Coast Capital and First Group in showdown ahead of meeting June 25, 2019 Activist investor Coast Capital has accused the board of First Group of failing to inform all shareholders of its plans ahead of a meeting this afternoon. The New York hedge fund said First, the train and bus operator, had told some shareholders that “everything is for sale at the right price”, going against itspublic strategy. [...]
No-deal Brexit could deliver ‘knockout blow’ to UK car industry June 25, 2019 The UK’s car industry has stepped up its no-deal Brexit warning, saying that crashing out of the EU would trigger “the most seismic shift” in trading conditions that the industry has ever seen. The Society of Motor Manufacturers and Traders (SMMT), the car industry organisation, has urged the UK’s next prime minister to secure a [...]
New Look posts £500m loss as turnaround continues June 25, 2019 Struggling retailer New Look has posted a £500m loss as it continues with its turnaround plan. The figures The high street chain reported a statutory loss before tax of £522.2m, compared to a £190.2m loss the previous year, due to a £423.3m goodwill and brand impairment charge related to the restructuring. However, the firm also [...]
Schroders and Columbia Threadneedle back Coast Capital in First Group dispute June 24, 2019 Activist investor Coast Capital, which is demanding an overhaul of bus and rail operator First Group, has received the backing of two major fund managers. Schroders and Columbia Threadneedle Investments, which own nine per cent and 10 per cent of First respectively, are opposing the re-election of the company’s chairman Wolfhart Hauser at an extraordinary [...]
River and Mercantile promotes deputy to chief executive June 24, 2019 Asset management and advisory group River and Mercantile has appointed deputy boss James Barham as chief executive. Barham will replace current chief executive Mike Faulkner who will step down to become the group’s head of macro strategies and innovation. Read more: Omnis Investments replaces Woodford with Jupiter Asset Management Faulkner was formerly the chief executive [...]
Lloyds freezes 8,000 offshore bank accounts June 24, 2019 Lloyds Banking Group has frozen about 8,000 bank accounts registered offshore after asking the customers for three years to prove their identities. The banking giant, which has its international business in Jersey, was forced to take action in order to meet regulatory requirements. Read more: Deutsche Bank faces US money laundering investigation The move to [...]
H2O sells private bonds and cancels fund entry fees June 24, 2019 H2O, the UK-based asset management arm of Natixis, has sold some of its private bonds portfolio and cancelled entry fees to attract new investors to its funds. The firm cut non-rated private bonds to below two per cent of assets under management after struggling with outflows. Read more: H2O shrugs off conflict of interest concerns [...]
Game recommends Sports Direct takeover offer June 21, 2019 Game has recommended shareholders approve a £51.9m takeover offer from Sports Direct. The company said Mike Ashley’s offer of 30p per share represents a “fair value” for the group. Read more: Mike Ashley’s Sports Direct lines up game takeover Game said the takeover would help it drive forward its esports initiative Belong Gaming Arenas. However, [...]
Omnis Investments replaces Woodford with Jupiter Asset Management June 21, 2019 Wealth manager Openwork’s Omnis Investments has chosen Jupiter Asset Management to run a £317m fund that was formally run by Neil Woodford’s firm. Openwork removed Woodford Investment Management from the Omnis Income and Growth fund shortly after Woodford suspended its flagship fund on 3 June. Read more: Hargreaves Lansdown chief executive angered by suspended Woodford [...]
H20 shrugs off conflict of interest concerns June 21, 2019 H20, the UK-based asset management arm of Natixis bank, will continue to have a representative on the board of Tennor despite concerns about potential conflicts of interest. H20’s chief investment officer Vincent Chailley will replace chief executive Bruno Crastes on the board of the German firm “to ensure continued H20 representation”. Read more: Should we [...]
