Bank dealmaking slumped to a five year low in 2022 – will it rebound this year? January 26, 2023 Mergers and acquisitions involving Europe’s top lenders slumped to their lowest level in five years last year as aggressive moves by central banks spooked dealmakers, new research has revealed.
FCA’s new sustainability rules to establish UK as world leader on anti-greenwashing January 25, 2023 Industry figures today claimed the UK was set to become a global leader in the fight against so-called greenwashing after the conclusion of a consultation by the financial regulator. The new rules aim to clamp down on greenwashing, when firms make exaggerated or misleading claims about the environmental credentials of their investment products. The Financial [...]
Quilter’s assets under management falls by more than £10bn but signs of hope remain January 25, 2023 Quilter’s assets under management and administration (AuMA) fell by more than £10bn in 2022 as the asset management industry continues to grapple with instability in the global economy. In 2022 the wealth manager saw AuMA fall to £99.6bn from £111.8bn the year before. Average AuMA for the fourth quarter of 2022 was £98.8bn, below the [...]
Gambling firm In Touch fined over £6m for failing to protect vulnerable customers and money laundering breaches January 25, 2023 In Touch Games has been fined £6.1m for social responsibility and money laundering failings by the Gambling Commission. The gambling firm, which operates 11 websites including bonusboss.co.uk, cashmo.co.uk, drslot.co.uk, jammymonkey.com and slotfactory.com, was charged over not having appropriate policies, procedures and controls in place and not sufficiently considering or implementing the regulator’s money laundering and [...]
Exclusive: Major Home REIT tenant on the brink of collapse after failing to win benefits backing January 24, 2023 One of the biggest tenants of troubled property investor Home REIT has stopped paying rent and is on the brink of going under as it struggles to secure sign off for government-backed housing benefits, City A.M. has learned. Lotus Sanctuary, which provides supported housing and accounts for 12.2 per cent of former Home REIT’s rental [...]
Oaknorth and Atom Bank call on Grant Shapps to boost lending to small businesses January 24, 2023 The Federation of Small Businesses (FSB) and a group of top fintech firms, including Oaknorth and Atom Bank, have called on Grant Shapps to improve small businesses’ access to borrowing, warning that failure to do so could further damage the UK’s economic growth prospects. The business lobby and a number of fintech lenders have warned [...]
Open banking body appoints former Mastercard and Natwest exec to top job January 23, 2023 The body charged with overseeing the rollout of open banking in the UK has appointed a former Natwest and Mastercard executive as its new chair, City A.M. can exclusively reveal, as the regime moves into its next phase of implementation. Marion King, a former director of Payments at Natwest Group and president of Mastercard UK [...]
Feared activist investor Elliott snaps up multi-billion dollar stake in Salesforce January 23, 2023 Activist investor Elliott Management has snapped up a multi-billion dollar stake in Salesforce as the software firm is rattled by a slowdown in growth and slashes its headcount. In a statement shared with City A.M. today, Elliott managing partner Jesse Cohn said Salesforce was “one of the preeminent software companies in the world” and Elliott [...]
Citadel: Hedge fund rakes in £13bn profits as it posts the highest annual gain in history January 23, 2023 Hedge fund Citadel made $16bn (£12.9bn) in profits for its clients last year as it bucked a wider slump across the market to post the highest annual gain in history, new data has revealed. The profits for Miami-based Citadel, which manages $54bn (£43bn) in assets, charged its clients around $12bn (£9.7bn) in expenses and performance [...]
Dignity’s shares rocket 8 per cent following £281m deal which would take funeral firm private January 23, 2023 Listed funeral firm Dignity is set to become a private company after striking a deal to sell itself to a group of investors at a valuation of £281m.