Philip Ryan Alistair McKay
Philip Ryan, chairman, Financial Institutions Group, and Alistair McKay, managing director, Credit Suisse
Market commentators will look back on 2006 and conclude that it was a watershed year in the alternative asset management industry (comprising hedge funds, funds of funds and private equity firms) in terms of M&A and capital markets activity. The number and size of significant transactions in Europe amounted to five management company initial public offerings ($2.1 billion), nine permanent capital IPOs ($11.5 billion) and 11 M&A transactions and stake sales ($1.4 billion) which far exceeded previous years. 2006 also saw the first substantial senior bond offering for a hedge fund.