From vicars to City titans: Goldman Sachs, Shell and Barclays among names behind £550m Lloyds legal battle | City A.M. April 4, 2018 Today City A.M. reveals the varied and surprising names behind a massive £550m legal battle with Lloyds over its takeover of HBOS at the height of the financial crisis – and the cast includes major institutions, aristocrats, vicars and politicians. The groups, which includes institutions such as Goldman Sachs, Nomura Asset Management and pension funds [...]
Woodford flagship flounders: Fund shrinks by a fifth as assets fall by £1.6bn in 2018 April 3, 2018 Star fund manager Neil Woodford’s torrid 2018 continued as his flagship fund shrunk to a near-three-year low. Woodford’s equity income fund assets slumped to £6.6bn at the end of March, according to figures released today. In February City A.M. revealed the former Invesco money manager had shipped £1bn in the first five-and-a-half weeks alone – [...]
Spotify begins trading on the New York Stock Exchange amid Wall Street tech rout April 3, 2018 Music streaming service Spotify began trading on the New York Stock Exchange (NYSE) today at $165.90 (£117), a 34 per cent increase on the initial set reference price. The opening price puts the company’s value at nearly $30bn, making it one of the largest US listings for a tech company in history. The public listing [...]
Fidessa share price leaps as bidding war erupts April 3, 2018 A Fidessa bidding war erupted this afternoon after the UK financial tech firm revealed two parties had tabled offers to rival a £1.4bn approach from Switzerland’s Temenos. Shares in the FTSE 250 company rose sharply in the wake of an announcement shortly before 1pm and ended the day almost 14 per cent higher. Temenos takeover [...]
Capita share price falls: Receives fresh blow ahead of crucial restructuring update April 3, 2018 Capita shares sunk to a fresh 20-year low today as jittery investors took profits ahead of a pivotal announcement later this month. The outsourcer was one of London’s biggest losers, falling over seven per cent. Analysts were left flummoxed by the precise reasons for Capita’s latest dive with some pointing to profit-taking amid thin trading [...]
Prime London property sale prices fall as rental values slump according to Knight Frank report April 3, 2018 Property prices in central London declined 1.1 per cent in the first two months of this year, while average annual rental values fell 1.5 per cent in March, according to the latest reports from property consultancy group Knight Frank. However, despite the downturn, the market seems to be stabilising amid political uncertainty. “While the market [...]
Chinese private equity firm ZQ Capital becomes latest suitor for Conviviality April 3, 2018 Chinese private equity firm ZQ Capital has become the latest suitor to consider a swoop on troubled drinks firm Conviviality. Conviviality’s future was thrown into doubt last month when it issued a profit warning, and subsequently announced it had discovered an unexpected tax bill of £30m. Read more: Conviviality’s chief executive steps down after series [...]
US dollar tumbles as pound rallies after IHS Markit survey shows steady manufacturing growth April 3, 2018 The British pound gained today as the US dollar weakened following a sharp dip on Wall Street. The pound was strengthened by the latest IHS Markit manufacturing survey which showed that the sector maintained steady growth in March. Sterling rose 0.2 per cent to $1.41 this morning. The pound has had a strong performance since [...]
Goldman Sachs has sunk down the advisory rankings for UK M&A this year as Morgan Stanley pinches the top spot April 3, 2018 Goldman Sachs has seen a dramatic reduction in the value of UK mergers and acquisitions (M&A) it has advised on so far this year, falling from the top spot in the first quarter of last year to 12th in 2018. In the first three months of 2018, Goldman has been engaged on 15 announced deals [...]
Why I’m sick of bad press releases from lazy PRs who have never read me or this newspaper April 3, 2018 On 1 April, I published a column on the City A.M. website. Check it out: it’s a spoof of a press release. You may think it’s hyperbole. It isn’t. It’s the kind of effortful rubbish that I receive every day. In the past, when some grotesquely bad press release hit my inbox, I would mock [...]