Lombard International Appoints New CEO for U.S

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Lombard International, a global leader in wealth structuring solutions for the high net worth market, has announced the appointment of Michael Gordon as CEO of its U.S. operations effective May 2, 2016. He will report to John Hillman, Executive Chairman of Lombard International.

 

He joins Lombard International from his role as Global Head of Insurance Solutions at BNY Mellon. Additionally, he served as Chief Executive Officer of Tiber Capital Management, LLC, a wholly-owned subsidiary of BNY Mellon focused on managing assets for insurance and reinsurance companies. Before BNY Mellon, Mr. Gordon was an executive at New York Life Insurance Company, leading investment and insurance product management, sales and marketing functions.

 

The announcement is part of a series of strategic developments for Lombard International including the formal launch, in September 2015, of its global life insurance-based wealth management business. This announcement followed the successful integration of Luxembourg-headquartered Lombard International Assurance with U.S.-headquartered Philadelphia Financial.

 

John Hillman, Executive Chairman of Lombard International, said: “We are thrilled to have someone of Michael’s experience and background to guide Lombard International in meeting our aggressive ambitions for U.S. growth and achieving our goal of building a world class investment platform.”

 

The firm is a leading global life insurance-based wealth solutions provider, combining the strength and expertise of two specialist life insurance companies with over 20 years’ experience and market leadership in their respective fields.  Lombard International provides wealth structuring solutions using private placement life insurance and annuity products to high net worth individuals, their families and institutions around the globe.

 

The global group, branded as Lombard International, launched to market in September 2015. With head offices located in Luxembourg and Philadelphia, a combined global presence enables Lombard International to serve clients’ complex needs on a global basis while being sensitive to local cultures and attitudes. The firm is an industry leader in providing multi-jurisdictional wealth planning solutions through its partner networks across the United States, Europe and Latin America, issuing life insurance policies and annuities from the United States, Luxembourg, Guernsey and Bermuda.

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Best Expatriate Tax Advisors 2016

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Bambridge Accountants is a team of award winning, chartered accountants based in the heart of Covent Garden. Alistair Bambridge talks us through his company and the services it provides.

 

We focus on two areas, the creative industries and US expats. By focusing on two specific groups of clients, we have been able to develop highly specialised knowledge for those clients. Each client has a dedicated accountant, so you always know who you are dealing with and you receive a personalised service.

 

Specifically for the US expats, we have highly trained staff, qualified to practice in both the UK and US. As such we can advise on the interaction of the tax rules for the UK and US and how to report your income in both countries. The main advantage of our approach is that we know the tax reliefs and exemptions that apply to expats and how best to minimise your tax across both countries.

 

Staying ahead of these changes is particularly important because both UK and US tax rules are constantly being updated. In order to remain at the forefront of these developments we have regular in house training, and being qualified in both countries means we have the most up to date knowledge from the organisations we are members of. We also publish the US Tax Return Guide for Expats each year.

 

At Bambridge Accountants, we are looking for excellence from our staff. Because we only employ exceptional individuals, we invest heavily in our staff; nurturing them, providing extensive training and development, so that they can reach their full potential whilst delivering the very best services to our clients.

 

Moving forward the business is set to expand rapidly in order to capitalise on our current success. Over the next 12 months we are setting up an office in New York, and will continue to specialise in the creative industries, advising individuals with their personal tax returns and companies on the New York film tax relief.

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NBCUniversal Acquires DreamWorks Animation

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Acquisition Builds on NBCUniversal’s Presence in Family and Animation Space

 

NBCUniversal, a division of Comcast Corporation, has announced the acquisition of DreamWorks Animation (NASDAQ: DWA). One of the world’s most admired family brands, DreamWorks Animation creates animated feature films, television series and specials, live entertainment and related consumer products. The studio will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango, and NBCUniversal Brand Development.

 

“DreamWorks Animation is a great addition to NBCUniversal,” said Steve Burke, CEO of NBCUniversal. “Jeffrey Katzenberg and the DreamWorks organization have created a dynamic film brand and a deep library of intellectual property. DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come. We have enjoyed extraordinary success over the last six years in animation with the emergence of Illumination Entertainment and its brilliant team at Illumination Mac Guff studio. The prospects for our future together are tremendous. We are fortunate to have Illumination founder Chris Meledandri to help guide the growth of the DreamWorks Animation business in the future.”

 

Under the terms of the agreement, DreamWorks Animation has an equity value of approximately $3.8 billion. DreamWorks Animation stockholders will receive $41 in cash for each share of DreamWorks Animation common stock. The agreement has been approved by the boards of directors of DreamWorks Animation and Comcast, and the controlling shareholder of DreamWorks Animation has approved the agreement by written consent.

 

The transaction is expected to close by the end of 2016, subject to receipt of antitrust approvals in the U.S. and abroad, as well as the satisfaction of other customary closing conditions.

 

Following the completion of the transaction, DreamWorks Animation CEO and co-founder Jeffrey Katzenberg will become Chairman of DreamWorks New Media, which will be comprised of the company’s ownership interests in Awesomeness TV and NOVA. Katzenberg will also serve as a consultant to NBCUniversal.

 

“Having spent the past two decades working together with our team to build DreamWorks Animation into one of the world’s most beloved brands, I am proud to say that NBCUniversal is the perfect home for our company; a home that will embrace the legacy of our storytelling and grow our businesses to their fullest potential,” said Katzenberg. “This agreement not only delivers significant value for our shareholders, but also supports NBCUniversal’s growing family entertainment business. As for my role, I am incredibly excited to continue exploring the potential of AwesomenessTV, NOVA and other new media opportunities, and can’t wait to get started.”

 

The acquisition gives NBCUniversal broader reach to a host of new audiences in the highly competitive kids and family entertainment space, in both TV and film. It includes popular DreamWorks Animation film franchise properties, such as Shrek, Madagascar, Kung Fu Panda and How to Train Your Dragon. It also includes a thriving TV operation that is a significant supplier of family programming, with hundreds of hours of original, animated content distributed across linear and SVOD platforms in more than 130 countries. Additionally, DreamWorks Classics, a large library of classic characters, including Where’s Waldo, and Rudolph the Red-Nosed Reindeer, will become part of the NBCUniversal portfolio, along with a successful consumer products business.

 

Comcast was advised by Davis Polk & Wardwell LLP on legal matters. DreamWorks Animation was advised on financial matters by Centerview Partners and on legal matters by Cravath, Swaine & Moore LLP. DreamWorks Animation’s Board of Directors was advised on legal matters by Munger Tolles & Olson LLP.

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Riddell Files Patent Infringement Actions

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Cases filed against Schutt Sports and Xenith.

 

Riddell, Inc. has filed lawsuits against Schutt Sports, Inc. and Xenith, LLC claiming both helmet manufacturers are infringing several patents covering Riddell’s football helmet technologies.

 

The Schutt complaint identifies the Vengeance line of varsity (Z10, Pro, VTD, VTD II and DCT) and youth (DCT, DCT Hybrid and DCT Hybrid) helmet models, as well as all varsity and youth football helmets that include the “Quarter Turn Release System,” including but not limited to helmets in the Vengeance, Ion4D, AiR XP, and DNA model lines. As to Xenith, the complaint identifies the varsity and youth EPIC and X2E helmets.

 

Riddell’s patents embody its investment in developing key features of football helmets that provide athletes with benefits in protection and performance. Riddell’s lawsuit is aimed at protecting its investment in these innovations, which both Schutt and Xenith are using without Riddell’s approval.

 

“Riddell is the leader in football innovation and has advanced the game with the introduction of new technologies directed to player protection and performance,” said Dan Arment, President of Riddell. “These innovations are the result of Riddell’s continued industry-leading investment in research and development. We intend to protect that investment by enforcing our intellectual property portfolio when competitors unfairly use our patented technology.”

 

The lawsuits seek to prevent further patent infringement and to award Riddell appropriate damages for past patent infringement.

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HEC Completes Finance Related to Acquisition

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Hydrogen Engine Center, Inc. has announced that it had completed another phase of financing with TINA Energy Systems (TINA). Effective April 5, 2016, HEC has issued 2,930,232 shares to TINA upon TINA’s cashless exercise of a Warrant to purchase up to 7 million shares at $0.15 per share. As of the same date, 4,069,768 additional shares were issued to TINA at $0.15 per share in a transaction approved by the Board of Directors in order to obtain much needed cash for operations and to recognize the significant contributions of TINA and its founder Pedro Blach to the company in the form of assets and services. 

TINA has completed the purchase of 5.88 million shares at $0.25 per share for an aggregate amount of $1,470,784 pursuant to the 2015 Asset and Stock Purchase Agreement between TINA and HEC. 785,200 of these shares were issued as of May 6, 2016 upon payment of $196,300. TINA remains obligated to purchase an additional 116,864 shares at $0.25 per share for a purchase price of $29,216 under the 2015 Agreement.

President Ted Hollinger states, “The TINA electrolyzer technology is the best possible solution because it provides high efficiency and high pressure without a compressor. HEC-TINA has a demonstration unit running in Greeneville, Tennessee. We are producing hydrogen from solar and wind energy every day.”

The cash is being used to build two improved versions of the system. Blach is leading a team that is doubling the current density and doubling the hydrogen output. This will make the new electrolyzer very cost competitive. The elimination of the need for a compressor is a huge advantage. Compressors increase cost, reduce efficiency and according to a recent DOE report have the highest failure rate of any part in the electrolyzer system.

Another aspect of the agreement is to bring HEC back to full transparency. HEC has been working with an outside accounting firm on getting all back tax filings done. HEC does not owe any taxes, but lacked funds in 2009 and 2010 to pay for the filings. HEC expects to be current in its tax filings in July this year. An audit is expected to follow and then the company intends to commence regular SEC filings.

Hollinger states, “It has been a long journey back to being the company I expected. I look forward to the day when I can see 10Ks and 10Qs posted and announce that HEC is once again in full compliance. I believe the HEC team is now strong enough to compete and grow the company into a competitive energy company. We can now supply ‘turn-key’ systems that can generate and store hydrogen for nearly any application.”

HEC has concentrated on “Time of Use” energy needs. We can supply power when the sun doesn’t shine or the wind doesn’t blow and do it without harming the environment. 175 nations so far have signed the Paris Climate Agreement. HEC can now help them all. HEC is looking at Southeast Asia, West Africa and US Military as the first three markets it could support.

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Nokia’s OZO to Enable VR for Disney Movies

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Nokia Technologies has announced a new, multi-year agreement with The Walt Disney Studios, designed to support the creation of virtual reality (VR) experiences to complement Disney’s theatrical releases. Nokia Technologies will provide its OZO virtual reality camera and associated software to give Disney marketers and filmmakers the tools they need to create engaging VR content.

Nokia Technologies is Nokia’s advanced technology and licensing business. Formed in 2014, TECH builds upon our solid foundation of industry-leading licensing and technology R&D capabilities. By focusing on Digital Media, Brand Licensing, and Patent Licensing, TECH is expanding the human possibilities of the ever-evolving world of technology.

“Virtual Reality represents a new frontier in storytelling, and we’re thrilled to be bringing this VR technology to the team at Disney,” said Ramzi Haidamus, President at Nokia Technologies. “OZO will help Disney bring their film properties to life in new ways through immersive entertainment experiences, and our focus will be on helping them get the most out of VR as they begin to uncover all that it has to offer.”

As part of the agreement, Nokia Technologies will work with Disney to provide equipment and VR technologies to support the creation of special VR content for a range of Disney films. Most recently, Nokia and Disney used OZO to create two 360 videos for the April premiere of Disney’s The Jungle Book– the red carpet and cast interview.

“We are very excited to collaborate with Nokia Technologies to help explore the creation of VR content for our theatrical releases,” said Jamie Voris, Chief Technology Officer, The Walt Disney Studios. “We aim to bring extraordinary experiences to audiences around the world, and specially-created VR content is one more way we can transport people even further into the worlds our filmmakers create.”

Launched in November 2015, OZO is the world’s first and only virtual reality camera aimed at professional content creators. The camera features real-time VR preview, 3D 360 degree spatial audio and video capture, full compatibility with professional workflows and multiple head mounted displays, and the ability to dramatically reduce post-production time, complexity and cost.

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Leaders in Absolute Returns

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Hathersage Capital Management is a global macro investment manager specializing in G10 currencies – absolute return, not portfolio hedging, is the sole focus. Offered through Deutsche Bank’s dbSelect Platform, Hathersage’s flagship investment vehicles are up 66.46% and 15.87% gross over the past twelve months.

 

In managing assets for pension funds, private banks, endowments, fund of funds, family offices and select high net worth individuals for nearly twenty-five years, the Hathersage team has consistently produced both strong absolute and strong risk-adjusted returns.

 

The strategies offered by Hathersage express macro themes that are based on such drivers as momentum, a fundamental analysis of economic relationships, political events and financial market expectations. The firm takes both tactical and strategic directional market views in G10 currency pairs using interbank spot, forwards and options. The trading approach is discretionary.

 

Philosophy

 

Financial markets are uncertain and ever-changing. It is vital to stay close and react quickly.

 

Process is essential.

 

A substantive, repeatable process ensures profit maximization on good trade ideas and loss minimization on those views that do not work out as anticipated. Great trades are important, but rare, and simply relying on an ability to consistently generate great trade ideas is unlikely to prove successful over time – this is why process is so important.

 

Investment Approach

 

Hathersage combines bottom-up trade idea generation with top-down risk management. Utilizing a wide range of market data and analysis, the PM team identifies medium and long-term themes, and then constructs and manages a portfolio of trade ideas so as to deliver performance within a well-defined risk mandate.

 

Uncorrelated Outperformance

 

Hathersage generates true alpha: persistent returns that are not correlated with either equity beta or market sector (FX) return factors such as carry, trend, value and volatility. Since inception, the firm’s strategies have demonstrated superior returns through a variety of different economic and market conditions, with particular success during periods of extreme market (global equity) dislocation.

 

What Sets Hathersage Apart

 

Hathersage is a highly experienced and dedicated currency-only manager. The ability to adapt to changing market conditions, drivers and events and understanding when and what is an acceptable risk/reward defines a superior discretionary manager. The firm maintains a moderate-sized, flexible operation that is well-positioned to capture opportunities in a highly liquid and particularly rapidly moving market sector.

 

All aspects of Hathersage’ s functional area structure: risk management, operations, information technology, and compliance, have been built around monitoring markets and positions on a continuous basis. At all times, exposures and opportunities are being considered by a team who has been fully dedicated to currency management from inception.

 

Forward View

 

Global financial markets are in the early stages of normalizing. We first wrote of this to our investors in September 2013, stating that because G10 FX is highly liquid and because exposures can be scaled quickly, Developed Market (DM) currencies would be one of the first market sectors to reflect this cyclical turn.

 

With normalization and thus, currency realignment not a question of if but of when, we further wrote in May, and then again in December of 2014, that we saw no alternative but a return to the free market movement of capital and that, although this cycle could ultimately unfold over half a decade or more, the initial price changes were likely to be both rapid and large. Throughout 2014 and 2015, driven by a growing market realization that divergent central bank monetary policies and relative real interest rates were in play, the incipient leg of this necessary large and fundamental realignment in currency pairs began and has now firmly taken hold. A continuation of this move over the next few years will likely provide discretionary G10 FX managers such as ourselves with extraordinary investment opportunities.

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Award for Innovation in Financial Law & Best for Alternative Investments

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Kutak Rock LLP is one of America’s premiere finance, securities and investment law firms.  We invited the firm’s Chair of Alternative Investments, Marc Lieberman, to talk us through how the firm came to be such a superpower in the private equity, hedge fund and real estate legal industry.

 

Marc, tell us a bit about Kutak Rock’s history.

 

Lieberman: As one of America’s first national law firms, Kutak Rock has been serving America’s investment community for more than 50 years. One of the firm’s founders, Robert Kutak, created the Kutak Commission, the first of its kind to develop a national code for lawyers’ ethics.

 

With over 500 lawyers in more than 17 U.S. states, Kutak Rock has represented nearly every major investment bank and governmental unit in the United States, providing innovative and intensely responsive service to its finance and investment clientele for over half a century.

 

The quality of our service and the depth of our expertise have led us to represent clients in nearly every aspect of the finance and investment space. However the firm is especially renowned for its representation of investors in the private markets, and in particular, in the private equity, venture capital, hedge fund, real estate, investment management and public finance fields.

 

Kutak Rock has over 100 lawyers dedicated to documenting real estate deals, and the firm has an entire team of highly-experienced lawyers who represent institutional investors in private equity, venture capital, and hedge fund transactions. In the past five years alone, the firm’s Alternative Investments Team has documented over $3 billion in transactions.

 

Who are the lawyers that staff your alternative investments team?

 

Lieberman: Our highly dedicated and experienced Alternative Investments Team is comprised of lawyers from every facet of th e profession (both former large and boutique firm practitioners, as well as those with private and governmental institutional experience) and this enables them to not only know what their clients expect but also to understand what issuers expect and deem to be “market” terms.

 

I am the leader of the Alternative Investments Team, and am both AV rated by Martindale Hubbell, the international lawyer rating service, as well as designated as a SuperLawyer®. Other Team members enjoy similar ratings. An AV rated lawyer is a lawyer with the highest rating by Martindale, one who rates 5 out of 5 in the categories of knowledge, integrity, honesty, forthrightness and ethics. People designated as SuperLawyers® have been rated as having a skill level among the top 5% of their peers, and I and some of my team members have also been designated by Best Lawyers in America® as having skills which place them in the top 4% of lawyers. I and several of my other Team members are also Board Certified Real Estate Specialists, and as such, are recognized as having special expertise with complex real estate transactions.

 

The entire Kutak Rock Alternative Investment Team is highly skilled and recognized as one of the pre-eminent investment lawyer groups in the business by their clients, many of whom have provided the firm with glowing endorsements. Being recognized as superior in the profession enables our Team to secure terms not otherwise capable of being secured by other lawyers whose credibility and experience might be questioned.

 

Collectively the Team comprises well over 100 years’ experience negotiating and documenting deals. They have documented nearly every aspect of the investable spectrum, including management agreements, direct and indirect real estate, hedge and private equity investments and derivatives contracts. The Team is also very experienced in negotiating and documenting international transactions throughout Europe, the Caribbean, and Asia.

 

How does your team stay abreast of the fast paced development of the law?

 

Lieberman: As you say, the legal industry is a fast paced market and this experience counts for nothing if staff are not supported in their professional development. As such our lawyers stay ahead of the curve when it comes to legal developments through a multitude of hours spent in continuing legal education. Firm lawyers regularly design and present educational programs and we make sure we have access to the latest electronic data bases and periodicals and government announcements and releases.

 

Does Kutak Rock participate in the development of the law?

 

Lieberman: Kutak lawyers regularly assist government officials to design new legislation and address existing legislation that has become ambiguous or outmoded. For example the firm’s lawyers were instrumental in obtaining clarification from the SEC on whether certain governmental officials were required to register as investment advisors, and Kutak lawyers are currently working with investor organizations and government officials to make issuer subscriptions more transparent. Our dedication to public service is a bedrock precept among Kutak lawyers, and every one of the firm’s lawyers is encouraged to dedicate a substantial amount of their time to efforts which improve the profession and the lives of our constituents.

 

Alongside this, as a practice we are always refining our negotiating techniques and terms and in response both to market forces as well as new legislation or regulation or client requests. Nothing is static in our business and therefore the firm has to adapt in order to stay ahead of the competition.

 

The word on the street is that Kutak Rock is an especially nice firm to work for. Is that true?

 

Lieberman: The experience and dedication of all of our staff has helped bring clients into the firm, and ultimately driven our success, and therefore we work hard to cultivate a supportive and engaging environment for our employees. Kutak Rock is well recognized as one of the most pleasant national law firms to work for. The firm has created an environment of respect, comradery and care almost unmatched among its peers. As a result, our personnel turnover rate is far lower than our competitors. The firm is quite diverse, employing a far higher percentage of women partners than almost every other law firm of its size.

 

The firm’s collegial atmosphere aids greatly in providing an environment for its attorneys to reach creative solutions utilizing areas of practice expertise beyond that of the Alternative Investment Team. Our interdisciplinary approach to problem solving allows us to borrow from other areas of practice, whether that might be public finance, regulatory law, litigation or a host of other legal areas. Accordingly, while we attempt initially to meet specific requirements with “tried and true” approaches, when those are unable to be applied, our attorneys reach out across practice groups and geography to find optimal solutions.

 

This caring attitude carries over to its clients, whom the firm treats as family rather than just “clients.” Thus, Kutak Rock endeavours to respond to client inquiries instantly, not in days, and to always place client interests above the interests of the firm or our lawyers. It is for that reason that many of our clients have retained us for decades.

 

How do you assist clients to adapt to the always changing financial markets?

 

Lieberman: Working closely with our clients has provided the firm with a unique and fascinating insight into the U. S. investment market. The environment for institutional investors at the present time is particularly challenging from a number of perspectives, as the low interest rate environment has propelled most institutional investors to seek yield in the private debt markets, but the overwhelming number of funds proposing to exploit those markets makes it difficult for investors to choose which funds will be among those reaching the top quartile in investment returns.

 

The same concerns over return are evident within equity investing: while some would say the greatest opportunities are now past us, the ingenuity of managers to find new ways to exploit the equity markets seem boundless, but the plethora of funds touting new strategies and opportunities makes it difficult for investors to separate the wheat from the chaff in choosing top quartile funds.

 

As more money chases established top quartile funds, negotiating favourable terms with those funds has become more difficult. While law firms are not in the business of selecting one fund over another, it is especially important to choose a law firm which is sufficiently well-experienced in dealing with top quartile funds to know when to push the envelope on allegedly “market” terms. Kutak Rock is such a law firm, and is especially well-suited to represent investors who expect value for their dollar and refuse to pay the exorbitant rates demanded by the coastal or international law firms.

 

Ultimately the financial markets are under constant strain from the many stakeholders which comprise them, and we believe that efforts to lobby the government for more regulation will only increase regardless of the outcome of the current U.S. election cycle. Thus, we expect much more regulation from both the SEC and IRS to further define the nature and scope of Dodd Frank, and we also anticipate more pronouncements from the SEC on private fund disclosures, at a minimum.

 

Kutak Rock is also renowned for its modest fees—how can the firm charge rates one-third of its peers and still deliver quality service?

 

Lieberman: One major challenge our clients are facing is that they are increasingly becoming sensitive to upward pressure on lawyers’ fees, and therefore Kutak Rock has continued to benefit from such fee sensitivity. Our firm’s rates are far below those of our peers in part due to our comparatively low overhead.

 

This is due to Kutak’s geographic footprint which focuses primarily on non-money centre cities across the U.S. and our back office operations that are centralised in the Midwestern U.S., where operating costs are far lower than the coasts. This advantage enables Kutak Rock to set fees a full third lower than its peers, but with no sacrifice to quality of service, a fact to which all of our clients can attest. Further, to enable our clients to better manage their legal budgets, we offer to work for flat or capped fees, and a growing number of our clients have taken advantage of these alternative fee arrangements to bring certainty to their strained legal budgets.

 

Despite this challenge the firm’s long and unblemished experience, coupled with the fact that its fees are one third lower than its competitors means that clients ought to conclude that their best choice for documenting investment transactions is Kutak Rock. The firm documents between $60 million and $300 million of transactions every month for institutional clients who have come to conclude that Kutak Rock is the best alternative investment law firm for their needs.

 

All existing clients of Kutak Rock will tell you a similar story about the lawyers with whom they work; that Kutak lawyers really care, and that caring translates into excellent and dedicated service which at the prices charged, simply have no comparison in the market.

 

What does the future bode for your firm?

 

Lieberman: Looking to the future, the firm will expand to have more offices throughout the U.S as new opportunities present themselves. It is also highly likely that we will strengthen our relationships with firms in Canada and throughout the Americas and abroad and will add numerous lawyers to further deepen our ability to fully serve our clients’ legal needs. The firm is working with securities regulators to assist in the effort to make issuers fully disclose their fees and conflicts to better assure our clients that there will be no surprises in their returns and that effort will continue for the foreseeable future.

 

Contact Details

 

Company: Kutak Rock LLP

 

Name: Marc R. Lieberman

 

Email: [email protected]

 

Web Address: www.Kutakrock.com

 

Address: 8601 N. Scottsdale Road, Suite 300

 

Scottsdale, Arizona 85253 USA

 

Telephone: (480) 429-7103 (Direct)

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Golden to Acquire Amusement Services

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Company to become second largest distributed gaming operator in Montana, and one of the largest distributed gaming operators in the country.

Golden Entertainment, Inc. has announced that it had entered into a definitive agreement to acquire substantially all of the assets of Amusement Services, LLC. Amusement Services is one of the largest distributed gaming operators in the state of Montana and currently operates more than 1,800 gaming devices located in approximately 180 retail locations across the state, including five Native American locations with contracts that comprise approximately 350 gaming devices.

“When considered with our January acquisition in Montana, we continue to demonstrate our ability to build and strengthen leadership positions in key attractive markets. When the transaction closes, we believe the Company will have a leadership position among the largest distributed gaming operators in Montana,” said Blake L. Sartini, Chief Executive Officer of Golden. “Montana is an attractive distributed gaming market, and with an enhanced footprint in the region, we are well positioned to capitalize on this opportunity.”

When the Amusement Services acquisition closes, Golden will operate nearly 3,000 gaming devices in Montana, making it the second largest distributed gaming operator in the state. Additionally, Golden remains the largest distributed gaming operator in Nevada and will operate over 12,000 gaming devices in total, making it one of the largest distributed gaming operators in the country.

The transaction is subject to customary closing conditions and is expected to close by the end of April. The Company plans to fund the approximately $25 million acquisition price through available borrowings under its revolving credit facility. Upon closing, management expects the acquisition to be immediately accretive to the Company’s earnings per share.

Similar to the previous distributed gaming acquisition in Montana, this acquisition will combine the sellers’ local relationships with Golden’s operational expertise, establishing a wider footprint across Montana. “For over 10 years, Amusement Services has been providing distributed gaming solutions in Montana. The opportunity to join the Golden team and continue to add value for our customers and team members is an exciting prospect,” stated Tim Carson, Co-Founder and President of Amusement Services. When the transaction closes, Mr. Carson will join the Company as the Vice President of Montana Operations, helping to ensure an effective management transition and operational continuity.

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Exceptional Hedge Funds from Exception Capital

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Exception Capital is a boutique investment firm based in London and Los Angeles. We spoke to Adrian Fairbourn about the firm and their innovative flagship fund, The Family Fund.

Exception Capital was born out of a family office structure, and as such our work revolves exclusively around the management of The Family Fund and ensuring we generate the best risk managed returns possible for investors.

Launched in 2012, the Family Fund is a unique global multi-strategy portfolio that is designed to mimic the asset allocation of a classic Family Office. As such the fund invests globally in public equities, private securities, direct lending structures as well as external niche alternative managers.

Diversified by geography, asset class and positions it has, since inception in Q3 2012, outperformed all benchmarks and indices but with lower volatilities and reduced correlations.

The fund seeks to uncover ‘below the radar’ investment opportunities which our competitors misprice, misunderstand, overlook, disregard or simply cannot access. Since inception the fund has appreciated over 51% and has average annualised returns of approximately 14%. In 2015 the fund returned an impressive 12.4%

We consider this fund to be completely unique product in the marketplace, as no one else as of yet has developed such a hybrid structure.

Another means by which we differentiate our business from that of our competitors is our strong returns. This business is a performance business and the risk-adjusted returns are how we are all measured against our peers and, where applicable, benchmarks.

As a company we stand out on all those measures, and our ability to consistently generate returns for our clients from multiple sources has been particularly satisfying over recent years. In Q4 of 2014 it was adding to oversold positions in the downturn that got us through a tough October; last summer we took one of our private positions public on the London market; in 2015 our basket of Argentinian ADR’s has produced excellent returns, as have our UK smaller company names and external managers.

With regards to risk we take a view that you have to take some degree of risk in order to create returns. We don’t put ourselves forward as risk-free as we would not be able to generate the returns we have if we were. However, we do operate robust risk management controls, the main driver of which is diversification of the portfolio by strategy, geography, number and size of positions. This strategy has proved very effective and provided us with minimal correlation with the markets.

The fund operates on a global basis and it is the team’s experience of living and working in Asia, Europe and the US and the networks developed that have come to bear on the portfolio.

The opportunities available within these markets provide us with an exciting challenge. When you have a global universe as your opportunity set it is important to develop the skill to rapidly cut the wheat from the chaff. Developing and maintaining networks, finding and researching opportunities and realising the value in those opportunities is what drives us.

This is reflected in our mission statement: “We aim to deliver consistent mid-teen returns with upside volatility supported by a corporate culture underpinned by integrity and trust.” These principals pervade everything we do, and ensure that we are always on the best possible terms with our investors and delivering strong returns.

Moving forward we intend to continue with our current strategy. We have proved over a number of years that our repeatable process works and we will stick with that. The year ahead means more hard work finding and working on opportunities and turning those opportunities into hard performance numbers.

From a business perspective we will be looking to grow the assets under management and, in tandem, the infrastructure of the firm. I have sat across from too many hedge fund managers over the years with say $50m under management but with an all encompassing infrastructure – numerous analysts, a good sized office in an expensive part of town and multiple Bloomberg screens etc. A few poor months of performance and it becomes impossible to raise the AUM and as result, with those overheads, they soon go out of business. We have flipped that model on it’s head and I have always said I would grow the infrastructure as we grow the AUM. I consider this to be prudent business practice and it considerably de-risks an investment in the Family Fund. We are excited about building out our business over the course of 2016 and also for the opportunities we are seeing in the markets.

 

Company: Exception Capital LLP

Name: Adrian Fairbourn

Email: [email protected]

Web Address: www.exceptioncapital.com

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