Fund head probed over Madoff July 5, 2009 Former Austrian fund manager Sonja Kohn is being investigated by US, UK and Austrian prosecutors who believe she was paid over $40m (£25.5m) in kickbacks for ferrying funds to fraudster Bernard Madoff. They believe she was paid off while chairman of Austria’s Bank Medici, via separate firms she ran.
Rose believes activists will fail to deliver July 5, 2009 MARKS & SPENCER believes shareholder activists will not get the required 75 per cent vote in favour of a resolution at its AGM on Wednesday calling on the retailer to split the executive chairman role held by Sir Stuart Rose. The Local Authority Pension Fund Forum (LAPFF), has filed a resolution for Wednesday’s shareholder meeting [...]
Sale of Northern Rock on agenda July 5, 2009 THE possibility of Northen Rock being prepared for a sale will be high on the agenda later this week when the government outlines its plans for the UK banking sector. Keen to improve the competitive environment in UK banking, the government is expected to open the door to the sale of Northern Rock to a [...]
Futures brokers in US rules hike July 5, 2009 US regulators are planning to boost capital requirements for futures brokers by at least 25 per cent, sparking concerns many of the brokers could be forced out of business. The Commodity Futures Trading Commission (CFTC) is thought to be keen to push through the plans, which come as part of President Obama’s bid to boost [...]
Brown warns G8 of recession July 5, 2009 GORDON Brown will this week warn G8 leaders they face further recession if they are complacent about boosting the global economy. The Prime Minister has a five-point plan for growth that includes more bank lending, action against protectionism, fresh restraint on oil prices, more investment and preventing young people from being out of work. “There [...]
Sir John Bond weighs in to Kleinwort bid July 5, 2009 KLEINWORT Benson, one of the oldest and most august banking names in the City, appears to have a future. Germany’s Commerzbank is on the very brink of sealing a deal to sell off the 150-year-old private bank to a tripartite consortium of management and City and private equity backers, it has emerged. City sources said [...]
Darling ready for battle on bonuses July 5, 2009 CHANCELLOR Alistair Darling will put himself on a collision course with City bankers this week, with the release of a white paper on regulation that will seek aggressive curbs on remuneration. The chancellor’s vision of a new regulatory system, which could be unveiled as soon as Wednesday, will not include changes to the tripartite structure [...]
Hedge funds enlist Boris in fight against EU plans July 5, 2009 LONDON’S role as a financial centre will be damaged unless the UK can secure changes to the European Commission’s proposals on the regulation of hedge funds, alternative investment managers will tell London mayor Boris Johnson this week. Paul Marshall of the Alternative Investment Managers’ Association (Aima) will join forces with Simon Walker, chief executive of [...]
BoA overtakes UBS in wealth manager league July 5, 2009 BANK OF AMERICA (BoA) has officially overtaken Swiss rival UBS as the number one wealth manager for rich investors thanks to its merger with rival Merrill Lynch, a survey has said. The group now oversees a giant $1.5 trillion (£921bn) in assets, slightly more than UBS that has suffered heavily from client withdrawals of funds [...]
CIRCLING FRIENDS July 5, 2009 Internet entrepreneur Peter Dubens is on the shortlist to buy Friends Reunited from ITV. The broadcaster, which paid £175m for Friends, may sell it for as little as £20m. Dubens runs a private equity arm called Oakley Capital.
