Carlyle Group, along with other investors, has agreed to acquire a majority stake in metals trader Traxys Group, in the latest move by the U.S. private equity firm to boost its presence in commodities as big banks scale back.Carlyle will purchase the stake along with affiliates of investor Louis Bacon and Traxys management for an undisclosed sum from private equity firm Pegasus Capital Advisors, Kelso & Co and Resource Capital Funds.The acquisition comes at a time when large banks such as JPMorgan, Morgan Stanley and Deutsche Bank AG are pulling the plug on physical commodities trading amid increasing government scrutiny and dwindling margins as demand from top importer China slows.This is opening up opportunities for trading houses and private equity firms to snap up established assets that offer them a quick foothold in top markets.
Deutsche Bank AG is a global investment bank. The Company offers a variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Shares of DB fell by 4.06% or $-1.84/share to $43.48. In the past year, the shares have traded as low as $38.18 and as high as $54.49. On average, 1233380 shares of DB exchange hands on a given day and today's volume is recorded at 3225950.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS remained unchanged at $31.44. In the past year, the shares have traded as low as $20.16 and as high as $33.52. On average, 13113000 shares of MS exchange hands on a given day and today's volume is recorded at 22439666.
Resource Capital Corp. is a specialty finance company that focuses primarily on commercial real estate and commercial finance. Shares of RSO fell by 0.69% or $-0.04/share to $5.75. In the past year, the shares have traded as low as $5.38 and as high as $6.96. On average, 975197 shares of RSO exchange hands on a given day and today's volume is recorded at 1966307.
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