Sunday, 22nd November 2009

 

9 January 2009 - Press Briefing

South African billionaire to invest in Lehman buyout arm

Johann Rupert, the South African luxury-goods billionaire, has agreed to assume $250m (€182m) in unfunded commitments to Lehman Brothers Merchant Banking, the buyout unit of the collapsed investment bank, according to a report in The Wall Street Journal.

The move is part of an agreement the private equity unit has struck with its bankrupt parent to spin out into an independent entity, while taking in the new investment from Rupert, sources said.

Under the move, Lehman estate will retain a significant interest in the firm, which has $5.4bn under management, and holds stakes in more than a dozen portfolio companies, the WSJ report said.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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