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    Apollo to Increase LPs’ Share of Fees in New Fund

    Apollo Global Management LLC will give investors a greater share of deal fees in its next flagship fund than it offered in the past, according to two people familiar with the situation and fund documents viewed by Bloomberg News. Apollo Investment Fund VIII LP, which is seeking $12 billion, will direct 80 percent of fees it charges portfolio [...]

    Gramercy Starts Distressed Fund With $200 Million

    Gramercy Advisors LLC, the $3.2 billion emerging-markets hedge fund, started a distressed credit fund with $200 million in commitments, according to a letter to investors, a copy of which was obtained by Bloomberg News. The Gramercy Distressed Opportunity Fund II invests in stressed performing, distressed and defaulted emerging market corporate and sovereign debt, Robert Koenigsberger, managing partner and chief [...]

    San Bernardino Curbs Retiree Benefits in Plan

    San Bernardino will put off paying $13 million to California’s retirement system and $3.4 million for pension bonds issued in 2005, in a provisional spending plan. The City Council voted 5-2 for the fiscal road map yesterday to meet a court imposed Nov. 30 deadline for a balanced interim municipal budget while in bankruptcy proceedings. In addition [...]

    AMR Seeks to End Pilots’ Lump-Sum Retirement Option

    AMR Corp. filed papers asking the bankruptcy court to prevent pilots from retiring and taking lump-sum payment of retirement benefits. Even if pilots vote in favor of a new contract when ballots are tabulated on Dec. 2, the airline could be thrown into chaos when the company emerges from bankruptcy protection, AMR said in Nov. 23 [...]

    Theravance’s Vibativ Faces FDA Panel Review

    An FDA Anti-Infective Drugs Advisory Committee will examine Theravance’s Vibativ (telavancin) for nosocomial pneumonia on Nov. 29. This event will be webcast on the Bloomberg terminal. Briefing documents for the panel will be released by the FDA by Nov. 27. To continue reading click here.

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    CFTC CPO Rule May Cost Advisers Up to $450,000

    Investment adviser firms registering for the first time as commodity pool operators (CPOs) or commodity trade advisers (CTAs) may spend up to $450,000 to get new computer systems, software and employees up to speed with U.S. Commodity Futures Trading Commission requirements, according to Karen Barr, general counsel of the Investment Advisers Association. The costs, which include figuring [...]

    Alegra to Relocate Senior Management to Liechtenstein in AIFM Move

    Senior management of Alegra Capital Ltd. will relocate from Pfaeffikon, Switzerland to Vaduz, Liechtenstein as the firm shifts management of its Alegra ABS Fund to a newly formed subsidiary. The changes were sparked by the Alternative Investment Fund Managers, or AIFM, rules that are set to take effect next summer, according to Alegra chief executive officer Daniel Riediker. Continue reading.

    Volume Surge Suggests Bullish Move Ahead for Egyptian EGX30 Index

    Simple pattern and volume analysis suggest a potential bullish primary trend reversal in the Egyptian EG X30 Index. After prolonged bear markets, volume is often a key indication of recovery. Typically, a bear market doesn’t end until market participants are discouraged by losses and uninterested in equities. It is at this point that selling pressure is exhausted. When strong volume finally accompanies a move higher, [...]

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