PanMar has a lengthy record of successful investment banking transactions and a wealth of relationships in the financial services industry, particularly in the asset management sector. Our transaction experience covers a unique cross-section of strategic advisory and capital markets activities, combined with the structuring and distribution of investment funds and permanent capital vehicles.
The breadth and depth of this experience provides us valuable insight into the constantly evolving financial services industry and the strategic implications for our portfolio companies and clients, as well as the ability to advise on current financial, managerial, operational and investment product issues.
Board Advisory
With the explosive growth of investment vehicles trading in the open markets, Boards of Directors and investment management teams have increasingly sought advice regarding strategic and financial issues faced by investment funds as public companies. PanMar’s Managing Partner and his team at UBS and PaineWebber developed the leading advisory practice in this specialized area. Focused on enhancing shareholder value, we have provided comprehensive analysis of absolute and relative fund performance, secondary market trading, shareholder composition and communication, as well as advice on corporate actions such as share repurchases, tenders, distribution policies, leverage strategies and capital structure issues. We have represented Boards in negotiations with activist shareholders and rendered advice on fund mergers, open-endings, and on additional capital raising alternatives such as rights, follow-on, debt and preferred stock offerings, shelf registrations and spin-offs.
By 2007 UBS Investment Bank was engaged by 15 leading asset management companies, providing advice on 71 listed funds with assets under management of $40 billion. In addition to these ongoing engagements, selected fund Board special assignments include the following:
Advised on strategic alternatives regarding the persistent stock price discount to NAV of Global Privatization Fund (NYSE), resulting in its conversion to an open-end mutual fund
Advised on spin-out alternatives for Asia Pacific Fund (NYSE) to launch a new listed fund comprised of smaller capitalization stocks in the region, resulting in a $63 million rights offering and repositioning of the existing fund
Advised on recapitalization alternatives for three Dreyfus NYSE listed municipal income funds, resulting in the implementation of leveraged capital structures and the issuance of $571 million in auction preferred stock
Advised on strategic alternatives in negotiations with activist shareholders of seven NYSE listed emerging markets funds, resulting in self-tenders and mergers of four funds, and the restructuring of investment management contracts on all funds
Advised on strategic alternatives in negotiations with activist shareholders of Jardine Fleming India Fund (NYSE), resulting in a self-tender offer
Advised on the creation of a Subscription Rights Offering structure available to shareholders of Nuveen NYSE listed municipal income funds, resulting in the $509 million launch of the Nuveen Growth and Income Stock Fund (an open-end mutual fund)