M&G nabs Aberdeen Asset Management chief investment officer Anne Richards as chief executive Michael McLintock announces plans to retire February 1, 2016 M&G, the asset management arm of the Prudential, has poached Anne Richards, the chief investment officer of Aberdeen Asset Management, to take on the role of chief executive when Michael McLintock steps down after 19 years. In a statement this morning, McLintock announced plans to retire later this year, saying it was "time for a change". [...]
China authorities arrest 21 executives from P2P lending scheme Ezubao on suspicion of running a Ponzi scheme February 1, 2016 Chinese authorities have arrested 21 executives from the country's largest peer-to-peer money lending platform on suspicion of stealing money from nearly a million investors – which could make it the world's largest Ponzi scheme. Reports from local media suggest investors have lost 50bn yuan (£5.3bn), which managers at Euzbao stole from around 900,000 investors. If true, it [...]
Crispy Pancakes maker to disappear from freezers as Findus is rebranded out of existence February 1, 2016 It's about to be a case of harder to Findus, after it was revealed everyone's favourite freezer-based food brand is planning on rebranding. The Grocer reported that Findus, best known for its Crispy Pancakes, is being taken off the shelves by its owner, Young's Seafood, in the spring, ostensibly in an effort to distance it [...]
Conviviality Retail’s share price climbs as it reveals boost to sales from Matthew Clark takeover as champagne and prosecco sales leap February 1, 2016 A strong Christmas has powered drinks company Conviviality Retail over the first half, with the Bargain Booze and Threshers group increasing its interim dividend. The figures The business, which completed its acquisition of wholesaler Matthew Clark in October, said group revenues jumped 38 per cent to £252m for the 27 weeks to 1 November. EBITDA was up 43 [...]
Countryside unveils price range for £1.1bn IPO February 1, 2016 What market turbulence? Housebuilder Countryside Properties has unveiled the price range for its IPO, which at the mid-range will give it a value of £1.1bn. In a statement this morning, the company said shares will be priced between 225p and 275p, while it will issue 450m shares. Once the IPO is complete, it's anticipated it will have [...]
BT’s share price rises as it reveals new structure after EE acquisition – and the mobile brand is staying (for consumers at least) – as revenues reach seven-year high February 1, 2016 BT has unveiled sweeping changes to its structure, following the completion of its £12.5bn takeover of EE last week, as the business reports its best revenues in more than seven years. Although some had predicted the demise of the EE brand, the mobile firm will continue in its current form as far as "the consumer market [...]
Ryanair share price rises as it unveils massive share buyback, while profits more than double February 1, 2016 Ryanair is planning to return €800m (£609m) to its shareholders, after it unveiled a huge share buyback. The company said by the end of the nine-month process, it will have returned €4bn to shareholders over eight years. The announcement came as it posted results showing profits after tax jumped to €103m in the three months to [...]
IPO market set to fall this year after 2015 highs February 1, 2016 The London initial public offering (IPO) market hit a high unlikely to be repeated in 2016, research from accountancy giant PwC shows. Ongoing market volatility, concerns over global growth, and a worsening oil price rout mean that more companies are expected to postpone or call off planned IPOs. Vivienne Maclachlan, capital markets director at PwC, [...]
Crown Estate chairman Sir Stuart Hampson steps down February 1, 2016 Sir Stuart Hampson has announced plans to step down as chairman of The Crown Estate, one of the UK's biggest landlords, after six years in the role. Hampson, a former civil servant and chairman of John Lewis for 14 years, took responsibility for the Crown Estate in 2010 during a difficult year, when its portfolio lost value [...]
Barclays and Credit Suisse strike deals with US regulators over allegations that they misled investments in dark pools January 31, 2016 Two well-known names in banking have struck deals worth millions of dollars with US regulators over allegations they misled investors. The US Securities and Exchange Commission (SEC) today announced that Barclays and Credit Suisse have reached settlements on separate cases regarding accusations over dark pool investments. The banks have agreed to pay $154.3m (£108.3m) between them. Barclays has agreed to pay $70m, split [...]