Spencer Stuart takes on hunt for new UKFI chief September 23, 2009 HEADHUNTER Spencer Stuart has been tasked with finding a new chief executive for UK Financial Investments (UKFI), after rival Odgers Berndtson was dismissed because it hired a former Royal Bank of Scotland banker as a senior adviser. UKFI hired ex-Tory minister Virginia Bottomley, the chairman of Odgers, to lead the search last month after former [...]
O’Brien bid to rescue INM September 23, 2009 INTERNATIONAL News & Media’s dissident shareholder Denis O’Brien yesterday unveiled his proposals for the struggling business, including the injection of €100m (£90m) of his own cash in return for a majority shareholding. INM, led by chief executive Gavin O’Reilly, had been calling for its second-largest shareholder to outline his own solutions, after his vocal opposition [...]
Intelli deal lifts Canaccord investment trust arm September 23, 2009 CANACCORD Adams has moved to beef up its investment trust operations with the purchase of Midas Capital’s corporate finance unit. The investment bank, the UK arm of Canadian firm Canaccord Capital, said it would buy Midas subsidiary Intelli, which specialises in corporate advisory and broking for investment companies and asset managers. The acquisition is part [...]
Liontrust fund suffers as investors take out 924m September 23, 2009 LIONTRUST Asset Management reported client withdrawals of £924m in the half-year to September, as the departure of its star fund managers unnerved investors. The firm said in its half year trading update to the market that assets under management stood at £1.28bn on 22 September, compared with £1.88bn on 1 April. The asset falls were [...]
BNP Paribas director hit by insider dealing claim September 23, 2009 BNP PARIBAS FORTIS director Luc Vansteenkiste was in custody yesterday, after being arrested in connection with a €19.5m insider dealing case. The Belgian businessman – who joined the Fortis board in 2001 – is suspected of being involved with insider dealing in Fortis shares during its final days as an independent company. The investigation is [...]
Global M&A deals slump in the downturn September 23, 2009 THE TOTAL value and volume of global mergers and acquisitions (M&A) this year has slumped due to the credit crunch, M&A information provider mergermarket said yesterday. Global activity in the first three quarters of the year was low, down 41 per cent on last year at 5,914 transactions, while total deals were valued at $978.9bn [...]
WELLS FARGO CHAIRMAN TO STEP DOWN September 23, 2009 RICHARD Kovacevich is to step down as chairman of US bank Wells Fargo at the end of the year, to be succeeded by chief executive officer John Stumpf.Kovacevich, the bank’s former chief executive, had already stayed beyond retirement age to oversee the takeover of Wall Street rival Wachovia.
Yell in 500m fundraising September 23, 2009 STRUGGLING publisher Yell said yesterday it plans to raise at least £500m through a rights issue as it attempts to repay its £3.8bn debt-pile. The Yellow Pages publisher has been in discussions with its creditors since June about its debt repayments, and confirmed yesterday that its proposals now had the backing of “a significant proportion” [...]
Goldshield agrees 166m deal with AIT September 23, 2009 PHARMACEUTICAL firm Goldshield last night said it had agreed terms on an improved £165.7m offer made by AIT, its former chief executive’s bid vehicle. AIT yesterday raised its offer to 450p, up from its 440p original bid. Goldshield, which manufacturers appetite suppressant drug Appesat, found itself in the centre of a bid battle after the [...]
Pensions body opposes McCreevy’s EU directive September 23, 2009 THE National Association of Pension Funds (NAPF) has hit back of the proposed Alternative Investment Fund Managers Directive, branding parts of it “misguided”. In a letter to the European commissioner for internal market and services Charlie McCreevy, NAPF chief executive Joanne Segars opposed the directive, saying it would reduce investment returns, boost costs and increase [...]