Bank of America Merrill Lynch related stories
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High-net-worths look to real estate amid volatilityThe ultra and high-net-worth community shrank by 25% and 15% respectively in 2008, according to the latest Merrill Lynch/Capgemini world wealth report. However, the allocation to real estate rose by 4% - despite a general move towards liquid assets.
- Korea Investment Corporation to invest $1bn in alternatives
The sovereign fund will resume overseas investments following a $3bn cash injection by the Korean government.
- NewRiver set for IPO in London
A second property IPO is to be staged in London as a specialist retail investor and asset manager seeks to raise £250 million. The capital raising comes one month after Max Property Group was admitted to the AIM market in London and raised £220 million.
- Merrill Lynch to sell $2.65 billion Asian opportunity fund platform
Merrill Lynch has instigated a process to sell the management of its pan-Asia real estate opportunity fund. The New York-based investment bank is thought to have begun sounding out potentially interested parties.
- Fortress to raise $200m in public stock offering
The publicly listed alternative investment firm will sell Class A shares to repay a portion of its outstanding debt as well as generate working capital that may be used to fund GP contributions to Fortress funds.
- NY State disgorges placement fee details
State comptroller Thomas DiNapoli has today released details on 94 funds to which former comptroller Alan Hevesi committed capital. The comprehensive list also includes the names of placement agents used and the fees they were paid.
- Advanced Capital hires Merrill Lynch exec
John Herbert, a former managing director of Merrill Lynch’s European property and hotel group, has joined the Italian firm as senior advisor of its €300m fund of funds.
- Merrill Lynch suspends Asia fund
Merrill Lynch puts plans for its second Asian real estate opportunity fund on ice as it awaits direction from the bank’s new owners, the Bank of America.
- Keep your head while others lose theirs
April was a month of senior departures, many of whom built the platforms and raised the funds that PERE LPs find themselves committed to today. The issue has become an area of grave concern.
- Merrill Lynch appoints Asia head
Martin Seol is appointed head of real estate for Merrill Lynch in Asia Pacific on a full time basis. He assumes control of the platform from Tim Grady, who resigned from the firm at the beginning of the month.