Political turbulence hits investment industry as assets under management flatline September 12, 2019 Ongoing political and economic uncertainty took a toll on the UK’s investment management industry last year, with assets under management (AUM) remaining stagnant. Although the UK managed to retain its ranking as the second largest investment management hub in the world – behind the US – the total amount of AUM by Investment Association (IA) [...]
Woodford loses £43.5m in fire sale from frozen fund September 11, 2019 Beleaguered stock picker Neil Woodford has lost at least £43.5m selling off stocks from his frozen Equity Income Fund, despite having assured investors that the suspension would limit pressure to offload assets at reduced prices. Read more: Woodford crisis wipes £36m off Kent County Council’s stake in flagship fund Woodford lost money on eight out [...]
Celebrities take to the trading floor to raise money for charity September 11, 2019 Prince Harry became a city boy for a morning yesterday. Along with movie stars, music artists and sports personalities, the Duke of Sussex turned his hand to trading stocks in aid of charity. Traders watched on as the Prince hit the phones to seal deals with clients, helping to raise money as part of brokerage [...]
Oakley Capital Investments reports first half jump in net asset value September 11, 2019 Listed investment firm Oakley Capital Investments (OCI) has reported a jump increase in net asset value (NAV) during the first half of the year, and an increase in the value of its underlying portfolio companies. OCI – which invests in the funds of Oakley Capital – reported a net asset value per share of £3.18 and [...]
Facebook seeks Swiss licence for Libra cryptocurrency September 11, 2019 Facebook’s cryptocurrency project Libra has applied for a payment licence from Switzerland’s financial watchdog, following a widespread backlash from politicians and regulators. The Libra Association announced today that it intended to apply for a licence from Switzerland’s Financial Market Supervisory Authority (FINMA) to be regulated as a payment systems operator and had “submitted a request [...]
Man Group president Jonathan Sorrell to step down September 11, 2019 Man Group president Jonathan Sorrell has stood down, the world’s largest listed hedge fund has announced. The company said in a statement to the stock exchange on Wednesday morning that Sorrell would be leaving to take up a role outside the FTSE250 firm. Read more: Hedge funds row back on controversial fee structure He will [...]
Burford Capital rebuffs news of possible ‘revenge porn’ law suit September 10, 2019 Litigation funder Burford Capital has hit back after reports it could be facing a private prosecution for an alleged breach of England’s “revenge porn” laws, in the latest development in an ongoing legal battle on both sides of the Atlantic. It was alleged in a High Court lawsuit last month that Burford executive Daniel Hall [...]
Most likely Brexit outcome? PM Boris’s resignation, says JP Morgan September 10, 2019 Of the three main options facing Boris Johnson, the most likely outcome is that he will resign, leaving a new prime minister to go to the EU and request a Brexit extension, JP Morgan said today. In a research note sent to clients, JP Morgan’s head of UK economics Malcolm Barr outlined the “only options” [...]
Investment in vegetarian firm helps Hilton Food serve up higher profit September 10, 2019 Food processing and packaging firm Hilton Food Group has reported increased profit for the first half, helped by a deal with a manufacturer of vegetarian and vegan foods. The figures Hilton reported a 10.6 per cent increase in profit before tax for the first half of 2019. Revenue grew 5.6 per cent to £912.1m – [...]
Investors engaged with environmental and governance issues, but audit and trust lag behind September 10, 2019 The UK’s largest investors are most concerned about environmental and corporate governance issues in the companies they invest in, but need to “step up” in other areas, new research has found. Audit, corporate reporting, trust, and reputation were all identified as areas where the UK’s top asset managers and owners have been “less engaged” in [...]
