For many years, most bankers and finance lawyers assumed that any involvement in insurance or reinsurance projects meant venturing into the dark arts of financial services and exercising a degree of alchemy that only a Hogwarts education could have prepared them for! However, the past number of years has seen insurance in many ways become the “it” thing of the moment, with a host of names we most commonly associate with private equity now actively involved in the insurance world - both in terms of strategies they pursue and capital they court.
Our seventh Annual Finance Forum is October 19 at The Ritz-Carlton in Charlotte, and we would love to see you there!
Leaders from over 150 of the world’s top financial institutions are registered for an interactive day with the industry’s foremost experts. We are going to take deep dives into the wide range of challenges and opportunities that will shape the global financial landscape in 2024 and beyond.
The EMEA FFA Diversity team invites you to join an evening of networking over drinks and canapés, hosted by Goodwin and Carey Olsen.
Cadwalader’s London office is excited to be hosting our inaugural European Finance Forum on Thursday, 12 October 2023 bringing together asset managers, financial institutions and alternative lenders across Europe to network and discuss some of the hot topics facing our industry today.
More details to be announced next week! Register here.
Save the date - October 18!
Cadwalader is proud to sponsor the second annual Charlotte Women in Fund Finance fall forum and networking event in the Queen City. Join us for an exciting and timely panel discussion followed by a networking reception. Additional details to come. You can register here.
All members of the fund finance community are welcome!
The Private Bank at Citizens is hiring a Relationship Manager who will be responsible for creating new and expanding existing relationships in the private equity vertical and other business verticals within the Citizens Private Bank. The full listing is here.
To celebrate the end of summer and recharge our batteries for an exciting and busy fall season, Fund Finance Friday will resume publication next week (September 8).
In the meantime, we wish our U.S. clients and friends the best for their Labor Day holiday; and a safe and restful weekend to those around the world. On behalf of everyone at Cadwalader, we thank all of you for your continued interest in and support of Fund Finance Friday.
The majority of subscription facilities are secured by the right to call capital and receive capital contributions from the fund’s investors and the bank deposit account into which those capital contribution proceeds are deposited by such investors. Focusing on the deposit account, frequently called the collateral account, there are two methods provided by Article 9 of the UCC for perfecting a lender’s security interest in such account: (1) the collateral account is maintained with the lender or (2) the lender and the fund enter into a control agreement with the bank that maintains the collateral account.
We have a final answer to the question of whether a term loan is a security. Yesterday, the Second Circuit Court of Appeals affirmed the District Court’s decision in the Kirschner Case that a term loan is not a security.
On August 23, 2023, the Securities and Exchange Commission voted to implement a number of new requirements for private funds, including requiring private funds to issue quarterly fee and performance reports and to perform annual audits.