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TPG settles SEC case for $12.8M; Dyal Capital buys minority stake in credit biz


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TPG settles SEC case for $12.8M; Dyal Capital buys minority stake in credit biz

Low-income housing advocates warned that the Republican tax reform plan would harm the market for Low Income Housing Tax Credits, which private companies buy to reduce their tax bills, Reuters reports. With the reduction of corporate tax rates, private companies will have less incentive to invest in producing affordable housing.

In banking news, Clover Partners LP analyst Mike Shafir plans to nominate himself and David Verlander for election to the board of Warwick, R.I.-based Coastway Bancorp Inc., according to an amended Schedule 13D filed Dec. 22, which hinted at a "potential proxy contest."

Meanwhile, asset manager TPG Capital Advisors LLC agreed to settle and pay a $3 million fine and approximately $9.8 million in disgorgement and prejudgment interest to the Securities and Exchange Commission. The agency has initiated cease and desist proceedings against the company for failing to disclose certain information regarding the termination of certain portfolio company monitoring agreements and breaching its fiduciary duty.

Switzerland-based IWG Plc confirmed media speculations that funds managed by affiliates of Brookfield Asset Management Inc. and Toronto-based private equity group Onex Corp. made an indicative proposal to acquire the company. However, IWG cautioned that it is not certain whether a takeover offer will be made.

Dyal Capital Partners LP has bought a minority stake in Cerberus Capital Management LP's credit business, The Wall Street Journal reports. The deal, which was signed Dec. 22, values Cerberus Business Finance at approximately $2 billion.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Nikkei 225 fell 0.20% to 22,892.69.

On the macro front

The Richmond Fed manufacturing index and the State Street Investor Confidence Index are due out today.

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