Insurance giant Prudential to float stake in US business March 11, 2020 Insurance giant Prudential has confirmed it will float a stake in its US unit following pressure from an activist hedge fund. Prudential this morning said preparations are underway for a minority initial public offering (IPO) of Jackson in the US as it said it is closely monitoring the development of coronavirus. Group chief executive Mike [...]
M&G makes debut as Prudential demerger completed October 21, 2019 Prudential has completed the demerger of its fund management and insurance arm M&G, whose shares have now debuted on London’s main market. M&G was valued at around £5.6bn following the spinoff, which gave investors shares in both companies. Read more: M&G Prudential backs London with £875m investment in City skyscraper Life insurer Prudential announced plans [...]
High Court blocks Prudential’s £12bn transfer of annuities to Rothesay August 16, 2019 The High Court has taken the highly unusual measure of blocking a proposal by Prudential to transfer £12bn of annuities to Rothesay Life. Prudential said it was “disappointed” by the High Court’s decision to block the sale to Rothesay – a private company backed by Blackstone – which was agreed in March last year. “The [...]
Private bank Raphaels fined £1.89m for failures that left customers cashless on Christmas Eve May 30, 2019 Private bank Raphaels has been fined £1.89m for poor controls over its outsourcing arrangements. The 230-year old bank was fined £775,100 by the Financial Conduct Authority (FCA) and £1.1m by the Prudential Regulation Authority (PRA) in connection with the failings between April 2014 and December 2016. The weaknesses in its systems came to light on [...]
Firms must be more open about cyber attacks, says Fidelity International boss May 21, 2019 Companies must put competition aside and take a more collaborative approach to fighting cyber crime, a top asset management boss has said. Fidelity International chief executive Anne Richards urged firms to be more open in sharing information about cyber attacks in a bid to minimise future threats. Read more: Don’t let trust become the next [...]
Lloyds Banking Group: Q1 results analysis May 7, 2019 | City Talk By Graeme Evans from interactive investor. After a stunning share price performance, do these 'hit and miss' results justify optimism? Lloyds Banking Group (LSE:LLOY) investors, in need of a silver lining after an underwhelming earnings season from UK lenders, only have to look back 24 hours earlier to the surprise gift handed to the bank [...]
Just Group leads FTSE fallers after revealing £400m fundraising plans March 14, 2019 Retirement services firm Just Group has seen shares fall 11 per cent today after revealing plans to raise almost £400m to comply with new capital requirement rules as it unveiled a heavy loss before tax in 2018. The firm said it plans a debt offering of £300m and will raise a further £80m from an equity [...]
In for a Penny: Direct Line promotes finance chief to top job February 26, 2019 Insurer Direct Line said today it had appointed its chief financial officer Penny James to succeed Paul Geddes as chief executive with effect from 9 May. James was appointed to Direct Line’s board in November 2017 and became finance boss in March. Previous roles include director of group finance at Prudential, group chief finance officer [...]
London listings in slowest start since 2010 as Brexit worries dampen market January 30, 2019 London’s IPO market has got off to its slowest start since the financial crisis this year as the looming Brexit date dents investor confidence. London Stock Exchange (LSE) data, shows that in the year to 29 January just £680,000 has been raised in London initial public offerings (IPOs). By 29 January 2018 £40m had been [...]
FTSE 100 index rises on hopes of US – China trade war breakthrough January 18, 2019 The FTSE 100 is up more than one per cent this morning on hopes of a breakthrough in trade talks between the US and China. The index was boosted by hopes of progress in the trade war, which were sparked by news reports suggesting that the US is considering reducing tariffs on Chinese imports. Read more: Markets lift [...]