Editor’s Letter

Confidence in the future (or the lack of it) impacts our decisions and actions in the present. [...]our confidence in the future will help determine the future—for better or worse. Ever-increasing interest in the sector by private equity is resulting in aggressive consolidation in the fiduciary space—for example, the disposal by TMF Group, a global provider of compliance and administration services, to CBC partners for total consideration of $1.75 billion, and Apex Group Ltd. and Genstar Capital acquiring the Deutsche Bank Alternative Fund Services business. [...]they explore the effects of investor origins and co-investment on investment size. [...]ratio analysis is a useful management tool that improves the understanding of financial results and trends over time and provides a key indicator of organizational performance.