Paritosh's Feed
Mar 29, 2012

Barclays’ top financial services banker to retire

By Paritosh Bansal

(Reuters) – The head of Barclays’ (BARC.L: Quote, Profile, Research) global financial institutions group, Jeff Weiss, is retiring after nearly three decades at the British bank and Lehman Brothers, according to an internal memo seen by Reuters on Thursday.

Weiss, who also served on the executive committee of investment banking, is leaving to pursue entrepreneurial opportunities, said the memo, which was signed by Skip McGee, the head of Global Investment Banking at Barclays.

Mar 29, 2012

Insurance co Cunningham Lindsey for sale-sources

NEW YORK, March 29 (Reuters) – Cunningham Lindsey, an
insurance claims management company controlled by buyout firm
Stone Point Capital LLC, is up for sale and could fetch more
than $1 billion, sources familiar with the situation said.

Bank of America Merrill Lynch is advising Cunningham
Lindsey on the auction, the sources said, adding that the
company is expected to draw interest from private equity firms.

Mar 10, 2012

Apollo’s Black gets $104 million in distributions, pay

By Paritosh Bansal and Greg Roumeliotis

(Reuters) – Apollo Global Management LLC (APO.N: Quote, Profile, Research, Stock Buzz) co-founder Leon Black will take home $104.2 million in 2011 dividends, salary and share of profits from the private equity firm, more than twice what he got in 2010, thanks to the firm’s record investment payouts.

Apollo’s revenues from realized carried interest – its cut from the profits it makes investors – hit an all-time annual high of $645 million in 2011 due to cash payouts from some of its realized investments, such as the sale of Parallel Petroleum to Samsung C&T Corp (000830.KS: Quote, Profile, Research, Stock Buzz) for $772 million.

Feb 29, 2012

Blackstone CEO gets $213.5 mln in 2011 pay, distributions

Feb 28 (Reuters) – Blackstone Group LP
co-founder Stephen Schwarzman got about $213.5 million in
salary, share of profits and cash distributions from his
holdings in the world’s largest private equity firm in 2011, up
33 percent from the previous year.

Schwarzman, 65, who co-founded Blackstone in 1985, got most
of his payout from dividends on his 21 percent ownership of the
private equity firm and realized investments from funds
predating the company’s IPO in 2007.

Feb 28, 2012

CoreLogic investor seeks CEO, board changes

Feb 28 (Reuters) – Highfields Capital Management LP, a
large CoreLogic Inc investor, is calling for a change
in the company’s management and board after the data and
analytics firm ended a strategic review process in favor of its
own business plan.

Highfields, which owns about 7.6 percent of CoreLogic, said
it was “very disappointed” with the company’s decision and would
consider all its options if the company did not engage in
discussions, and changed Chief Executive Anand Nallathambi.

Feb 25, 2012

Sprint board vetoes bid to buy MetroPCS: sources

NEW YORK (Reuters) – Sprint Nextel Corp’s (S.N: Quote, Profile, Research, Stock Buzz) board vetoed a multibillion dollar purchase of smaller rival MetroPCS Communications (PCS.N: Quote, Profile, Research, Stock Buzz) at the last-minute this week, sources said, in a surprise move that could throw the future of Sprint CEO Dan Hesse into question.

Sprint’s board decided at a meeting on Wednesday against going ahead with the purchase, pulling the plug on a deal that was at least weeks in the making and expected to be announced as soon as this week, one of the sources said.

Feb 17, 2012

Exclusive: Ally weighs sale as IPO looks bleak

NEW YORK (Reuters) – Ally Financial is weighing a sale of all or part of its auto lending and banking businesses, as an initial public offering looks increasingly remote and the U.S. government seeks to recoup some $17 billion in bailout money, sources familiar with the situation said.

Ally, which is 73.8 percent owned by the U.S. government, is already in the process of selling its mortgage unit, Residential Capital, and sale of other assets could happen even as that continues, one of the sources said.

Feb 17, 2012

Ally weighs sale as IPO looks bleak-sources

NEW YORK, Feb 16 (Reuters) – Ally Financial is
weighing a sale of all or part of its auto lending and banking
businesses, as an initial public offering looks increasingly
remote and the U.S. government seeks to recoup some $17 billion
in bailout money, sources familiar with the situation said.

Ally, which is 73.8 percent owned by the U.S. government, is
already in the process of selling its mortgage unit, Residential
Capital, and sale of other assets could happen even as that
continues, one of the sources said.

Feb 12, 2012

Investor activists see little to “like” in Facebook

NEW YORK (Reuters) – A new crop of companies entering the U.S. public markets, including such high-profile offerings as Facebook, are turning the clock back on the way U.S. corporations are run.

Facebook, Groupon Inc (GRPN.O: Quote, Profile, Research), LinkedIn Corp (LNKD.N: Quote, Profile, Research), Zynga Inc (ZNGA.O: Quote, Profile, Research) and others have put in place governance provisions that go against a long-term swing towards more shareholder-friendly rules.

Feb 9, 2012

Analysis: Investor activists see little to “like” in Facebook

NEW YORK (Reuters) – A new crop of companies entering the U.S. public markets, including such high-profile offerings as Facebook, are turning the clock back on the way U.S. corporations are run.

Facebook, Groupon Inc, LinkedIn Corp, Zynga Inc and others have put in place governance provisions that go against a long-term swing towards more shareholder-friendly rules.