PRINT THIS PAGE Merrill Lynch and UFJ Bank to launch Y100bn turnaround fund25/05/2004. Source: AltAssets. 
 US investment bank Merrill Lynch and Japan's UFJ Bank are to launch a Y100bn turnaround fund. The initiative will be funded exclusively by the two banks, with Merrill Lynch contributing 70 per cent of the investment and UFJ contributing 30 per cent.
'The fund will be looking at firms that have some basic corporate strength but whose earnings have come under pressure due to aggressive investments and heavy debts,' UFJ Bank said in a statement.
Corporate turnaround funds are proliferating in Japan at a time of growing private equity activity as the nation pulls out of a decade-long stagnation. Private equity-led buy-outs soared nearly fivefold in 2003 alone.
Copyright © 2004 AltAssets
|
