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 [...]
Boots in £1bn profit haul May 17, 2010 ALLIANCE Boots yesterday posted an annual profit of more than £1bn – becoming only the third UK retailer to pass that milestone. The group, taken private in 2007 in Europe’s biggest leveraged buyout, also said there was strong growth in own-brand products like No7 cosmetics. Its international wholesale operations also helped in a tough consumer [...]
Carluccio’s on expansion trail May 17, 2010 ITALIAN restaurant and deli chain Carluccio’s yesterday said it had expanded into sites left empty by recession-hit rivals as it posted a profit rise. The restaurant saw its profits jump by eight per cent in the first-half to £2.7m. Director Simon Kossoff said: “Over the last 18 months a lot of our competition backed off [...]
Wiseman milking the profits May 17, 2010 ROBERT Wiseman Dairies has reported a jump in full-year pre-tax profits of 60 per cent to a record £49.2m. The firm said the results had been boosted by a rise in cream prices and a £1.9m cut in a fine imposed by the Office of Fair Trading (OFT). Meanwhile, Alan Wiseman has announced he will [...]
H&M sees sales dip as growth streak stutters May 17, 2010 SWEDISH fashion chain Hennes & Mauritz yesterday reported a worse-than-expected six per cent fall in same store sales for April. The retailer, which specialises in fashionable clothes for customers on a budget, faced a tough comparison year on year. Total sales were up four per cent, compared with a 6.1 per cent rise predicted by [...]
Majestic Wine ready to toast healthy figures May 17, 2010 MAJESTIC wine said yesterday its profits for the year which ended in March would come in “at the upper end of analysts’ expectations”. The range for underlying profits forecast up until today had been as low as £15.9m to as much as £18m. That is a sharp recovery from the previous year’s £12.7m. After Christmas [...]
GM in its first quarterly profit for three years May 17, 2010 GENERAL Motors has reported its first quarterly profit in nearly three years. Cost-cutting and strong sales of new models helped it make $865m (£600m) in the first three months of 2010, it said yesterday. This compares with a $6bn loss in the same period a year earlier. GM, which filed for bankruptcy protection last year, [...]