Profit dips as Polar Capital suffers £448m outflows November 25, 2019 Polar Capital has reported a drop in pre-tax profit following a “challenging” first half, but its assets under management (AUM) rose despite £448m net outflows. The figures The investment manager said its AUM hit £14.3bn as of 30 September, a 3.6 per cent increase on the £13.8bn it reported at the end of March. Polar [...]
What is microfinance and why does it matter for investors? November 25, 2019 | City Talk Exclusion from the financial system is widely regarded as a major obstacle to people’s efforts to grow out of poverty. In 2017, 1.7 billion adults across the globe had no access to a bank account, with the vast majority of them living in emerging and frontier markets. 56 per cent of these were women, and [...]
Investment in London offices slows as demand outpaces supply November 25, 2019 Investment in London’s office market is falling despite growing demand from British and overseas investors, as a lack of available stock continues to hamper the sector. Total turnover for office investments in the capital in 2019 is set to drop well below the figure for the previous year, according to new data from Knight Frank, [...]
Brooks Macdonald buys Cornelian Asset Managers in £39m deal November 22, 2019 Brooks Macdonald has bought Edinburgh-based wealth manager Cornelian for up to £39m and has this afternoon sealed a £30m share placing to fund the deal. In an update to the stock market this morning, Brooks Macdonald said it would pay an initial £31m for the company – £22m in cash and £9m in shares – [...]
Some inconvenient truths about income November 22, 2019 | City Talk “Chin up. Be positive. It’ll all work out.” We are always being encouraged to look on the bright side, but too much optimism can be dangerous. Take the simple matter of how much we expect to earn from our savings and investments. Far too many people around the globe take a “glass half full” approach [...]
Investec profit falls amid preparations for asset management demerger November 21, 2019 Investec has reported a drop in profit before tax for the first half “against challenging market conditions”, as the Anglo-South African business group prepares to spin off its asset management business next year. The figures Pre-tax profit fell just over ten per cent to £349m for the six months to 30 September. Investec’s return on [...]
Louis Bacon to close Moore Capital hedge fund November 21, 2019 Veteran hedge fund manager Louis Bacon is reportedly planning to shut down Moore Capital, the firm he founded, after 30 years of trading. Bacon intends to shutter Moore Capital, which had $10.2bn assets under management in 2018, and return capital to investors, the Financial Times reported. Read more: Ex-Stobart boss courts City heavyweights to back [...]
MUFG likely to deny Softbank loan over Wework bailout November 21, 2019 Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, is reportedly likely to withhold additional loans from Softbank to finance the conglomerate’s $9.5bn (£7.3bn) rescue package for struggling office space firm Wework. Softbank has asked for around ¥300bn (£2.1bn) additional loans for Japan’s three megabanks – MUFG, Mizuho Financial Group and Sumitomo Mitsui Financial Group – [...]
CMC Markets raises targets following profit surge November 21, 2019 Spreadbetter CMC Markets has reported a jump in net operating income for the first half and raised its full-year target as traders adapted to changes following a regulatory clampdown on high-risk bets. The figures CMC Markets said its net operating income rose 45 per cent for the six months to 30 September, hitting £102.3m. This [...]
Investors expect to take ‘10.3%’ a year from retirement savings November 20, 2019 | City Talk Investors believe they can make aggressive withdrawals from their retirement savings and not run out of money, according to the Schroders Global Investor Study 2019. Investors believe they will be able to withdraw, on average, 10.3 per cent a year from their retirement savings without running out of money, according to a new global study. [...]