For Immediate Release
Chicago, IL – August 19, 2010 – Zacks.com Analyst Blog features: Hewlett-Packard Co. (HPQ), International Business Machines (IBM), Cisco Systems Inc. (CSCO), Morgan Stanley (MS) and Deutsche Bank AG (DB ).
Here are highlights from Wednesday’s Analyst Blog:
HP to Acquire Fortify Software
Hewlett-Packard Co. (HPQ) recently announced that it will acquire privately-held software company Fortify Software. The company did not disclose the terms of the deal.
This acquisition will enhance HP’s product portfolio, and enable the tech major to serve its customers better by mitigating their business risks, maintaining the specification required for compliance regulations and by protecting them against malicious application attacks.
This acquisition integrates Fortify’s expertise in static application security analysis with HP’s application security analysis function, ultimately enhancing the level of immunity to end users’ security and application services.
The company has grown through strategic acquisitions. From 2007, HP has acquired a large number of companies, with the most significant being the purchase of EDS for approximately $13.9 billion. The company’s Technology Solutions Group (TSG) shifted its outsourcing services operations and a part of its consulting and integration activities to EDS.
The EDS acquisition has provided the services portion of the TSG business a stronger foothold to compete against its largest rival, International Business Machines (IBM). Moreover, services have contributed the largest chunk of HP's revenue following the EDS acquisition.
The company also acquired networking major 3Com for a total consideration of $2.7 billion. This acquisition helped HP challenge networking leader Cisco Systems Inc. (CSCO), especially on the server side of the business.
UCITS III Fund from Morgan Stanley
On Monday, Morgan Stanley (MS) announced the launch of its first Undertakings for Collective Investment in Transferable Securities (UCITS) III Fund.
UCITS follows a set of European Union (EU) directives that are aimed to provide collective investment schemes that operate freely in the EU based on the authorization of a single member state. However, many EU member countries have imposed additional regulatory rules to protect local asset managers.
FundLogic, the brand name for Morgan Stanley’s structured fund platform on which the UCITS III has been launched, offers both UCITS III and non-UCITS funds on a global basis. The platform provides products ranging from simple index funds to complex investment solutions.
The UCITS fund focuses on event-driven investment strategy, including stressed and distressed credit, special situation strategies and mergers & acquisitions. The management fees for UCITS fund will be 1.5% along with performance fees of 15% on the amount invested.
At the time of launch of the UCITS fund, assets under management are expected to be approximately $25 million. The aim of the fund will be to mobilize additional funds to the tune of $300−$500 million from institutional clients by 2011.
Though the main focus of the UCITS fund will be on Europe, it will also be marketed to the institutional investors across the world. The fund, which will be offered in euro, dollar and sterling share classes, has a minimum investment value of 1 million in each of the three currencies.
Initially, two types of investors will be targeted for investments in the Morgan Stanley’s UCITS fund:
Funds of hedge funds, typically in Italy, Spain and Germany, and Institutional investors, mainly in Europe, who have not been able to invest in unregulated hedge funds before.
The Ireland-domiciled fund will be managed by P.Schoenfeld Asset Management LP (PSAM). The fund has been named the MS PSAM Global Events UCITS Fund and will have weekly dealing.
On June 2010, Deutsche Bank AG (DB ) and Winton Capital Management had announced the launch of a UCITS III fund. The investors of this UCITS III fund gain from the provision of weekly liquidity with fund net asset values (NAVs) published on Reuters, Bloomberg and other online sites.
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