Catch him if you can: art of the steal taught at bank conference October 17, 2013 ANYONE lucky enough to find themselves in Miami next month, with the requisite $2,310 (£1,430) will be able to meet a famous reformed con-man at the Private Banking Latin America conference. Frank Abignale, played by Leonardo DiCaprio in 2002’s Catch Me If You Can, now spends time advising financial institutions. However, the event, which is [...]
Diageo hurt by weak emerging markets growth October 17, 2013 DIAGEO posted a lower than expected rise in first quarter sales yesterday as strong growth in the US was dampened by a slowdown in emerging markets such as Africa and Russia. The world’s largest drinks company, which owns brands including Guinness and Smirnoff, said organic sales rose by three per cent in the three months [...]
Analyst Views: Has Diageo’s trading update altered your outlook for the group? October 17, 2013 MARTIN DEBOO INVESTEC “We read the first quarter as a miss… emerging market growth is decelerating – fast – driven by a mix of weak demand and destocking. We re-state our sell case, believing that the valuation needs to adjust to reflect growing pressures in the emerging markets, which are heading for 50 per cent [...]
SABMiller investors cheered as sales grow in China and Africa October 17, 2013 SABMILLER gave investors a reason to celebrate yesterday after revealing an improvement in European sales as well as strong growth in Africa and China during the six months to the end of September. Net producer revenues, which exclude tax costs, grew by five per cent in Latin America, 11 per cent in Africa and seven [...]
Surprise inflow ends for Man after two years October 17, 2013 MAN GROUP, the world’s biggest listed hedge fund, stopped the rot yesterday after luring a surplus of cash from customers for the first time in two years. The swing back to inflows, which totalled $700m (£433m) for the three months ending September, marks a significant milestone for chief executive Manny Roman, who took over in [...]
Top Mayfair hedge fund Egerton shuts fund to new client money October 17, 2013 EGERTON Capital, one of the world’s most successful hedge funds, has closed its flagship fund to new money, it confirmed yesterday. Egerton, led by top fund manager John Armitage, shut the door on the $6bn (£3.7bn) long only fund in September, after closing its $5bn plus long/short fund last year. It follows a burst of [...]
Assets up 15pc at Rathbones October 17, 2013 FUND manager Rathbone Brothers yesterday posted a 15.6 per cent jump in funds under management to £20.8bn at the end of September, helped by the improving markets. “Our outlook remains positive as we continue to respond to the ongoing changes in the industry and develop as a leading UK provider of high-quality personalised discretionary investment [...]
Plus500 lures more punters October 17, 2013 SPREADBETTER Plus500, which listed on the London market this summer, yesterday said it increased user numbers by 23 per cent last quarter against a year ago. The Aim-listed company, which raised $75m (£46.4m) when it floated in July, said revenues rose from $12m a year ago to $20m for the three months ending September. “Despite [...]
Jupiter reveals £271m boost October 17, 2013 JUPITER Fund Management, the UK asset manager led by Edward Bonham Carter, yesterday said clients added £271m of net new money in the third quarter amid improving investor confidence, its best three-month period since the end of last year.
Ex-British Gas boss to head up telecoms giant October 17, 2013 FORMER British Gas boss Phil Bentley has joined Cable & Wireless Communications as the telecoms group’s new chief executive. Bentley stepped down from British Gas in February to pursue his ambition to become a chief executive, after it became clear he was not in the running to take the top job at parent company Centrica. [...]