Woodford exit sparks market and broker jolt October 15, 2013 BRITAIN’S most powerful investor Neil Woodford announced plans to quit fund manager Invesco Perpetual yesterday to form a rival business, triggering a widespread sell-off of Woodford-related stocks. Woodford, who looks after about £30bn of savings for people in the UK, said he would step down from the Henley-on-Thames based firm at the end of April [...]
…as Invesco reshuffles its equity team with promotion of veteran October 15, 2013 THE MAN filling Neil Woodford’s shoes following his departure from UK fund manager Invesco Perpetual will be Mark Barnett, a 17-year veteran of the company. Barnett will take over Woodford’s High Income and Income funds when the seasoned manager departs the company in April next year. Barnett currently runs the UK Strategic Income Fund, which [...]
Citi profits fall on poor bond market results October 15, 2013 CITIGROUP profits fell in the third quarter, the banking group reported yesterday, with bond trading down after the Federal Reserve surprised the market with the sustained pace of its money printing. Net income came in at $3.23bn (£2bn), down 16 per cent from $3.89bn in the previous three-month period and flat on the year. Revenues [...]
Sants signed off from Barclays with stress October 15, 2013 FORMER top regulator Sir Hector Sants is on leave from Barclays suffering from exhaustion and stress. Sants was hired at the start of this year to run the bank’s compliance operations, after spending five years at the Financial Services Authority and re-moulding much of the regulatory system. Sir Hector is expected to take three months off, [...]
Shares suffer as Burberry boss trades handbags for handsets October 15, 2013 BURBERRY lost £770m off its stock market value yesterday after the luxury group announced that chief executive Angela Ahrendts will be stepping down. Ahrendts, a 53-year-old American who has been at the helm of the luxury group since 2006, will leave in the middle of next year – swapping her London offices for Silicon Valley [...]
Apple hands its retail empire to fashion veteran October 15, 2013 APPLE’s appointment of Burberry’s Angela Ahrendts as head of its retail and online stores is much more than just another hire for the technology titan. Apple’s retail business is an empire in itself, making revenues of $6.4bn (£4bn) in the first quarter of 2013 – making it just under half the size of Amazon’s entire [...]
Bottom Line: New boss has big shoes to fill and very little experience October 15, 2013 IT MIGHT seem churlish to assume that just because Christopher Bailey is a fashion designer, he might not know his way around a financial statement. Plenty of designers before him have founded labels and led them to commercial success – notably Tom Ford, the former Gucci and YSL creative director who jumped ship in 2004 [...]
Profile: Christopher Bailey October 15, 2013 WHEN Christopher Bailey emerges onto the catwalk at the end of a Burberry fashion show, the audience erupts with loud applause. However yesterday’s share price fall following his appointment as both chief executive and chief creative officer suggested a less warm reception. The 42-year-old Yorkshireman, who was described by outgoing Burberry boss Angela Ahrendts yesterday [...]
Stubborn price rises still above inflation target October 15, 2013 SOARING energy bills helped keep inflation firmly above its target in September, official figures showed yesterday. Prices increased by 2.7 per cent in the 12-month period, above the Bank of England’s two per cent and the same rate as in the year to August, according to the Office for National Statistics’ consumer prices index (CPI). The [...]
UK set to speed up in next year October 15, 2013 A NEW forecast suggests that the UK’s economy will grow by 1.6 per cent this year, ahead of the expectations of major international groups. According to stats out today from the Centre for Economics and Business Research, UK growth will speed up to 2.7 per cent next year. The CEBR expects that such rapid growth [...]