Morgan Stanley gave some clients incorrect tax information
Feb 27 Morgan Stanley gave some wealth management clients incorrect information on taxes that caused some to underpay and others to overpay, according to a regulatory filing on Monday.
NEW YORK, April 10 Carlyle Group LP, the private equity firm set to launch an initial public offering, said in a regulatory filing on Tuesday that its funds getting a cut of investment profits appreciated by an estimated 9 percent in the first quarter of 2012.
Much of the profits of publicly listed private equity firms depend on the mark-to-market valuation of their funds. A bump in the value of its funds makes it less likely that Carlyle will report a paper loss this year once it goes public.
Carlyle said its private equity funds appreciated approximately 8 percent during the first quarter, with its buyout investments appreciating approximately 9 percent and its growth capital investments appreciating some 5 percent.
Its real estate and infrastructure funds appreciated approximately 6 percent, while the investments of its energy funds appreciating about 14 percent, Carlyle said.
The news is likely to boost Carlyle's IPO marketing efforts. Thomson Reuters IFR reported earlier on Tuesday that Carlyle is expected to launch road shows as early as next week, looking to raise about $1 billion.
Carlyle, which has about $147 billion in assets under management, returned a record $19 billion to its fund investors in 2011 and reported a 152 percent year-on-year jump in distributable earnings, as sales of many of the assets in its funds boosted profits.
BOSTON, Feb 27 Fidelity Investments plans to offer voluntary buyouts to employees who are 55 years or older, and who have worked for the Boston-based fund firm at least 10 years, a company executive said on Monday.
Feb 27 Samuel Merksamer has left Icahn's hedge fund firm, according to an internal memo. He represents billionaire investor Carl Icahn on several corporate boards.