Clearbanc rebrands to Clearco and raises $100m Series C round April 20, 2021 Ecommerce investor Clearbanc has today announced a rebrand and $100m in new equity funding, bringing the company’s valuation to almost $2bn. The alternative capital platform, founded by Canadian Dragons Den star Michele Romanow, will rebrand to Clearco. “The move from Clearbanc to Clearco really signals our move beyond capital,” Romanow said. “Our goal is to [...]
FCA chief: Financial promotion rules must apply online April 20, 2021 The head of the City regulator has called on the Government to provide more protection for consumers online in the face of an increasing number of risky investment offers. Speaking at UK fintech week, Nikhil Rathi reiterated the need for financial promotion rules to apply to both digital and more traditional media. “In a low [...]
Jupiter records outflows of £776m as demand for European equities falls April 20, 2021 Jupiter Fund Management recorded first quarter net outflows of £776m as clients turned their back on UK and European equities. The wealth manager said mutual funds saw total net outflows of £848m due to continued lower demand for European-focused equities. It was partially offset by positive net inflows from fixed income. Shares in Jupiter fell [...]
Hammerson collects less than half its rent even as restrictions ease April 20, 2021 Hammerson has received less than half of rent due in the second quarter even as lockdown restrictions ease and footfall returns to pre-pandemic levels. At group level just 40 per cent of Q2 rent has been received, with the UK collecting 48 per cent, France 23 per cent and Ireland 34 per cent. An aggregate [...]
Deutsche Bank board member investigated over alleged insider trading April 19, 2021 Germany’s financial regulator has reportedly filed a criminal complaint against a Deutsche Bank board member over alleged insider trading of Wirecard shares. BaFin has filed a complaint against Alexander Schutz over suspicions he used insider information in 2019 and 2020 when trading Wirecard shares, the Financial Times reported. Munich prosecutors told the newspaper they had [...]
Government to pay out £120m to LCF bondholders in new compensation scheme April 19, 2021 The Government has announced plans to compensate bondholders who lost out on millions following the collapse of London Capital & Finance. A new compensation scheme will pay 80 per cent of bondholders’ initial investment up to a maximum of £68,000, the Treasury said today. Where bondholders have received interest payments from the collapsed firm or [...]
Coinbase chief executive sold $291.8m in shares on listing day April 19, 2021 The chief executive of the recently-listed Coinbase sold more than $290m of his shares on the platform’s opening day last week. Brian Armstrong sold $291.8m in shares during the digital currency platform’s first day of trading on the Nasdaq, regulatory filings showed. He sold 749,999 shares in three batches at prices ranging from $381 to [...]
LGIM director joins FCA in newly created sustainability role April 19, 2021 A well known corporate governance figure will join the City regulator as it looks closer at the role of sustainable finance. Sacha Sadan will join the Financial Conduct Authority as director of Environment, Social and Governance to advocate for sustainable finance. He joins from Legal and General Investment Management where he was director of investment [...]
‘You adapt quickly in a disaster’: FinnCap boss Sam Smith on the broker’s strong year April 19, 2021 Stockbroker FinnCap has enjoyed an unexpectedly strong year as capital markets started to rebound and business confidence triggered a flurry of IPOs in London. Chief executive and founder Sam Smith spoke to City A.M. about how she steered the ship and what lies ahead for the IPO market this year. Initial panic The AIM specialist [...]
Treasury to move forward with recommendations set out in listings review April 19, 2021 The Treasury will move forward with recommendations made by Lord Hill to encourage more fintechs to list in the UK. Last month the former EU commissioner published a set of recommendations which called for a range of deregulatory measures. Among the recommendations was the use of dual class shares, which allow company founders to maintain [...]
