Glynn favourite for Ladbrokes March 28, 2010 Chairman of spread betting group Sporting Index Richard Glynn is poised to become the new chief executive of Ladbrokes. Barring any last minute hitches, Glynn will succeed Chris Bell who will step down this summer after 20 years at the company. Glynn is a former lawyer who led a management buyout of Sporting Index in [...]
Phoenix to acquire new funds March 28, 2010 Insurer Phoenix Group, formerly known as Pearl, plans to double its assets under management from its current £75bn. It plans to acquire a string of funds from other insurers, which could include Scottish Widows, Clerical Medical and Prudential.
Lloyds: We are staying put March 28, 2010 Lloyds last night categorically denied it has started a search for a new London head quarters. The Financial Times said it was eyeing a move after finding renewed confidence in its financial outlook. But a spokesman told City A.M.: “We are definitely not moving offices. There is not a shadow of doubt about it. Categorically [...]
Pru approves £20m bonus round for AIA March 28, 2010 BRITISH insurer Prudential is planning a multi-million pound bonus scheme to lock in executives at American International Assurance, the Asian business it is in the process of taking over. Prudential will rubber-stamp more than £20m incentivisation payments to AIA’s key staff after two senior figures, finance director Steve Roder and chief legal counsel Peter Cashin, [...]
Mandelson to create a Post Office bank March 28, 2010 LORD Mandelson will turn the Post Office into a “People’s Bank” if Labour wins the general election. Key to the initiative is a potential deal with RBS and Santander to allow the banks’ customers to access the new Post Office accounts, and its subsidised offers. Negotiations are underway as the government seeks to ensure at [...]
FSA to indict printing ring March 28, 2010 CHARGES against more than eight individuals connected to an insider trading ring are set to be handed down by the Financial Services Authority (FSA) this week. It is understood that the financial regulator is preparing to criminally charge a group of former JP Morgan Cazenove and UBS employees, who were arrested in July 2008. The [...]
Goodwin adviser Greenburgh retires from BoA Merrill Lynch March 28, 2010 VETERAN dealmaker Matthew Greenburgh has retired from Merrill Lynch and is considering studying for a PhD in English Literature after 28 years in the City. Dubbed “Sir Fred Goodwin’s banker” for helping Royal Bank of Scotland take over ABN Amro in 2007, Greenburgh leaves a gap in the top ranks of the bank. Henrietta Baldock, head of [...]
Lambert and Mandy in row over loan cop March 28, 2010 RICHARD Lambert yesterday hit back at Lord Mandelson in a public spat over government plans for a quango that could force banks to lend to small firms. Mandelson launched a scathing attack on Lambert at the weekend, after the director general of the CBI said the thinking behind the small business credit adjudication service – [...]
Wheeler to stand as MP March 28, 2010 STUART Wheeler, the City grandee that made his fortune setting up spread betting firm IG Index, will today announce his intention to run for parliament on an anti-sleaze ticket. The Eurosceptic was expelled from the Tory Party last year after joining UKIP and is standing against Bexhill MP Greg Barker, an ally of David Cameron. [...]
UAE ruler’s brother missing in glider crash March 28, 2010 RESCUE workers were yesterday searching an artificial lake in Morocco for the brother of the President of the United Arab Emirates. Sheikh Ahmed bin Zayed al Nahyan, the managing director of Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, has been missing following a glider accident. The pilot of the [...]