Returns made by private equity stagnate below pre-crisis levels September 2, 2014 SLUGGISH stock markets and lower levels of strategic improvement have driven private equity returns to their lowest levels since the financial crisis, a study shows. Exits by buyout groups – which involve the sale of companies owned by private equity outfits – netted selling firms two times their original equity investment between 2010 and 2013, [...]
DN Capital raises $200m for new start-up fund September 2, 2014 LONDON-based venture capital (VC) firm DN Capital announced yesterday that it has raised $200m (£159m) to launch its third European investment fund, with a specific focus on start-ups in London and Berlin. DN Capital has previously invested in about 50 companies, including London-based mobile app Shazam, and currently has funds of $320m under its management. [...]
Time Out owner Oakley Capital hit by sterling as Daisy Group receives takeover offer September 2, 2014 The trust backed by Time Out owner Oakley Capital Investments has said a slump in the value of its Daisy Group stake helped knock 4.5 per cent off the value of the fund. The firm’s net asset value per share slumped from 200p on 31 December to 191p at the end of June. Oakley’s companies, [...]
Wealth manager Mattioli Woods aims high amid shift in savings September 2, 2014 WEALTH firm Mattioli Woods yesterday laid out ambitious growth plans to triple funds under management in future. Chief executive Ian Mattioli told City A.M. the firm had the potential to grow funds managed up to £15bn and revenue up to £100m. The junior stock market listed group yesterday reported a 25.4 per cent rise in [...]
Massive iPhone demand to lift Chinese exports September 2, 2014 THE LAUNCH of Apple’s new iPhone will be so significant that it will add a percentage point of growth to Chinese export growth, according to analysts’ estimates yesterday. Researchers at Bank of America Merrill Lynch say that the release will be so significant it could boost mainland China’s exports by around one per cent for the [...]
Johnsons Dry Cleaners owner boosts dividend by a quarter September 2, 2014 Textile group Johnson Service yesterday announced a 5.7 per cent rise in first-half revenue, at £101.6m improved from £96.1m in the same period last year. The group, which has businesses in workwear, textile rental and dry cleaning sectors, said its pre-tax profits of £6.4m were 45.5 per cent better than the previous year. Meanwhile, after [...]
Dollar General could go hostile in bid for rival Family Dollar September 2, 2014 America’s leading deep discount retailer Dollar General yesterday warned it might go hostile and head straight for Dollar Stores’ shareholders if its rival rejected its latest $9.1bn (£5.5bn) bid. It also said it would pay a break-up fee of $500m if the deal ran foul of competition law, the reason Family Dollar had cited for its [...]
Price of gold falls on stronger dollar as palladium slips from 13-year high September 2, 2014 The price of commodities, including gold, silver and palladium, fell yesterday, as a strengthening US dollar hit investor demand for the precious metals that had heightened on the escalation in the conflict between Russia and Ukraine. As the dollar strengthened on better manufacturing data and the prospect of an end to stimulus, gold slipped to [...]
Quindell investors hold strong as £30m joint venture breaks up September 2, 2014 QUINDELL, the Aim-listed insurance firm whose stock price was ravaged by a short-seller attack earlier this year, saw its shares rally nearly six per cent yesterday after it announced it was buying out the RAC’s stake in its Connected Car Solutions (CCS) joint venture. Quindell said it would take full control of CCS, which makes [...]
City Moves for 03 September 2014 | Who’s switching jobs September 2, 2014 Alvarez & Marsal Senthil Alagar has been appointed managing director in the professional services firm’s restructuring and turnaround team in London. He joins from Barclays, where he headed its UK & Ireland business support restructuring team. Alagar has also held roles at Bank of Scotland, PwC and EY. M&G Real Estate Steven Hollands has been [...]