Report: RBS Sempra leaving Stamford
Societe Generale is acquiring assets of Royal Bank of Scotland”™s RBS Sempra commodities and energy trading units, with Reuters reporting the company plans to close an RBS Sempra office in Stamford and move more than 100 jobs to New York City.
Royal Bank of Scotland and Sempra ended their joint venture in 2009 after RBS accepted a bailout from the United Kingdom. JPMorgan bought a portion of RBS Sempra”™s business last year.
Webster recoups crisis losses
In 2010, Webster Financial Corp. fell just short of recovering the losses it piled up in 2009, reporting $75 million in net income for the year.
In the fourth quarter, income totaled $32.6 million, a reversal from the Waterbury-based company”™s $13.7 million loss a year ago. Net loans surged by $116 million and Webster cut its provision for loan losses to $15 million, down from $25 million in the third quarter.
Webster recently repurchased $300 million in shares held by the U.S. Treasury under the Capital Purchase Program.
“Credit metrics, profitability and other key performance metrics showed meaningful improvement,” said Webster CEO James Smith, in a prepared statement. “The growth in loans in the quarter, most particularly middle market and commercial real estate originations, is a positive sign of quality financing opportunities in our core lines of business and reflects a gradually improving regional economy.”
AAM emerges in Stamford
Private equity firm GTCR said it will invest up to $200 million in Aligned Asset Managers, a Stamford-based equity investment company, with LLM Capital Partners a minority investor in AAM.
AAM is led by David Minella, who most recently was CEO of a “blank check” investment company called Prospect Acquisition Corp. that merged in 2009 with Kennedy Wilson, a real estate services company. Previously, Minella was CEO of Value Asset Management and before that was head of the Bank of Liechtenstein”™s global asset management business.
GTCR is based in Chicago.
Hedge funds trail other investments
North American hedge funds registered a 13.6 percent return on investment on average in 2010, according to Singapore-based Eurekahedge Pte. Ltd., less than a percentage point ahead of the S&P 500 index.
Fairfield County has a large concentration of hedge funds, including some of the most prominent in the world.
The S&P 500 finished up 12.8 percent for 2010.
New Greenwich company does restaurant deals
Rosser Capital Partners formed in Greenwich with a focus on restaurant investments, in addition to consumer and multi-unit retail companies.
Principal Hal Rosser previously worked a dozen years with Citicorp Venture Capital before co-founding New York City-based Bruckmann, Rosser, Sherrill & Co. Inc., whose portfolio companies include Ruth”™s Hospitality Group, operator of Ruth”™s Chris Steak House and Mitchell”™s Fish Market.
Deutsche Bank vets to run FalconView
Former Deutsche Bank executives have bought out their minority partners in an investment-banking firm in Stamford specializing in capital markets operations and private wealth management, with a focus on emerging markets.
FalconView Capital Partners L.L.C. is run by Roy Ellis and Ivan Santillan and is located at 107 Elm St. in Stamford. Ellis previously directed Deutsche Bank”™s Latin American DCM origination; Santillan was managing director of the bank”™s Latin American client coverage.
FuelCell raises $18 million
Danbury-based FuelCell Energy Inc. raised nearly $18 million in a private placement of stock with an institutional investor, slating the funds for product development, project financing, expansion of manufacturing capacity and general corporate purposes.
The company”™s fuel cells are used at more than 50 sites globally, including some installations in Connecticut.
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