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Salvatore cerchione blueskye investment group brennan hirayama investments

Salvatore cerchione blueskye investment group

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As a factual matter, both these propositions are in my view correct. The claimants also rely on the fact that the RPC defendants have indicated that notwithstanding their illiquid nature, the Italian assets "change regularly in the ordinary course of business". They submit that in the absence of any detail as to the nature and constitution of the assets, neither the claimants nor the court can be sure as to the extant "structure". Nor can they properly police the order, since they cannot tell whether any dealings or transfers fall within the ordinary course of business exception in paragraph 9 of the Order, including whether such transfers are made for full value.

Information about the underlying assets must be readily available to the defendants, or else quarterly reports and valuations could not be provided. Documentation relating to the nature and value of underlying assets will be disclosable in due course in any event because their value is an issue in the case.

In summary, it is submitted on behalf of Mr Cerchione and Mr D'Avanzo that the claimants are not entitled to this information because it is not concerned with the structure of the investments, is not necessary to police the order, is oppressive and disproportionate in its extent, and is commercially sensitive and confidential.

My conclusions are as follows. First, it is to be noted that the application is not based on the contractual rights to information mentioned above. It is part of the claimants' case that these contractual rights have been rendered useless by the restructuring.

To make good the present application, the claimants must show that the information sought either falls within the disclosure ordered on 1 February , or that it should be provided now so that the order can be policed and made effective. As to the last point, it is not in dispute that the court has power to order disclosure ancillary to an injunction to ensure that the injunction is properly policed and effective to achieve its purpose: see e.

Second, I reject the submission that the information sought falls within the disclosure ordered on 1 February The information now sought goes to a different issue, namely the makeup of the assets, rather than the structure under which they are held.

The question, therefore, is whether the information is necessary to police the injunction. I can see that it might be difficult to make the injunction effective without some understanding as to the nature of the assets which are held, insofar as the claimants do not already have such an understanding. However, Mr Cerchione and Mr D'Avanzo submit to quote their skeleton argument that the requests are extraordinarily broad and are oppressive, disproportionate and contrary to the balance of convenience, because they would require an immense level of detail to be provided about each of the investments in the Italian assets.

It appears that the claimants are seeking information about every investment held by each of the Italian asset businesses. Bearing in mind, they say, that the total value of the Italian assets is approximately million, held through a number of companies in a range of assets including Italian healthcare and other public administration receivables, non-performing loans and real estate, it will readily be seen that the amount of information sought is huge. In my view, this submission is largely justified, as can be seen by an examination of paragraphs 6.

I do not accept that information sought in such wide terms is necessary to ensure that the injunction is properly policed and effective to achieve its purpose. As regards the submission that it is required in order to tell whether any dealings or transfers fall within the ordinary course of business exception in paragraph 9 of the Order, as already noted, this is not a freezing order of the usual kind.

I think the defendants are right to say that the ordinary course of business exception has to be seen in the light of the fact that the order freezes the structure rather than the assets. It is correct that the order was itself made in wide terms, but that this was the intent is made in clear in among other places the claimants' skeleton argument in support of the application for the order. This says that the order sought was "intended to maintain the status quo of the structure itself, rather than seeking to restrict the ordinary day to day management of the underlying Italian Assets".

I accept that the degree of visibility envisaged in the original contractual scheme is something to be weighed in the discretionary balance in favour of some degree of disclosure as regards the assets. But even taking that into account in the claimants' favour, I consider that an order in the terms sought would be disproportionate. The claimants did not offer a more limited form of wording.

Accordingly, I will not make the order sought, and need not in those circumstances consider the defendants' alternative case as to commercial sensitivity they point out that significant redactions have been made to the accounts disclosed by the first claimant. As regards future disclosure, which appears likely to remain an issue, the parties should try to reach agreement without the necessity for a resolution by the court. The RPC defendants apply for further fortification of the cross-undertaking in the order.

Pursuant to the order of Eder J, the claimants' cross-undertaking as to damages is presently fortified by a deposit of 4 million held to the order of the court by Slaughter and May. The RPC defendants apply for an order that the amount of fortification be increased, the figure suggested in oral submissions being 25 million. The claimants resist the application. The principles are not in dispute. A freezing order is a draconian remedy, usually made ex parte, and fortification is ordered to ensure that if it turns out that the order should not have been granted, and the defendant or a third party suffers loss as a result, the loss should be readily recoverable through the cross-undertaking in damages that the claimant has to give in order to obtain the order.

Fortification may be ordered, even where the claimant has substantial assets, and is within the jurisdiction of the court. This is a general principle, and specifically recognised in the context of commercial cases by paragraph F Although such loss, and certainly the quantification of the loss, will lie in the future, the court has to make an intelligent estimate of the likely amount Harley Street Capital Ltd v Tchigirinski [] EWHC at [17], Michael Briggs QC.

At the ex parte stage, the judge makes the best estimate possible on the available information. Where fortification or increased fortification is sought subsequently, it is for the applicant for fortification to show the risk of loss Sinclair Investment Holdings v Cushnie [] EWHC Ch at [24], Mann J.

The RPC defendants submit that the principle that the amount of fortification in this case should be based on the value of Mr Cerchione and Mr D'Avanzo's combined equity interests in the investment structure was established at the hearing before Eder J. But, it is said, the result was too low because of a misunderstanding in the claimants evidence of Luxembourg GAAP, since the relevant number in Stepstone's annual accounts, on which reliance was placed, refers to the original net asset value of the assets at the time of their acquisition as Luxembourg GAAP require , not to their value as at the date of the accounts.

When that error is taken into account, and other interests added in, a figure of 15m is arrived at. The claimants submit that Eder J did not calculate the amount of fortification using any particular methodology, a submission that I accept. In any event, matters have moved on, and on the present application it is for the RPC defendants to show a sufficient risk of loss to justify further fortification. I also consider that there is force in the claimants' submission as to the lack of underlying material to support the valuation.

As appears above, the defendants resist disclosure generally, and specifically in relation to the composition of the assets. As regards the evidence, the RPC defendants rely on a witness statement from their solicitors. The claimants responded correctly in my view that this did not explain how the grant of the injunction has or might cause any loss to the value of the equity interests of Mr Cerchione and Mr D'Avanzo.

The defendants sought to meet this by a further witness statement from their solicitors, as verified by Mr Cerchione following criticisms by the claimants of the indirect nature of the evidence. What is said is as follows. The continuance of the order will in practice eliminate any prospect of obtaining any further investment in the structure.

This is because potential investors will require legal advice as to the order, and its existence will in practice prevent them from giving serious consideration to an investment. The value of the equity interest held by existing equity holders in the structure is therefore likely to be affected by the impact of the order on opportunities for attracting new investment.

If new investment does not come into the structure, that is likely to reduce growth in or impair the value of the assets, because the opportunity to make new investments or required financing for existing investments will be restricted. Reliance is also placed on what is said to be a significant and continuing reputational impact of the order, in an industry based on relationships of trust and the confidence of investors to allow their money to be managed by third parties.

The claimants' response is that this is inadequate. The RPC defendants have had an opportunity since the ex parte hearing to put in substantial evidence of likely damage, but have not done so. The proposition that the prospect of further investment in the structure has been eliminated by the order is purely speculative. Further, there is no evidence as to why further investment is needed to preserve the value of the assets. The evidence consists, it is submitted, of speculative and highly generalised submissions.

My conclusion on this point is as follows. I agree with the claimants that the evidence of the RPC defendants is of a very general nature. The court is invited, in effect, to assume that the impact of the order will be to eliminate incoming investment, with adverse results as regards the value of the investments of Mr Cerchione and Mr D'Avanzo.

I can see that this is a possibility, but do not consider that the court is justified in drawing such an assumption at this stage without some specific material in support. The position may change, but I do not consider that the RPC defendants have made out a good case for further fortification at the present time.

So far as additional fortification in respect of the interest of DeA Capital Investment SA, no evidence has been submitted to show that this investor shares the concerns of the RPC defendants. If and when DeA Capital Investment SA considers that its interest is sufficiently threatened by the order to require fortification on its own account, and can show good grounds, it can make its own application.

All the defendants apply for the claimants to provide security for costs. The applications are made under CPR r. As to the latter, the first claimant is incorporated in Delaware and is managed in New York where it is said to be resident for these purposes, the second claimant is resident in the Cayman Islands, and the third claimant is a Luxembourg company which the claimants say is resident in Luxembourg the RPC defendants say that it is resident in the Cayman Islands because it is majority owned by Cayman entities.

The approach of the court to an application under CPR r. The defendants do not need to demonstrate on a balance of probabilities that the claimants will not be able to satisfy any costs order. However, there must be evidence that the company "will be unable to pay", which is more than mere doubt or concern about the future ability to pay Phaestos Ltd v Ho [] EWHC at [71], Akenhead J.

The existence of a net asset balance at the time of the application for security is therefore not determinative. The claimants' answer to the application on this ground is in substance that the first claimant is prepared to undertake to guarantee the costs liabilities of the other claimants, that the first claimant is a major international investment fund with extensive assets, and that there is no evidence that it is or might become insolvent, or that it has or might seek to put any assets out of the reach of its creditors or otherwise avoid its liabilities.

In the circumstances, it is submitted, there is no basis for any order for security for costs. The claimants have produced the audited accounts of the first claimant for the year ended 31 December , and the draft accounts for the year ended 31 December the latter were approved after the end of the hearing.

The defendants, on the other hand, say that the first claimant is an investment vehicle whose business is to make and hold investments; the defendants do not know where those investments are made or held, what type of assets they are or how speculative they are. The business is fundamentally different from for instance that of an industrial company which owns identified fixed assets, such as land or factories. If, when costs orders are made, the first claimant only retains illiquid assets held in jurisdictions where enforcement is difficult or impossible, the parties will face the sort of secondary enforcement litigation which the security for costs rules are designed to avoid.

The following specific points arise on the factual position as regards the first claimant: 1 It is not in dispute that the first claimant has been in wind-down since , and cash is gradually being returned to investors. A letter dated 21 February from the then investment manager of the VRF Funds stated that it had decided to implement an orderly disposition of assets over a period of two to four years. In their evidence, the claimants say that an "orderly disposition" of the portfolios began in March and is continuing, and that the current position is that the process is expected to take another three to five years.

The first claimant is solvent and has large net assets; there is no question of assets being distributed to members without liabilities first being paid or provision being made for them. However, the defendants point to the fact that cash has fallen significantly over the last couple of years.

The points of particular importance appear to me to be as follows. As against that, the fund is in the process of being wound down. As the defendants put it, it is not a company in the normal position trading in the normal way. The claimants submit that it is an orderly process, which I accept. But the question is whether the first claimant will be able to meet any costs liability when it falls due.

The timescale of the wind down is not clear, and perhaps not known. It is equally unclear how long it may be before costs orders come to be made in this litigation the complexity of the issues are such that it may be some time. There is in the meantime the potential for substantial unforeseen volatility in the value of the fund, as seen at the end of Then there is the question of the nature of the assets.

As Mr Daniel Toledano QC for the defendant managers put it, net asset value is not in itself a helpful measure, because we know that the assets include, perhaps very largely, illiquid assets, and the authorities show that illiquid assets are inadequate. What is required are liquid assets that would be able to be utilised in respect of a costs order if and when a costs order has been made.

I agree with that analysis. The claimants maintained in argument that sufficient reserves would be maintained to meet its obligations, by which I understood them to be referring to cash reserves. However what they have offered the defendants is different. It would put the onus on the defendants to make an application for security for costs when notified, at which stage the litigation might be far advanced.

Further, it is not an offer to undertake that sufficient "cash or cash equivalents" will be held to meet the potential costs liability to the defendants. This may be as the RPC defendants suggest because cash balances are paid out to investors shortly after they are realised, as part of the winding up.

But whatever the reason, this would leave the defendants, as they say, exposed to the risk that value was held in illiquid assets held in jurisdictions where enforcement is difficult or impossible. Finally, notwithstanding the recent increase in cash assets, it is of some significance in my view that there is a downward trend in such assets, when viewed between and the present.

The position therefore is that the first claimant is in wind down, and has not offered any assurance that sufficient cash will be maintained to meet any potential costs liabilities to the defendants. Against that background, the question is whether the defendants have established that there is reason to believe that the first claimants will be unable to pay their costs if ordered to do so, and in my view they have.

So far as overall discretion is concerned, this is a case involving allegations of dishonesty against defendants including five individuals brought by claimants who are out of the jurisdiction and who have no assets within the jurisdiction. I am satisfied that having regard to all the circumstances of the case, it is just to require the first claimant to provide security.

I think it was common ground that the assets of the second and third claimants the loan to and shareholding in Stepstone are illiquid as they clearly are. There must also be doubts as to the value of these assets, since Stepstone is in liquidation. Both must provide security for the defendants' costs.

However, clearly the costs only need to be covered once, and on the assumption that the first claimant gives the proffered undertaking to guarantee the costs liabilities of the other claimants, it will suffice if the first claimant provides the security.

Subject to any different agreement between the parties, security should be provided by payment into an account with Slaughter and May. The defendants seek security up to the close of pleadings. So far as the amount is concerned, the RPC defendants seek 1,, It also includes , So far as the defendant managers are concerned, they say in their written submissions that it is expected that their costs up until the end of the pleadings will be some , The claimants say that even allowing for the complexity of the case and the length of the pleadings, that is a truly colossal amount, particularly when it is appreciated that the proceedings only began at the end of January this year.

They were not however prepared to state their own costs liabilities. It has not been suggested that giving such security would stifle the claim. The defendants justify the figures on the basis of the complexity of the case and the seriousness of the case involving as it does, allegations of dishonesty against them. It is submitted that the court should approach quantification of security on the basis that if in the event the defendants obtain a costs order, it is likely to be on an indemnity basis.

I do not consider that this is the right approach, though I do accept that the allegations of dishonesty, made as they are against fund managers, are grave ones, and have implications for the reputations of the individual defendants in particular. Though the amounts claimed are high, I do not accept the criticisms that were made of the defendants' schedules of costs in the claimants' written submissions.

In oral argument, the primary point made by Mr Ewan McQuater QC for the claimants' was that a considerable proportion of the amount claimed was based on estimates, and that an award of security should allow for the likelihood of some reduction in any eventual assessment.

I agree as to allowing for a reduction in any eventual assessment. Taking account of the nature of the case, I consider that security for costs should be ordered in favour of the RPC defendants up to the end of pleadings in the sum of 1,, On that basis, the alternative applications under CPR r. Had I not ordered security under condition c , I would have ordered it under condition a against the first and second claimants, but not the third claimant the Luxembourg company.

On the premise that the first claimant guarantees the costs liabilities of the other claimants, I think it was common ground that the amount of security would reflect the extra costs of enforcement in New York Nasser v The United Bank of Kuwait [] 1 WLR CA. The arbitration clause clause Any dispute, controversy or claim arising out of or in connection with this Agreement or the formation, breach, termination or invalidity thereof, that the parties hereto are unable to resolve between themselves, shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce of Paris by three arbitrators appointed in accordance with the aforementioned rules.

The place of arbitration shall be London, UK. All submissions and awards in relation to arbitration under this Agreement shall be in English, and all arbitration proceedings and pleadings shall be in English. Section 9 Arbitration Act provides that, "A party to an arbitration agreement against whom legal proceedings are brought in respect of a matter which under the agreement is to be referred to arbitration may apply to the court in which the proceedings have been brought to stay the proceedings so far as they concern that matter".

Other than in circumstances which are inapplicable in the present case, on application being made by a party to the arbitration agreement, a stay is mandatory. The subject matter of the application is as follows. As well as claims brought by the claimants directly in their own capacity, their claims include claims brought indirectly to recover what is called the "Stepstone loss".

The latter claims fall into two categories, namely 1 those of the first claimant that is, Fortress , as the Security Trustee under a Security Assignment dated 24 December ; this assigns to the Security Trustee certain rights belonging to Stepstone; and 2 those of the second claimant that is, ZBS under the Luxembourg law action oblique, by which in certain circumstances a creditor on this basis, ZBS, which made the loan to Stepstone may exercise the rights of its debtor Stepstone.

The claims are disputed. The application is for a stay of these claims. It does not apply to all the claims against the defendants making the application. The claimants make the comment that it is difficult to understand why the application is being made, since it is apt to result in inconvenience and extra cost in the final resolution of the substantive dispute.

They also have concerns as to issues in the action and the arbitration overlapping. However they accept that the grant of a stay under s. It is not in dispute that Stepstone's claims against Blue Skye GP Ltd the fifth defendant , should be stayed in accordance with paragraphs 1 2 of the Draft Order attached to the application.

The claimants oppose the application for a stay on the basis that the claims have nothing at all to do with the Blue Skye Fund or their participation in it. They contend that the complaint against Omega Skye and Omega Partners relates to their separate role as shareholders in Stepstone.

Their participation in the allegedly dishonest scheme, it is said, was to facilitate the seizing of control of the board of Stepstone by the defendants. The claims, it is submitted, are not claims "arising out of or in connection with" the Blue Skye Fund Partnership Deed. The defendants submit that this distinction between the roles of Omega Skye and Omega Partners as shareholders in Stepstone, and their roles as partners to the Partnership Deed, is an artificial one.

The claims, including the claim for procuring a breach of the Partnership Deed, and also the other claims relating to the restructuring, are claims that are brought "in connection with" the Partnership Deed. The claims therefore arise "in connection with" the "termination" of the Partnership Deed. I accept the defendants' submissions. Whether for the purposes of the dispute Omega Skye and Omega Partners are viewed as shareholders in Stepstone, or as partners, I am satisfied that the claims in question are claims "arising out of or in connection with" the Partnership Deed, or "the formation, breach, termination or invalidity" of the agreement.

On that basis, the claims against Omega Skye and Omega Partners the thirteenth and fourteenth defendants , should be stayed in accordance with paragraphs 3 4 of the Draft Order attached to the application. The Stepstone claims against them are I think it was accepted broadly the same in nature as those against Omega Skye and Omega Partners which I have set out above there is additionally a knowing receipt claim. The claimants say that this rules out an application on their part, since s.

Although not named parties, they submit that they are to be treated as parties under s. In considering this question, it is first necessary to set out the position of Mr Cerchione and Mr D'Avanzo under the Partnership Deed. They are named as "Key Managers".

That is because by clause 1. By clause 1. Under clause Three sub-clauses the text of which is annexed to this judgment are relied on in this regard: 1 Clause There follows a proviso in respect of fraud, etc. There follows a proviso in respect of fraud, gross negligence, etc. The defendants' case is that the effect of these provisions is that although Mr Cerchione and Mr D'Avanzo are not parties to the Partnership Deed, they fall within s.

In claiming an indemnity, Mr Cerchione and Mr D'Avanzo are entitled, it is submitted, to enforce their rights directly under the Act. The references in the arbitration clause clause Because the Stepstone claims against Mr Cerchione and Mr D'Avanzo are covered by the indemnity provisions, it is submitted that disputes concerning their liability to Stepstone are disputes "arising out of or in connection with" the Partnership Deed.

The overriding intention behind clause As Mr Lord QC put it on behalf of the defendants, Stepstone could not make these sorts of claim other than pursuant to the arbitration clause. The intention behind the clause would be frustrated if individuals could face legal action other than in accordance with the arbitration clause, in circumstances where, if liable, those individuals would be entitled to an indemnity under the Partnership Deed. This would lead to related proceedings in different forums and is among the results that the arbitration clause is intended to avoid.

As noted, the claimants submit that the fact that neither Mr Cerchione nor Mr D'Avanzo is a party to the Partnership Deed rules out an application on their part, since s. The fact that the parties to the Partnership Deed have agreed that Mr Cerchione and Mr D'Avanzo will have the benefit of exclusions in some circumstances does not lead to the conclusion that claims against them are subject to arbitration. Because they are not parties to the Partnership Deed, claims by others against them are necessarily going to be non-contractual.

Their position, it is submitted, is particularly strange because they do not rely on the exclusions in their defence, and make no claim on the indemnity. As non-signatories to it, the only legal basis for treating them as parties would be under s. I think that this is common ground. Mr Cerchione and Mr D'Avanzo have a right under s. However, nothing in the Partnership Deed expressly provides that this right is subject to the Arbitration Agreement, so as to engage s.

Nor is there any basis for implying such a condition, because the exclusions are by their nature defensive and do not confer a positive right of action. It makes no real sense to say that a contractual defence, as opposed to a contractual right of action, is "subject to arbitration".

As to the indemnity in clause Whether or not that right can, or must, be enforced by way of arbitration does not affect the right of Stepstone to pursue claims against them in the present proceedings. Moreover, as with the exclusions, the indemnity is not engaged because the relevant claims fall within the proviso, being "in respect of any matter resulting from [their] fraud, wilful misconduct, bad faith, reckless disregard". The Partnership Deed is a commercial document, to be construed as such.

Mr Cerchione and Mr D'Avanzo are not parties to the agreement, and since they are seeking a mandatory stay based on an arbitration clause to which they are not parties, they have to bring themselves within the Contracts Rights of Third Parties Act The Contracts Rights of Third Parties Act enacted a general exception to the common law doctrine of privity of contract, that is, the doctrine by which a contract cannot confer rights or impose obligations on non-parties.

In financial transactions, it is common to find the Act expressly excluded, because of concern as to unforeseen consequences. However in the present case, as I have said, it is expressly incorporated by clause But b does not apply if on a proper construction of the contract it appears that the parties did not intend the term to be enforceable by the third party.

The meaning of "third party" for these purposes is restricted by subsection 3 , in that the third party must be expressly identified in the contract by name, as a member of a class or as answering a particular description. Mr Cerchione and Mr D'Avanzo are both identified in the contract by name. The reference to "enforcing a term" in s. This is the effect of s. It appears that the interplay between these provisions and the statutory stay in favour of arbitration contained in s.

This led to the introduction of s. Subsection 2 is concerned with the situation where the right is itself a right to arbitrate. It was common ground that subsection 1 is the key provision for present purposes. According to the Explanatory Notes cited in Nisshin at 44 , the intent of subsection 1 is that where the substantive right is subject to an arbitration agreement, a third party who wishes to take action to enforce it is not only able, but bound, to do so through arbitration, with the consequence that a stay of proceedings can be ordered against him under s.

Section 8 ensures that, where appropriate, the provisions of the Arbitration Act apply in relation to third party rights under this Act. Without this section, the main provisions of the Arbitration Act would not apply because a third party is not a party to the arbitration agreement between the promisor and the promisee. Subsection 1 deals with what is likely to be the most common situation. The third party's substantive right for example, to payment by the promisor is conferred subject to disputes being referred to arbitration see section 1 4.

This section is based on a "conditional benefit" approach. It ensures that a third party who wishes to take action to enforce his substantive right is not only able to enforce effectively his right to arbitrate, but is also "bound" to enforce his right by arbitration so that, for example, a stay of proceedings can be ordered against him under section 9 of the Arbitration Act This approach is analogous to that applied to assignees who may be prevented from unconscionably taking a substantive benefit free of its procedural burden see, for example, DVA v Voest Alpine, The Jay Bola [] 2 Lloyd's Rep But to avoid imposing a "pure" burden on the third party, it does not cover, for example, a separate dispute in relation to a tort claim by the promisor against the third party for damages.

The question is how these provisions apply in the present case. The only authority cited to me was the Nisshin case. In that case, applying s. The broker's right under s. September's outflows represented 0. The new regime would introduce, for the first time, a mandatory pre-screening mechanism for deals. Investors aren't up for in-person meetings anymore, but they are still investing. Bailey McCann, Opalesque New York for New Managers: Emerging managers are responding to the new era of uncertainty by trying to exert a bit more control over fund terms, according to a new report from law firm Walke.

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From Alternativesoft information alternativesoft. From data aggregated using AlternativeSoft's investment platform, we can see that easily the best performing investme. One of the stated benefits of the Model LPA and the recent. From an economic perspective, after a period of a few years of achieving. By Donald A. You could have grasped the importance of the auto when it came along but still found it hard to pick companies that would ma. A 13F filing from the third quarter reveals Klarman's Baupost Fund to.

Renaissance, Two Sigma see losses as quant giants navigate chaos From Bloomberg: Two of the hedge fund industry's quantitative powerhouses are getting tripped up this year as wild markets throw off their investing models. Renaissance Technologies, which manages the world's biggest q. Hedge funds bet on tech ahead of unpredictable fourth quarter From Bloomberg: Hedge funds mostly stuck with the safety of technology stocks during the third quarter as they headed toward the uncertainty of this month's U.

If they're still holding on to those wagers, it will. From Reuters: Hedge fund veteran William Ackman has the support of some of Wall Street's top investors as he tries to pull off the biggest-ever deal carried out by a blank-check acquisition company, according to regulatory filings published in the last few days. Among the heavy hitters rounded u. From CNBC: Billionaire hedge fund manager Bill Ackman, who made big money betting against the markets earlier this year, said he's optimistic about a recovery in , but investors will need to get through a "tragic" year-end first.

The pandemic has structurally changed the process and methods of asset raising. Mid sized firms Anything below that and the bears still can press the action to the downside. We would short here with stops on a close above 1. Customize Page. Current Issue Free!

Friday, January 16, Article link. What do you think?

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Salvatore Cerchione | Luxembourg | C.E.O chez Blue Skye Investment Group | + relations | Voir la page d'accueil, le profil, l'activité et les articles de. Senior Management Bio's. Salvatore Cerchione private equity and M&A; Previously Head of Investment and Managing Director of Southern Europe for D.B. Salvatore Cerchione. PROFESSIONAL RESUME. Mr. Cerchione, 49, is the Co-​Founder and Managing Partner of Blue Skye Investment Group since