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NEWS TICKER: FRIDAY, JULY 3rd: Euronext says trading volumes for June 2015 and enterprise-wide activity for the first half year. During the first six months of 2015, Euronext posted the strongest six-month performance since the end of 2011 supported by favourable economic conditions. June average daily transaction value on the Euronext cash order book stood at €9,202m (+54% compared with June 2014). Activity on ETFs remained particularly dynamic last month with an average daily transaction value at €587m, up 106% compared to June 2014. Cash markets saw a material increase in trading activity across the first half of 2015, with an average daily transaction value for the period up 35% vs 2014. During this period, Euronext experienced three of the ten highest volume traded days since January 2012, and on march 20th the strongest single day of trading cash products of €18bn since the same date. In the meantime, the continued focus on nurturing domestic market share meant it returned to 65% for the month of June in a highly competitive environment - Morningstar has placed the Morningstar Analyst Rating for the Mirabaud Equities Swiss Small and Mid-fund Under Review following the appointment of new portfolio manager, Paul Schibli. The fund previously held a Neutral rating. Morningstar manager research analysts will meet with the new manager soon to reassess Morningstar’s opinion on the fund - Moody’s has today changed the outlook on all ratings of Bridge Holdco 4 Ltd, the ultimate holding company for Bridon Group, to stable from positive. Concurrently, the group's B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR) as well as the B2 instrument rating on the USD286 million senior secured first lien term loan, $40m senior secured revolving credit facility and the Caa2 rating on the $111m senior secured second lien term loan borrowed by Bridge Finco LLC have been affirmed - Subsea 7 S.A. repurchase of convertible bonds has filed a notice with the Luxembourg stock exchange that it has repurchased convertible bonds worth $10m in nominal value at an average price of 91.5 of the $700m 1% Subsea 7 S.A. Convertible Bond Issue 2012/2017 (ISIN NO: 001066116.8). Following the purchase, the Company holds bonds with an aggregate nominal value of USD 91,800,000 representing approximately 13.1% of the 1.00% Subsea 7 S.A. Convertible Bond Issue 2012/2017 - Bellpenny says that its CEO, Kevin Ronaldson, will step down later this year to become ‘Founder Director’ of the business. Nigel Stockton, who has been a director of Bellpenny since inception, will, subject to FCA approval, become the new CEO. The changes are expected to take effect in September - The Straits Times Index (STI) ended 14.89 points or 0.45% higher to 3342.73, taking the year-to-date performance to -0.67%. The top active stocks today were DBS, which gained 2.00%, Singtel, which closed unchanged, Global Logistic, which declined 0.39%, Ascendas REIT, which gained 0.42% and UOB, with a 0.43% advance. The FTSE ST Mid Cap Index gained 0.16%, while the FTSE ST Small Cap Index declined 0.30%. Outperforming sectors today were represented by the FTSE ST Financials Index, which rose 0.69%. The two biggest stocks of the Index - DBS Group Holdings and OCBC- ended 2.00% higher and 0.79% higher respectively. The underperforming sector was the FTSE ST Basic Materials Index, which slipped 0.89%. Midas Holdings shares declined 1.56% and NSL increased 0.67%.

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Insurance companies remain committed to private equity says Preqin study

Friday, 15 June 2012
Insurance companies remain committed to private equity says Preqin study Some 60% plan to make new commitments in 2012. New regulations have on a limited impact on allocations. http://www.ftseglobalmarkets.com/

Some 60% plan to make new commitments in 2012. New regulations have on a limited impact on allocations.

Almost two-thirds of insurance companies are planning to make new private equity investments before the end of 2012, according to the latest Preqin research. “Insurance companies represent an important source of capital for the private equity industry, accounting for 9% of all capital invested in the asset class. Regulations such as Solvency II are likely to impact upon the level of exposure some of these investors will have to the asset class. However, over three-quarters of insurance companies have so far been unaffected by impending regulations and the majority of insurance companies will continue to allocate capital to private equity in order to meet their long-term investment objectives,” explains Emma Dineen, manager, Private Equity Investor Data.

The survey results show that despite impending Solvency II regulatory changes, the vast majority (79%) of insurance companies have not altered their levels of exposure to private equity. Moreover, nearly one-third (30%) of insurance companies are currently below their target allocations to the asset class, and 88% plan on maintaining or increasing their allocation to private equity over the longer term. According to the research 60% have over $250m allocated to private equity, while 60% of firms polled intend to make their next commitments to funds in 2012. Only a marginal 2% intend to invest in 2013 and 16% not before 2014, while 22% remain unsure on exact timings.



According to the research, small to mid-market buyout funds are viewed as the most attractive fund types, with 49% of respondents seeking to invest in these types of funds over the next 12 months. Some 46% of respondents are actively or opportunistically seeking co-investment opportunities alongside fund managers.

The results, say Preqin, are generally positive for fund managers coming to the crowded fundraising market with new vehicles, as 85% of insurance companies will consider forming some new GP relationships over the next 12 months. Also positive for fund managers is that 79% of insurance companies have not changed their exposure to private equity as a result of new regulations.

Looking regionally, some 51% of insurance companies view Europe as an attractive area for private equity investment even in the current economic climate, while 45% view North America as attractive, while 16% see Asia as appealing. Around 31% of insurance companies polled already invest in emerging markets, and a further 29% are reportedly considering the opportunity.

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