Chief Correspondent, Hong Kong
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Jun 27, 2012

High costs, delays, and tough timing vex Barclays’ Asia plan

June 27 (Reuters) – Three years into Barclays’ costly global
expansion from fixed-income shop to full investment bank, the
Asia leg of the build-out is struggling to gain ground on its
rivals.

Barclays hired an A-list of veteran and expensive Asia
investment bankers after the 2008 financial crisis, with the
hope of forming a banking and equities business that would put
them in the same league as Goldman Sachs and Morgan Stanley.

Jun 27, 2012

Analysis: High costs, delays, and tough timing vex Barclays’ Asia plan

By Lawrence White and Michael Flaherty

(Reuters) – Three years into Barclays’ costly global expansion from fixed-income shop to full investment bank, the Asia leg of the build-out is struggling to gain ground on its rivals.

Barclays hired an A-list of veteran and expensive Asia investment bankers after the 2008 financial crisis, with the hope of forming a banking and equities business that would put them in the same league as Goldman Sachs and Morgan Stanley.

Jun 24, 2012

Asia’s investment banks launch round of job cuts

HONG KONG, June 25 (Reuters) – Investment banks and
brokerages across Asia have launched a sweeping round of job
cuts as Europe’s debt crisis and China’s economic slowdown bite
into the region’s financial activity.

Speaking to bankers and other industry sources, Reuters was
able to confirm at least 50 people were let go in the past three
weeks, a cull that includes senior expatriates as well as junior
bankers. The cuts mainly target the equities business, with more
layoffs expected in coming weeks.

Jun 6, 2012

TPG shuffles Asia team ahead of new $5 bln fund

HONG KONG, June 6 (Reuters) – TPG Capital has
shuffled its Asia senior management team as the global
powerhouse with $48 billion in assets fights for investor
dollars in the region with private equity rivals KKR,
Carlyle and RRJ Capital.

TPG has made the changes ahead of wrapping up a new, roughly
$5 billion Asia purse, its sixth regional fund.

May 18, 2012

Bain, TPG’s Lilliput woes a warning on India investing

HONG KONG, May 18 (Reuters) – Last September, less than two
weeks after an IPO plan was approved, the private equity owners
of India’s Lilliput Kidswear got a call that set off a chain of
events that could wipe out their investment.

According to sources with knowledge of the matter, an
anonymous caller phoned Lilliput’s accountants on Sept. 22 with
information that revenue figures might be inflated.

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.

    • 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 ..."
      Hometown:
      West Newbury, Mass. USA
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
    • Contact Michael

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