Ex-Barclays wealth management boss says all banks will use artificial intelligence in next five years October 18, 2018 All banks will use artificial intelligence (AI) in the next five years, according to former Barclays wealth management boss Akshaya Bhargava, as institutions prepare for the $30 trillion (£28 trillion) "great wealth transfer" from baby boomers to millennials. Bhargava, who set up AI fintech platform Bridgeweave after leaving the British bank two years ago, said financial [...]
UBS veteran James Palmer appointed EMEA investment bank vice chairman October 17, 2018 UBS veteran James Palmer has been appointed vice chairman of EMEA investment banking and capital markets at Credit Suisse. Palmer will be based in the Swiss banking giant's London office and focus on revenue generation across all product groups, according to an internal memo seen by City A.M. and confirmed by a company spokesperson. Read more: [...]
Veteran investor Terry Smith’s new Smithson Investment Trust breaks records with £822m launch October 17, 2018 Veteran investor Terry Smith's new small and mid cap investment trust has raised £822.5m, breaking records for the UK's biggest trust launch. The Smithson Investment Trust initially targeted £250m before more than doubling its goal to £600m with the option to increase to £900m, and has knocked Neil Woodford's Patient Capital Trust off the top spot. It will start trading [...]
Proxy advisor Pirc warns shareholders against Ashmore Investments CEO taking ‘creeping control’ of the company October 17, 2018 Proxy firm Pensions & Investment Research Consultants (Pirc) has advised shareholders to oppose a controversial Ashmore Investments' proposal over concerns that chief executive Mark Coombs could take "creeping control" of the company. The share buyback proposal, which will be voted on at the fund house's annual general meeting on Friday, could increase Coombs shareholding from 38.61 per cent [...]
Danone hit by Morocco consumer boycott and China baby formula decline October 17, 2018 Food company Danone reported it is on track to meet full-year expectations despite a consumer boycott in Morocco and a slump in baby food sales in China. The French company said like-for-like sales grew by 1.4 per cent in the third quarter of the year and that it would target double-digit earnings per share growth. Read more: Inflation [...]
London is the world’s hub for global investment, City of London Corporation says October 17, 2018 The capital is the world's hub for international investment and trade beating Paris, Frankfurt and New York, according to a new report by the Square Mile's governing body. Overseas investors pumped £8.6bn into the UK between 2013 and last year creating an estimated 16,126 jobs, and London came out on top as the leading global financial [...]
Shares in Asos soar on news of boosted profits and revenue October 17, 2018 Shares in online fashion giant Asos soared 15 per cent this morning as it revealed profits were up 28 per cent and sales grew by 26 per cent during a "record year" of investment. Revenue at the retailer was £2.4bn in the year to August 2018, up from £1.9bn in the previous year, while profit before tax grew from [...]
Oasis and Warehouse Group appoint new chief executive October 16, 2018 Oasis and Warehouse chief executive Liz Evans has stepped down and will be replaced by chief operating officer Hash Ladha, the company announced today. Evans, who has been with the company for eight years after joining the high street brands as managing director in 2010, was credited with returning Warehouse back to profitability and achieving award-winning [...]
Third Jamie Oliver Group finance executive quits in just over a year October 16, 2018 Jamie Oliver Group director James Gregory has left the company, becoming the third finance executive to leave the TV chef's business in just over a year. The string of departures come at a tough time for the business, and the casual dining sector in general, as 12 of the Jamie's Italian brand restaurants were closed this year [...]
City watchdog rolls out ombudsman service to small businesses October 16, 2018 Small businesses will be able to resolve disputes with banks through an independent adjudicator from next year, as the Financial Conduct Authority (FCA) confirmed the extension of its ombudsman service. Companies with an annual turnover below £6.5m and fewer than 50 employees, or an annual balance sheet below £5m, will be able to access the [...]
