The document provides information about the Cyprus Investment and Securities Corporation Limited (CISCO), including:
- A brief history of CISCO establishing in 1982 as the first investment banking institution in Cyprus.
- An overview of the services offered by CISCO's Investment Banking Department, such as capital markets services, mergers and acquisitions advisory, and corporate finance services.
- Highlights of recent capital raising, listing of securities, and mergers and acquisitions projects led by CISCO's Investment Banking Department between 2006-2008.
The Luxembourg reserved alternative investment fund (RAIF) brochure Olivier Sciales
Luxembourg has adopted legislation creating a news type of fund vehicle, the reserved alternative investment fund (fonds d'investissement alternatif réservé, RAIF/FIAR)
Hedge Funds: Launching a Hedge Fund and reasons to go offshoreJonathan Buffa
The document discusses reasons why hedge fund managers may choose to set up offshore rather than domestic funds, including providing privacy to foreign and tax-exempt investors, avoiding unrelated business taxable income for tax-exempt investors, and taking advantage of jurisdictions like the British Virgin Islands which have regulations and tax policies favorable for hedge funds. The British Virgin Islands is highlighted as a popular location for hedge fund formation due to its regulatory framework, range of possible fund vehicles, and tax benefits.
Mutual funds pool money from investors and invest it in a portfolio of securities to generate returns. They offer benefits like professional management, diversification, reduced costs, liquidity and convenience. Mutual funds are organized as trusts with sponsors that form the trust and register it with SEBI. Trustees appoint an Asset Management Company approved by SEBI to manage the fund's investments. SEBI regulates the structure, market activities and investor protection of mutual funds in India.
This document discusses the re-engineering of structural and issuance procedures for sukuk. It provides background on the Islamic finance industry and capital markets. It then discusses the International Islamic Financial Market, sukuk structures commonly used globally, and contracts used in sukuk issuance. The key information is that sukuk are similar to asset-backed securities and represent ownership in underlying assets. There are currently 24 recognized sukuk structures based on different Islamic contracts. The document outlines some of the major sukuk structures and provides examples of their use through diagrams.
Malta is growing as a financial centre, hosting over 580 investment funds worth €9.7 billion. It offers a strong regulatory framework and experienced professionals. Malta is attractive for both asset management and tax efficiency. Collective investment schemes and managers require licensing from the Malta Financial Services Authority. The most common legal structure is an investment company with variable capital. Professional Investor Funds can be promoted to qualifying investors for non-traditional investments.
The Luxembourg reserved alternative investment fund (RAIF) brochure Olivier Sciales
Luxembourg has adopted legislation creating a news type of fund vehicle, the reserved alternative investment fund (fonds d'investissement alternatif réservé, RAIF/FIAR)
Hedge Funds: Launching a Hedge Fund and reasons to go offshoreJonathan Buffa
The document discusses reasons why hedge fund managers may choose to set up offshore rather than domestic funds, including providing privacy to foreign and tax-exempt investors, avoiding unrelated business taxable income for tax-exempt investors, and taking advantage of jurisdictions like the British Virgin Islands which have regulations and tax policies favorable for hedge funds. The British Virgin Islands is highlighted as a popular location for hedge fund formation due to its regulatory framework, range of possible fund vehicles, and tax benefits.
Mutual funds pool money from investors and invest it in a portfolio of securities to generate returns. They offer benefits like professional management, diversification, reduced costs, liquidity and convenience. Mutual funds are organized as trusts with sponsors that form the trust and register it with SEBI. Trustees appoint an Asset Management Company approved by SEBI to manage the fund's investments. SEBI regulates the structure, market activities and investor protection of mutual funds in India.
This document discusses the re-engineering of structural and issuance procedures for sukuk. It provides background on the Islamic finance industry and capital markets. It then discusses the International Islamic Financial Market, sukuk structures commonly used globally, and contracts used in sukuk issuance. The key information is that sukuk are similar to asset-backed securities and represent ownership in underlying assets. There are currently 24 recognized sukuk structures based on different Islamic contracts. The document outlines some of the major sukuk structures and provides examples of their use through diagrams.
Malta is growing as a financial centre, hosting over 580 investment funds worth €9.7 billion. It offers a strong regulatory framework and experienced professionals. Malta is attractive for both asset management and tax efficiency. Collective investment schemes and managers require licensing from the Malta Financial Services Authority. The most common legal structure is an investment company with variable capital. Professional Investor Funds can be promoted to qualifying investors for non-traditional investments.
Irish Fund Structures For International Distribution Nov09Omer_Khan
This document provides an overview of Irish fund structures for international distribution, specifically UCITS funds and Qualifying Investor Funds (QIFs). It notes that Ireland is a premier location for establishing and servicing investment funds, with over 10,700 funds domiciled in Ireland totaling over EUR 1.3 trillion in assets. The two most popular regulated fund structures in Ireland are UCITS and QIFs.
Mariana Enevoldsen, Director, Heritage International Fund Managers Limited, discusses the structures available and the regulatory requirements applicable in Guernsey to Funds and Licensees.
The document discusses the history and structure of mutual funds. It notes that the first mutual fund was established in Europe in 1774. It then outlines the key participants in a mutual fund structure including boards of directors, sponsors, custodians, investment advisors, transfer agents, and dealers. The document also covers advantages such as diversification and professional management, as well as disadvantages like costs and taxes. Finally, it briefly discusses types of mutual funds and regulations governing mutual funds.
The Reserved Alternative Investment Fund (Raif) is a new investment vehicle launched in Luxembourg that provides greater flexibility and speed to market compared to traditional regulated fund structures. The Raif does not require prior authorization or ongoing approval from Luxembourg's financial regulator (CSSF). It is still subject to depositary, administration and audit requirements. While not directly regulated, the Raif provides investor protections as it must be managed by an authorized Alternative Investment Fund Manager (AIFM) that is regulated. The Raif is expected to attract interest from managers looking for a more flexible solution than traditional regulated funds, while still providing the operational characteristics and reporting of regulated funds.
The document provides information about the Lakeshore International Buyout Fund (LIBF), including:
1) The LIBF focuses on investing in undervalued assets in Russia and the CIS through acquisitions and consolidations to achieve superior returns.
2) The fund manager believes the current market environment provides significant opportunities to acquire assets at discounted prices and generate annualized returns of 30% over 2-3 years.
3) The fund will follow a conservative investment strategy, focusing on industries it has expertise in and using a disciplined process for investment selection and risk management.
110130 international pe_vc_valuation_guidelines_sep_2009_updateEvelyn Chua
The document provides guidelines for determining the fair value of private equity and venture capital investments. It defines key terms and outlines principles of valuation, including that fair value estimates the price at which an orderly transaction would occur between willing market participants. It also describes various methodologies that may be used to determine fair value, such as considering the price of recent investments, earnings multiples of comparable companies, discounted cash flows, and secondary transactions.
The SIF is a regulated, operationally flexible and fiscally efficient multipurpose investment fund regime for an institutional and qualified investor base.
The document discusses the introduction of the Reserved Alternative Investment Fund (RAIF) in Luxembourg. Some key points:
1) The RAIF was approved by the Luxembourg government in November 2015 and is expected to become law in mid-2016. It is seen as an attractive product that leverages advantages of the Alternative Investment Fund Managers Directive.
2) Unlike traditional funds, the RAIF will not be subject to supervision by Luxembourg's financial regulator, the CSSF. This is expected to attract managers by providing more flexibility and speed to market.
3) The RAIF was carefully designed over a year by industry experts and government to meet market needs. It aims to avoid double supervision at the manager
Merchant banking provides specialist financial services including corporate finance, project counseling, capital restructuring, issue management, portfolio management, and more. It originated in Europe among Dutch and Scottish traders and developed further in Britain. Merchant banking involves a range of activities like corporate counseling, pre-investment studies, credit syndication, underwriting, and project appraisal. The key functions include advising companies, raising capital, managing public issues, and providing various financing options. Merchant bankers play an important role in facilitating business growth and development.
An alternative fund manager adhering to Luxembourg financial regulations, Fermion Capital Sarl has extensive expertise in banking, asset management, structured finance, and securitization. Fermion Capital has established a special limited partnership (SLP) to leverage its many advantages.
This document provides information on how to start a hedge fund, including considerations around jurisdiction, fund structure, eligible investors, authorization and regulation, directors and service providers, share classes, fees, and redemption periods. Some key points covered are:
- Hedge funds are typically based in offshore jurisdictions like the Cayman Islands for tax purposes. Common fund structures include stand-alone, master/feeder, umbrella, and segregated portfolio companies.
- Hedge funds can only be promoted to institutional investors and high net worth individuals. Managers must ensure only eligible investors purchase shares.
- Funds require authorization from the relevant regulator and investment managers typically need authorization from regulators like the FCA. The AIFMD
Regulated Funds In Ireland Ucits Non UcitsOmer_Khan
Ireland is a leading domicile for UCITS funds. UCITS funds established in Ireland can obtain a "European passport" allowing distribution throughout the EU. They are subject to strict investment eligibility criteria and restrictions under the UCITS directive. Common legal structures for Irish UCITS include unit trusts and investment companies. Regulatory approval typically takes 4-6 weeks, while overall establishment takes around 3 months.
Foreign Institutional Investors is being explained in this document. We have tried to comprehend as much information as possible.
QLI is one of the best CFA, CA and CS Classes. (www.qli.co.in)
This document provides a summary of expertise and experience for Dr Pasquale Franzese in banking, finance, property finance, funds management, and private consulting. It details his roles since 1982 advising on banking facilities, establishing mortgage and credit businesses, and providing expert witness testimony. More recently, his roles include managing regulated funds as Responsible Manager, establishing credit policies and loan books, and advising private family businesses and funds. He has over 30 years of experience in various finance, banking, funds management and property-related fields.
Offshore Vessels Sale & Purchase, Chartering and Financingrockporshe
This comprehensive course aims to provide participants with a better understanding on the various contractual agreements between the buyer and seller, the standard forms available, the negotiation process and parties involved from contract formation to sale, delivery and closing a contract. In addition, participants will learn about and evaluate the various ship financing options available and make the right decision on whether to go with either
debt or equity funding, or consider going with sales and leaseback transactions to maximize cash inflows while maintaining shipping operations.
With a focus on Rigs, FPSOs, Support Vessels, Accommodation Units and other specialist vessels, and tailored for offshore vessel owners, managers, brokers, charterers, bankers and legal advisers, the course is packed with comprehensive lecture, discussions and
practical case studies and scenarios that are interspersed throughout the programme which delegates can learn and apply back in the workplace.
2017 veneziano and partners - european fund distributionAttilio Veneziano
Recent Numbers of Fund Management Industry in Europe
Fund Distribution Acronyms in Europe
UCITS
AIF
MiFID
PRIIPs
Marketing in Europe
The Passport
UCITS/AIFMD
Private Placement AIFMD
MiFID
The landscape of Fund Distribution in Europe is characterised by various acronyms for the applicable European directives on financial services
UCITS
The Undertakings for Collective Investment in Transferable Securities Directive represents the main framework for collective investment schemes offered to retail investors.
AIFMD
The Alternative Investment Fund Managers Directive. Recently introduced framework to regulate managers of alternative investment schemes offered to professional investors.
MIFID
The Market in Financial Instruments Directive governs the provision of investment services in financial instruments by banks and investment firms.
PRIIPs
The Packaged Retail and Insurance Investment Product regulation introduces a key investor information document for collective investment schemes and also other packaged investments.
This document discusses Shariah supervision in Islamic financial institutions. It outlines the models of Shariah advisory services, including international Shariah boards, national Shariah boards, institutional Shariah boards, and outsourcing advisory services. It also describes the establishment of Shariah committees and their duties, which include advising the board, endorsing compliance manuals and documents, and providing written Shariah opinions. The document cautions against excessive flexibility in decisions and explores challenges in Shariah supervision, such as balancing monetary gains with Shariah objectives.
This document discusses liquidity issues in Islamic finance. It provides an overview of key regions including Malaysia, Bahrain, Pakistan, and Brunei and their respective Islamic money markets. It then examines typical balance sheets of Islamic financial institutions in the Gulf Cooperation Council and notes they have higher liquidity ratios due to assets like murabaha that have shorter tenors. The document addresses components needed for a good Islamic interbank money market, including short-term sukuk issuances, and efforts by the International Islamic Financial Market to develop the market. It concludes more issuances and greater participation is needed to further develop Islamic money markets.
Bassel is the CEO of the UAE Accounting and Auditing Association and founder of Tanmia Capital Limited. He has over 15 years of management consulting experience focused on Islamic finance. He holds an MPhil from the UK and certifications in accounting, risk management, and strategic planning. Bassel has led numerous projects assessing and establishing Islamic financial institutions across various countries and conducting capacity building programs.
Investment banks in Malaysia provide various services including corporate financial advisory, portfolio management, corporate banking, and share trading. They were introduced in 2005 to strengthen the financial sector by consolidating merchant banks, stockbroking companies, and universal brokers into a new investment bank framework. Investment banks play important roles in developing the capital market by raising capital, facilitating mergers and acquisitions, managing investments, and providing other financial services. They offer a wider scope of activities and larger facilities than commercial banks.
Irish Fund Structures For International Distribution Nov09Omer_Khan
This document provides an overview of Irish fund structures for international distribution, specifically UCITS funds and Qualifying Investor Funds (QIFs). It notes that Ireland is a premier location for establishing and servicing investment funds, with over 10,700 funds domiciled in Ireland totaling over EUR 1.3 trillion in assets. The two most popular regulated fund structures in Ireland are UCITS and QIFs.
Mariana Enevoldsen, Director, Heritage International Fund Managers Limited, discusses the structures available and the regulatory requirements applicable in Guernsey to Funds and Licensees.
The document discusses the history and structure of mutual funds. It notes that the first mutual fund was established in Europe in 1774. It then outlines the key participants in a mutual fund structure including boards of directors, sponsors, custodians, investment advisors, transfer agents, and dealers. The document also covers advantages such as diversification and professional management, as well as disadvantages like costs and taxes. Finally, it briefly discusses types of mutual funds and regulations governing mutual funds.
The Reserved Alternative Investment Fund (Raif) is a new investment vehicle launched in Luxembourg that provides greater flexibility and speed to market compared to traditional regulated fund structures. The Raif does not require prior authorization or ongoing approval from Luxembourg's financial regulator (CSSF). It is still subject to depositary, administration and audit requirements. While not directly regulated, the Raif provides investor protections as it must be managed by an authorized Alternative Investment Fund Manager (AIFM) that is regulated. The Raif is expected to attract interest from managers looking for a more flexible solution than traditional regulated funds, while still providing the operational characteristics and reporting of regulated funds.
The document provides information about the Lakeshore International Buyout Fund (LIBF), including:
1) The LIBF focuses on investing in undervalued assets in Russia and the CIS through acquisitions and consolidations to achieve superior returns.
2) The fund manager believes the current market environment provides significant opportunities to acquire assets at discounted prices and generate annualized returns of 30% over 2-3 years.
3) The fund will follow a conservative investment strategy, focusing on industries it has expertise in and using a disciplined process for investment selection and risk management.
110130 international pe_vc_valuation_guidelines_sep_2009_updateEvelyn Chua
The document provides guidelines for determining the fair value of private equity and venture capital investments. It defines key terms and outlines principles of valuation, including that fair value estimates the price at which an orderly transaction would occur between willing market participants. It also describes various methodologies that may be used to determine fair value, such as considering the price of recent investments, earnings multiples of comparable companies, discounted cash flows, and secondary transactions.
The SIF is a regulated, operationally flexible and fiscally efficient multipurpose investment fund regime for an institutional and qualified investor base.
The document discusses the introduction of the Reserved Alternative Investment Fund (RAIF) in Luxembourg. Some key points:
1) The RAIF was approved by the Luxembourg government in November 2015 and is expected to become law in mid-2016. It is seen as an attractive product that leverages advantages of the Alternative Investment Fund Managers Directive.
2) Unlike traditional funds, the RAIF will not be subject to supervision by Luxembourg's financial regulator, the CSSF. This is expected to attract managers by providing more flexibility and speed to market.
3) The RAIF was carefully designed over a year by industry experts and government to meet market needs. It aims to avoid double supervision at the manager
Merchant banking provides specialist financial services including corporate finance, project counseling, capital restructuring, issue management, portfolio management, and more. It originated in Europe among Dutch and Scottish traders and developed further in Britain. Merchant banking involves a range of activities like corporate counseling, pre-investment studies, credit syndication, underwriting, and project appraisal. The key functions include advising companies, raising capital, managing public issues, and providing various financing options. Merchant bankers play an important role in facilitating business growth and development.
An alternative fund manager adhering to Luxembourg financial regulations, Fermion Capital Sarl has extensive expertise in banking, asset management, structured finance, and securitization. Fermion Capital has established a special limited partnership (SLP) to leverage its many advantages.
This document provides information on how to start a hedge fund, including considerations around jurisdiction, fund structure, eligible investors, authorization and regulation, directors and service providers, share classes, fees, and redemption periods. Some key points covered are:
- Hedge funds are typically based in offshore jurisdictions like the Cayman Islands for tax purposes. Common fund structures include stand-alone, master/feeder, umbrella, and segregated portfolio companies.
- Hedge funds can only be promoted to institutional investors and high net worth individuals. Managers must ensure only eligible investors purchase shares.
- Funds require authorization from the relevant regulator and investment managers typically need authorization from regulators like the FCA. The AIFMD
Regulated Funds In Ireland Ucits Non UcitsOmer_Khan
Ireland is a leading domicile for UCITS funds. UCITS funds established in Ireland can obtain a "European passport" allowing distribution throughout the EU. They are subject to strict investment eligibility criteria and restrictions under the UCITS directive. Common legal structures for Irish UCITS include unit trusts and investment companies. Regulatory approval typically takes 4-6 weeks, while overall establishment takes around 3 months.
Foreign Institutional Investors is being explained in this document. We have tried to comprehend as much information as possible.
QLI is one of the best CFA, CA and CS Classes. (www.qli.co.in)
This document provides a summary of expertise and experience for Dr Pasquale Franzese in banking, finance, property finance, funds management, and private consulting. It details his roles since 1982 advising on banking facilities, establishing mortgage and credit businesses, and providing expert witness testimony. More recently, his roles include managing regulated funds as Responsible Manager, establishing credit policies and loan books, and advising private family businesses and funds. He has over 30 years of experience in various finance, banking, funds management and property-related fields.
Offshore Vessels Sale & Purchase, Chartering and Financingrockporshe
This comprehensive course aims to provide participants with a better understanding on the various contractual agreements between the buyer and seller, the standard forms available, the negotiation process and parties involved from contract formation to sale, delivery and closing a contract. In addition, participants will learn about and evaluate the various ship financing options available and make the right decision on whether to go with either
debt or equity funding, or consider going with sales and leaseback transactions to maximize cash inflows while maintaining shipping operations.
With a focus on Rigs, FPSOs, Support Vessels, Accommodation Units and other specialist vessels, and tailored for offshore vessel owners, managers, brokers, charterers, bankers and legal advisers, the course is packed with comprehensive lecture, discussions and
practical case studies and scenarios that are interspersed throughout the programme which delegates can learn and apply back in the workplace.
2017 veneziano and partners - european fund distributionAttilio Veneziano
Recent Numbers of Fund Management Industry in Europe
Fund Distribution Acronyms in Europe
UCITS
AIF
MiFID
PRIIPs
Marketing in Europe
The Passport
UCITS/AIFMD
Private Placement AIFMD
MiFID
The landscape of Fund Distribution in Europe is characterised by various acronyms for the applicable European directives on financial services
UCITS
The Undertakings for Collective Investment in Transferable Securities Directive represents the main framework for collective investment schemes offered to retail investors.
AIFMD
The Alternative Investment Fund Managers Directive. Recently introduced framework to regulate managers of alternative investment schemes offered to professional investors.
MIFID
The Market in Financial Instruments Directive governs the provision of investment services in financial instruments by banks and investment firms.
PRIIPs
The Packaged Retail and Insurance Investment Product regulation introduces a key investor information document for collective investment schemes and also other packaged investments.
This document discusses Shariah supervision in Islamic financial institutions. It outlines the models of Shariah advisory services, including international Shariah boards, national Shariah boards, institutional Shariah boards, and outsourcing advisory services. It also describes the establishment of Shariah committees and their duties, which include advising the board, endorsing compliance manuals and documents, and providing written Shariah opinions. The document cautions against excessive flexibility in decisions and explores challenges in Shariah supervision, such as balancing monetary gains with Shariah objectives.
This document discusses liquidity issues in Islamic finance. It provides an overview of key regions including Malaysia, Bahrain, Pakistan, and Brunei and their respective Islamic money markets. It then examines typical balance sheets of Islamic financial institutions in the Gulf Cooperation Council and notes they have higher liquidity ratios due to assets like murabaha that have shorter tenors. The document addresses components needed for a good Islamic interbank money market, including short-term sukuk issuances, and efforts by the International Islamic Financial Market to develop the market. It concludes more issuances and greater participation is needed to further develop Islamic money markets.
Bassel is the CEO of the UAE Accounting and Auditing Association and founder of Tanmia Capital Limited. He has over 15 years of management consulting experience focused on Islamic finance. He holds an MPhil from the UK and certifications in accounting, risk management, and strategic planning. Bassel has led numerous projects assessing and establishing Islamic financial institutions across various countries and conducting capacity building programs.
Investment banks in Malaysia provide various services including corporate financial advisory, portfolio management, corporate banking, and share trading. They were introduced in 2005 to strengthen the financial sector by consolidating merchant banks, stockbroking companies, and universal brokers into a new investment bank framework. Investment banks play important roles in developing the capital market by raising capital, facilitating mergers and acquisitions, managing investments, and providing other financial services. They offer a wider scope of activities and larger facilities than commercial banks.
Brief information about merchant banking institutions in india, meaning,
Origin, capital adequacy requirement, category of merchant banks, merchant bank services etc...
ICOM Capital is an investment company in Ukraine that provides investment banking, financial consulting, and M&A services. It was created through the merger of several professional firms to offer clients services from facilitating exchanges on the Warsaw Stock Exchange to private equity and pre-IPO financing. ICOM Capital works primarily with successful Ukrainian businesses focused on development and open to partnering with foreign investors. Its goal is to help clients implement long-term growth strategies and transform into industry leaders with international reach.
TradeTarget Ltd is a Cypriot consultancy firm formed in 2006 that became the tied agent of Global Capital Securities and Financial Services Ltd in 2008. Global Capital is a Cypriot investment firm that focuses on fund management, brokerage, and corporate finance. The founder and managing director of TradeTarget is Kostas Polydorides, who has an MBA and industry experience. TradeTarget represents Global Capital and can provide clients with access to local, Greek, and global equity markets through Global Capital's brokerage services.
Investment Corporation of Bangladesh presentationMd. Shohel Rana
Investment Corporation of Bangladesh (ICB) is a statutory investment bank established in 1976 to accelerate industrialization and develop Bangladesh's capital market. ICB's objectives include encouraging investment, developing the capital market, mobilizing savings, and promoting subsidiary companies. ICB functions include direct share/debenture purchases and sales, lease financing, managing investment accounts and funds, and providing bank guarantees. ICB aims to be a leading, responsible, and environmentally friendly financial institution through upholding integrity and protecting investor interests.
The document provides an overview of the D Capital Investment Fund prospectus. It establishes the fund as an Alternative Investment Fund (AIF) registered in Cyprus, which offers advantages like tax exemptions and a single regulating authority. The fund will focus on real estate, healthcare, tourism, and education sectors in Cyprus and Southeast Europe. It appoints SKDA Capital Limited as fund manager and outlines the fund's structure, professional partners, and investment approach for real estate sub-funds. The prospectus invites capital contributions between €125,000 to €100 million euros.
Merchant banks are financial institutions that provide specialized non-deposit taking banking services like corporate financing, mergers and acquisitions advisory, project financing, and securities underwriting. They work with large corporations and do not provide retail banking services to the general public. Merchant banks deal extensively in international finance and business loans. They help companies raise funds through private placements, debt/equity offerings, and provide other advisory services. Unlike investment banks, merchant banks do not underwrite and sell securities to the public through IPOs.
1. Merchant banking provides a wide range of financial services including underwriting shares, portfolio management, project counseling, and insurance for a fee.
2. Some key functions of merchant banking include project counseling, loan syndication, issue management, portfolio management, capital restructuring services, and arranging working capital finance.
3. Merchant bankers are also involved in public issues, lease financing, venture capital funding, and helping companies raise public deposits.
Islamic financing instruments and development perspective in sub-Saharan AfricaFrancois Stepman
6 June 2017. Making Finance Work for Africa (MFW4A) and the Islamic Cooperation for the Development of Private Sector (ICD) organised a webinar on Islamic Finance: financing instruments and development perspective in sub-Saharan Africa. The keynote speaker was Salah BABALE, from ICD (Islamic Cooperation for the Development of Private Sector).
The document provides an annual report from the Securities and Exchange Commission of Pakistan (SECP) covering the period from July 1, 2008 to June 30, 2009. It discusses the major economic turbulence globally and in Pakistan's markets during that period. It outlines various measures SECP took to stabilize markets, including placing floors on stock prices and new valuation and provisioning criteria for debt securities held by mutual funds. It also summarizes SECP's efforts to improve regulatory frameworks, facilitate companies, and enhance investor protection and confidence.
This document provides an overview of the capital markets in India, including recent developments and innovations. It defines a capital market as a market for raising long-term funds through debt and equity securities. The capital markets consist of primary markets for new securities and secondary markets for existing securities. Recent innovations include internet trading, asset-backed securities, scripless trading, and capital market linked insurance products. Developments include electronic government security trading, gold exchange traded funds, demutualization of stock exchanges, and regulations around private debt placements and IPO fund usage.
The securities market in India has three main participants - issuers of securities, investors, and intermediaries. It has two interlinked segments - the primary market for new securities issues and the secondary market for previously issued securities. The Bombay Stock Exchange (BSE) was established in 1875 as the country's first stock exchange. Major developments include the passing of the Securities Contract Regulation Act in 1956, the launch of the BSE Sensex in 1986, the establishment of the National Stock Exchange (NSE) in 1992, and the computerization of trading at the BSE in 1995 signaling the transition from open outcry to screen-based trading.
- The Investment Corporation of Armenia (ICA) is proposed as a new sovereign investment vehicle to bridge foreign and domestic investment in Armenia.
- ICA would be established by transforming an existing government-owned corporate entity into ICA and providing an initial funding of 1 billion Dram.
- In its first 18 months, ICA aims to recruit key personnel, rebrand, prepare financial instruments, secure its first joint venture, and issue related instruments.
This document provides a corporate profile for FinCorp Investment Holding SAE, an Egyptian investment banking firm established in 1998. It summarizes FinCorp's services, experience on various projects in sectors like real estate, infrastructure, and financial services. It also lists credentials for key members of FinCorp's staff and selected clients they have worked with in sectors such as banking, manufacturing, utilities, and tourism.
KMPG Bank is an international banking group that provides corporate and private banking services. It aims to protect and manage client assets through a full range of independent products and services tailored to client needs. The bank operates through offices in several countries and offers services such as asset management, investment advice, trust and estate planning, corporate finance, and project financing. KMPG Bank targets both individual and institutional investors seeking personalized financial services and investment solutions.
Al-Faysal Investment Bank is Pakistan's largest investment bank with paid up capital of Rs.978.7 million and total equity of over Rs. 24.5 billion. It is part of the Dar Al Maal Al Islami Group, an international network of Islamic financial institutions. Al-Faysal Investment Bank provides a range of corporate finance and advisory services and has played a leading role in major infrastructure projects in Pakistan. The bank has a presence across Pakistan with offices in Karachi, Lahore, and Islamabad and employs over 100 staff across various departments.
This document discusses the challenges of developing Islamic capital markets. It notes that while Islamic finance has grown significantly over the past few decades, the Islamic capital markets still face several challenges including a lack of regulatory support, limited liquidity management tools, and differences in scholarly opinions that have prevented standardization. It recommends establishing a strong regulatory framework, developing new sharia-compliant financial products, and increasing cooperation between industry players and institutions to help the Islamic capital markets continue growing.
This painting by Australian artist Donald Friend depicts the city of Colombo as it stood several decades ago, showing landmarks like the busy harbour, Galle Face Green, parts of Colombo Fort, and several grand old buildings. The artist lived in Sri Lanka from 1957-1961 and is considered one of the most important 20th century artists. The painting was commissioned by Mackinnon Mackenzie of Ceylon Ltd. and became a property of the Keells Group with their acquisition of the Mackinnons Group in 1974.
1. THE CYPRUS INVESTMENT AND SECURITIES
CORPORATION LIMITED
(CISCO)
INVESTMENT BANKING
DEPARTMENT
September 2009
1
2. CONTENTS
1. Brief history
2. Services offered by CISCO
3. Why CISCO for Investment Banking
4. Services offered by the Investment Banking Department
5. Recent Project Portfolio
6. Advisory Team
2
3. 1. Brief history
2. Services offered by CISCO
3. Why CISCO for Investment Banking
4. Services offered by the Investment Banking Department
5. Recent Project Portfolio
6. Advisory Team
3
4. BRIEF HISTORY
The Cyprus Investment and Securities Corporation Ltd
(CISCO) was established in 1982. Its promoters were the
Bank of Cyprus, the Cyprus Development Bank and the
International Finance Corporation (IFC), a World Bank
affiliate.
CISCO was the first investment banking institution in
Cyprus and its primary objective was to offer specialized
financial services and assist in the development of the
capital and money markets in Cyprus.
In August 1988, CISCO became a wholly owned subsidiary
of the Bank of Cyprus Group, the largest financial institution
in Cyprus.
4
5. 1. Brief history
2. Services offered by CISCO
3. Why CISCO for Investment Banking
4. Services offered by the Investment Banking Department
5. Recent Project Portfolio
6. Advisory Team
5
6. SERVICES OFFERED BY CISCO
CISCO’s activities cover a wide range of specialised services which are offered to individuals, trading,
industrial and tourist enterprises, insurance companies, banks, provident and pension funds, public
corporations and municipal/local authorities:
CISCO’s services are classified under four major categories:
CISCO was the first Investment Banking institution to be set up in Cyprus and over the years it has
established itself as one of the leading institutions in the local capital market.
INVESTMENT The Investment Banking Department assists with the leadership of all aspects of transactions, from
BANKING negotiating and structuring deals to coordinating due diligence, performing company valuations, capital
restructuring, financial planning, feasibility studies as well as the execution of equity and debt issues.
The Brokerage Department’s professional and experienced team assists clients on their investment
strategy by identifying each client’s investment objectives, risk profile and investment horizon.
BROKERAGE The Brokerage Department provides clients with professional and independent advice in strict
confidence, bearing in mind each client’s particular needs.
The Research Department continuously analyses and monitors the local stock market as well as other
RESEARCH markets and prevailing economic conditions preparing in-depth investment analysis and technical
analysis on selected CSE listed companies.
CISCO has been providing Fund Management services since its incorporation in1985. It is the oldest
FUND and at present one of the largest institutional fund managers in Cyprus.
MANAGMENT CISCO’s Fund Management client base includes provident funds and pension funds, insurance and
investment companies listed on the CSE, other companies and high net worth individuals.
6
8. 1. Brief history
2. Services offered by CISCO
3. Why CISCO for Investment Banking
4. Services offered by the Investment Banking Department
5. Recent Project Portfolio
6. Advisory Team
8
9. WHY CISCO FOR INVESTMENT BANKING
Professionalism & Expertise
High-calibre team of professionals with extensive experience and expertise. Recognition
for integrity and high level of professionalism with client focused approach.
Experience
Extensive experience of capital market regulatory and legal aspects.
CISCO has acted as a Lead Manager/Underwriter to over 66% of the companies that
were floated during the period 2003 to 2008 and to over 85% of the newly listed
companies in the last five years in terms of capital raised*.
Also, CISCO pioneered in the introduction of convertible bonds, floating rate bonds,
warrants and call options. Over 75% of debt issues in the local market by listed
companies in terms of capital raised were lead-managed by CISCO*.
Established Relationships
Excellent relationships with clients and established relationships with other professional
firms.
Member of the Bank of Cyprus Group
Access to the largest banking network in Cyprus.
*Source: CISCO Research Department
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10. 1. Brief history
2. Services offered by CISCO
3. Why CISCO for Investment Banking
4.
4. Services provided by the InvestmentBanking Department
Services offered by the Investment Banking Department
5. Recent Project Portfolio
6. Advisory Team
10
11. INVESTMENT BANKING DEPARTMENT
SERVICES
• Listing of companies on the Cyprus Stock Exchange
CAPITAL • Listing of companies on E.U. Stock Exchanges through passporting
MARKETS • Share capital issues (IPOs, Rights, Warrants)
• Bond & other securities issues
• Financial planning (Business Plans)
• Valuations
CORPORATE
• Feasibility studies
FINANCE
• Corporate Governance
• Capital restructuring
• Advisory on the buy and sell side of the M&A process
MERGERS &
• Structuring of the Offer
ACQUISITIONS
• Fairness Opinions
11
12. INVESTMENT BANKING DEPT SERVICES
CAPITAL MARKETS
Experienced Track Record
CISCO has completed and managed 11 offerings, raising over €850 million over the last five
years*. With this successful track record, CISCO has the expertise, experience, and resources to
successfully guide clients through the offering process. CISCO’s investment banking professionals
will help determine the optimal timing of an offering by evaluating:
– Market conditions
– Growth and future prospects
– Current operating conditions
In addition, CISCO’s investment banking department allows highly integrated and coordinated sales
efforts across the Bank of Cyprus Group, on behalf of clients seeking to raise capital in a public
offering.
Raising Funds for Expansion
Expanding a business often requires a significant infusion of capital. For public companies an
offering is a principal way to raise funds while attracting new investors and advertising products or
services. The Investment Banking department works with clients from the initial assessment phase
to the completion of the offering.
CISCO can offer clients:
– Proper distribution of shares
– Access to a wide variety of institutional and retail investors
*Source: CISCO Research Department
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13. INVESTMENT BANKING DEPT SERVICES
CAPITAL MARKETS – COMPANY FLOTATION
CISCO offers a wide range of flotation services:
1. Preflotation Stage
Undertakes to review the company and analyse the advantages and disadvantages of potential
flotation. It also offers advice on the company's organisational and capital structure.
2. Structure of the Issue
Advises the company in determining the parameters of the issue such as size, price, timing, etc.
3. Preparation of Prospectus/ Listing Particulars
Undertakes:
• the preparation of the Prospectus/Listing Particulars inviting the public to subscribe to the issue
according to the requirements of the Public Offer and Prospectus Law of 2005
• the amendment of articles of association of the Company to bring them in line with the provisions
of the Law on public companies and the requirements of the Cyprus Stock Exchange,
• the preparation of all other documents that may be required.
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14. INVESTMENT BANKING DEPT SERVICES
CAPITAL MARKETS – COMPANY FLOTATION
4. Management of the Issue
CISCO also undertakes:
• the planning, structure and coordination of the issue,
• consultations with regulatory authorities,
• co-ordinate actions with the Cyprus Stock Exchange and the Cyprus Securities &
Exchange Commission or any other competent regulatory authority depending on the
project,
• co-ordinate, in conjunction with the Company the activities of all third parties involved.
• the collection and processing of applications and advises the client on the allotment of
the issue.
5. Selling of the Issue
• CISCO undertakes the promotion and sale of the shares, including the setting-up of a
selling group.
6. Post Flotation Service
• CISCO is in a position to assist the client in maintaining its share or debenture registry.
14
15. INVESTMENT BANKING DEPT SERVICES
CAPITAL MARKETS – COMPANY FLOTATION
Why Listing on the Cyprus Stock Exchange?
• Legislation and procedures based on European Directives
• Passport for listing to any other Stock Exchange in the European Union Member States, after
18 months from the day of listing on the CSE.
• Professional fees and other expenses relatively lower than in any other EU member state.
• Infrastructure to accept foreign investors
15
16. INVESTMENT BANKING DEPT SERVICES
CAPITAL MARKETS – ISSUE OF BONDS
Since its establishment CISCO has promoted with success the issue of straight bonds, convertible
bonds, bonds with equity warrants attached, and floating rate bonds by public companies and
public sector bodies.
The services offered by CISCO for the issue of bonds are similar to those offered for share issues:
• review of requirements and capacity to repay the loan,
• advisory role in setting the terms of the issue,
• preparation of Listing Particulars/Prospectus,
• management and promoting of the issue and placement.
During 2008, CISCO has managed the largest corporate debt issue completed in Cyprus, successfully
raising €573.4 million in an oversubscribed convertible bonds issue for Bank of Cyprus
16
17. INVESTMENT BANKING DEPT SERVICES
CAPITAL MARKETS - PRIVATE PLACEMENT
• In the case of a public company which, for various reasons, does not wish to address itself to the
public at large in order to raise equity or loan capital, or in the case of a private company which is
not in a position to make an issue to the public, CISCO can provide assistance in securing the
required equity or loan capital through the private placement of an issue (of shares or bonds)
with a limited number of investors.
• Once the requirements of the company and the terms of the issue have been determined,
CISCO prepares an Information Memorandum on the company and the issue and approaches a
small number of potential investors in order to place the issue.
17
18. INVESTMENT BANKING DEPT SERVICES
CORPORATE FINANCE - MERGERS & ACQUISITIONS
CISCO M&A services include inter alia:
– Advising clients in the development and formulation of merger, acquisition and divestiture strategies.
– Identifying potential buyers or acquisition targets via close relationships with numerous groups in
Cyprus and abroad.
– Establishing valuation criteria and ranges.
– Developing alternatives and recommending appropriate courses of action.
– Arranging acquisition financing for buyers, consisting of all types of debt and equity.
– Structuring and negotiating transactions.
– Identifying prospective equity and joint venture partners, and working with such partners to create the
necessary arrangements to consummate each transaction.
– Structuring internal M&A transactions, including management and employee buy-outs.
– Identifying, screening and initiating discussions with potential buyers/sellers.
– Assisting in the preparation of confidential information and selling memoranda.
– Coordinating legal, tax, accounting and other closing-related activities.
– Fairness Opinions.
18
19. INVESTMENT BANKING DEPT SERVICES
CORPORATE FINANCE - MERGERS & ACQUISITIONS
In addition to the aforementioned services in the case of a listed company CISCO M&A services include
inter alia:
– Advisory services relating to the Take Over procedures (as they arise from the relevant legislations)
and structuring the Terms of the Offer.
– Drafting of the Public Offer Document pursuant to the legislation on Acquisitions and Public Offers (if
Public Company).
– Submission of the Offer Document to the relevant regulatory authorities and coordination of all parties
for the completion of the Public Offer.
– Communication with relevant regulatory authorities relating to the review and approval of the Offer
Document other documents.
– Presentation of offer to investment public and institutional investors.
– Responsibility for accepting and processing of the acceptance forms and preparation of all relevant
reports.
– Services of Paying Agent - Payments to accepting shareholders who accept the offer by means of
posting a bankers draft &/or crediting of bank accounts.
– Preparation, coordination and submission of all required documentation to the relevant regulatory
authorities for the execution of the transfer of shares.
– Fairness Opinions.
19
20. INVESTMENT BANKING DEPT SERVICES
CORPORATE FINANCE – OTHER SERVICES
Financial Planning (Business Plan)
CISCO undertakes financial planning studies for corporate clients in various sectors. Financial planning
services include the preparation of comprehensive customised business plans with detailed financial
projections as well as guidance and consulting based on the analysis of the business plan results.
Financial planning advice can also be offered to a company's management on an on-going basis.
Valuation of Private Companies' Shares
The value of private companies' shares which are not traded and therefore lack a stock market price, can
be estimated with reference to their current and projected performance and after taking into consideration
a range of other factors. CISCO undertakes share valuations, which are often useful for share dealings or
mergers.
Feasibility Studies
CISCO undertakes feasibility studies for investment projects in industry, tourism, trade and other services.
Such studies contain all the information required to be submitted in order to secure loan financing. CISCO
maintains contacts and cooperates, where warranted, with other consultants and advisers in various fields,
local and foreign. Pre-feasibility studies are also undertaken and the client is advised as to whether to
proceed with an in-depth study.
20
21. 1. Brief history
2. Services offered by CISCO
3. Why CISCO for Investment Banking
4. Services offered by the Investment Banking Department
5. Recent Project Portfolio
6. Advisory Team
21
22. RECENT PROJECT PORTFOLIO
CAPITAL RAISING & LISTING OF SECURITIES
2006 2007 2007 2007
Initial Public Offering Initial Public Offering
Initial Public Offering Initial Public Offering
and Listing on the CSE CSE Listing
CSE Listing CSE Listing
of 175.000.000 shares of
nominal value €0,34 per €2.626.199,90
€10.621.934,87 €801.666,80
share
Lead Manager Lead Manager Lead Manager Joint Lead Manager
2007 2007 2008 2008
Rights Issue Issue and listing of Initial Public Offering
Capital Securities Rights Issue CSE Listing
€24.064.480 12/2007
€35.558.998 €5.436.720,00
€126.436.506
Lead Manager Lead Manager Lead Manager Joint Lead Manager
22
23. RECENT PROJECT PORTFOLIO
CAPITAL RAISING & LISTING OF SECURITIES
Ongoing
2008 2008 Ongoing
ITTL Trade Tourist and
Issue and listing of Leisure Park Ltd
Convertible Bonds
Issue and listing of
2013/2018
Bonds 2013/2018 Initial Public Offering Initial Public Offering
on CSE and ATHEX
on CSE CSE Listing CSE Listing
€573.409.701
€100.000.000
Lead Manager Lead Manager Lead Manager Lead Manager
Ongoing
Geo -Ships Holdings Plc
Initial Public Offering
CSE Listing
Lead Manager
23
24. RECENT PROJECT PORTFOLIO
MERGERS & ACQUISITIONS
2007 2007 2007 2007
Acquisition of Public Offer for 50,01%
Public Offer for the Independent Advisor
Acquisition of Offer of Acquisition
By
Thalassa Holdings
Independent
Lead Manager Lead Manager Lead Manager
Advisor
2007 2007 2007 2008
Acquisition of
Independent Advice for Independent Advice for Public Offer for the
Offers for Acquisition Offer for Acquisition Acquisition of
by Hellenic Bank by SFS Group
and SFS Group
Independent Independent
Advisor Advisor Lead Manager Lead Manager
24
25. RECENT PROJECT PORTFOLIO
MERGERS & ACQUISITIONS
2008 On Going
2008
Messrs Charalambos
Antonis and Costas
Papantoniou
Public Offer for the Public Offer for the Public Offer for the
Acquisition of Acquisition of Acquisition of
Alliance Re
Lead Manager Lead Manager Lead Manager
25
26. KEY TRANSACTIONS 2008
CAPITAL MARKETS – LISTING AND RIGHTS ISSUE
Transaction Summary Transaction Highlights
Ocean Tankers Holdings Public The first IPO on the CSE since
ISSUER Company Limited 2001
IPO funds raised €10,7 million
OFFERING
• Issue of 24.328.756 new shares of IPO November 2006 Rights Issue funds raised
STRUCTURE Rights Issue August 2008
nominal value $0,40 per share at €18,5 million.
IPO
the price of €0,44 per share.
November 2006
Lead Manager
• Issue of 161.631.810 nil-paid
OFFERING rights allocated gratis to the
STRUCTURE existing shareholders in the ratio
of 1 right per share. Key Highlights
RIGHTS ISSUE
The first shipping company listed on the Cyprus Stock
• Every 5 rights exercised converted
August 2008
into 2 new shares of nominal value
Exchange
$0,20 per share with an exercise
price of €0,55 per share. US$13,4m funds raised through listing process were used
for the expansion of the Group fleet
Cyprus Stock Exchange
LISTING
Since listing, fleet increased from 3 to 16 vessels
Included in the Athens Stock Exchange FTSE International,
from 4th December 2007 onwards
26
27. KEY TRANSACTIONS 2008
CAPITAL MARKETS – CONVERTIBLE BOND ISSUE
Transaction Summary Transaction Highlights
2008
ISSUER Bank of Cyprus Public Co Ltd (BOC)
First convertible bond issue in
UNDERLYING Cyprus after 10 years
Ordinary Shares of BOC
Issue and listing of
Convertible Bonds
Oversubscribed Issue.
STATUS Unsecured, Subordinated 2013/2018
Raised €573,4 million.
€573,409,701
ISSUE SIZE
Lead Manager
ISSUE DATE 30 July 2008
Key Highlights
MATURITY
30 June 2018
On July 15 Bank of Cyprus opened subscriptions based on
ISSUE/ the final terms of its debut LT2 Convertible Bond issue; the
100% / 100% bonds, for a total size up to €573million, were offered by way
REDEMPTION
PRICE of rights to existing shareholders and were also marketed in
the Greek and Cypriot retail network of BOC and to
INTEREST institutional investors in Europe
7.5% for Year 1 / 6mEUR+1% Year 2-5
Incremental demand generated from institutional investors
CONVERSION
€ 10.50 and additional subscriptions from retail investors took the
PRICE
total order book into oversubscription by July 29
Athens / Cyprus Exchange
LISTING The transaction strengthened the capital adequacy of the
bank, providing important balance sheet support
DISTRIBUTION Retail and Institutional Investors
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28. KEY TRANSACTIONS 2008
MERGERS & ACQUISITIONS – PUBLIC OFFER
Transaction Summary Transaction Highlights
2008
OFERROR Flagstone Reassurance Suisse SA
Secured over 90%
TARGET COMPANY Alliance Reinsurance Public shareholding via the Public
Company Limited Offer procedure.
Public Offer for the
Acquisition by Flagstone Acquisition of
Reassurance Suisse SA of up to Effected squeeze out clause
PUBLIC OFFER 100% of Alliance Reinsurance Alliance Re and successfully managed to
Public Company Limited share delist target company by the
capital year end.
Lead Manager
OFFER
€0,48 per share in cash
CONSIDERATION
Key Highlights
ACCEPTANCE
16 September - 16 October 2008 Flagstone Reinsurance Holdings Limited is a global
PERIOD
reinsurance company with a focus on specialty, property,
Secured 92.81% shareholding at property catastrophe and short-tail casualty reinsurance.
RESULT
the end of acceptance period Both Flagstone Reinsurance Holdings Limited and its
subsidiary Flagstone Reassurance Suisse SA have been
Completed by 5th December 2008 rated A- (stable outlook) from A.M. Best and Fitch Ratings
SQUEEZE OUT
and Α3 (stable outlook) from Moody’s Investors Service
regarding their financial strength.
Flagstone Reinsurance Holdings Limited shares are listed
on the New York Stock Exchange.
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29. 1. Brief history
2. Services offered by CISCO
3. Why CISCO for Investment Banking
4. Services offered by the Investment Banking Department
5. Recent Project Portfolio
6. Advisory Team
29
30. PROFESSIONAL ADVISORY TEAM
Anna Sofroniou, MBA Constantinos Papanastasiou, CFA
General Manager Head of Corporate Finance
Tel: 2212 1838 Tel: 2212 1846
E-mail: anna.sofroniou@cy.bankofcyprus.com E-mail: constantinos.papanastasiou@cisco.bankofcyprus.com
Ioannis Georgiou, CFA Andry Rousou, MBA
Head of Capital Markets Investment Banking Associate
Tel: 2212 1841 Tel: 2212 1840
E-mail: yiannis.georgiou@cisco.bankofcyprus.com E-mail: andry.rousou@cisco.bankofcyprus.com
Michalis Yiannikouris, ACA Stalo Koumidou, MSc
Investment Banking Associate Investment Banking Associate
Tel: 2212 1806 Tel: 2212 1805
E-mail: michalis.yiannikouris@cisco.bankofcyprus.com E-mail: stalo.koumidou@cisco.bankofcyprus.com
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31. DISCLAIMER
Copyright
All rights in the pages and contents of this booklet are reserved by CISCO. No part of this booklet or its contents may be
reproduced or distributed in any form without prior expressed written permission of CISCO.
Disclaimer
Whilst every effort was made to ensure that information contained in this booklet is correct and error-free, no responsibility or
liability can be accepted by CISCO for any loss or damage incurred as a result of relying on information contained in this
booklet. CISCO, its management and staff, any individual or legal entity that has contributed in any way to the preparation,
composition or promulgation of this booklet hereby disclaim any overall liability arising from any inappropriate, improper or
fraudulent use. This document is not intended to be used as a general guide to investing, or as a source of any specific
investment recommendations, and makes no implied or express recommendations. This document does not constitute an
offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to
whom it would be unlawful to make such offer or solicitation. It is the responsibility of any person or persons in possession of
this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction, including
MFID compliance. Prospective investors should inform themselves and take appropriate advice as to any applicable legal
requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or
domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any
investments.
Further Information
Information about the business of CISCO is regularly made available through official publications, press releases and
publicity. If you do not find what you are looking for in this booklet, please contact us via our website www.cisco-online.com.cy
or by telephone on +357 2212 1800 or write to us at Eurolife House, 4 Evrou Street, PO Box 20597, 1660 Nicosia, Cyprus.
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