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NAIC WELCOMES — Diversified Capital Management

The NAIC proudly welcomes Diversified Capital Management as its newest member. Diversified Capital Management is a fund in formation founded by NFL legend Jim Brown and Super Bowl Champion, Curtis McClinton. The duo also established the Black Economic Union, whose mission is to unify and grow African American economic resources and guide those resources into education, job creation, entrepreneur development and urban revitalization. Diversified Capital's strategic plan creates a $1.3 billion integration of industries, technologies, education and training in Kansas City's low-income community. In the same year, they plan to cast a net over 40 major cities and 10 rural areas throughout the southern states. The Black Economic Union now plans to quickly develop a very effective General Partner management team that will proactively create greater transaction opportunities for members and others while furthering economic unity and equity growth.

Implementing an Effective Third-Party Due Diligence Program

Part 1 of 3: Financial services firms are increasingly contracting with third-party service providers to perform activities related to their business functions and regulatory responsibilities.

A formalized third-party due diligence program can protect against reputational harm or headline risk, and better defend against investor litigation or regulatory action in the event of errors or losses. Having a documented process and adhering to that process can provide a clear factual defense in legal disputes or regulatory proceedings. In this installment of Compliance Corner, ICSGroup breaks down the components of an effective third-party due diligence program.

Registration will open shortly for the NAIC Annual Private Equity and Hedge Fund Conference, to be held October 3-4, 2016 at Bank of America Tower in New York City. This is the premiere event for diverse-owned and emerging investment managers that offers vital industry information, contacts and networking opportunities for professionals in all areas of the private equity industry. Please contact the NAIC office for more information and to learn more about additional sponsorship opportunities:

Click below to view the highlights of last year's event:

Pennsylvania State Employees' Retirement System Board Hires Bryan Lewis as CIO

The Board of the Pennsylvania State Employees' Retirement System announced that it hired Bryan Lewis as the system's chief investment officer, succeeding Thomas F. Brier, who announced plans to retire. Lewis has been tapped to run the system's $25 billion fund, serving more than 236,000 members. Lewis currently serves as executive director of the $20 billion State Universities Retirement System, Champaign Illinois. In that position, he leads fund administration and investment management, including managing risk and compliance for two defined benefit plans and one defined contribution plan serving 220,000 members.

NAIC Members in the News

New MainStream Capital Portfolio Company Expands

Anne Arundel Dermatology Management (AAD), a portfolio company of New MainStream Capital, announced that it acquired Montgomery Dermatology Associates, LLC. Founded by Dr. Walter J. Giblin, he and his team of physicians have over 40 years of experience in providing general, surgical and cosmetic dermatology services to the Washington D.C. metro area. With this transaction, AAD has completed its third acquisition since its recapitalization in June 2015. Headquartered in Severna Park, Maryland and with 19 locations and over 35 providers, AAD is the largest dermatology practice in the state providing a comprehensive suite of dermatologic services, offering general dermatology, advanced treatment options for skin cancer and cosmetic procedures.

One Rock Capital Partners to Acquire Certain Downstream Assets from Chevron

Island Energy Services, LLC, a wholly owned subsidiary of One Rock Capital Partners, LP ("One Rock") announced that it signed an agreement to acquire from Chevron U.S.A. Inc. certain refining, distribution and retail assets located in Hawaii, including the 58,000 barrel-per-day refinery in Kapolei, Chevron’s interests in a network of 58 retail service stations, four product distribution terminals on Oahu, Maui, Kauai and Hawaii Island, pipeline distribution systems and other related downstream assets statewide. Financial terms of the transaction were not disclosed. The agreement is subject to customary regulatory approvals and is expected to be completed during the second half of 2016.

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