Firm News
SRZ Represents Tri-Artisan in Merger with Morgan Joseph
January 4, 2011
SRZ represented merchant bank and advisory firm Tri-Artisan Partners in its merger with Morgan Joseph, a full service mid-market investment banking firm. The two broker-dealer firms will operate as subsidiaries of a newly formed holding company Morgan Joseph TriArtisan Group Inc., wholly-owned by stakeholders of both companies. The stock-for-stock deal is intended to complement each bank’s business, expanding Morgan Joseph’s private equity business and large transaction size range while providing Tri-Artisan’s clients with expanded investment banking services, including debt and equity raising. The SRZ team on this transaction included tax partner Kurt F. Rosell and investment management partner Phyllis A. Schwartz.
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The UK Financial Conduct Authority (“FCA”) has released the final rules on the Payment Optionality for Investment Research in its PS 24/9.[i] The FCA rules refer to this new research payment structure as “joint payments for third-party research and execution services”; in fact, it is based on a commission sharing arrangement (“CSA Option”) combined with detailed procedural and operational safeguards, including budgeting, valuation and client disclosure obligations. Managers who intend to take up the CSA Option will need to ensure the procedural safeguards are appropriately implemented in written compliance policies, CSA agreements or similar, client agreements and periodic client reporting, as appropriate.
Alerts
The UK Financial Conduct Authority (“FCA”) has released the final rules on the Payment Optionality for Investment Research in its PS 24/9.[i] The FCA rules refer to this new research payment structure as “joint payments for third-party research and execution services”; in fact, it is based on a commission sharing arrangement (“CSA Option”) combined with detailed procedural and operational safeguards, including budgeting, valuation and client disclosure obligations. Managers who intend to take up the CSA Option will need to ensure the procedural safeguards are appropriately implemented in written compliance policies, CSA agreements or similar, client agreements and periodic client reporting, as appropriate.