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...Mr Syz started his finance career at London-based investment bank SG Warburg, where he worked under industry veteran Consuelo Brooke in the asset management division....
...Danone, for example, spends a third of revenues on SG & A. There is a risk that marketing costs will keep rising faster than sales....
...Exor raised €2bn in 2013 by selling its 15 per cent stake in SGS, the Swiss product-inspection provider, and a sale of Cushman would further add to its cash pile....
...From there in 1948 he joined SG Warburg, the upstart City merchant bank, where he spent 26 years on and off, 16 as a director....
...Europe’s three largest – Intertek, Bureau Veritas and SGS – are up an average of 49 per cent in the past three years, against an 18 per cent gain for the MSCI Europe....
...Competitors SGS and Intertek look similarly pricey. Promised growth seems priced in....
...Exor invested in SGS for 13 years. During that time the Swiss company’s market capitalisation quadrupled. Sergio Marchionne, the chief executive of Fiat, is also chairman of SGS....
...And SGS is used to having wealthy families on its share register – 15 per cent is held by the von Fincks – so no change there....
...In both cases gross margin was progressively lowered by hundreds of basis points and SG&A gradually diluted by consistently strong LFL sales growth....
...The SG&A+R&D to sales ratio was over 31 per cent in 2012, for example. So the details and implementation will be crucial. Restructuring costs, meanwhile, are to be covered by proceeds from asset sales....
...Goldman has something called a Multi-Strategy Investing (MSI) group, which sits inside the bank’s Special Situations Group (SGS)....
...Even so, SG&A totalled 16 per cent of sales, compared with 12 per cent at Ericsson last year....
...Lead managers on the Intesa issue are Banca IMI, Barclays, Deutsche Bank and SG....
...“Investors would prefer higher beta issuance just to get some decent yield in this low-rate environment,” said Suki Mann, head of credit strategy at SG....
...Trading at 18.4 times forecast earnings, in line with its main rival, SGS, and marginally below its five-year average of 19 times, Intertek looks fairly valued....
...“Our board is concerned that it may not be prudent to expose SG to new and extensive regulatory oversight if the extent of the oversight, and all applicable rules, are not known,” Laura Schisgall, general...
...The shares are fairly priced on a prospective forward price/earnings ratio of 18 compared with 20 for Swiss rival SGS....
...David Seligman, founder of the unit and a former SG Warburg banker, and his management team have taken over Rothschild’s 75 per cent stake in Private Equity Select, an investor in small European buy-out...
...Update: Before Monday’s Hard Facts announcement from SG came the threats....
...As Bloomberg describes it: The Journal du Dimanche reported Ramon Fernandez, head of the French Treasury, met with the heads of BNP Paribas (BNP) SA, Societe Generale (GLE) SA, Credit Agricole SA (ACA),...
...However, Suki Mann, credit analyst at SG CIB, said credit markets might also be worried about the knock-on effects of any Greek default for the European economy and equity markets more broadly....
...Mr Hughes, the former chief executive of SG Securities and the UK arm of Thales Information Systems, is looking to expand in Asia and the Americas The UK accounted for more than 80 per cent of its revenues...
...In particular, SG had a strong performance in structured products and had a record quarter in listed products, especially ETFs, although this was offset by a significant slowdown in flow operations....
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