Muddy Waters accuses Burford Capital of deceiving investors August 27, 2019 Shortseller Muddy Waters blasted litigation funder Burford Capital again today, saying the company “is not worthy of an Aim listing, let alone a US one”. The shortseller’s first attack on Burford earlier this month wiped 40 per cent from the company’s share price. Today Muddy Waters reiterated its criticism of Burford’s conduct in relation to [...]
Deloitte boosts partner pay as profits jump August 27, 2019 Deloitte partners are in line for a pay hike this year, despite the current controversy surrounding the future of the Big Four accounting firms. Average profit per equity partner rose six per cent to £882,000 for the year ended 31 May. Profit available for distribution rose to £617m, up from £584m in the prior year. Deloitte [...]
Crunch time: How would City law fare in another downturn? August 27, 2019 The last recession hit the City legal market hard. The top firms launched unprecedented restructurings, slashing thousands of jobs as credit dried up and deals ground to a halt. Magic Circle firm Allen & Overy cut nearly ten per cent of its workforce worldwide, ditching 47 partners, 200 junior lawyers and 250 support staff. One [...]
It’s a bittersweet apology from Hargreaves Lansdown August 21, 2019 With a hat-trick of senior figures set to leave Hargreaves Lansdown, one can’t help wondering how the investment company is going to revive its reputation. Prolific analyst and commentator Laith Khalaf started the trend last week, and yesterday saw the firm’s proposition manager and chair of its investment committee reveal that they were also stepping [...]
Debunking four common myths around temporary workers August 19, 2019 Work is the hub around which the spokes of society revolve: we depend on our labour to make a living. But one big thing has changed over recent years, as work today is less about the perceived value of the job and more about the level of control and choice that the worker has. The human [...]
Wealth managers Tilney and Smith & Williamson in tie-up talks August 18, 2019 Wealth manager Tilney is in merger talks with fellow-wealth manager Smith & Williamson. A deal would create a firm with revenue of nearly £500m and assets under management of in excess of £45bn. The pair have been in talks for a couple of months, according to people familiar with the situation. Read more: Why times [...]
Grant Thornton quits as Sports Direct auditor August 14, 2019 Sports Direct faces being left without an auditor after Grant Thornton told the retailer it would not apply for reappointment. The decision threatens to leave Sports Direct high and dry as all of the Big Four firms have indicated they are reluctant to take on the role. The Financial Times reported that Sports Direct has [...]
UK lawyers taking Belgian citizenship in case of no-deal Brexit August 13, 2019 UK lawyers in Brussels are taking Belgian citizenship in order to keep practising before the European courts post-Brexit. Brussels is a key centre for competition law and most large international law firms have an office there to advise clients on European law issues. Trevor Soames, a Brussels-based partner with US law firm Quinn Emanuel who [...]
Muddy Waters says Burford has ‘same illness’ that doomed Enron August 13, 2019 Muddy Waters redoubled its assault on litigation funder Burford Capital today, accusing the company of having the “same illness” that brought Enron down. The activist shortseller accused Burford of “addiction to mark-to-model gains financed by debt”. In mark-to-model or fair value accounting, unrealised gains are included on a company’s balance sheet. Muddy Waters said: “We [...]
PwC resigns as Staffline auditor following delay to 2018 results August 12, 2019 Recruiter Staffline said today that is auditor PwC has resigned after it put its audit contract out to tender. Staffline significantly delayed the release of its 2018 results after PwC received an anonymous email the day before their schedule released raising concerns about Staffline’s accounting practices. Read more: Staffline shares plunge after firm reveals £32.6m [...]