New appointments at BCS Prime Brokerage, Societe Generale, Paul Hastings and more.
Having been caught in a blizzard of media and regulatory attention in the first half of 2008, sovereign wealth funds are taking steps to try and improve their public image, including agreeing to a voluntary code of conduct in September, reports Julian Evans.
The senior management team at South Africa’s Investec Asset Management has agreed to take a 15% stake in the business in a £180mn (US$268mn) partial management buyout from the Investec group.
The deal will see chief executive officer Hendrik du Toit and 39 other Investec Asset Management employees take the stake using £90mn of equity funding and £90mn of debt from HSBC and the Investec group.
The management team will also have the right to buy a further 5% of the business during the next seven years, with other employees invited to join the team for any further transaction.