Hedge funds of the future battle volatility
One of the world’s largest investors in alternative assets speaks to Capital about the quality of local hedge funds, the impact of the Volcker rule and how to pick high-performing hedge funds.
Traffic forecaster in a dark tunnel
Exclusive | Traffic forecaster Aecom is being sued by the receivers of RiverCity Motorway for making overly optimistic traffic forecasts in a landmark damages claim worth up to $2 billion.
Fast track | Rothschild names new real estate head
Duncan Wilmer is moving to Sydney from the UK to head up the independent adviser’s Australian and southeast Asian real estate practice.
JPMorgan disaster puts focus on fat tail risk
Jamie Dimon’s failed quest for the perfect hedge against tail-risk led him to abandon all the traits that investor Warren Buffet admired in him.
Facebook IPO prices at $US38 a share
Naysayers have failed to dampen enthusiasm for Facebook’s hotly-anticipated initial public offering, with the social network pricing its stock at the high end of a recently increased value range.
High-frequency trades distort rankings
JPMorgan, Bank of America Merrill Lynch and Goldman Sachs in Australia argue the broker league tables don’t reflect their ability to get a deal away – due to the prevalence of high-frequency trading.
M&A
| Pos | Name | Value ($m) | No | % share |
| 1 | Goldman Sachs | 11,514 | 12 | 25.6 |
| 2 | RBC Capital Markets | 5,589 | 5 | 12.4 |
| 3 | Citi | 5,356 | 3 | 11.9 |
ECM
| Pos | Name | Value ($m) | No | % share |
| 1 | UBS | 1,154 | 7 | 19.5 |
| 2 | Morgan Stanley | 832 | 4 | 14.0 |
| 3 | Citi | 670 | 5 | 11.3 |
DCM
| Pos | Name | Value ($m) | No | % share |
| 1 | ANZ | 12,487 | 42 | 20.7 |
| 2 | Westpac | 11,050 | 29 | 18.4 |
| 3 | Commonwealth Bank of Australia | 7,615 | 22 | 12.6 |
Syndicated Loans
| Pos | Name | Value ($m) | No | % share |
| 1 | ANZ | 4,020 | 30 | 18.9 |
| 2 | Westpac | 3,869 | 27 | 18.2 |
| 3 | National Australia Bank | 3,838 | 25 | 18.1 |
Latest ASX takeover announcements
| MAK | 12:26:00 PM |
UCL:1.Takeover bid for Minemakers 2.Convertible Note Funding
|
| HMC | 10:07:00 AM |
Target`s Statement
|
| UCL | 9:56:00 AM |
Fourth Supplementary Target`s Statement
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| RCU | 17/05/12 | MARKET UPDATE |
| RCU | 17/05/12 |
Bidder`s Statement
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| BUT | 17/05/12 | Merger Update |
| RFV | 17/05/12 | Scheme Booklet |
| RFV | 17/05/12 | Flyer |
| THG | 17/05/12 | Update on Proposed Takeover by Brookfield |
| XXL | 16/05/12 | Market Update - Restructuring Progress |
Healthscope offloads local pathology
Private equity-backed Healthscope is offloading several of its smaller pathology businesses in Australia, with the buyer tipped to be Sonic Heathcare.
Latest ASX capital announcements
| SVC | 1:01:00 PM | Prospectus Cosed - Fully Subscribed |
| SEN | 12:57:00 PM | Confirmation of trading of New Shares |
| SRQ | 12:45:00 PM | Cleansing Notice |
| SRQ | 12:45:00 PM | Appendix 3B |
| MBD | 12:37:00 PM | Daily share buy-back notice - Appendix 3E |
| EUL | 12:27:00 PM | Appendix 3B for Tranche 1 Capital Raising |
| MAK | 12:26:00 PM |
UCL:1.Takeover bid for Minemakers 2.Convertible Note Funding
|
| WFE | 12:23:00 PM | Appendix 3B |
| EUL | 12:22:00 PM | Tranche 1 Capital Raising Completed |
| HDG | 12:14:00 PM | Appendix 3B |
Heritage retail bond highlights ratings absurdity
Updated | Heritage Bank has launched a $125 million offer of retail bonds which highlights the absurdity of credit rating agency regulation where retail investors aren’t privy to all information.
Argus gets BoAML offer
Fast track | Bank of America-Merrill Lynch has invited Don Argus to join a new global advisory board to be established in the coming months.
JPMorgan ‘whale’ trader seen leaving: report
Updated | Bruno Iksil, the JPMorgan trader known as the “whale” believed involved in the $US2 billion trading loss, is no longer trading and is expected to go by year’s end.
The high price of legal certainty in Centro case
The record $200 million deal between Centro, PwC and its shareholders was struck this week because the class action laws are so uncertain.
Major Alesco shareholders were key to Dulux move
At 4pm on Monday, Macquarie’s securities desk hit the phones. Their task was to amass a near 20 per cent stake in Alesco Corporation on behalf of their client, DuluxGroup, as quickly and discreetly as possible.
