Omnis benefits from Woodford’s expertise and attracts large inflows in 2016 September 7, 2016 While some retail funds struggle to stem the tide of outflows, Omnis has bucked the trend thanks to investment icon Neil Woodford. Omnis’ UK equity fund, which is managed by the former Invesco Perpetual grandee, attracted more than £100m in its first six months having launched in March 2016. “The partnership with Woodford Investment Management is [...]
Hargreaves Lansdown chief prepares to depart as firm reports Brexit boost September 7, 2016 Market volatility driven by the EU referendum helped boost trading volume for Hargreaves Lansdown during the year to 30 June, the broker said today as it unveiled a bumper set of results. Separately, the company announced this morning that chief executive Ian Gorham will step down no later than 30 September next year. Chief financial officer [...]
From auto-bid tools to cross-border transactions, here’s what you should expect from the alt fi sector September 7, 2016 The European alternative finance sector grew by 92 per cent to €5.4bn (£4.5bn) in 2015, according to Judge Business School’s latest report on the subject, Sustaining Momentum. Excluding the UK, that’s 10 per cent slower than in 2014, but shows, say the report’s authors, expansion across almost all alternative finance models. This slowing growth rate is [...]
Emerging markets fund specialist Ashmore’s share price edges up after firm beats profit expectations September 6, 2016 Ashmore Group’s share price rose by one per cent yesterday after the emerging markets fund specialist beat profit expectations in its full-year results. The figures Assets under management (AUM) of $52.6bn (£39.4bn) were down from $58.9bn in the year ending 30 June 2015. Ashmore’s net revenue for the period came in at £232.5m, down 18 per cent. Read [...]
Gold and silver demand hit a four-year high in August as Brexit uncertainty took its toll September 6, 2016 Don't buy gold: it turns out everyone else is already all over it, after new figures suggested demand for the yellow metal has reached a four-year high in the aftermath of the Brexit vote. Figures published by BullionVault today suggested demand for gold from private investors in August was at its strongest since December 2012. Read [...]
Delaying the inevitable: How long can central banks extend the credit cycle? September 5, 2016 Calling the end of the current credit cycle is becoming an increasingly popular sport among seasoned market-watchers. While there is division over exactly when it will conclude, the consensus is it will be soon. Last week, Deutsche Bank analysts came to the conclusion that they were “not quite ready to call the end of the [...]
Ding, ding: Round 1,182 of Toscafund v Speedy Hire smackdown ahead of meeting September 5, 2016 Activist investor Toscafund has issued yet another statement calling for change at Speedy Hire ahead of a general meeting on Friday. Toscafund, whose chief executive Martin Hughes has earned the nickname Rottweiler in the City, is attempting to oust Speedy’s chairman Jan Astrand and wants David Shearer to be appointed to the board. Influential shareholder [...]
Manny-less Man Group shakes up senior management team under new chief exec September 2, 2016 Hedge fund Man Group has announced a management shake-up after chief executive Manny Roman was poached by Pimco. Roman has been replaced as chief executive by Luke Ellis, who was previously president of the firm and started in his new role yesterday. As part of the shake-up, Jonathan Sorrell’s role of president will be expanded – taking [...]
Toscafund is determined to have the last word in spat with Speedy Hire September 1, 2016 The carousel of increasingly aggressive shareholder circulars between activist investor Toscafund and the board of Speedy Hire is still spinning. The two parties are currently skirmishing ahead of an extraordinary general meeting set for next Friday (9 September) where Tosca intends to again call for changes among the top brass at the firm – something Speedy is dead set against. After Speedy [...]
Star fund manager Neil Woodford lambasts “frustratingly rife” short-termism in the City September 1, 2016 Legendary fund manager Neil Woodford has condemned “frustratingly rife” short-termism in the City, lending his support to a stinging criticism of executive pay levels and a failure of investors to hold management teams to account. The founder of Woodford Investment Management has bemoaned fund managers who “do not behave or think like owners, because they [...]