From Bloomberg | In a prospectus filed today with the SEC, Nuveen Investments, the asset manager owned by Madison Dearborn Partners, said it plans to start a fund to buy corporate debt.
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Lake Forest private equity firm does Florida deal
Lake Forest-based private equity firm Green Courte Partners LLC has acquired six age-restricted, manufactured housing communities in central Florida.
The firm, which targets niche real estate sectors, said the purchase includes more than 1,850 home sites that are nearly 100 percent occupied.
Green Courte now owns more than 18,000 home sites in 48 communities in 10 states. Get the full story »
Charles Schwab settles investment claims for $18M
Charles Schwab Corp. will pay $18 million to settle regulatory charges that it hid mortgage-related risks in a bond mutual fund from investors. Get the full story »
Goldman Sachs vows to boost disclosure
Goldman Sachs took a step toward greater transparency Tuesday by pledging to disclose more about how it makes money, seeking to rebut criticism that it has been putting its own interest ahead of clients. Get the full story »
CarePoint adds to portfolio with ivA Lifetec acquisition
Chicago-based private equity firm Waud Capital Partners said one of its portfolio companies, Cincinnati-based CarePoint Partners, has acquired ivA Lifetec, a Houston health-care services company.
The deal marks CarePoint’s 10th acquisition in three years and its entry into the Houston market.
Waud formed CarePoint in 2007 to provide home infusion therapy, which allows patients to receive medications using intravenous, subcutaneous and epidural methods without the inconvenience or cost of a hospital visit. CarePoint provides home infusion therapy and specialty pharmacy services in eight states; Illinois isn’t among them. Get the full story »
Sara Lee credit default swaps up on possible bid
From Bloomberg News | Credit-default swaps on Sara Lee Corp. climbed to a record following a report that buyout firm Apollo Global Management LLC teamed up with investor C. Dean Metropoulos to consider a bid for the company.
Morgan Stanley to spin off trading unit
Morgan Stanley will spin off its proprietary trading business into an independent firm in 2012, joining a host of Wall Street banks scrambling to comply with new rules that bar making market bets with their own capital. Get the full story »
CME sees jump in swaps clearing later this year
CME Group, which began clearing interest-rate swaps in October, expects a jump in business this year after a U.S. legislative mandate on clearing goes into effect, a CME executive said on Monday. Get the full story »
Midwest business growth less than thought
Business activity in the U.S. Midwest expanded less robustly in December than originally thought, an industry association reported on Monday, with employment and new orders registering less growth than earlier reported. Get the full story »
Morningstar COO Tao Huang to leave firm
Chicago-based mutual fund and stock research company Morningstar Inc. announced Monday that its chief operating officer, Tao Huang, will leave the firm at the end of January. Get the full story »
Bond investors rattled by Illinois’ budget woes
As Illinois lawmakers huddle behind closed doors this week trying to find ways to plug the state’s $13 billion deficit, municipal-bond investors are sizing up how to wager amid the state’s woes.
The state’s bonds have the highest spreads — a measure of the perceived risk of default — of any state, according to Thomson Reuters data. Meanwhile, the cost of insuring against the bonds’ default keeps rising. Many muni-bond investors are avoiding Illinois even as they buy bonds of other cities and states. Others believe the state may prove a good bet, either because it will get its financial act together or be aided by the federal government. Get the full story »
Sources: Borders talking with restructuring advisers
Bookseller Borders Group has hired FTI, a firm known for its restructuring practice, to assist in analyzing its finances, according to sources familiar with the situation. Get the full story »
Buyout firms circle Fortune Brands’ home unit
A Moen Single Handle Bath Faucet at a Home Depot in New York, July 27, 2007. Fortune Brands Inc. is the holding company for Moen faucets, among other products. (Andrew Burton/Bloomberg News)
Several major private equity firms are considering buying Fortune Brands’ home products unit after the company announced plans to spin off the $3 billion division, five people familiar with the matter said.
Some of the large buyout firms, including Blackstone Group and Bain Capital, are studying the potential of either making offers for the entire unit or acquiring a stake in the business as part of the planned spin-off, the people said.
Such considerations are at a preliminary stage and it is unclear if Fortune would be interested in selling to buyout firms, which would incur heavy taxes, as opposed to a tax-free spinoff, the people said. Get the full story »
