SVG shake-up as rebels fail to win vote March 20, 2012 PRIVATE equity investor SVG Capital has faced down a shareholder revolt and will continue with plans to diversify beyond Permira, the buyout firm in which it has traditionally invested. SVG won 66 per cent backing for the change yesterday although nearly 34 per cent of the votes went against it. It also won virtually unanimous support to [...]
Direct Line Group set to name Biggs as chairman March 20, 2012 ROYAL Bank of Scotland (RBS) has offered the role of chairman at Direct Line Group, its insurance unit, to Mike Biggs, a former finance director at Aviva. It is understood that Biggs has not yet formally accepted the job but he will be tempted by the chance to lead a firm that is set to [...]
Jefferies books better results March 20, 2012 US BANK Jefferies reported stronger fixed-income trading and underwriting revenue yesterday, a signal that Wall Street’s most lucrative businesses could be staging a comeback. The bank reported a profit for its fiscal first quarter of this year of $77m, down from $87m a earlier, due in part to higher costs and weak equity trading volumes. But [...]
Apax first close pulls in €4.3bn March 20, 2012 PRIVATE equity house Apax Partners has joined the rush of successful fundraisings by pulling in €4.3bn (£3.6bn) in 10 months. The first close on Apax’s eighth fund is the largest since the collapse of Lehman Brothers in September 2008. London-based Apax, which declined to comment, hopes to ultimately raise €9bn, about a fifth below the total [...]
PwC snaps up Cole as new legal counsel March 20, 2012 THE FINANCIAL Services Authority’s outgoing head of enforcement Margaret Cole will join PwC later this year, becoming a member of the executive board of the accountancy firm. The former corporate lawyer will be PwC’s new general counsel, the firm said yesterday, returning to practice eight years after joining the City regulator. Cole will replace current [...]
Back to the Cole-face for lawyer who won Maxwell pension case March 20, 2012 MARGARET Cole’s move to in-house counsel at PwC marks a return to her original career as a lawyer, which has included stints as commercial litigation partner at both Stephenson Harwood and US firm White & Case. Her first high-profile role came back in the early nineties, when she represented pension fund trustees in their recovery [...]
IPO fever returns to Europe as Ziggo and DKSH go public March 20, 2012 BIG European stock market listings have made a strong comeback after almost eight months without a major deal, suggesting that investors may be overcoming fears of a Eurozone collapse. Yesterday Swiss trading house DKSH sold 17.1m shares – equivalent to a third of its equity – for the highest expected price, raising 821m Swiss francs (£690m) for [...]
WorldSpreads workers laid off as firm winds up March 20, 2012 WORLDSPREADS administrator KPMG put most of the defunct betting firm’s staff out of their jobs yesterday as it began work to wind up the company. Fifty two of the spread betting firm’s staff were laid off, leaving 12 to help find millions in missing client money and divvy up its remaining assets. It is understood that KPMG [...]
QUEEN REAFFIRMS SERVICE TO COUNTRY March 20, 2012 QUEEN Elizabeth used a speech to parliament in Westminster Hall yesterday to rededicate herself to public service, as part of the celebrations surrounding her 60th jubilee. Watched by current Prime Minister David Cameron and his predecessors Gordon Brown and Tony Blair, as well as the Commons and the Lords, the Queen pledged to remain at [...]
Deutsche top execs see pay fall by 18 pc March 20, 2012 DEUTSCHE Bank’s top management saw their total pay slashed by nearly a fifth last year after failing to hit profit targets. The bank’s annual report also revealed yesterday that it has been subpoenaed by at least three US bodies and the European Commission over a probe into alleged manipulation of interbank lending data. And it [...]