Pru in urgent push to seal AIA takeover May 17, 2010 HARVEY MCGRATH, Prudential’s experienced chairman, describes the group’s intention to buy the largest pan-Asian insurer for tens of billions of dollars as a “shock and awe” deal. London was indeed stunned when it awoke to weekend reports of a $35.5bn (£24bn) swoop on AIA. But since then it is Prudential’s management that has looked shellshocked, [...]
WHAT ARE PRUDENTIAL’S CHANCES OF PULLING OFF THE AIA MERGER? May 17, 2010 NIC CLARKE | CHARLES STANLEY “We understand that given the adjustments that were required to the funding structure of the deal, to appease the FSA, the deal will not now be earnings enhancing by 2013. This once again puts the cost of the acquisition firmly in the spotlight. Management will need to work hard to [...]
City bankers’ pay outstrips foreign peers May 17, 2010 SENIOR bankers in London can expect to earn twice as much as their Swiss counterparts, despite recent tax hikes. Financial recruitment specialist Selby Jennings said that even after factoring in the bumper 50 per cent tax rate for workers earning more than £150,000 a year bankers fare far better in the UK. A typical senior [...]
CITY VIEWS: IS LONDON LOSING ITS COMPETITIVENESS AS A FINANCIAL CENTRE? May 17, 2010 ARIF ABIDI | DEUTSCHE BANK “I think the general consensus amongst bankers is that London is losing its edge. London used to attract the best people on the highest salaries, but not anymore. The country’s growth and credit rating has been affected by the budget deficit, which is worse than other financial centres.” ROB ROTHKOPF [...]
Osborne: no more fiddled forecasts May 17, 2010 GEORGE Osborne yesterday set out on the path towards the deepest spending cuts in over a generation, announcing immediate action to cut the deficit followed by an emergency Budget in six weeks time. Next Monday, the chancellor will provide details on how he intends to cut £6bn of spending this year; he will then deliver [...]
Darling to quit front line politics and sit on the backbenches May 17, 2010 ALISTAIR DARLING is returning to the backbenches, ending his thirteen-year career in front-line politics. Darling, who along with Jack Straw and Gordon Brown was one of just three surviving cabinet ministers from Tony Blair’s original line-up in 1997, said it had been an “enormous privilege” to serve in government. He added: “But I believe it is time for me [...]
Man ties GLG staff in after $1.6bn deal May 17, 2010 KEY executives at hedge fund GLG Partners will be locked into their new home at listed investment giant Man Group using $560m (£387m) of deferred shares. Following Man’s surprise $1.6bn takeover of the American outfit, 40 GLG traders including Noam Gottesman, Pierre Lagrange and Manny Roman will have their equity stakes frozen for three years. [...]
Man Group is right: bigger is better May 17, 2010 ONCE its acquisition of GLG is complete, Man Group will become the biggest hedge fund manager in the world – again. It lost the title after being caught up in Bernie Madoff’s massive ponzi scheme, an error that saw its hedge fund assets tumble from $31.1bn in September 2008 to $14.6bn at the end of [...]
Dame Clara and Lord Marshall to be Nomura’s first non-Japanese directors May 17, 2010 NOMURA has nominated business grandees Dame Clara Furse and Lord (Colin) Marshall to join the group board, the first non-Japanese candidates to be proposed as directors. The appointments will be put to the shareholder vote at a general meeting of the bank next week. Marshall, the former chairman and chief executive of British Airways and [...]
Kensington named UK’s priciest postcode to live May 17, 2010 THE KENSINGTON postcode W8 is officially the most expensive area to live in the UK, according to a “property rich list” released by real estate website Zoopla.co.uk. Average house prices in W8 soared 9.4 per cent over the past year, meaning the average property in the postcode will now set you back £1.55m. Only four [...]