BP Marsh reports 1.7m losses June 3, 2009 Private equity firm BP Marsh reported a full-year net loss of £1.7m, compared to last year’s profit of £4.8m, as net asset value (NAV) dipped 3.8 per cent from £45.61m in the year ending 31 January 2008, to £43.88m. Underlying loss before tax excluding unrealised losses was £0.5m, compared to a profit of £0.5m last [...]
CITY MOVES WHO’S SWITCHING JOBS June 3, 2009 RWC PartnersThe asset manager has appointed Mike Corcell to its London office to launch a new UK long/short equity fund, expected to open in the third quarter of this year. Corcell joins RWC from SAC Investment Management, which he joined last year after a five-year stint at Threadneedle, where he launched and managed the $700m [...]
The devil’s in the detail: the trials and tribulations of a property sage June 3, 2009 THERE comes a time in your life when you can draw a line and say: ‘I’ve done a lot of things in my life’, barks Gerald Ronson, thumping a gnarled fist on the table for emphasis. He’s not wrong. Now the undisputed Sage of Property, Ronson, 70, has spent the past half a century constructing [...]
Rolet could earn 5.2m from LSE job June 3, 2009 XAVIER Rolet, the chief executive of the London Stock Exchange (LSE), could take home up to £5.2m in his first year in the role, according to he exchange’s annual report, published yesterday. The company’s annual report gave the City its first glimpse of the deal that enticed Rolet take on the job of tackling increased [...]
Sir Alan purges boardroom ahead of the final June 3, 2009 THERE were no gimmicks this week. No flash location, no cryptic clues, no splitting into teams. All the would-be Apprentices had to do was answer a few questions. Unfortunately those asking the questions were Sir Alan’s infamous attack dogs, who arrived in a series of increasingly ostentatious sports cars (you could be forgiven for thinking [...]
Rio exploration spend to halve June 3, 2009 MINING GIANT Rio Tinto is halving its exploration spending this year, but is taking advantage of the downturn to buy cheap assets in places like the Democratic Republic of Congo, Rio’s exploration chief Eric Finlayson said yesterday. The group, which is grappling with massive debt, has put expensive drilling operations on hold until conditions in [...]
Dana not ripe for the picking June 3, 2009 OIL explorer Dana Petroleum said yesterday “it wasn’t for sale,” and that it was focusing on increasing production, even as rivals target each other in a market that analysts say is ripe for mergers and acquisitons. Dana said its forecasting output will go up by nine per cent, having risen 29 per cent last year. [...]
Amlin snaps up Fortis arm in expansion June 3, 2009 AMLIN, the insurer that trades on the Lloyd’s of London market, said yesterday it wants to raise £76m from markets to fund a buyout of a non-life insurance arm of part-nationalised Dutch bank Fortis. The group said it has struck a €350m (£303m) deal to buy Fortis Corporate Insurance (FCI) from the Dutch government, which [...]
VETERAN BAR OWNER HANGS UP CITY APRON June 3, 2009 AFTER a lengthy 48-year spell in the City, it’s finally time to say goodbye to ship broker-turned-restaurateur David Hughes, who’s often been described one of the friendliest bar owners in the world. Hughes first came to the City in 1961, aged 15, working as a ship broker at the Baltic Exchange on St Mary Axe, [...]
CITY EYE June 3, 2009 CONSTRUCTION on the Heron Tower on Bishopsgate has now reached the 17th floor. The 46-storey tower, due to be completed in 2011, will eventually house 3,000 City workers, all of whom will be personally greeted by name by a Hall Call system as they swipe their entry cards at the beginning of each day.