Analyst Views: What were the standout points in Standard Life’s quarterly update? October 29, 2014 EAMONN FLANAGAN | SHORE CAPITAL The interim management statement was cautiously upbeat, in our view, with the group reporting total continuing assets under management (AUM) of £290bn. Encouragingly, total platform AUM grew to £22.4bn with further growth in intermediaries and customers using the wrap offering. Auto-enrolment continues to be a key driver of future potential [...]
Alliance Trust cuts managers in savings drive October 29, 2014 Alliance Trust yesterday revealed it was cutting five fund managers as part of a plan to save £2m per year. The investment manager reported total shareholder returns of 2.1 per cent in the third quarter, putting it in the top half of the sector. The firm, headed by chief executive Katherine Garrett-Cox, said the changes to [...]
Mortgage drop points to house price slowdown October 29, 2014 THE HOUSING market has displayed further signs of cooling, with the number of mortgage approvals dropping to a 14-month low in September. The number of approvals for house purchases fell to 61,267 in September from 64,054 in August, according to figures released yesterday by the Bank of England. Total mortgage approval values were £15.3bn in September, down [...]
Internal auditors hope they are no longer seen as the enemy within October 29, 2014 MOST finance firms now have an internal auditor on their executive boards, signalling the respect with which they are held, according to a study by the Institute of Internal Auditors (IIA) out today. Before the financial crisis, auditors had sometimes been seen as spies, according to the IIA’s chief executive Ian Peters. The study shows 56 [...]
Profits take off at Heathrow as passengers rise October 29, 2014 HEATHROW airport has seen passenger numbers rise, helping it to achieve an 8.2 per cent increase in revenue for the third quarter, the company said in a statement yesterday. Airport chief executive John Holland-Kaye said the increase in passenger numbers would lend additional weight to Heathrow’s bid for expansion, adding that the results represented “a [...]
London buses help Stagecoach drive up revenue by 14 per cent October 29, 2014 London bus contracts have boosted revenue at Stagecoach by 14.5 per cent, the company said in a trading update yesterday. Revenue grew across the board, with UK rail providing the second biggest contribution at 7.4 per cent in the six months to mid-October this year. Overall, the bus and rail company said in a statement, [...]
What’s it like to spend $200k on lunch? Guy Spier wins bid for date with Warren Buffett October 29, 2014 What’s it like to go for lunch with Warren Buffett? Aquamarine Capital fund manager Guy Spier knows, and it cost him only $216,000. Spier and friend Mohnish Pabrai were successful in Buffett’s annual lunch bid in 2007, with all proceeds going to charity. Was it worth it? “Absolutely. It’s hard to calculate the ROI but [...]
What is Nimbuzz? Ashmore Group’s Jerome Booth set to battle WhatsApp with new messanger app October 29, 2014 The City’s favourite emerging markets evangelist Jerome Booth has er, re-emerged, having been relatively quiet since he stepped down as head of research at Ashmore Group last summer. What’s he up to, I hear you ask? Aside from sporting this fetching turban, he’s been on the acquisition trail with New Call Telecom, one of the [...]
Magners owner defends Spirit bid as profits fall October 29, 2014 DUBLIN-BASED C&C Group continued to see its share price tumble yesterday as it defended its bid to buy Spirit Pubs. The company argued that it needs greater scale to battle competition in England as its profits dropped sharply. Shares fell 7.8 per cent to €3.39, down nearly 15 per cent since C&C confirmed it had [...]
Deutsche Bank cannot rely on this trading rebound – Bottom Line October 29, 2014 Trading revenues were once the mainstay of many an investment bank, and made up the glamorous end of the City. It is always the traders who get the public’s attention. Who ever complains about City brokers or City auditors? But we might just be seeing the last hurrah for this powerful breed. Earlier this [...]