F&C adds two heavyweights to its board June 1, 2009 ASSET manager F&C has added a former PricewaterhouseCoopers (PwC) chairman and a former chief executive of rival Henderson to its board, in a bold reshuffle ahead of its shift to corporate independence. The group, currently being demerged from life insurer Friends Provident, named ex-Henderson chief executive Roger Yates as a non-executive director. He will be [...]
AnaCap vehicle to target financial services firms June 1, 2009 EUROPEAN private equity firm AnaCap has bucked the dim fundraising environment by gathering €575m (£496m) for a fund that will aim to snap up vulnerable UK financial services firms. The group, whose heavyweight investors include Goldman Sachs, Allianz and Morgan Stanley Alternative Investment Partners, said the fund is twice the size of its other vehicle, [...]
Hardcore of fund bosses bank on falls June 1, 2009 A DWINDLING number of hardcore high-profile fund managers continue to hoard cash and shelter in defensive equities, in the belief that recent gains on the FTSE 100 are part of a bear market rally – not a recovery. As the FTSE 100 yesterday broke through the 4,500-point barrier, compared to lows around 3,500 just three [...]
Ancelotti promises to recreate his European success as Chelsea boss June 1, 2009 FORMER AC Milan coach Carlo Ancelotti was anointed Chelsea manager yesterday and immediately vowed to deliver the Champions League glory the Blues so desperately crave. Ancelotti, whose three-year contract begins on 1 July, has an outstanding continental pedigree that helped make him Chelsea owner Roman Abramovich’s No1 choice. The Italian, 49, led Milan to two [...]
Martinez on Wigan radar as Bruce weighs up Sunderland June 1, 2009 WIGAN boss Steve Bruce is on the verge of being appointed Sunderland manager after the two clubs agreed a compensation package. A deal could be completed as early as today after Sunderland officials flew to Portugal, where Bruce is on holiday, to open talks. Wigan chairman Dave Whelan had demanded £3m to release Bruce from [...]
Crouch has high hopes of keeping Heskey on bench June 1, 2009 PORTSMOUTH’S Peter Crouch insists he is optimistic about keeping his place in the England starting line-up, following rival Emile Heskey’s return to fitness. Crouch marked his start against Ukraine in April with a goal but faces a battle for selection against Kazakhstan on Saturday now that Heskey, a favourite of head coach Fabio Capello, is [...]
B&B suffers on loan losses June 1, 2009 BRADFORD and Bingley will lose up to £700m on mortgage defaults this year and expects an increase in the rate of loan losses, its chief executive Richard Pym said yesterday. Pym said the number of borrowers more than three months behind on their mortgage had grown from the 4.6 per cent figure it announced in [...]
FSA extends regime forcing disclosure of short positions June 1, 2009 THE FINANCIAL Services Authority is proposing to extend the regime which requires the disclosure of short positions in financial stocks, it said yesterday. The City watchdog said an extension of the disclosure requirement, due to expire on 30 June, would “help reduce the potential for abusive behaviour and disorderly markets” and also hinted at longer-term [...]
ECONOMIST VIEWS: IS THIS A BEAR MARKET RALLY OR A PROPER BULL MARKET RUN? June 1, 2009 MAX KING INVESTEC ASSET MANAGEMENTIt has all the hallmarks of a bull market. We bought into the rally back in March and at the time our view was: “It’s going up so who cares whether it’s a bear rally or bull market?” Those people who are betting on a bear market rally may end up [...]
HSBC and Berkley fall after Saudi accounts frozen by banks June 1, 2009 SHARES in HSBC and housebuilder Berkeley Group dropped yesterday after the accounts of a major shareholder were frozen by the Saudi Arabian Monetary Agency (SAMA). The Saudi central bank ordered domestic lenders to freeze the bank accounts of businessman Maan al-Sanea, one of the country’s wealthiest businessmen. Sanea is chairman and founder of the Saad [...]
