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Bank of America Corp. bankers helped form the reinsurer Alterra Capital Holdings Ltd. in 2010, advising Moore Bacon’s Max Capital Group Ltd. on its $1.5 billion combination with Harbor Point Ltd. that became Alterra. Their firm also worked with Max Capital Group in 2009 on a $1 billion merger offer from IPC Holdings Ltd. that IPC’s shareholders ultimately rejected. Click here to continue reading [...]
■WHAT TO WATCH: Spain will struggle to meet its 2012 deficit target, Deputy Budget Minister Marta Fernandez Curras said. German consumer confidence will fall for a second month in January, GfK said today. S&P cut Cyprus’s long-term debt rating for the third time in five months. U.K. consumer confidence fell in December from an 18-month high. Danish GDP figures may confirm [...]
U.S. state and local government pension funds are selling equities at a faster rate than pension plans owned by companies, as flagging investment returns increase deficits, according to third quarter data from the Federal Reserve. Click here to continue reading.
A firefighter in Allentown, Pennsylvania, which plans to lease its water system to meet retirement costs, left last year with an annual pension of $99,289, more than double what state law says was due. Most municipalities in the state, home to a quarter of U.S. public pension plans, show similar disregard for local statutes, said James [...]
Deutsche Bank AG and Natixis are selling more structured notes tied to carbon permits, or emission allowances, as the market is more than twice as volatile this year as the Euro Stoxx 50 Index. Click here to continue reading.
The Jordan Company plans to seek $3 billion for its next fund that will make buy-and-build investments, according to two people familiar with the situation. The Resolute Fund III LP is expected to officially come to market early next year with the same strategy as its $3.6 billion prior fund from 2008, these people said. Click here [...]
Independent power producer Edison Mission Energy filed for Chapter 11 reorganization early yesterday in Chicago and immediately filed papers to approve bonus programs for the three top executives and hundreds of other workers. Click here to continue reading.
By Kelly Bit Three out of five of New York City’s pension funds, which collectively have about $70 billion in assets, are searching for 10 to 15 hedge funds for direct allocations, according to Seema Hingorani, head of public equities and hedge funds at New York City Comptroller’s Office. The pensions, New York City Employees’ Retirement System, New [...]
