Kester Capital backs management buyout of Yougarden October 21, 2019 Kester Capital has thrown its weight behind a management buyout of Yougarden, as the online garden centre seeks to grow its influence over the UK’s horticultural market. Founded in 2012, Yougarden operates a direct-to-consumer brand and also supplies retailers including Amazon, Groupon and Shop Direct. Read more: M&A activity targeting UK slumps amid no-deal Brexit [...]
Temasek mulls purchase of Atkins from SNC-Lavalin October 20, 2019 Singaporean sovereign wealth fund Temasek has reportedly held talks about a possible takeover of British engineering giant Atkins. Canadian conglomerate SNC-Lavalin, which bought Atkins in 2017, is believed to have approached potential bidders including Temasek over the sale of the engineering firm, the Sunday Times reported. Read more: Shares in UK engineer Renishaw fall as [...]
PwC accused of conflict of interest over advice given to Thomas Cook October 20, 2019 PwC has been accused of a conflict of interest for advising Thomas Cook executives on their pay and bonuses while it was also the auditor of the now-defunct travel firm. The Big Four firm audited Thomas Cook’s accounts between 2008 and 2016. Its accounts show PwC also earned £4m providing “recruitment and remuneration” advice to [...]
Regulator denies pressuring administrator to close stricken Woodford fund October 20, 2019 The financial watchdog has hit back at claims it put pressure on administrators to close Neil Woodford’s flagship fund because the scandal surrounding its suspension was undermining confidence in the industry. Link Fund Solutions, which was responsible for overseeing the suspension of the £3bn Equity Income Fund (WEIF), announced on Tuesday that the fund would [...]
Watchdog hits back at claims it was ‘asleep at the wheel’ over Woodford October 16, 2019 The Financial Conduct Authority (FCA) has defended itself against accusations it was ‘asleep at the wheel’ ahead of the collapse of former star fund manager Neil Woodford’s investment empire. CMC Markets’ chief analyst Michael Hewson told City A.M. he thought the FCA “was probably asleep at the wheel” in the runup to the suspension of [...]
Administrator freezes another Woodford fund after bruising day October 16, 2019 The administrators of Neil Woodford’s money management empire have announced the suspension of another of his funds, the £253m Woodford Income Focus Fund, over fears customers will rush to withdraw their money. The move follows the resignation of Woodford as manager of the fund yesterday, a day when the formerly-lauded stockpicker shuttered his investment company [...]
Woodford winds down: Stockpicker’s troubled investment empire collapses October 15, 2019 The investment empire of former star fund manager Neil Woodford came crashing down tonight after a bruising day which saw him sacked as manager of his flagship fund and resign from the remaining two, cementing the embattled stockpicker’s spectacular fall from grace. The closure of Woodford’s Equity Income Fund (WEIF) was announced this morning by [...]
Timeline: Here’s when everything went wrong for Neil Woodford October 15, 2019 The removal of Neil Woodford from his flagship Equity Income Fund and the announcement of the fund’s closure marks a major blow for the former star stockpicker. City A.M. has taken a look at the rise – and fall – of the famed money manager. Read more: How Woodford’s star came crashing down to earth [...]
Q&A: Why was the Woodford fund suspended? October 15, 2019 The decision to sack Neil Woodford as manager of his flagship Equity Income Fund (WEIF) and liquidate the fund’s assets sent shockwaves through the financial world this morning. Link Fund Solutions, which has been managing the suspension of the Woodford fund since it was gated in June, announced this morning that the fund would be [...]
Woodford Equity Income investors may not get money back for a year October 15, 2019 When administrator Link announced this morning that Neil Woodford’s flagship Equity Income Fund would be closed down, the firm said this would mean investors could have their cash returned to them “more quickly than if the Fund had remained suspended”. But now industry professionals are warning that investors may not receive their money for over [...]
