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May 13, 2012

Ally Financial’s mortgage unit nears bankruptcy-sources

NEW YORK, May 13 (Reuters) – Ally Financial Inc’s
Residential Capital unit is nearing a bankruptcy filing, sources
familiar with the situation said on Sunday, in a move that could
help the taxpayer-owned auto lender to shed its troubled
mortgage business but also spur drawn-out legal fights.

The board of ResCap is scheduled to meet later on Sunday and
a pre-arranged bankruptcy filing, where Ally has the support of
some creditors to its plan but not all, is expected to follow
soon after, the sources said.

May 11, 2012

Guggenheim, DB talks fall apart over guarantees: source

NEW YORK/FRANKFURT (Reuters) – Guggenheim Partners’ talks to buy a full range of asset management businesses from Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) for 1.4 billion euros ($1.81 billion) have fallen apart after the German lender withdrew an offer to guarantee the unit’s revenue, a source familiar with the situation said.

Deutsche Bank initially declined to comment on the reasons for the breakdown in talks, but later on Friday denied that the guarantee or price were the reasons.

May 11, 2012

Exclusive: TCW execs in talks to buy firm: sources

NEW YORK (Reuters) – Top executives at asset manager Trust Co of the West (TCW) are in early-stage talks with parent Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz) to buy the firm from the French bank, according to sources familiar with the situation.

There is no formal sales process, and talks for a management-led buyout is one of many options being discussed, one source said. Societe Generale said last year that an initial public offering was possible in the next two to three years.

May 11, 2012

Guggenheim, DB talks fall apart over guarantees

NEW YORK/FRANKFURT (Reuters) – Guggenheim Partners’ talks to buy a full range of asset management businesses from Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) for 1.4 billion euros ($1.81 billion) have fallen apart after the German lender withdrew an offer to guarantee the unit’s revenue, a source familiar with the situation said.

Deutsche and Guggenheim had been in exclusive talks since February on the sale of a clutch of asset management businesses, which the German lender is selling in light of new regulation, rising costs and growing competition that is expected to weigh on future earnings.

May 10, 2012

Warburg tops $5 bln mark for fund-sources

NEW YORK, May 10 (Reuters) – Warburg Pincus LLC [WP.UL] has
raised more than $5 billion in just over seven months for its
11th global private equity fund, a major step on the way toward
its $12 billion target, people familiar with the matter said on
Thursday.

Warburg Pincus Private Equity XI is the second-largest
buyout fund globally by capital targeted that is currently
tapping investors for money, behind Blackstone Real Estate
Partners VII (BX.N: Quote, Profile, Research), which is targeting $13 billion.

May 10, 2012

Exclusive: Warburg tops $5 billion mark for fund-sources

NEW YORK (Reuters) – Warburg Pincus LLC has raised more than $5 billion in just over seven months for its 11th global private equity fund, a major step on the way toward its $12 billion target, people familiar with the matter said on Thursday.

Warburg Pincus Private Equity XI is the second-largest buyout fund globally by capital targeted that is currently raising funds, behind Blackstone Real Estate Partners VII, which is targeting $13 billion.

May 9, 2012

Exclusive: SunTrust in talks to sell RidgeWorth: sources

NEW YORK (Reuters) – SunTrust Banks Inc (STI.N: Quote, Profile, Research, Stock Buzz) is in talks to sell RidgeWorth Investments, just two years after an auction of its multi-boutique asset management failed, according to three sources familiar with the situation.

The Atlanta-based regional bank is early in the process and is in talks with private equity firms with the possibility of a management buyout in the works, said two of the sources. All three sources did not want to be identified because they were told the informational confidentially.

Apr 22, 2012

Exclusive: Amylin explores sale, hires bankers: sources

NEW YORK (Reuters) – Amylin Pharmaceuticals Inc (AMLN.O: Quote, Profile, Research, Stock Buzz), which spurned a $3.5 billion takeover bid from Bristol-Myers Squibb Co (BMY.N: Quote, Profile, Research, Stock Buzz) and is fending off activist investor Carl Icahn, is exploring a sale, sources familiar with the situation said on Sunday.

Amylin has hired Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) and Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) as its financial advisers and Skadden Arps as its legal adviser, the sources said.

Apr 11, 2012

Exclusive: Bain eyes $6-$8 billion fund, toys with fees

NEW YORK (Reuters) – Bain Capital LLC is considering raising $6 billion to $8 billion for a new global buyout fund and offering investors up to three options on fees it charges to manage the money, according to two people with direct knowledge of the matter.

Bain’s last global fund, Fund X, launched in 2007, raised $10.7 billion and is about 70 percent invested. Aiming for a smaller fund now reflects the post-financial crisis reality for private equity firms, which have seen both the universe of investors in buyout funds shrink and the existing investors cut back on their allocations to private equity.

Apr 10, 2012

Exclusive: Bain may seek $6 billon-$8 billion for new fund: sources

NEW YORK (Reuters) – Bain Capital LLC is considering raising between $6 billion and $8 billion for a new global buyout fund – lower than its last $10.7 billion fund – and offering investors up to three options on fees it charges to manage the money, according to people familiar with the matter.

Bain, once headed by Republican U.S. presidential candidate Mitt Romney, may start fundraising as early as this summer for its 11th global buyout fund, Fund XI, the sources said.