CITY MOVES WHO’S SWITCHING JOBS May 31, 2009 Old Broad Street ResearchThe investment funds research and consultancy firm has appointed Gill Hutchinson as head of investment consultancy and Nick Whalley as head of investment research. Hutchinson has managed the firm’s key investment consultancy relationships for many years, while Whalley joined OBSR’s research team in 2005. In his new role, he will be assisted [...]
CITY MOVES WHO’S SWITCHING JOBS May 28, 2009 DeloitteThe business advisory firm has appointed Annette Olesen as an insurance partner. Olesen has previously led key aspects of the Solvency II debate throughout Europe in her role as chair of the actuarial profession’s Pillar 1 Solvency II working group, and has provided input directly to the European Union’s Committee of European Insurance and Occupational [...]
Ombudsman registers jump in insurance firm complaints May 27, 2009 COMPLAINTS about insurance companies rose by 84 per cent last year as firms tightened their belts during the economic crisis, sometimes at the expense of customer services. A Financial Ombudsman Service report, published yesterday, says it handled a record 127,471 new disputes about firms in all sectors over the last year and a staggering 789,877 [...]
Pearl rescuer close to deal May 26, 2009 THE potential new investors in Pearl Assurance, Hugh Osmond’s highly-indebted insurance group, could end up with 60 per cent of the equity as part of a refinancing deal currently being discussed, CityA.M. has learned. Liberty Acquisition Holdings, an Amsterdam-listed special purpose vehicle headed by two private equity investors, Nicholas Berggruen and Martin Franklin, is in [...]
Fear index hits new lows as jitters ease May 20, 2009 MARKET optimists and bulls breathed a sigh of relief this week when the CBOE’s Volatility Index – the so-called “fear gauge” – reached its lowest levels since Lehman Brothers collapsed last September. While a recovery is far from assured, the calmer Volatility Index suggests that more settled times may be ahead for the equity markets [...]
Financials prove that what goes up must come down May 20, 2009 THE FTSE 100 closed 0.3 per cent lower yesterday, with shaky financial stocks offsetting strength in heavyweight oils and miners. The index ended the session down 13.84 points at 4,468.41, up 0.8 per cent on the year, having gained nearly 30 per cent since a six-year low hit on 9 March. “We are still in [...]
CITY MOVES WHO’S SWITCHING JOBS May 20, 2009 SVG CapitalThe private equity firm has appointed Lynn Fordham as its new chief executive officer and Tony Dalwood as chief executive of SVG Advisers, its advisory arm. Fordham joined the SVG Capital board as finance director in July last year, having previously held positions with Barratt Developments, BAA, Boots, Man Group and Chubb. Dalwood joined [...]
Bay Trading salvaged by sale to Rinku Group May 19, 2009 FASHION chain Bay Trading has been rescued by a last-ditch sale to clothing wholesaler and retailer Rinku Group, administrator Deloitte said yesterday. Rinku, which owns the Tigi-Wear, Viz-a-Viz and iZ clothing brands, has bought 45 of Bay Trading’s stores and 85 concessions. The chain’s remaining 125 outlets will be wound up and returned to landlords [...]
Pearl’s bankers in the driving seat May 18, 2009 BANK lenders to Pearl, Hugh Osmond’s struggling insurance group, have won a significant concession in their fight not to accept a major write-off on their £3bn loans. Pearl’s bankers were recently asked to take a 40 per cent write-off on their loans as part of a £500m injection of equity from a shareholder group, Liberty. This group [...]
Russian plots Lloyd’s entry via Chaucer May 14, 2009 RUSSIAN billionaire Alex Knaster unveiled plans to buy his way into the Lloyd’s of London insurance market yesterday, saying he is interested in taking a 29.9 per cent stake in Chaucer Holdings. Chaucer chief executive Ewen Gilmour confirmed the interest and ongoing takeover discussions, from Knaster’s private equity firm Pamplona Capital, in an official statement [...]