Softbank seizes control of Wework in deal netting Adam Neumann $1.7bn October 22, 2019 Softbank has won approval from Wework’s board to take control of the struggling office space company, in a deal that nets co-founder Adam Neumann $1.7bn (£1.3bn) but severs most of his ties with the firm. Neumann will also step down from Wework’s board, the Wall Street Journal reported. Read more: Wework creates committee to mull [...]
St James’s Place maintains inflows amid ‘uncertain external environment’ October 22, 2019 St James’s Place has reported record funds under management (FUM) for the third quarter, after a challenging period for the wealth manager during which the rewards system offered to their partners came under scrutiny. The company said total FUM at the end of September were a record £112.82bn, an increase of 3.2 per cent on [...]
Neil Woodford saga could put investors off long-term bets October 21, 2019 Fallout from the collapse of Neil Woodford’s investment empire could deter investors from making long-term bets on young companies, the head of the state-owned British Business Bank’s venture capital arm has said. British Patient Capital chief executive Catherine Lewis La Torre told City A.M. that fallout from the scandal “definitely has repercussions in terms of [...]
Hedge fund Lansdowne bets on market reversal in major portfolio shakeup October 21, 2019 Hedge fund Lansdowne Partners has reportedly undergone a major repositioning of its portfolio, betting that financial markets are nearing a reversal that will lead to falling bond prices and a slump in tech stocks. Read more: Thomas Cook collapse set to net hedge funds millions Lansdowne, one of Europe’s biggest hedge funds, is predicting a [...]
Fintech Ebury expands international reach with acquisition of Frontierpay October 21, 2019 Ebury has acquired international payroll payments provider Frontierpay as the London-based fintech seeks to expand internationally. Ebury, one of Europe’s largest fintech firms, offers foreign exchange services and trade finance to small and medium sized businesses designed to make it easier for businesses to trade internationally. Read more: London overtakes New York to steal global [...]
Temasek makes $3bn offer to take control of Singapore’s Keppel Corp October 21, 2019 Sinagaporean sovereign wealth fund Temasek is offering to buy a majority stake in oil rig-builder Keppel Corp in a deal worth around 4 billion Singaporean dollars (£2.3bn). Temasek, which already owns 20.5 per cent of Keppel, said it would increase its stake to 51 per cent. As well as rig-building, the Singaporean conglomerate is also [...]
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 [...]
Funding Circle shares jump after platform reports loan growth October 21, 2019 Shares in Funding Circle rose over 10 per cent this morning after the peer-to-peer lending platform reported strong loan growth. In a trading update released today, Funding Circle said its loans under management had increased 31 per cent year-on-year in the third quarter to £3.7bn. Read more: Funding Circle investors face four month wait to [...]
Value of deals taking UK-listed firms private trebles October 21, 2019 The value of private equity (PE) deals taking UK-listed companies private has more than trebled over the past year, as the valuation premium of listed companies compared to private firms narrows. The total valuation of deals taking UK-listed firms off the stock market more than trebled in 2018/19 to £14bn, according to new research by [...]
Capital Group fund manager resigned over investigation into investments October 21, 2019 A fund manager at Capital Group was forced to resign after a BBC investigation allegedly uncovered evidence he was breaking rules by secretly purchasing shares in some of the same companies as his funds for his own benefit. The BBC claims it uncovered evidence that Mark Denning ordered the shares to be purchased through a [...]
