Brookfield buys 62 per cent of Oaktree Capital in $4.7bn deal March 13, 2019 Canadian firm Brookfield Asset Management has agreed to buy 62 per cent of US alternative asset management company Oaktree Capital for an estimated $4.7bn (£3.56bn). The combined companies will have around $475bn of assets under management and $2.5bn of annual fee related revenue, creating one of the world’s biggest alternative asset managers. Read more: Oaktree Capital [...]
Standard Life Aberdeen scraps co-chief executive structure March 13, 2019 Standard Life Aberdeen has scrapped its co-chief executive structure, the investment firm announced this morning as it reported a dip in profits and assets under management (AUM). Keith Skeoch has been appointed sole chief executive and Martin Gilbert has been moved to vice chairman of the company, dissolving the structure that was agreed following the [...]
Coltrane Asset Management: What do we know about the hedge fund ruffling Interserve’s feathers? March 12, 2019 Outsourcing giant Interserve has taken a hammering in recent weeks from a very rowdy shareholder: Coltrane Asset Management. The New York hedge fund has done its utmost to derail a rescue deal designed to save the outsourcer from administration, even threatening to sue Interserve’s board last month. Coltrane may have caused a ruckus, but what [...]
River and Mercantile ‘focused on conduct’ following City watchdog investigation March 11, 2019 River and Mercantile has said it will focus on conduct as it moves to reassure investors in the wake of an investigation by the City watchdog. The Financial Conduct Authority fined the asset management firm £109,000 last month after it was found to have broken competition law, and former portfolio manager Philip Rodrigs was sacked [...]
Gresham House assets under management soar by 250 per cent March 7, 2019 Specialist asset management firm Gresham House trebled its assets under management (AUM) in 2018 following a string of acquisitions. Shares were up more than three per cent on the news that AUM had soared 250 per cent in the year to the end of December last year, rising from £649m to £2.3bn. Read more: Gresham [...]
Schroders profits fall 15 per cent on weak investor sentiment March 7, 2019 Schroders saw profit drop 15 per cent last year as the asset management giant was hit by weaker investor sentiment due to political and economic uncertainty. The figures Profit before tax fell 15 per cent to £649.9m from £760.2m in the 12 months to the end of December last year. Read more: Schroders and Lloyds [...]
Financial institutions beware – big tech is moving into banking March 6, 2019 Despite Brexit uncertainties and stock market collapses, British banks concluded their 2018 earnings season with improved performance. Profitability increased thanks to cost drives, while balance sheets strengthened through derisking assets. Banks’ ability to grow revenue, however, remains a perennial challenge. The quest to growth may be harder in the digital age. In a recent report [...]
Asset management firm Invesco lobbies US Securities and Exchange Commission over Mifid II implementation March 4, 2019 Global asset management firm Invesco is lobbying for the US financial regulator to allow it to implement Mifid II rules on paying for investment research. The firm attended a meeting with the Securities and Exchange Commission (SEC) last year to push for changes to rules which ban brokers from receiving research payments unless they are [...]
Arrow Global shares rise nine per cent on boosted full-year profits February 28, 2019 Shares in Arrow Global climbed nine per cent this morning as the credit management services provider reported boosted 2018 profits. The firm’s share price hit 197.2p after it reported its 2018 full-year results, up 9.6 per cent from 179.8p, before dropping slightly to 195.2p this afternoon. The figures Arrow announced that underlying profit after tax [...]
Asset management firms ‘inconsistent’ with cost disclosure, City watchdog warns February 28, 2019 Asset management firms are inconsistent with costs and charges disclosure compliance, the city watchdog warned today. The Financial Conduct Authority (FCA) said asset managers must ensure they are “clear, fair and not misleading” in order to avoid confusion over costs for customers. Read more: Asset management firms face overhaul of fund disclosure The FCA's investigation into disclosure [...]