World’s largest whisky collection expected to fetch £8m at auction December 9, 2019 Auctioneers have unveiled what is believed to be the world’s largest private collection of whisky to ever go under the hammer. The collection, which is expected to fetch between £7m and £8m at auction, includes over 3,900 bottles. Read more: South African drinkers get their whisky fix with post-Brexit trade deal It was built up [...]
Asian markets subdued ahead of key US-China tariff deadline December 9, 2019 Asian stocks edged up on Monday following surprisingly strong US jobs data, but gains were subdued amid concerns over the ongoing US-China trade war. Concerns over Chinese economic slowdown due to the prolonged trade battle hit Asian equities as investors awaited news of whether the US will go ahead with plans to raise tariffs on [...]
Exclusive: Chilango eyes restaurant closures as it prepares to launch CVA December 8, 2019 Chilango is considering shutting some of its restaurants as it fights to avoid administration. The stricken Mexican chain will launch a company voluntary arrangement (CVA) as soon as tomorrow, ahead of a crunch meeting with shareholders next week. Read more: Questions over Chilango’s future after burrito chain calls in restructuring firm RSM The controversial restructuring [...]
Property funds move to reassure investors over M&G contagion fears December 5, 2019 Managers of rival property funds are rushing to reassure investors their investment vehicles will remain open following the suspension of M&G’s £2.5bn property fund on Wednesday. M&G was forced to gate its Property Portfolio after managers did not have enough cash to meet a spike in withdrawal requests, sparking concerns that other property funds could [...]
Drop in European private equity exits via IPOs as tough conditions bite December 5, 2019 The number of European private equity exits executed via listings is declining as sponsors seek alternative routes amid challenging market conditions, new figures show. Of the European private equity exits that have taken place so far this year, just 1.4 per cent were initial public offerings (IPOs), according to Mergermarket data. Read more: Saudi Aramco [...]
Mark Wiseman to leave Blackrock after violating relationship policy December 5, 2019 Mark Wiseman, Blackrock’s global head of active equities, is leaving the world’s largest asset manager after failing to disclose a relationship with a colleague. In an internal memo, Wiseman said he had “engaged in a consensual relationship” with a Blackrock colleague in recent months without reporting it as required by company policy. Read more: Extinction [...]
Asset manager Schroders cuts jobs in restructuring drive December 5, 2019 Asset manager Schroders is embarking on a restructuring drive that will place more emphasis on growth areas including private assets and wealth management but will lead to job cuts. The restructuring effort could lead to around 200 job cuts globally, Reuters reported, citing a source familiar with the matter. Read more: AJ Bell fears ‘domino [...]
AJ Bell boss fears ‘domino effect’ after M&G fund suspension December 5, 2019 The suspension of M&G’s £2.5bn property fund risks triggering a “domino effect” in the sector as investors rush to withdraw their money, the head of investment platform AJ Bell has warned. Andy Bell told City A.M. the suspension could be “contagious” for the sector because a “domino effect” could lead to further property fund suspensions. [...]
Equity funds show signs of recovery following record outflows December 5, 2019 Equity funds bounced back to net inflows in October, with the sector showing signs of recovery following a bruising third quarter of record outflows. Investors ploughed £648m into equities in October in a much-needed boost for the funds following £1.7bn outflows the previous month, according to data from the Investment Association (IA). Read more: M&G [...]
Private wealth becomes main source of funding for European venture capital December 3, 2019 Private wealth is now the main source of funding for European venture capital, according to a new report, as a new generation of entrepreneurs ditch more traditional assets in favour of funding the next generation of startups. A fifth of fundraising by European VC firms in 2018 came from family offices and private individuals as [...]
