Wealth bosses in takeover April 3, 2014 GROWING consolidation in the wealth management sector continued yesterday after Thurleigh Asset Management merged its firm with larger rival Ingenious Asset Management. The deal will give Ingenious an extra £300m of assets, taking its total assets under management to £1.8bn. The deal comes on the back of Rathbone Brothers acquisition of Jupiter and Tilney private [...]
Ex-Axa buyout unit raises cash April 3, 2014 ARDIAN, the private equity unit spun out of investment giant AXA, has raised €500m (£413m) to invest in small businesses across Europe. The fundraising comprises €450m through a traditional buyout fund – the third fund raised through its Expansion brand – and a €50m pot from investors for direct co-investments. It follows on from Expansion [...]
Strategy&… is it a typo? No it’s another rebrand April 3, 2014 MANAGEMENT consultancy firm Booz & Co, to mark its takeover by accounting giant PwC, is undergoing a rebrand with an unusual new name, Strategy&. Pronounced “Strategy and” the change is apparently a requirement of the break up of Booz Allen Hamilton in 2008, from which Booz & Co emerged, which stated that the firm couldn’t [...]
Finance boost to EU laid out April 3, 2014 THE EUROPEAN Union’s financial services provide 11m jobs and €636bn (£525.73bn) of value added, according to a report by TheCityUK, coming as part of a campaign to promote the importance of the sector to Europe. The research, seen exclusively by City A.M, lays out the contribution of finance firms towards employment and trade. The sector [...]
Founders sell St Modwen shares April 3, 2014 THE FOUNDING families of St Modwen Properties sold around £31m worth of shares in the company, sending shares down almost three per cent yesterday. The company said members of the Clarke family and the Leavesley family have sold 8.2m shares at 380p per share. The shares account for 3.75 per cent of the company. The [...]
Tullett Prebon boss sees pay package fall April 3, 2014 TULLETT Prebon boss Terry Smith saw his pay fall 9.2 per cent last year after a dip in his annual bonus. Smith, who gets paid a fixed annual salary of £650,000, saw his bonus fall from £2.5m in 2012 to £2.2m last year. The bonus is based on the firm’s operating profits. His total pay [...]
New private bank picks Hampden as its name April 3, 2014 INSURANCE and finance group Hampden has become a lead investor in newly licenced private bank Scoban, and will give the institution its name, the lender announced yesterday. Scoban was licenced last month, and wants to open its doors to business this summer. It will begin with one Edinburgh and one Mayfair office. It plans to [...]
Minister gives plain cig packaging green light April 3, 2014 THE GOVERNMENT will introduce plain packaging for cigarettes in England after a review of the public health benefits found it would discourage children from taking up the habit. Public health minister Jane Ellison announced the plans yesterday in a statement in parliament. A spokesman for British American Tobacco said: “We don’t see how the UK [...]
McBride shares washed out by profit warning April 3, 2014 SHARES in McBride plunged nine per cent yesterday after the maker of own-brand household and personal care products announced another fall in quarterly sales and issued a profit warning. The soap and laundry detergent company said revenues fell four per cent in the third quarter of the year and that given the ongoing tough retail [...]
Bottom Line: Group needs to scour for a genuine niche April 3, 2014 INVESTORS hoping for signs that McBride had permanently cleaned up its act were left disappointed yesterday. After a second profit warning in the space of three months, the detergents maker has flagged up possible site closures and job cuts. The drastic measures come three years after McBride’s last restructuring, which went by the name of [...]
