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Lou Eccleston: The data-driven emergence of TMX’s new CEO - The Globe and Mail
The Globe and Mail
Published Wednesday, Oct. 01 2014

And while he has not been CEO of a large public company, he has run big operations. At McGraw Hill, his business unit generated $1.7-billion (U.S.) in revenue, close to three times that of TMX.

McGraw Hill’s executive vice president of corporate affairs, Ted Smyth, worked with Mr. Eccleston on the company’s executive committee. He said Mr. Eccleston is “high energy, global, forward-looking, eloquent and a strong advocate for the power of technology and big data.”
Boyd_Erman  Bay_Street  CEOs  data_driven  forward-thinking  forward_looking  high-energy  Lou_Eccleston  massive_data_sets  TMX 
october 2014 by jerryking
Toronto private equity firm hires Providence veteran - The Globe and Mail
Toronto private equity firm hires Providence veteran Add to ...
The Globe and Mail
Published Thursday, Feb. 14 2013
Atlas  Toronto  private_equity  Boyd_Erman 
august 2014 by jerryking
Furious trading in spats, monocles greets birth of Confederation - The Globe and Mail
Furious trading in spats, monocles greets birth of Confederation Add to ...
The Globe and Mail
Published Tuesday, Jul. 01 2014,
funnies  Boyd_Erman  Confederation 
july 2014 by jerryking
The rise of search funds and a new generation of bosses - The Globe and Mail
Boyd Erman
The rise of search funds and a new generation of bosses Add to ...
The Globe and Mail
Published Tuesday, May. 27 2014
buying_a_business  search_funds  entrepreneur  entrepreneurship  Boyd_Erman 
june 2014 by jerryking
Ex-Harper chief of staff Nigel Wright rejoins Onex - The Globe and Mail
The Globe and Mail
Published Wednesday, Jun. 04 2014
Nigel_Wright  Onex  private_equity  London  chief_of_staff  Boyd_Erman 
june 2014 by jerryking
World’s largest asset manager rails against companies’ short-term thinking - The Globe and Mail
The Globe and Mail
Published Friday, May. 23 2014,

...Mr. Fink is worried that the great tide of economic growth is not rising as quickly as it could be because of persistent and pernicious short-term thinking. Everyone from Main Street to Wall Street to Pennsylvania Avenue is too focused on near-term waves to pay attention to what the overall water level is doing.

Blogs, polls, the story of the moment – that is what drives peoples’ thinking, he says. That means investment decisions and political moves are based on what’s happening now, and not long-term goals. The economy will bear the cost of this short-term obsession, and so will investors, Mr. Fink warns. He would like to see big changes in everything from accounting to corporate governance to government spending priorities, to reset the focus on more distant horizons....“We need executives in business to start focusing on what is right in the long run,” ...“Societies are having a hard time, politically and economically, adjusting to the immediacy of information: The 24/7 news cycle, blogs, the instantaneous information. It’s very hard. This is one of the things where we are developing a crisis.”...Mr. Fink is particularly frustrated with the lionization of activist investors in the media. Think Bill Ackman, Carl Icahn and others who push for changes that will lead to an immediate runup in the stock price,....Similarly, he is critical of accounting rules that push insurance companies to invest in shorter-term assets, rather than long-term projects such as infrastructure. “Everything is leading toward an underinvestment in infrastructure and an underinvestment in capital expenditures.”...In 1999, the company went public. It has grown incredibly fast ever since. It manages money for everyone from retail investors to pension plans. During the financial crisis, the U.S. Treasury hired BlackRock to run assets in the Troubled Asset Relief Program, and the Bank of Greece hired the company to help fix the country’s banking system. (Model for WaudWare?)
BlackRock  Laurence_Fink  asset_management  long-term  Boyd_Erman  Wall_Street  delayed_gratification  thinking  strategic_thinking  Communicating_&_Connecting  CEOs  money_management  shareholder_activism  immediacy  insurance  infrastructure  CAPEX  short-term  short-term_thinking  financial_pornography  pension_funds  underinvestments  noise  pay_attention 
may 2014 by jerryking
Breaking into the boys' club of investment banking - The Globe and Mail
Breaking into the boys' club of investment banking Add to ...
Subscribers Only

The Globe and Mail

Published Tuesday, Mar. 11 2014
women  Bay_Street  investment_banking  glass_ceilings  boards_&_directors_&_governance  Boyd_Erman  gender_gap  diversity 
march 2014 by jerryking
Catalyst to launch IPO for prize holding
March 17, 2014 | G&M | BOYD ERMAN
Hopes to raise up to $200-million to boost operation that loans to companies seeking hard-to-find credit
Boyd_Erman  private_equity  Bay_Street  Newton_Glassman  Catalyst 
march 2014 by jerryking
The man all Canadian tech startups need to know - The Globe and Mail
The man all Canadian tech startups need to know Add to ...
Subscribers Only

The Globe and Mail

Published Wednesday, Mar. 05 2014
OMERS_Ventures  venture_capital  start_ups  Boyd_Erman 
march 2014 by jerryking
China Investment Corp. revamps Canadian office - The Globe and Mail
China Investment Corp. revamps Canadian office Add to ...
Subscribers Only

The Globe and Mail

Published Wednesday, Dec. 18 2013
Boyd_Erman  China  China_rising  Bay_Street  money_management  institutional_investors  Felix_Chee  Canada  FDI  sovereign_wealth_funds  CIC 
december 2013 by jerryking
Newton Glassman, a private man in the stressful world of private equity - The Globe and Mail
Dec. 06 2013 | The Globe and Mail| BOYD ERMAN.

Newton Glassman has spent the past 11 years running hard to build what has become Canada’s second-largest private equity firm....Mr. Glassman’s firm, Catalyst Capital Group Inc., now runs $4-billion of assets that it mostly puts to work in messy distressed situations, trying to take control of struggling companies and turn them around....Investing in distressed debt is a gritty, confrontational business. Mr. Glassman's firm typically buys bonds issued by a troubled company, spending countless hours searching for the securities that will provide the most influence, then tries to gain control when the company is restructured. The goal is to buy in cheap, seize power if necessary, fix the business and reap the rewards. It can be a rough job, because there is rarely enough money to go around and someone usually loses out.

When he was at Cerberus, founder Steve Feinberg warned him about the personal cost of building a firm, telling him: “There is a massive difference between being one of the key players and being THE guy in charge.”

Catalyst’s charitable arm also is building a knowledge centre that will work with universities to provide investors, lawyers and judges with more education about credit markets. Mr. Glassman has harsh words for the way credit markets sometimes work in Canada, as judges have sometimes upset the traditional order of restructurings...

Mr. Glassman says that at the time, he thought Mr. Feinberg was “just yakking.” But if he knew then what he knows now about building his own firm, he says he probably would have stayed at Cerberus. “The job of being the guy is if you take your responsibilities seriously, it is all encompassing.”
private_equity  Newton_Glassman  Bay_Street  Boyd_Erman  Catalyst  personal_cost  distressed_debt  turnarounds  Cerberus  vulture_investing  restructurings 
december 2013 by jerryking
Boardroom shifts spell trouble for big banks
Nov. 26 2013 | The Globe and Mail | BOYD ERMAN.
New directors bring new relationships, and Canada’s greying boardrooms herald an opportunity for foreign and independent investment banks that are steadily making inroads in the Canadian market...The days are long gone of an investment banker sitting on a Canadian company’s board and steering all the advisory business to his own bank (let’s be honest, odds are it was a man). Rules on director conflicts have largely ended that. But name a Canadian company and most people in finance can recite the house banker, and it’s often one that does the lending.

Those relationships are not going to just go away. But the potential for conflict of interest is going to mean that the major banks are going to find themselves sharing merger fees more often with outside firms that are independent. Board renewal is only going to accelerate that.
Boyd_Erman  boards_&_directors_&_governance  conflicts_of_interest  advice  banks  demographic_changes  investment_banking  Bay_Street  mergers_&_acquisitions  M&A  relationships 
november 2013 by jerryking
Carlyle Group buys Toronto alternative asset manager - The Globe and Mail
Nov. 26 2013 | The Globe and Mail | Boyd Erman.
U.S. private equity behemoth Carlyle Group LP is buying a Toronto-based asset manager that specializes in picking hedge funds for huge institutional investors, yet another sign of Canada’s growing influence in the business of running alternative assets.

Carlyle said Tuesday that it has agreed to buy Diversified Global Asset Management Corp., an employee owned firm that oversees assets of $6.7-billion (U.S.), for about $103-million

DGAM’s specialty is advising large investors such as pension funds and sovereign wealth funds on how to use hedge fund strategies to manage risk and increase returns.

Canada, particularly Toronto, has a reputation as a top centre for money management in pension circles, with institutions such as Ontario Teachers’ Pension Plan and Canada Pension Plan Investment Board running complex strategies using alternative investments – essentially, in-house hedge funds. DGAM helps clients do the same thing by building custom portfolios of hedge funds and investments.
Carlyle_Group  private_equity  Toronto  investors  pension_funds  sovereign_wealth_funds  alternative_investments  Boyd_Erman  asset_management  OTPP  CPPIB  money_management  risk-management  institutional_investors 
november 2013 by jerryking
From darling to struggling: Keek grapples with cash crunch
October 25, 2013 | RoB | BOYD ERMAN.

The Toronto-based company makes a popular application that enables mobile phone users to record and share short videos. While the app is a hit with users, 65 million of them at last count, Keek has been trying to raise the money needed to finance further growth....It is not clear why Keek was unable to raise more money after hiring Morgan Stanley. Keek was an early entrant in the video sharing game, but the company now faces more competition.

Twitter Inc. has since launched its video-sharing application, Vine, and Facebook Inc.'s Instagram application also now has the same capability.

Keek has pitched its longer videos - 36 seconds - as a differentiating factor from the seven-second videos offered by Vine
Keek  web_video  Boyd_Erman  start_ups  funding  layoffs  Vine  bite-sized  short-form 
october 2013 by jerryking
Video start-up's financing moving along at good clip
July 15, 2013 | G&M | BOYD ERMAN.

Social video start-up Keek Inc. is seeking a new round of financing at a lofty valuation, but pulling it off will require the Toronto company to convince investors it can withstand the challenges to its business from Facebook Inc. and Twitter....The potential valuation range that is being put forward is $600-million to $900-million, these people said. If Keek can find the interest, the size of the financing is likely be significantly larger than the $18-million it raised in January.

A valuation in that ballpark would be a huge win for the two-year-old company, which was founded in 2011 by entrepreneur Isaac Raichyk. The company, which allows users to create and share 36-second video updates on their phones or tablets, has yet to attract significant interest from large, established technology venture capital companies outside Toronto.

The company is seeking money just as competition in its business intensifies.

Keek was an early entrant in what is now a sought-after corner of social media, the sharing of short videos. (A keek is a Scottish term for a quick peek.) Keek's user base is soaring, with more than 45 million users worldwide as of last month.

Maintaining that growth as new competition jumps into the space is the trick.
start_ups  web_video  Toronto  Keek  Boyd_Erman  user_bases 
august 2013 by jerryking
Wekerle's new merchant bank attracts high profile names
June 17, 2013 | Globe & Mail | Boyd Erman.

Mike Wekerle launches Difference Capital.
Boyd_Erman  Bay_Street  merchant_banking  technology  Michael_Wekerle 
june 2013 by jerryking
Steve Hudson: The comeback kid returns to his roots
Oct. 26 2012 | The Globe and Mail | BOYD ERMAN
In 2007 and 2008, the financial crisis hit. All around the globe, banks were pulling back on lending. Not only that, they were putting leasing assets up for sale. A manager with experience in leasing, with relationships at banks and insurers, could buy up leasing companies and fill the gap in the market. Mr. Hudson stepped back from Herbal Magic to start Element.
serial_entrepreneur  Toronto  Boyd_Erman  franchising  equipment  leasing  Steve_Hudson 
february 2013 by jerryking
Moribund TMX-Maple deal sends all the wrong signals
April 23, 2012 |Globe and Mail | by BOYD ERMAN.

For TMX, the issue is that the company, in the meantime, is strategically stuck. Maple’s bid killed TMX’s first choice, a merger with London Stock Exchange Group PLC. Now, after agreeing to a friendly deal with Maple, TMX is prohibited under the merger contract from doing any major acquisitions without Maple’s approval.

As analyst Jeff Fenwick of Cormark Securities points out, opportunities are passing TMX by. Two prime assets that TMX could afford – a key consideration since TMX is not that big by world standards – have recently gone on the market.

The London Metals Exchange, the world’s biggest metals marketplace, is deciding whether to go ahead with a sale. The price is expected to be in the neighbourhood of $1.3-billion (U.S.), easily doable for the TMX. Imagine the strategic possibilities of tying together the stock market operator with the biggest commodities presence and the largest metals marketplace.

But it doesn’t appear TMX is in the running, though competitors such as CME Group, NYSE Euronext, and Intercontinental Exchange reportedly are.
stockmarkets  Boyd_Erman  TMX  mergers_&_acquisitions  LSE  M&A  bourses  trading_platforms 
april 2012 by jerryking
Review: The Big Short: Inside the Doomsday Machines, by Michael Lewis
Apr. 03, 2010 | The Globe and Mail | by Boyd Erman. The Big
Short: Inside the Doomsday Machines, by Michael Lewis, Norton, 264
pages, $35
Boyd_Erman  Michael_Lewis  book_reviews  Wall_Street  short_selling  hedge_funds 
april 2010 by jerryking

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