Chief Correspondent, Hong Kong
Michael's Feed
Jul 6, 2011

Diageo’s China deal signals rare breakthrough

HONG KONG/BEIJING, July 6 (Reuters)- For executives and M&A
advisers studying Diageo’s major step toward control of
a Chinese white liquor maker last week, a celebratory clink and
a toast of “ganbei” is in order.

After all, the approval from a key ministry for Diageo to
take control of Sichuan Swellfun , China’s
fourth-largest premium white spirits maker by volume, confirms
that foreign take-overs of Chinese brands are possible.

Jun 21, 2011

Bain Capital says launches new Asia fund, eyes Japan

TOKYO (Reuters) – Bain Capital said on Tuesday it has launched its second Asia fund, seeking a larger amount than the $1 billion it raised previously, with Japan remaining a key focus despite the devastating blow to the country’s economy from the earthquake in March.

Bain will concentrate on linking up with Japan corporates to pursue overseas acquisitions worth more than 100 billion yen ($1.25 billion), Shintaro Hori, chairman of Bain Capital Japan told the Reuters Rebuilding Japan Summit in Tokyo.

Jun 20, 2011

Carlyle Japan eyes industrials, domestic deals

TOKYO (Reuters) – Japan’s industrial, healthcare and technology sectors are the main focus for the Carlyle Group, the co-head of its Japanese unit said, as the firm looks to invest locally in the post-disaster environment in companies with a clear ability to compete abroad.

Carlyle, the only major private equity firm with a Japan-focused, yen-raised investment fund, will concentrate more on companies in the range of 10 billion yen to 40 billion yen ($125 million to $500 million), in the buyout firm’s efforts to keep its Japan investing going at a time when some of its peers are pulling back.

Feb 1, 2011

Goldman adds Alireza, Ryan to mgmt committee -memo

HONG KONG, Feb 1 (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz)
has appointed Yusuf Alireza and David Ryan to its global
management committee, doubling the Asia representation to four,
according to an internal memo obtained by Reuters.

The move marks a major vote of confidence from Goldman in
Asia, where it has been expanding like many other Western
financial firms looking to offset slower growth and choppy
markets in the United States.

Jan 28, 2011

Bankers cite guarantees among bonus season gripes

HONG KONG, Jan 28 (Reuters) – With bonuses now in hand,
investment bankers across the industry are feeling the sting of a
new compensation climate and showing frustration with the size
and structure of the payouts.

The 2010 bonuses so far are shaping up as flat to lower on
average, with cash payments being broken up and deferred, and
more stock added for veterans, according to a dozen bankers
interviewed by Reuters.

Jan 27, 2011

Nearly all of Citi’s Q4 profit came from Asia -memo

HONG KONG, Jan 27 (Reuters) – Nearly all of Citigroup Inc’s
(C.N: Quote, Profile, Research, Stock Buzz) fourth-quarter profit came from its Asia-Pacific unit,
according to an internal memo seen by Reuters, further evidence
of the growth Wall Street and European banks are seeing in the
region, particularly in commercial banking.

Much of Citi’s fourth-quarter results focused on its return
to profit for the full year, combined with a drop in bond trading
revenue that caused the bank to miss profit estimates.

Jan 27, 2011

Dealmaker Moelis tests Asia talent war with launch

HONG KONG, Jan 27 (Reuters) – The independent investment bank
founded by veteran dealmaker Ken Moelis has announced its launch
in Asia on Thursday, a move likely to heat up the already intense
war for banking talent in the region.

The Asia expansion by Moelis comes as many top investment
bankers in the fast growing region are grumbling over flat to
lower annual bonuses after tougher regulation on large publicly
traded U.S. and European investment banks.

Jan 25, 2011

Analysis: Banker bonuses spur discontent as pay gap grows

HONG KONG/LONDON (Reuters) – Annual bonuses at top global banks are causing ructions that could drive an outsized round of defections as weaker profits and tougher rules widen the pay discrepancy between star performers and everybody else.

That growing difference between a small number of top-fee earning investment bankers and the bulk of their colleagues may see an exodus from big European and Wall Street banks to smaller upstarts or different industries in the weeks and months ahead.

Jan 25, 2011

Banker bonuses spur discontent as pay gap grows

HONG KONG/LONDON, Jan 25 (Reuters) – Annual bonuses at top global banks are
causing ructions that could drive a outsized round of defections as weaker
profits and tougher rules widen the pay discrepancy between star performers and
everybody else.

That growing difference between a small number of top-fee earning investment
bankers and the bulk of their colleagues may see an exodus from big European and
Wall Street banks to smaller upstarts or different industries in the weeks and
months ahead.

Jan 17, 2011

Competition intensifies for banking talent in Asia

HONG KONG, Jan 17 (Reuters) – The gloves are off in the fight for talent in
the Asia investment banking industry, with newly arrived financial institutions
establishing a foothold in the rapidly growing region.

While competition for talent is always intense for the banking sector, Asia
based executives, recruiters and analysts say the talent wars in the region have
reached new heights.

    • 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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