Hedge fund Lansdowne bets on market reversal in major portfolio shakeup October 21, 2019 Hedge fund Lansdowne Partners has reportedly undergone a major repositioning of its portfolio, betting that financial markets are nearing a reversal that will lead to falling bond prices and a slump in tech stocks. Read more: Thomas Cook collapse set to net hedge funds millions Lansdowne, one of Europe’s biggest hedge funds, is predicting a [...]
Temasek makes $3bn offer to take control of Singapore’s Keppel Corp October 21, 2019 Sinagaporean sovereign wealth fund Temasek is offering to buy a majority stake in oil rig-builder Keppel Corp in a deal worth around 4 billion Singaporean dollars (£2.3bn). Temasek, which already owns 20.5 per cent of Keppel, said it would increase its stake to 51 per cent. As well as rig-building, the Singaporean conglomerate is also [...]
M&G makes debut as Prudential demerger completed October 21, 2019 Prudential has completed the demerger of its fund management and insurance arm M&G, whose shares have now debuted on London’s main market. M&G was valued at around £5.6bn following the spinoff, which gave investors shares in both companies. Read more: M&G Prudential backs London with £875m investment in City skyscraper Life insurer Prudential announced plans [...]
Capital Group fund manager resigned over investigation into investments October 21, 2019 A fund manager at Capital Group was forced to resign after a BBC investigation allegedly uncovered evidence he was breaking rules by secretly purchasing shares in some of the same companies as his funds for his own benefit. The BBC claims it uncovered evidence that Mark Denning ordered the shares to be purchased through a [...]
Regulator denies pressuring administrator to close stricken Woodford fund October 20, 2019 The financial watchdog has hit back at claims it put pressure on administrators to close Neil Woodford’s flagship fund because the scandal surrounding its suspension was undermining confidence in the industry. Link Fund Solutions, which was responsible for overseeing the suspension of the £3bn Equity Income Fund (WEIF), announced on Tuesday that the fund would [...]
Rathbone Brothers’ shares fall as it warns on tighter profit margin October 17, 2019 Shares in Rathbone Brothers fell sharply this morning after reporting its profit margin will narrow over the next two-to-three years. Shares in the investment management company were down 8 percent to 2,190p in the morning’s trading, despite an 11 per cent annual increase in third quarter operating income. Read more: Rathbone Brothers boosts profits but [...]
Watchdog hits back at claims it was ‘asleep at the wheel’ over Woodford October 16, 2019 The Financial Conduct Authority (FCA) has defended itself against accusations it was ‘asleep at the wheel’ ahead of the collapse of former star fund manager Neil Woodford’s investment empire. CMC Markets’ chief analyst Michael Hewson told City A.M. he thought the FCA “was probably asleep at the wheel” in the runup to the suspension of [...]
How the wind-up of the Woodford fund will hit investors October 16, 2019 If the Neil Woodford scandal has been a slow-motion car crash, this must be the part where it finally hits the wall. Last night, it was announced that Woodford Investment Management will close. This followed news earlier in the day that the firm’s flagship Woodford fund would be wound up, putting an end to months [...]
Timeline: Here’s when everything went wrong for Neil Woodford October 15, 2019 The removal of Neil Woodford from his flagship Equity Income Fund and the announcement of the fund’s closure marks a major blow for the former star stockpicker. City A.M. has taken a look at the rise – and fall – of the famed money manager. Read more: How Woodford’s star came crashing down to earth [...]
Q&A: Why was the Woodford fund suspended? October 15, 2019 The decision to sack Neil Woodford as manager of his flagship Equity Income Fund (WEIF) and liquidate the fund’s assets sent shockwaves through the financial world this morning. Link Fund Solutions, which has been managing the suspension of the Woodford fund since it was gated in June, announced this morning that the fund would be [...]