US and UK M&A deals outpace Europe April 17, 2019 Merger and acquisition (M&A) deals in the UK and US are outpacing the rest of Europe, with activity remaining strong despite a global downturn. Deal volumes reduced by 20 per cent in Europe last year, but only dropped by six per cent in the UK and by 11 per cent in the US. Read more: European [...]
Can European banks be saved by mergers and a fresh round of deal making? April 16, 2019 The comparisons with US peers just got a lot harder for European banks after a strong showing from JP Morgan to kick off earnings season. But could there be fresh revenue on the way for European investment banks, even if it is of their own making? There’s a mooted capital raising for Deutsche Bank before [...]
Sub-prime lender Provident Financial lashes out at ‘unlawful’ Non-Standard Finance payments amid takeover dispute April 16, 2019 Sub-prime lender Provident has urged shareholders to take no action in relation to a £1.3bn hostile takeover bid from Non-Standard Finance (NSF), as the chairman accused its rival of “unlawful” dividend distributions. NSF confirmed last week that some dividend payments since 2015 were “technical infringements” of the Companies Act, however, in a letter to investors [...]
UK tops global ranking for top investment destinations for first time April 15, 2019 The UK has been ranked as the top investment destination in the world, knocking the US off the top spot. It is the first time the UK has taken the top spot in the rankings by professional services firm EY in the survey’s 10-year history. In 2018 the UK accounted for 10 per cent of [...]
Provident Financial ‘astonished’ at admissions by suitor Non-Standard Finance that it broke company law April 14, 2019 Provident Financial said today it is “astonished” by suitor Non-Standard Finance’s (NSF) statement after trading ended on Friday which admitted it had broken company law with previous dividend payments. A spokesperson for Provident said: “We are astonished by NSF’s after hours announcement admitting, ten days after Provident questioned certain dividends and buy backs, an apparently wider [...]
Provident Financial blasts Non-Standard Finance over failure to respond to concerns April 12, 2019 Doorstep lender Provident Financial said today it remains “gravely concerned” that Non-Standard Finance (NSF) has failed to respond to questions it raised in relation to NSF’s takeover bid. NSF made a £1.3bn offer for struggling sub-prime lender Provident in February that was rejected by the company, but has continued its pursuit despite opposition from Provident’s [...]
UK set to give Murdoch the green light to merge the Times and Sunday Times April 11, 2019 Murdoch-owned newspapers The Times and The Sunday Times will be allowed to merge subject to governance changes, the government has ruled. Culture secretary Jeremy Wright today said he is “minded” to accept proposals put forward by Murdoch’s News UK empire to allow the two newspapers to share resources. Read more: Murdoch braced for verdict over [...]
Digital wealth management firm Yieldstreet buys Athena Art Finance from Carlyle in $170m deal April 10, 2019 A wealth management firm backed by billionaire George Soros has bought art collector lender Athena from Carlyle, the US private equity giant, for $170m (£130m). The deal is digital wealth management platform Yieldstreet’s first corporate acquisition following its recent $62m Series B funding round, which received backing from Soros Fund Management. Read more: Private equity investment bounces back [...]
Private equity investment bounces back at the beginning of 2019 April 9, 2019 Private equity investment in UK companies bounced back in the first three months of this year following a slump at the end of 2018, according to the latest data. Total deal value climbed from £6.1bn in the fourth quarter of 2018 to £8.9bn between January and March this year, a £3.9bn increase from the £5bn [...]
Hargreaves Lansdown and the Share Centre acquire £1.5bn of JP Morgan assets April 9, 2019 Hargreaves Lansdown and the Share Centre have agreed to buy £1.5bn in assets from JP Morgan Asset Management as the firm shifts its focus from direct-to-consumer to fund management. Read more: JP Morgan plans to cut hundreds of asset and wealth management jobs Hargreaves Lansdown has acquired up to 33,000 of JP Morgan’s retail managed fund [...]