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May 2005

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LATEST ARTICLES

  • US smaller-cap growth companies lost much of their investment banking support after the tech boom collapsed in 2000. But three firms with a solid research base and San Francisco roots are working hard to fill the gap. Antony Currie reports.
  • Japan's institutions are increasingly investing in hedge funds. But getting a fund off the ground in Japan is a tough task – institutions prefer large funds, but with few individual Japanese willing to invest it's hard to boost size. Helen Avery reports.
  • Multi-billion dollar leveraged buyouts are back with a bang, spurred on by low funding costs in the loan market. But with high yield faltering, can private equity firms and their financiers stomach the risks, or could these deals be the distressed loans of tomorrow? Kathryn Tully reports.
  • The spat between Morgan Stanley's chief executive and former senior managers benefits no one. It is time for Purcell and the grumpy old men to do what shareholders really want – walk away. But has the row left a leadership vacuum at the top of the firm? Antony Currie reports.
  • The sector is consolidating fast. And while major banks focus on securing a place in the top tier, smaller firms are left to contemplate a choice between white labelling and finding a profitable niche market.
  • www.breakingviews.com
  • European financial institutions could be missing out by shying away from M&A activity in the US. The strength of the euro against the dollar favours the acquisition of US businesses by European financial institutions. However, according to M&A advisers Berkshire Capital Securities, European institutions continue to look primarily to domestic markets for investment management transaction opportunities. Last year there were just 12 deals involving European buyers into the US, and interest has not increased so far this year.
  • A flurry of big private-equity bids by hedge funds has sparked a turf war between two of the hottest growth sectors in recent years. Although some private-equity players reckon the threat to their business has been overstated and that hedge funds are ill equipped to handle private-equity deals, others are taking drastic steps to see off the competition. Joanna Hickey reports.