India

ChrysCapital reshuffles top deck, brings Harsh Mariwala as adviser

VCCircle | Mar 15, 2019 at 8:29 PM
  • Homegrown private equity firm ChrysCapital has brought Harsh Mariwala, founder of consumer goods company Marico Ltd, on board as a senior adviser as it announced top-level changes on Friday.
  • Menezes will lead all operations related to entry and exit processes for the firm.
  • The firm’s directors and vice presidents, who until recently were responsible for proactive coverage of their respective sectors, deal sourcing and execution, portfolio monitoring and exits, are being empowered to lead their respective sectors and manage deals from start to finish.

China

Movers and Shakers: Who’s in Charge of China’s First Newly-Established Foreign-Controlled Brokerage

Caixin Global | Mar 15, 2019 at 8:20 PM
  • Nomura to set up shop in Shanghai: Japanese investment bank Nomura Holdings Inc. will soon be approved to set up the first newly established foreign-controlled brokerage on the Chinese mainland, sources familiar with the matter told Caixin.
  • Central bank’s finishing school: Wu Xiaoling (吴晓灵), chairwoman and dean of Tsinghua University’s People’s Bank of China School of Finance, one of China’s most prestigious financial research faculties, is stepping down as dean.
  • Both Wu and Zhang are graduates of the school’s predecessor — the Graduate School of the People’s Bank of China.

Belgium

Donors pledge billions for Syria but politics hinder aid effort

Politico (EU) | Mar 15, 2019 at 8:05 PM
  • President Bashar al-Assad remains in power, posing an obstacle to any large-scale return of refugees or investment in reconstruction; and, more basically, officials don’t quite seem to know how much money they have raised.
  • Assad, with the protection of Russia, seems secure despite a United Nations Security Council resolution calling for a political transition.
  • Jeffrey, the U.S. special representative, used his news conference on Friday to put the blame the crisis squarely on Assad and his backers, including Iran.

India

Crisis-hit Jet Airways’ lenders may finalise resolution plan next week

VCCircle | Mar 15, 2019 at 7:14 PM
  • A resolution plan for crisis-hit carrier Jet Airways may be finalised in a week’s time, a senior State Bank of India (SBI) official said on Friday.
  • India’s second-largest airline is saddled with debt of over Rs 8,000 crore, of which it needs to repay Rs 1,700 crore by the end of March.
  • Apart from loan defaults, Jet has not paid its pilots, leasing firms and suppliers for months.

United States

What Envestnet’s deal for MoneyGuide means for advisors and competitors

Financial Planning | Mar 15, 2019 at 7:01 PM
  • Envestnet’s $500 million acquisition of MoneyGuide creator PIEtech has advisors and industry executives wondering how the deal might affect digital tools, and in turn, the bottom lines of their firms.
  • DeHollander pays $2,000 a year for two subscriptions to MoneyGuidePro, although his firm, managing roughly $225 million in client assets, gets a discount for purchasing the product through the Commonwealth Financial Network.
  • Other technology platforms, like Orion Advisor Services, are hopeful MoneyGuide can continue to foster open relationships with other providers.

India

Tribunal questions lenders’ acceptance of settlement offer for Sterling Biotech

VCCircle | Mar 15, 2019 at 6:57 PM
  • The National Company Law Tribunal has raised suspicion on the lenders’ acceptance of a one-time settlement offer from the absconding promoters of Sterling Biotech Ltd, a pharmaceutical contract manufacturer.
  • The company’s promoters – Nitin Sandesara, Chetankumar Sandesara, Dipti Sandesara and Hiteshkumar Patel – have been absconding.
  • Sterling Biotech directors Nitin, Chetankumar and Dipti Sandesara have been booked for a Rs 5,000-crore bank fraud.