The Wall Street Journal-20080111-In Brief
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In Brief
GE Vice Chairman
To Join GenNx360
General Electric Co. Vice Chairman Lloyd G. Trotter is leaving to join GenNx360 Capital Partners, a new private-equity firm that recently closed its first fund. Mr. Trotter, 62 years old, has been at GE for nearly 40 years, where, among other achievements, he pioneered the Trotter Matrix, a performance-measurement tool. At GenNx360, he joins Arthur Harper and Ronald Blaylock as general partners. Mr. Harper also previously worked at GE. Mr. Blaylock founded investment- banking boutique Blaylock & Co. According to a person familiar with the situation, GE is an investor in GenNx360's debut fund, which has raised $500 million in capital. It will look to buy underperforming industrial business-to-business companies. Mr. Trotter's departure was reported by BusinessWeek.
-- Jennifer Rossa
Man Group's
Assets Rise
Man Group PLC, one of the largest hedge-fund managers, posted a 4.5% increase in assets it manages to $71.7 billion for its quarter, boosted by a modest increase in net sales and strong performance at most of its funds. The London company is raising assets at a slightly slower pace -- 16% for fiscal 2008's first nine months, from 20% a year earlier.
Macerich Takes
Chicago Turn
Macerich Partnership LP, the operating arm of Macerich Co., and the Alaska Permanent Fund Corp. agreed to acquire a mixed-use development in Chicago from a partnership for $515 million. The purchase is the first foray into Chicago for Macerich, a Santa Monica, Calif., real- estate investment trust. The partnership consists of Chicago real- estate developer John Buck Co., Morgan Stanley real-estate funds and retail-property manager Westfield Group.
Australia's ANZ
Seeks Asian Cash
Australia & New Zealand Banking Group Chief Executive Mike Smith invited sovereign-wealth funds as well as other Asian investors to take stakes in the lender and confirmed that a unit of China's foreign-exchange regulator had bought about 1% of the company. In a sign of ANZ's increasing focus on Asia, Mr. Smith described China as "one of the highest priorities," after the Melbourne bank vowed to develop itself into a "super regional bank."
