Hedge funds and Private Equity - PES

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150 There is enormous potential for all of us in Europe in bringing our New Social Europe <strong>and</strong> the global economy together in a new dynamic interplay. But there is also a need for change to ensure a sustainable New Social Europe in relation to the financial markets. In Part III we deal with the regulation issues: What to do?
84.57 7 447.586 4789.4785 55 7845 478359 7845.35781499 PART III LESSONS TO BE DRAWN FOR FUTURE REGULATION
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HEDGE FUNDS AND PRIVATE EQUITY A CR
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FOREWORD Since the 1980s the financ
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At the same time the PES Group took
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84.57 7 447.586 4789.4785 55 7845 4
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12 The need for long-term investmen
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14 1. Hedge funds and private equit
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16 In a very low interest-rate land
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18 The ECB has highlighted this cro
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20 in the sustainable development o
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22 Coherence, co-responsibility and
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24 Transparency in practise Some ar
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26 Ensuring more and better jobs An
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84.57 7 447.586 4789.4785 55 7845 4
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32 The first era of capitalism took
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34 1. Hedge funds In the following
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36 Hedge funds have a structure sim
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38 Hedge funds have flourished in a
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40 The European hedge fund industry
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42 Institutional investors Current
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44 - Funds of hedge funds (FOHFs) i
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46 If we assume US mutual fund indu
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48 the hedge funds themselves would
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50 management fees? It is a fact th
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52 These data notwithstanding, seve
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54 1.11. Tendency of crowding Despi
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56 Theory of money: “In modern ec
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58 Country France Italy Spain Subje
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60 Considering single strategy prod
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62 2. Private Equity Funds Private
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64 Buy-outs are typically majority
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66 2.3 The legal frame The investme
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68 What could you do with 72 billio
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70 And it highlights the comparativ
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72 The figures provide a substantia
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74 2.8 When targeting a company Whe
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76 Domicile of the fund The choice
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78 Specific economic function of Ve
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80 Mortgaging the future to capture
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82 Main conclusions: The total Euro
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84 3. The European response - curre
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86 Article 49 Within the framework
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88 The purpose of this Directive is
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90 As far as the hedge fund and Pri
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92 The following are regarded as se
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94 3. A Member State may entrust ma
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96 Article 93 The Council shall, ac
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98 Primarily, however, society must
Page 101 and 102: Social Europe versus capital market
Page 103 and 104: 1. Economic viability of private co
Page 105 and 106: as a rule without any influence fro
Page 107 and 108: Here is a quite well known “flow
Page 109 and 110: 2. Decent work and workers’ parti
Page 111 and 112: The pension funds of companies bein
Page 113 and 114: usiness plan for Kion to employee r
Page 115 and 116: The combination of increased indebt
Page 117 and 118: The EU has in the past tried to com
Page 119 and 120: 3.1 The attractiveness of public ut
Page 121 and 122: fulfilment of public service respon
Page 123 and 124: The importance of Europe’s transi
Page 125 and 126: 4. Employees, pension fund investme
Page 127 and 128: unit of Tremont Capital Management)
Page 129 and 130: contractual issues e.g. Lock-in per
Page 131 and 132: As many jurisdictions require benef
Page 133 and 134: Expert Group claims - with striking
Page 135 and 136: The rising number of hedge funds ap
Page 137 and 138: time peak in 2005.” It is importa
Page 139 and 140: Box 2: The Amaranth case (2006) In
Page 141 and 142: gies, size and age. For instance, i
Page 143 and 144: Box 3: Complex leverage arrangement
Page 145 and 146: force a hedge fund to default on it
Page 147 and 148: Private equity - especially in the
Page 149: finance infrastructure through long
Page 154 and 155: 154 But if we in Europe - and hopef
Page 156 and 157: 156 2. Market transparency - a comm
Page 158 and 159: 158 Considering the fact that a lar
Page 160 and 161: 160 Furthermore investment banks ar
Page 162 and 163: 162 3.3 Transparency and supervisio
Page 164 and 165: 164 Recently in most European count
Page 166 and 167: 166 The European Commission should
Page 168 and 169: 168 The EC should also create a fra
Page 170 and 171: 170 4. Private Equity Funds - focus
Page 172 and 173: 172 to create incentives for longer
Page 174 and 175: 174 policy are not being met. This
Page 176 and 177: 176 Acquisitions by private equity
Page 178 and 179: 178 5. Our immediate proposals In t
Page 180 and 181: 180 rules on the disclosure of tota
Page 182 and 183: 182 have rules here and we should p
Page 185: 84.57 7 447.586 4789.4785 55 7845 4
Page 189 and 190: AA 1. Company description The Autom
Page 191 and 192: Autoteile Unger 1. Company descript
Page 193 and 194: Bulgarian Telecommunications Compan
Page 195 and 196: Deutsche Börse 1. Company descript
Page 197 and 198: DIS 1. Company description The DIS
Page 199 and 200: DT-Group 1. Company description DT
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share alternative. At that time the
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Frans Bonhomme 1. Company descripti
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Friedrich Grohe AG 1. Company descr
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their relations with TPG and CSFB a
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Gate Gourmet 1. Company description
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ISS Denmark 1. Company description
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2.2 Debt structure, alteration of c
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References Süddeutsche Zeitung 09.
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2.3 Management policies and shareho
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would have unlocked hidden reserves
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Peguform 1. Company description The
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Picard 1. Company description Picar
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Stork 1. Company description The in
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special members of the board of com
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EUR 5.1 billion private equity fund
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Telecom Italia Group 1. Company des
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2.3 Management policies and shareho
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from the tourism business, which is
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The consequences for jobs in Hambur
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2.4 Corporate governance and econom
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84.57 7 447.586 4789.4785 55 7845 4
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244 Bond A debt investment with whi
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246 Investment vehicle This term is
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248 of a security borrowed by the s
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