Fri, 06/07/2007 - 06:58
Och-Ziff Capital Management has joined the growing list of alternative asset managers jumping on the IPO bandwagon. The USD26.8bn outfit will raise USD2bn. As part of the move, it will issue Class A shares on the New York Stock Exchange under the ticker OZM.
Founder Daniel Och will have sole oversight of Class B shares, which grants him the power to elect all board members among other things. The firm's 18 partners plan to use proceeds to further its investments in various regions and sector strategies. Goldman Sachs and Lehman Bros. are the IPO's lead managers.
In an attempt to shore up investor confidence, Bear Stearns has replaced asset management head Richard Marin with Jeffrey Lane, who most recently worked at Lehman Bros. Marin will stay on as an advisor. The firm has also appointed Thomas Marano and Michael Winchell to the key role of overseeing the unwinding of its beleaguered sub-prime funds. At the same time, it told investors it would be able to tally the funds' losses only by July 16. It is also increasing risk control at its asset management unit.
United Capital Asset Management has temporarily suspended redemptions from its Horizon Funds due to volatility in the structured finance market. It made the change after receiving unusually high number of redemption requests last month from investors worried about the future of the sub-prime market. It said it wouldn't liquidate the four funds, which run roughly USD620m.
A federal court froze the assets of Lake Shore Asset Management, a Chicago firm run by former Chicago Mercantile Exchange head Laurence Rosenberg. The Commodity Futures Trading Commission said it overstated its holdings, claiming it managed assets of USD1bn when in fact the CFTC found it had only USD466m. Lake Shore barred the regulator from looking into its accounts on June 14 in violation of the Commodity Exchange Act. A hearing is scheduled for July 11.
The now-defunct hedge fund manager Archeus Capital Management is suing fund administrator GlobeOp in the New York State Supreme Court for failure to reconcile trades and provide timely investor reports for its Animi Funds. It says GlobeOp's actions were responsible for the firm's assets under management falling from USD3bn in May 2005 to USD300m by October 2006, and is seeking damages of USD465m.
Charlotte, North Carolina-based Bank of America has established a derivatives trading desk in London under the stewardship of Justin Golden, who previously handled institutional hedge fund sales. Citi has acquired Automated Trading Desk for USD103m plus stock. European private equity firm 3i invested USD57m in Bermuda fund administrator Fulcrum. Canada's Proctor Investment Management bought a 17.5 per cent stake in Conquest Capital Management.
Nasdaq to launch dedicated ETF market
The Nasdaq stock market has announced plans to launch a dedicated ETF market in the third quarter. Claymore Securities, currently a prolific issuer of exchange-traded funds in the US and Canada, launched Claymore/SWM Canadian Energy Income Index ETF.
The Private Equity Council, a trade group founded by industry giants Apollo, Blackstone and Carlyle, is trying to derail legislation that would potentially increase taxes to 35 per cent from 15 per cent.
Blackstone agreed to take Hilton Hotels private in a USD26bn deal. Kohlberg Kravis Roberts, following in the footsteps of rivals Blackstone and Fortress, filed for a USD1.25bn initial public offering.
Chicago's LaSalle Investment Management has added a 14-member real estate team in Mexico in preparation of the launch of a USD500m Mexican fund. The Orange County Employees Retirement System has allocated USD116m to LaSalle and CB Richard Ellis for investments in apartments, office, industrial and retail property.
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