Department of Labor’s Intial Guidance on Fiduciary Rule
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. On October 27, 2016, the U.S. Department of Labor (“DOL”) released initial guidance primarily addressing the BIC exemption under the Fiduciary Rule. The Fiduciary Rule expands the scope of the definition of fiduciary for employer-sponsored plans and swept in non-ERISA investment vehicles such as IRAs and HSAs. A key aspect of the expanded definition is the “Best Interest Contract” exemption (BIC) which allows firms and advisers
NAIC Partnership Aims to Increase Number of Women in Private Equity
WASHINGTON, DC, JULY 18, 2016 — The National Association of Investment Companies (NAIC), the industry association for diverse-owned and emerging private equity firms and hedge funds, today announced the commencement of the Private Equity Women’s Initiative to increase the number of women entering and advancing in the private equity industry. A partnership between the NAIC and the American Investment Council (AIC) recognized that women are grossly underrepresented in the industry, making up just 10 percent of senior employee ranks in private equity. The difficulties women face in surmounting barriers into the industry is compounded by the challenge of effectively navigating their way towards senior level positions. To achieve its objectives, the Private Equity Women’s Initiative will publish relevant research, as well as host educational forums, networking events and mentoring programs. A Working Committee comprised of 11 senior women from NAIC and AIC firms created the Initiative’s Guidelines and Best Practices,
The Wicks Group Completes Sale to Wasserstein Partners
SECAUCUS, NJ USA — Wasserstein Partners acquired Northstar Travel Group, the leading provider of business-to-business information, content, events, data, research, custom content and software dedicated to the global travel and meeting industries, from the Wicks Group of Companies. Investing alongside Wasserstein Partners IV were its co-investors, Alberta Teachers’ Retirement Fund Board, John Hancock, and Storebrand Insurance. Northstar is the owner of well-known brands including Travel Weekly, TravelAge West, Business Travel News, Successful Meetings, Meetings & Conventions, Travel Weekly China, Incentive, M&C China and Web in Travel. The company produces more than 50 face-to-face events in thirteen countries in retail travel, corporate travel, travel technology and the meetings industry. In addition, Northstar owns Phocuswright, the leading research, business intelligence and event producer serving the fastest growing segment of the travel industry, on-line travel distribution. Northstar is also the majority shareholder in Inntopia, the leading SaaS e-commerce software provider serving the mountain
Must Private Equity Firms Register as Broker Dealers?
Does your firm routinely solicit investors and/or co-investors? Does it market its funds to endowments, pension funds and high net worth individuals? Does your firm advise companies on mergers and acquisitions and debt offerings? If your firm receives compensation for any of these services, then you could be engaging in broker-dealer activities for which registration as a broker-dealer is required.
Exclusively for NAIC Members: ICS Group Offers Complimentary Mock Exams
The SEC expects to increase the number of investment adviser examinations in 2016. The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) is also increasing the number of examiners by almost 20% this year...
Cvent Enters into Definitive Agreement to be Acquired by Vista Equity Partners for $1.65 Billion
TYSONS CORNER, Va. Cvent Inc. (NYSE: CVT) a leading cloud-based enterprise event management company, today announced that it has entered into a definitive agreement to be acquired by affiliates of Vista Equity Partners (“Vista”), a leading private equity firm focused on investments in software, data and technology-enabled businesses. The terms of this all-cash deal provide substantial value to Cvent stockholders. Vista will acquire 100 percent of the outstanding shares of Cvent common stock for a total value of approximately $1.65 billion. Cvent stockholders will receive $36.00 in cash per share, representing a premium of approximately 69 percent over Cvent’s closing price on April 15, 2016 and a 70 percent premium to Cvent’s average closing price over the past 30 trading days. “We are pleased to announce this transaction that provides a significant premium for Cvent stockholders,” said Reggie Aggarwal, founder and CEO of Cvent. “This milestone is the next chapter
2016 Capital Allocators Roadshow Kicks Off in Chicago
The NAIC Capital Allocators Roadshows have kicked off for 2016, beginning February 4th and 5th in the Chicago area. Over the two days, NAIC members met with Chicago Teachers Pension Fund (CTPF), Exelon, Illinois Municipal Retirement Fund (IMRF), Illinois State Board of Investment (ISBI), Illinois State Universities Retirement System (SURS), and Muller & Monroe. The meetings provided an opportunity for each institutional investor to share information about their program while getting to know NAIC members and other participating LPs better. The Roadshow commenced with a meeting hosted by Exelon that included Doug Brown, CIO; Chrissie Pariso, Senior Portfolio Manager in Private Equity; Neil Roache, Senior Portfolio Manager of Private Markets; and Brian Andersen, Public Markets & NDT Investments. The team provided an overview of Exelon and its $34 billion pension plan. Exelon currently has 35 funds across its private equity portfolio, with seven minority managers. Following the Exelon meeting, the
HarbourVest Partners Acquires BAML Capital Access Funds Group
BAML Capital Access Funds Team Will Continue to Focus on Emerging and Diverse Managers as HarbourVest Horizon HarbourVest Partners (“HarbourVest”), an independent, global private markets specialist, today announced that it has acquired the BAML Capital Access Funds group (“BAML CAF”), an experienced private equity fund-of-funds manager and adviser, from Bank of America. BAML CAF has historically focused on emerging and diverse managers and has advised on approximately $1.9 billion in capital commitments since its inception in 2002. As part of HarbourVest, BAML CAF will continue to focus on these investment areas and will be renamed HarbourVest Horizon. In addition, BAML CAF’s six-person investment team will join HarbourVest. “We are excited to broaden the capabilities of our global platform with HarbourVest Horizon,” said John Toomey, Managing Director at HarbourVest. “Our clients value our ability to provide access to the best managers in the industry, and this acquisition both complements and expands
COLUMBUS, Ga., Jan. 26, 2016 — TSYS® (NYSE: TSS), a leading global payment solutions provider, today announced it has entered into a definitive agreement with Vista Equity Partners to acquire TransFirst, a Vista portfolio company and leading U.S. merchant solutions provider, in an all-cash transaction valued at approximately $2.35 billion. TransFirst delivers merchant solutions to more than 235,000 small and medium-sized businesses in the U.S. through its proprietary technology, end-to-end customized and multi-channel products and superior customer service. The transaction enhances TSYS’ offering and position in the high-growth areas of integrated payments, e-commerce and omni-channel services. As a result of the transaction, TSYS will be the 6th largest U.S acquirer based on net revenue, supporting more than 645,000 merchant outlets. TSYS expects the transaction to be accretive in the low double digits to adjusted EPS for the first twelve-month period following closing, excluding one-time acquisition-related fees and expenses. TransFirst leads