Atticus sees £2.7bn losses as downturn hits it hard September 2, 2008 Atticus, the high-profile New York hedge fund involved in the failed Barclays bid for ABN-Amro, has lost more than $5bn (£2.8bn) this year after its funds were battered by steep falls in financial stocks. The activist fund saw assets under management fall to around $14bn at the end of July, down from $20m last year [...]
Bumper profits at GDF-Suez September 2, 2008 The newly-formed French energy giant GDF Suez yesterday heralded the start of a “beautiful industrial adventure”, announcing that net profit had soared by 14 per cent. Rising energy demand and rocketing oil prices helped the powerhouse report bumper first-half profits of €3.4bn (£2.76bn), after it was created following the merger of France’s state owned Gaz [...]
Demand for UK equities is at its lowest for six years September 2, 2008 Demand for UK equities is set to fall to just £17bn this year, down from £68bn last year, its lowest level in six years a leading investment bank warned yesterday. Morgan Stanley. Morgan Stanley blamed plunging merger and acquisition activity levels, and a dwindling number of dividend pay outs and share buybacks for its prediction [...]
KPMG set to run Caliber liquidation September 2, 2008 Caliber Global Investment, the LSE listed mortgage-bond fund run by the hedge fund group Cambridge Place Investment Management, is seeking shareholder approval to appoint KPMG, the accountancy firm, to oversee its liquidation. Caliber is unwinding holdings of US and European mortgage-backed debt, which totalled $908m in March 2007, after taking losses on subprime mortgages. The [...]
Affluent women boosting growth in private banking September 1, 2008 NatWest will today reveal that there is a new profile of private banking customers in Britain, announcing an increase in young, affluent female customers. NatWest Private Banking’s customer demographic has evolved significantly over the past five years. Customers are now younger, with 87,344 18 to 30 year olds owning private banking accounts. Private banking is [...]
Henderson promotes equities August 29, 2008 Fund firm Henderson Group yesterday said that chief executive Roger Yates is to stand down in November. The news was announced along with the group’s interim results, in which it reported a 16 per cent fall in profit and confirmed its plans to cut its tax rate by relocating to Ireland. First-half pre-tax profit for [...]
Cash and bonds will help protect your investments from stagflation August 29, 2008 It’s time to re-balance your portfolio to cushion the blow of the bear market, says Bill Jamieson Investors have arrived at a critical inflection point on portfolio planning. Many believe that key sectors of the equity market such as banks and house builders are now undervalued, yet they choose to remain markedly underweight in these [...]
Price website offers half of future profits August 28, 2008 Moneysupermarket.com, the price comparison website, will increase its dividend payout ratio to 50 per cent of all future profits. The bold move was revealed yesterday alongside interim results, and was welcomed by shareholders in the firm, who saw their investment dramatically decrease because of last year’s flotation. The interim dividend is held at 1.3p per [...]
Top Aberdeen Asset Management staff opt for rival Brevan Howard August 28, 2008 Investment group Aberdeen Asset Managers received a blow today with the loss of key personnel to rival Brevan Howard. Ian Winship, head of interest rates, colleagues Philip Payne, Harry Melandri, and analysts Michael Siviter and Adrian Hilton have all bid farewell to their former employers. They will no longer be involved in investment decisions, with [...]
RBS rings the changes with new directors August 28, 2008 Royal Bank of Scotland announced the appointment of three non-executive directors yesterday, in a move that will intensify rumours that CEO Sir Fred Goodwin and chairman Sir Tom McKillop will soon depart the troubled bank. Stephen Hester, Arthur Ryan and John McFarlane will join the board from the beginning of October. Of the three, Hester, [...]
