Man to swing the axe after assets plunge January 18, 2012 THE GLOOM surrounding the hedge fund industry deepened yesterday when Man Group said it would slash costs by another $75m (£48.6m) amid global market turmoil. The world’s largest listed hedge fund manager will shave about 10 per cent from its cost base after reporting a second consecutive quarter of heavy client outflows, with total assets [...]
PR advisers take tiny bite out of dairy merger fees January 18, 2012 ADVISERS to Müller and Robert Wiseman Dairies have charged more than £8m for their assistance in putting together the £280m agreed deal, according to documents issued in connection with the takeover. The bulk of the fees are being paid to the legal and banking advisers. The documents disclose the fees paid to the financial public [...]
Things could turn a corner quickly January 18, 2012 MAN Group has had a torrid time since September, when it lost 20 per cent of its market value in a single day following massive investor redemptions. It has continued to bleed funds ever since, with assets under management falling another $6bn over the last three months. AHL Diversified, the quant fund that accounts for [...]
Moelis turns to Japanese January 18, 2012 MOELIS, the boutique investment bank, has agreed a $93m (£60.4m) cash injection from Sumitomo Mitsui, the Japanese bank, in a deal that will give it extra firepower in the far east. According to industry sources, the investment will give Sumitomo a stake of around five per cent in Moelis, valuing the group at more than [...]
BANKERS NET £1.2M IN EIGHT MINUTES January 18, 2012 THERE WAS some rapid number crunching at last night’s IFR Awards for the investment banking community at Grosvenor House. The multimillion-pound question: could the 1,000 assembled investment bankers between them find £1.2m to take the total raised for Save the Children over the event’s 17-year history to £20m? And all in eight minutes, which was [...]
Canary Wharf to expand its East End estate with a brand new site January 18, 2012 CANARY Wharf Group is set to radically expand its east London estate after taking full control of Wood Wharf, a semi-derelict site adjacent to its existing estate. The company bought the 75 per cent stake it doesn’t already own from partner British Waterways and Irish property company Ballymore in a deal worth £90m. The site, [...]
Oil is left behind in global energy surge January 18, 2012 BP said yesterday that world oil demand would rise by 18 per cent to 103m barrels per day by 2030 – but that other forms of fuel would grow at a faster pace. Higher prices will help restrain oil demand, which will barely rise in OECD countries including the UK, the oil major’s Energy Outlook [...]
Croydon is reaching for the sky with 55-storey tower January 18, 2012 CROYDON is setting its sights high after approving a 55-storey skyscraper which would rejuvenate the south London borough. The development, expected to cost in the region of £350m, would bring 397 residential units, 217 hotel rooms and over 23,000 square metres of office space to Croydon. The skyscraper would also boast its own restaurant, coffee [...]
Boris: foreign cash can pay for airport January 18, 2012 A NEW airport for the Thames Estuary could be built in as little as six years and backed by sovereign wealth funds, Boris Johnson claimed yesterday. Raising cash for the project – expected to cost up to £50bn – would not be a problem, according to the London Mayor, as he called for a display of the [...]
CITY VIEWS: DOES LONDON NEED A NEW AIRPORT? January 18, 2012 GETHIN JONES | RSA “Heathrow and Gatwick are definitely being over-used, so I agree with it in principle as long as it’s environmentally safe.” STEVEN MITCHELL | ALTUS “Yes – people from east London need somewhere more accessible than Heathrow. City airport can’t handle the numbers.” NICK MALE | CALIBER “Yes, I think it should [...]