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Evercore To Receive $120M From Mizuho

Evercore Partners said Thursday that it plans to raise $120 million in new funding through a deal with Japan’s Mizuho Corporate Bank.

Deutsche Loses Flannery To BofA

Bank of America has poached rising star David Flannery from Deutsche Bank to run its global leveraged finance business. Flannery, who has formally left Deutsche, is expected to begin in his new role in November.

KeyBanc Taps M&A Banker From Jefferies

KeyBanc Capital Markets is expanding its reach into private equity, most recently having tapped former Jefferies & Co. M&A banker Christopher Porter as a managing director in its financial sponsors group.

Cadwalader Establishes Covered Bonds Group

Cadwalader, Wickersham & Taft became the latest US law firm to form a covered bonds practice.

Rumors Of Lehman Sale Swirl

Lehman Brothers may be close to a sale of its investment-management arm, a business that includes Neuberger Berman, in an attempt to generate some much needed cash. A Lehman spokesperson declined to comment on the possible divestiture.

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The Aftermath

By May 2007, faultlines in the subprime market were becoming apparent. New Century had filed for bankruptcy and other mortgage lenders had been tripped up by problem loans—-but the Fed chief, Ben Bernanke, told a banking conference in Chicago the financial markets are “better than regulators at allocating credit.” Days after the first meeting of New Century creditors, Bernanke said there was little chance problems in a subset of the multi-trillion dollar mortgage market would spill over into the broader financial system or the broader economy. What a difference a year makes.

Apollo, Lazard Team Up For European PE Buys

Apollo Management and Lazard announced late last Tuesday that they have teamed up to pursue private equity investments in Europe.

RBS Disposing Of Leveraged Loans: Report

Royal Bank of Scotland is reportedly selling roughly $8 billion of leveraged loans to GSO Capital, a unit of The Blackstone Group, as well as TPG Capital and Apollo Alternative Assets.

Apax Selling Stake To SWFs

Apax Partners is planning to chart its next big move with the sale of a 10% stake to Australian and Singaporean sovereign wealth funds, valuing it at $2.9 billion, or £1.5 billion, according to news reports last Tuesday.

UBS Changing Tack; Posts 2Q Loss

In a move that could mark the beginning of the end for UBS' investment banking division, the Swiss giant last Tuesday said it will split into three business units, while also announcing a second-quarter loss.

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