Top bidder for Mellon’s lunch is Saxo co-chief June 16, 2014 DRUMROLL please…the bidding is over. We can now reveal the winner of lunch with hedge fund star Jim Mellon is none other than Lars Seier Christensen, co-chief and co-founder of Saxo Bank. Christensen managed to secure the lunch with a winning bid of £4,000. “Well, I like to think of myself as an early mover, [...]
Hedgies show off their material wealth at Savile Row exhibition June 16, 2014 The menswear version of fashion week, London Collections: Men SS 2015 was rocking Savile Row last night – pulling the capital’s chicest crowds, including the hedge fund industry’s most fashionable figure, Pierre Legrange. He was helping his partner Roubi L’Roubi host a special Gregory Peck exhibition at their bespoke tailors Huntsman, but was keen [...]
EU developing 5G mobile with South Korea June 16, 2014 THE EUROPEAN Union is teaming up with South Korea to develop the next generation of superfast mobile broadband, known as 5G. The agreement for South Korea and the EU to cooperate on 5G research was announced by the EU commissioner for telecoms Neelie Kroes in Seoul yesterday. Kroes said the pair had agreed to set [...]
DTZ sold by UGL for $1.1bn June 16, 2014 UGL has agreed to sell its property advisory business DTZ for $1.1bn (£647mn) to a private equity consortium, in a deal expected to be completed by the end of September. The firm is selling London-based DTZ to a consortium comprising TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan. UGL bought DTZ’s assets in [...]
Industrials fund Tamar is being sold to Starwood Capital and M7 June 16, 2014 STARWOOD Capital Group, the US property investment manager, has joined forces with UK-based M7 Real Estate to buy London-listed Tamar European Industrial Fund (TEIF). The deal, which values Tamar at £53.6m or 38.25p a share, will see the two companies co-invest through a property vehicle set up called Lux Starlight. TEIF shares closed up 5.7 [...]
Asia will dominate world debt issuance in the next four years June 16, 2014 THE ASIA-Pacific region will make up more of the corporate debt issued in the next four years than north America and Europe combined, according to a report released yesterday. Of the $60 trillion (£35.32 trillion) that Standard & Poor’s (S&P) expects will be issued in business debt during the 2014-2018 period, China alone will make [...]
City Moves for 17 June 2014 | Who’s switching jobs June 16, 2014 Baker Tilly David Gwilliam has been appointed UK chief operating officer by the professional services firm. Gwilliam has been a partner with Baker Tilly for 17 years, and regional managing partner for the London region for the last four. His international services career spans over 20 years. JP Morgan Asset Management John Bilton has been [...]
Best of the Brokers for 17 June 2014 June 16, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com RIO TINTO Investec has cut the mining group to “hold” from “buy”, and lowered the target price to 3,128p from 3,624p. The broker believes that iron ore’s price slump means that even with some near term recovery, Rio Tinto’s earnings have already been [...]
London Report: FTSE falls on BT pension fears and builders June 16, 2014 BRITAIN’S top share index slipped yesterday as concerns about a large increase in its pension deficit hit BT Group, while housebuilders extended their recent sell-off on prospects of a UK rate hike. BT fell 2.4 per cent, one of the biggest drags on the FTSE 100. Traders cited a Sunday Times report which said that [...]
New York Report: Mergers lift US stocks despite fears over Iraq June 16, 2014 US stocks closed slightly higher yesterday, supported by a flurry of merger news, but turmoil in Iraq drove oil prices up and kept trading choppy. Energy stocks were the day’s winners, with the S&P energy index up 0.5 per cent. The S&P financial sector index was the biggest decliner, down 0.4 per cent. The United [...]
