Liontrust waives key GAM offer term after spat with rebel shareholders July 24, 2023 Liontrust Asset Management has backed down on a key condition of its offer for Swiss rival GAM today after facing from a rival group of shareholders on its offer.
MPs slam lack of diversity in venture capital market as just two per cent of funding goes to all-female founded businesses July 24, 2023 MPs have slammed the lack of diversity in the venture capital industry, demanding that the government take greater action to improve representation of women and ethnic minorities in the sector. In a new report, the influential Treasury select committee highlighted that just two per cent of venture capital funding in 2021 went to businesses with [...]
City firms feel the pinch as FCA ramps up action July 20, 2023 The Financial Conduct Authority has tightened the screws on City firms over the past 12 months as it shut off nearly 30 per cent more companies than the previous year.
CVC raises €26bn for record-breaking buyout fund July 20, 2023 Buyout giant CVC has raised a record-breaking $26bn for its latest fund making it the single biggest buyout vehicle in history.
IG Group announces £250m buyback after recording annual revenues of £1bn on the back of strong US performance July 20, 2023 IG Group upped its dividend and announced a new share buyback programme of £250m despite reporting a slight drop in pretax profit. In the year to May, profit at the trading firm dropped six per cent to £449.9m, down from £477m last year. It upped its dividend to 45.2p from 44.2p last year. The fall [...]
AJ Bell attracts over £1bn to bring assets under administration to ‘record high’ July 20, 2023 Retail investment platform AJ Bell saw an influx of funds which helped bring assets under administration to a record high, but inflows remained below the same period last year. In the three months to June, AJ Bell saw net inflows of £1.1bn into its platform model – which includes its direct-to-consumer platform and its advised [...]
Mid-market M&A remains resilient as UK market hopes for deal surge July 20, 2023 Mid-market deal activity in the UK has remained resilient despite a fall in the overall level of deals year-on-year, according to new data from Big Four firm PwC. In the first half of the year mid-market deals worth less than £1bn increased 1.8 per cent in the UK as smaller deals remained easier to finalise [...]
Buy-now see-you-later? FCA boss slams claims BNPL firms will quit UK due to regulation July 19, 2023 The chief of the City watchdog said he does not “buy the argument” that buy-now pay-later (BNPL) firms will quit the UK today after it emerged ministers may shelve planned rules over fears firms would leave. The government had been pushing ahead with plans to bring BNPL products offered by firms like Klarna and Clearpay [...]
Insurance chiefs back new Solvency II investment forum to help deliver £100bn in investment July 19, 2023 The heads of the UK’s major insurance firms have written in support of a new Investment Delivery Forum to help drive investment following the reforms to Solvency II. Established by the Association of British Insurers (ABI) earlier in July, the forum is designed to tackle the investment gap preventing investment from the insurance and long-term [...]
Hargreaves Lansdown shares soar as firm secures new clients amid leadership speculation July 19, 2023 Investment platform Hargreaves Lansdown recorded a six per cent increase in net new business over the past three months as clients sought to lock in deals at the end of the tax year. In the three months to June, the Bristol-based DIY investing outfit saw £1.7bn of net new business, despite the market more broadly [...]