Saturday, 18 April 2015
Last updated 37 min ago
Oct 15 2009 | 10:01am ET
Cadogan Management will be spun-off from Fortis Bank’s asset management arm as part of a management buyout.
The $3.6 billion New York-based hedge will become an independent firm at the close of the transaction, ending its three years under the Fortis umbrella. Fortis is being acquired by French bank BNP Paribas.
The buyout deal comes two weeks after Cadogan founder Stuart Leaf and several other top executives resigned after the spin-off talks stalled. According to The Wall Street Journal, those executives, including chief investment officer Paul Isaac and chief risk officer Michael Waldron, will return to the independent Cadogan.
Terms of the deal are not expected to be disclosed when the buyout agreement is announced today.
In September, Cadogan told its investors, who have been spooked by the Fortis-BNP deal, that it would be spun-off. But negotiations broke down earlier this month over financial and other terms, leading to the resignations of its top management. The departures of Leaf, Isaac and Waldron, who are among a handful of Cadogan principals who own 30% of the firm, would have forced Fortis to buy out their stakes.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…