billion invested in Western banks; the abrupt departure of the fund’s first non-local CEO before he’d even taken up the post; and the recent exit of dealmakers hired by CEO Ho Ching, the prime minister’s wife, who has led Temasek for a decade.

Mar 27, 2012

Singapore’s Temasek: evolution not revolution

SINGAPORE, March 27 (Reuters) – Temasek Holdings, the
smaller but more visible of Singapore’s two sovereign funds, is
moving into a new phase with its investment strategy, and could
look more like Blackstone Group (BX.N: Quote, Profile, Research), another $160 billion
institution, which has grown from a focused private equity firm
to a global asset manager.

The shift follows setbacks since the 2008 financial crisis;
the loss of $5 billion invested in Western banks; the abrupt
departure of the fund’s first non-local CEO before he’d even
taken up the post; and the recent exit of dealmakers hired by
CEO Ho Ching, the prime minister’s wife, who has led Temasek for
a decade.

Mar 23, 2012

ING puts $775 mln Thailand bank stake on block – sources

March 23 (Reuters) – ING Groep NV has put its
roughly $775 million stake in Thailand’s TMB Bank Pcl
on the block as the bailed-out Dutch financial services group
pushes ahead with Asian divestments, sources familiar with the
matter told Reuters.

ING, which is selling assets to help repay a 2008 rescue by
the Dutch government, recently hired an investment bank to help
find a buyer for its 31 percent stake in TMB Bank, the sources
added, underscoring its seriousness to pursue an auction.

Feb 21, 2012

As Asia private equity stalls, secondary firms march in

HONG KONG, Feb 21 (Reuters) – As hundreds thronged a
financial conference in Hong Kong last year to hear an executive
of U.S. private equity firm Bain Capital, Doug Coulter took a
seat in a nearly empty room next door at a separate session on
the secondary part of the buyout industry in Asia.

Coulter, Asia head of private equity for LGT Capital
Partners, was encouraged by what he saw.

Jan 21, 2012

Insight: Clash over strategy forced high-profile exits at Nomura

HONG KONG (Reuters) – The shock waves that jolted Nomura on January 10 were not so much sparked by the resignation of the Japanese bank’s wholesale division CEO Jesse Bhattal, but the news, shortly afterwards, that Tarun Jotwani, a close friend of Bhattal’s and a lieutenant being groomed to succeed him, was also out.

Nomura announced it was splitting its fixed income and equity divisions – a year after Bhattal and Jotwani, a fellow Lehman Brothers alumnus had combined them. Jotwani’s role as global markets head was eliminated, making him redundant.

Jan 21, 2012

Clash over strategy forced high-profile exits at Nomura

HONG KONG, Jan 21 (Reuters) – The shock waves that
jolted Nomura on Jan. 10 were not so much sparked by the
resignation of the Japanese bank’s wholesale division CEO Jesse
Bhattal, but the news, shortly afterwards, that Tarun Jotwani, a
close friend of Bhattal’s and a lieutenant being groomed to
succeed him, was also out.

Nomura announced it was splitting its fixed income
and equity divisions – a year after Bhattal and Jotwani, a
fellow Lehman Brothers alumnus had combined them. Jotwani’s role
as global markets head was eliminated, making him redundant.

Jan 20, 2012

Under Fu, Sinopec M&A machine overtakes Exxon, BP

HONG KONG, Jan 5 (Reuters) – “Chairman Fu” is stepping
on the gas at Sinopec’s M&A machine.

A $2.2 billion deal with U.S. oil and natural gas producer
Devon Energy Corp this week is the Chinese group’s 11th
deal since June and takes spending on acquisitions to $10.4
billion in that time, according to Thomson Reuters – more M&A
volume than Sinopec’s two Chinese rivals, Exxon-Mobil,
BP, Shell and Chevron combined.

    • About Michael

      "In June 2009, Michael Flaherty became a Chief Correspondent for Reuters News, leading a team of journalists who cover investment banking, mergers & acquisitions, private equity and hedge funds, equity capital markets, natural resources and property across Asia. He arrived in Hong Kong in Feb. 2008 as Reuters' Asia Financial Services correspondent, covering the investment banks and M&A. Flaherty was hired by Reuters in New York in Dec. 2003. He was voted Reuters Journalist of the Year for his 2007 coverage of the U.S. private equity boom and bust. He started at Reuters with the consumer group covering office retailers ..."
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
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