Misys gets go-ahead for sale May 28, 2012 Financial software firm Misys said yesterday it had won approval from the High Court for the scheme that will allow Vista Equity Partners to complete its takeover. Misys said it expects its last day of trading on the London Stock Exhange to be 30 May, ahead of the official delisting and implementation of the scheme [...]
Three plead guilty in FSA probe May 28, 2012 The FSA said yesterday that three people had pleaded guilty to insider trading. James Sanders, a director of contracts for difference brokerage firm Blue Index, his wife Miranda Sanders and co-director James Swallow pleaded guilty to 10, five and three charges respectively, and will be sentenced on 19 June. Christopher Hossain and Adam Buck were [...]
Spirits rise as Diageo makes £300m deal May 28, 2012 DRINKS group Diageo is toasting the £300m acquisition of one of the producers of Brazil’s most popular spirit, cachaça. The maker of Guinness and Smirnoff has agreed to buy Ypióca from its family owners as it continues to grow its emerging markets businesses to offset weak demand in Europe. The celebrations for another, larger deal, [...]
Hedgie Harding looks for brain gain in Zurich May 28, 2012 THE HEDGE fund set up by star trader David Harding plans to open a base in Switzerland in order to tap into the pool of talent which has been swelled by scientists pursuing the origins of the universe. Winton Capital Management, which uses scientific research to spot patterns in market behaviour and currently has about [...]
Sumitomo Mitsui Trust admits insider trading probe May 28, 2012 SUMITOMO Mitsui Trust said yesterday it was “fully cooperating” with a probe by the Japanese Securities and Exchange Surveillance Commission into alleged insider trading. Reports emerged over the weekend that the company – known as Chuo Mitsui Asset Trust and Banking Company until a merger in April – was being investigated for allegedly trading on [...]
THE SHARD CLOSE TO SIGNING ITS FIRST TWO TENANTS May 28, 2012 The Shard, Europe’s tallest building, is said to be close to clinching its first two office tenants, in deals likely to involve two whole floors of the 1,017 ft tower. US management consultant AT Kearney and an unnamed Middle Eastern bank have been linked to Irvine Sellar’s iconic tower in London Bridge.
New Prudential chair led search for his own job May 28, 2012 PRUDENTIAL yesterday announced Paul Manduca as its new chairman – even though he initially led the committee tasked with finding a replacement for outgoing Harvey McGrath. Manduca founded British fund manager Threadneedle in 1994 and has been Prudential’s senior independent director since January 2011, as well as being current chairman of insurance broker Aon UK. [...]
Resource deals make up record slice of investment bank income May 28, 2012 INVESTMENT banks are increasingly reliant on income from energy and natural resources deals, according to new data that shows the sector has provided 21 per cent of global investment banking (IB) revenue so far in 2012. Research by data provider Dealogic shows how energy and natural resources deals are responsible for a record percentage of IB revenue [...]
Fund managers head for the courts to cash in on divorces May 28, 2012 INVESTORS looking for the next big opportunity beyond the Brics have been offered a new place to put their money – Britain’s £100m a year divorce industry. Novitas has launched a divorce litigation fund to create an alternative lending source for people who need help to pay for divorce costs. It plans to raise £5m [...]
Car insurers in black for first time since 1994 May 28, 2012 HEFTY increases in premiums could cause the UK car insurance business to record an underwriting profit for the first time since 1994, according to a new report by Deloitte. Last year the sector had a combined ratio of 106 per cent – meaning it paid out £106 for every £100 it earned in premiums, equivalent to an [...]