Brexit – The great disorder under the Heavens?

Brexit – The great disorder under the Heavens? It looks that the financial industry bet the wrong way on the biggest market event since the 2008 financial crisis. The Brexit referendum’s outcome has already been called ‘the greatest Black Swan event of the millennium’ (personally, I believe that this unexpected result rather falls into the category of what we practitioners refer to in our daily work as ‘king... [more]

Trees that are slow to grow bear the best fruit

Trees that are slow to grow bear the best fruit   Private equity is estimated to be less than 2% of all assets managed internationally. It is – at least in theory – an inherently contrarian asset class. But being countercyclical and contrarian is difficult. For illustration, a few days ago I read an article that predicted the ‘denominator effect’ to return. The news was dated April 1st, so I... [more]

The Private Equity Risk Stalemate

The Private Equity Risk Stalemate Recently I had a longer debate with the founder of a software company who argued that there is no market for sophisticated solutions (like value-at-risk) for quantifying private equity risks. I respect this person’s experience and judgment and, sadly, I tend to agree. I use the word ‘sadly’ as risk management (in the sense of balancing threats versus opportunities) is... [more]

Three Things to Remember when Investing in Quants: an Interview with Michael Richter

Three Things to Remember when Investing in Quants: an Interview with Michael Richter High net worth individual investor and 40 year financial services veteran Michael Richter shares his insights about due diligence on quants. Three things to remember when investing in quants Operational due diligence - how does your manager segregate controls Half lives, hypotheses and what to look out for before you invest Ask these questions when getting into the black box The... [more]

Disrupting Foreign Exchange with Blockchain

Disrupting Foreign Exchange with Blockchain Last week Lykke announced a competition to build a new and superfast foreign exchange and settlement platform based on blockchain. Its Swiss founder is Richard B. Olsen. He was a fintech founder long before that buzzword entered our vocabulary. In the eighites, he established a real time financial information system and in the nineties, a Forex trading platform startup that... [more]

Brexit – The great disorder under the Heavens?

Brexit – The great disorder under the Heavens?

It looks that the financial industry bet the wrong way on the biggest market event since the 2008 financial crisis. The Brexit referendum’s outcome has already been called ‘the greatest Black Swan event of the millennium’ (personally, I believe that this unexpected result rather falls into the category of what we practitioners refer to in our daily work as ‘king [...]

Trees that are slow to grow bear the best fruit

Trees that are slow to grow bear the best fruit

  Private equity is estimated to be less than 2% of all assets managed internationally. It is – at least in theory – an inherently contrarian asset class. But being countercyclical and contrarian is difficult. For illustration, a few days ago I read an article that predicted the ‘denominator effect’ to return. The news was dated April 1st, so I [...]

The Private Equity Risk Stalemate

The Private Equity Risk Stalemate

Recently I had a longer debate with the founder of a software company who argued that there is no market for sophisticated solutions (like value-at-risk) for quantifying private equity risks. I respect this person’s experience and judgment and, sadly, I tend to agree. I use the word ‘sadly’ as risk management (in the sense of balancing threats versus opportunities) is [...]

Jung, dynamisch und vielleicht disruptiv

Jung, dynamisch und vielleicht disruptiv

DealMarket in Schaffhauser Zeitung January 22, 2016:   "Das Zürcher Unternehmen hat eine Onlineplattform entwickelt, auf der sogenanntes Fundraising betrieben werden kann. Wo also Jungunternehmer potenziellen Geldgebern ihre Ideen schmackhaft machen können. «Unsere Plattform funktioniert vom Prinzip her wie Homegate für Immobilien», sagt Geschäftsführer und Miteigentümer Urs Häusler. Einen Preis gewonnen   Damit verdient die Firma kein Geld, die Benutzung ist kostenlos. Geld einbringen tun dagegen die für professionelle Investmentfirmen massgeschneiderten Plattformen von [...]

Bedazzled? – The Lure of Co-Investing

Bedazzled? – The Lure of Co-Investing

9/10 December 2015 saw the second edition of the Oxford Symposium on Risk Management in Private Equity, organised by the Saïd Business School’s Private Equity Institute in cooperation with my company, LDS Partners. Nearly 70 academics and industry practitioners participated this time, an increase compared to last year and close to the lecture theatre’s maximum capacity. The Symposium was held [...]

Switzerland – an important FinTech Hub in the near Future?

Switzerland – an important FinTech Hub in the ...

New Study by Roland Berger and Swiss Finance Startups Switzerland must seize the FinTech opportunity now! Download the Swiss FinTech Study here ·      The rapid worldwide development of startups in the FinTech industry will lead to significant shifts in the global financial industry. ·      Innovations in the FinTech area lead to a fragmentation of the value chain and thus drive [...]

Record-breaking – From Seed to Market Dominance, Dealmaking Reaches New Highs

Record-breaking – From Seed to Market ...

The superlatives are flying this week as analysts and companies describe the latest rush of deal activity and news. Here is a roundup of just five of the biggest, the largest, most audacious and record-breaking totals.   Biggest Year on Record for US M&A Market … and Highest Volume Year to Date Ever   A record number (45) of deals [...]

Three Things to Remember when Investing in Quants: an Interview with Michael Richter

Three Things to Remember when Investing in Quants: ...

High net worth individual investor and 40 year financial services veteran Michael Richter shares his insights about due diligence on quants. Three things to remember when investing in quants Operational due diligence - how does your manager segregate controls Half lives, hypotheses and what to look out for before you invest Ask these questions when getting into the black box The [...]

Private Equity to Test Investor Appetite in Australia

Private Equity to Test Investor Appetite in ...

  The volatile stock market has resulted in a muted investor appetite, but private equity-backed companies have remained a bit more upbeat. While initial public offerings have not been the chosen route for many firms, especially in Australia, the mood might be about to change.   Private equity firm, Pacific Equity Partners (PEP), has launched its IPO of Link Group, [...]

Disrupting Foreign Exchange with Blockchain

Disrupting Foreign Exchange with Blockchain

Last week Lykke announced a competition to build a new and superfast foreign exchange and settlement platform based on blockchain. Its Swiss founder is Richard B. Olsen. He was a fintech founder long before that buzzword entered our vocabulary. In the eighites, he established a real time financial information system and in the nineties, a Forex trading platform startup that [...]

IPOs Remain Strong Thanks to Private Equity

IPOs Remain Strong Thanks to Private Equity

  The market turmoil over the summer has certainly received not just a number of big headlines, but also investors’ attention. The Chinese stock market suffered the deepest one-day drop of all times and the Dow Jones Industrial Average also plummeted by nearly as much as 1,000 points during the third quarter.   While the volatile market conditions have certainly [...]

Bain Looking for £1bn Flotation for UK Brick Company

Bain Looking for £1bn Flotation for UK Brick ...

  Private equity firm Bain is set to help the UK brick company, Ibstock, list on the stock exchange. Ibstock is among the UK’s oldest and largest brick companies and the initial public offering is expected to raise around £1 billion. The IPO comes just less than a year after the company was taken private by the private equity firm. [...]

Chinese Billionaire After Terra Firma’s Odeon

Chinese Billionaire After Terra Firma’s Odeon

  Private equity firm Terra Firma is looking for a buyer for the Odeon cinema chain. Sunday’s papers reported that its likely buyer might come from China. The historic cinema chain has caught the attention of Wang Jianli, the Chinese business tycoon.   Terra Firma’s Role in Charge of Odeon Terra Firma acquired the cinema chain in 2004. At the [...]

GE Capital Finds a Buyer for Private Equity Unit

GE Capital Finds a Buyer for Private Equity Unit

  Reports on Thursday suggest General Electric has found a buyer for its private equity unit. According to the reports, French alternative asset manager Ardian is buying GE Capital Equity. The deal could be worth $500 million.   The News Break Out   News agencies started reporting the news on Thursday, with sites such as Bloomberg citing insider sources. According [...]

A Study Shows Companies Still Have Misconceptions Over Private Equity

A Study Shows Companies Still Have Misconceptions ...

  A new study has found companies don’t consider private equity buyouts as the preferred option for exiting the business. For analysts and private equity firm experts, the latest findings show how small and mid-sized companies are still unaware of the opportunities the industry can offer. Misconceptions over private equity continue muddying the waters.   The Survey’s Findings   The [...]