Surprise inflow ends for Man after two years October 17, 2013 MAN GROUP, the world’s biggest listed hedge fund, stopped the rot yesterday after luring a surplus of cash from customers for the first time in two years. The swing back to inflows, which totalled $700m (£433m) for the three months ending September, marks a significant milestone for chief executive Manny Roman, who took over in [...]
Top Mayfair hedge fund Egerton shuts fund to new client money October 17, 2013 EGERTON Capital, one of the world’s most successful hedge funds, has closed its flagship fund to new money, it confirmed yesterday. Egerton, led by top fund manager John Armitage, shut the door on the $6bn (£3.7bn) long only fund in September, after closing its $5bn plus long/short fund last year. It follows a burst of [...]
Assets up 15pc at Rathbones October 17, 2013 FUND manager Rathbone Brothers yesterday posted a 15.6 per cent jump in funds under management to £20.8bn at the end of September, helped by the improving markets. “Our outlook remains positive as we continue to respond to the ongoing changes in the industry and develop as a leading UK provider of high-quality personalised discretionary investment [...]
Plus500 lures more punters October 17, 2013 SPREADBETTER Plus500, which listed on the London market this summer, yesterday said it increased user numbers by 23 per cent last quarter against a year ago. The Aim-listed company, which raised $75m (£46.4m) when it floated in July, said revenues rose from $12m a year ago to $20m for the three months ending September. “Despite [...]
Jupiter reveals £271m boost October 17, 2013 JUPITER Fund Management, the UK asset manager led by Edward Bonham Carter, yesterday said clients added £271m of net new money in the third quarter amid improving investor confidence, its best three-month period since the end of last year.
Ex-British Gas boss to head up telecoms giant October 17, 2013 FORMER British Gas boss Phil Bentley has joined Cable & Wireless Communications as the telecoms group’s new chief executive. Bentley stepped down from British Gas in February to pursue his ambition to become a chief executive, after it became clear he was not in the running to take the top job at parent company Centrica. [...]
Rank’s shares lose their bingo wings as Mecca visits tumble October 17, 2013 A FALL in visits to bingo halls has prompted gambling group Rank to warn its profits will not meet forecasts. The firm said yesterday that even with a stronger second half, the year’s operating profit will be marginally below expectations. Like-for-like revenue dropped seven per cent in the 15 weeks to 13 October, due in [...]
BG Group sells its stake in Texas gas pipeline company for $231m October 17, 2013 ENERGY explorer BG Group has sold its 50 per cent stake in a Texan shale gas pipeline company for $231m (£143m), more than a year after deciding to offload the holding. The firm said the sale of TGGT is part of its renewed focus on exploration, production and liquid natural gas (LNG), which has been [...]
Barnier warns US of tit-for-tat action on banks October 17, 2013 THE EU’s financial services boss yesterday warned of tit-for-tat action if the US pushes ahead with plans to impose extra capital requirements on foreign banks. In December, Federal Reserve board governor Daniel Tarullo said foreign banks should be required to hold as much capital as their US counterparts, regardless of how their overseas parent companies [...]
BBVA sells stake in China’s Citic Bank to boost capital by €2.4bn October 17, 2013 SPANISH lender BBVA yesterday agreed to sell $1.27bn (£800m) of Citic Bank shares to bolster its capital, becoming the latest foreign bank to start unwinding often difficult Chinese partnerships. Spain’s second-biggest bank by market value is selling a 5.1 per cent stake in the Chinese lender to state-owned parent group Citic. That will leave BBVA [...]
