Man Group buys Sanlam Four’s strategic bond business September 5, 2018 Hedge fund manager Man Group has acquired Sanlam Four's strategic bond business and team. Portfolio managers Craig Veysey and Francois Kotze will move the Sanlam Strategic Bond fund to Man Group's discretionary investment management arm GLG. Read more: Why Coca-Cola’s acquisition of Costa makes sense for consumers The top-performing fund, which was set up by Veysey when he joined Sanlam in 2009, seeks [...]
City of London dominates European financial activity ahead of Brexit September 5, 2018 The UK is the dominant international financial centre in Europe despite Brexit uncertainties, a new report has found. Rankings compiled by think tank New Financial said the City of London is the financial centre of Europe in terms of the value of financial activity, scoring 40 out of a possible 100 points, which is more than [...]
Labour slammed over free speech caveat on IHRA antisemitism definition September 5, 2018 The Labour Party has accepted the international definition of antisemitism but it was slammed by members and Jewish groups for adding a freedom of speech "caveat" . The party's National Executive Committee (NEC) has agreed to the International Holocaust Remembrance Alliance's (IHRA) definition, with an added clarification over freedom of expression on Israel and Palestine. Read more: Labour activist in [...]
Felix Capital leads $5m Series A financing round for online jewellery brand Mejuri September 4, 2018 Jewellery retailer Mejuri has closed a $5m (£3.89m) Series A financing round led by London-based venture firm Felix Capital. Real Ventures, Incite Ventures, BDC Capital Women in Technology Fund, and Dash Ventures also participated in the round. The funding will allow the digital brand to establish more physical stores following the opening of its first showroom in [...]
UK gold refiner Baird & Co to open a centre in Ghana September 4, 2018 The UK's largest gold refinery, Baird & Co, is to establish a centre in Ghana to provide assaying services for the west African country. East London-based Baird & Co will establish an International Gold Assay Centre and laboratory in Accra, the capital, with Ghana's Precious Minerals Marketing Company (PMMC) to determine the purity of exports. Read more: Greatland [...]
Fundsmith launches investment trust targeting smaller firms September 4, 2018 Fundsmith has announced plans to create a new £250m investment trust, which will target global small to mid-cap businesses. City veteran Terry Smith, who founded £17bn equity fund Fundsmith in 2010, will invest £25m in Smithson Investment Trust. Read more: Fundsmith partners net £14m as revenues soar The Smithson team will be lead by former Goldman Sachs analysts Simon [...]
Value of inward UK M&A deals falls by £15.8bn September 4, 2018 The value of mergers and acquisitions (M&A) of UK companies by foreign businesses fell by £15.8bn between April and June this year. The drop, from £22.3bn to £6.5bn, reflected the absence of high-value transactions that were seen in previous periods, the Office for National Statistics (ONS) said. Read more: Petrol station merger could drive up fuel prices, [...]
Ryanair cancelled 550 flights in August September 4, 2018 Budget airline Ryanair cancelled 550 flights last month, which affected more than 100,000 customers, figures released today show. A 24-hour pilot strike over pay and conditions took place across Ireland, Germany, Sweden, Belgium and the Netherlands on 10 August, grounding 396 flights. Read more: Niki Lauda-founded Laudamotion to double Airbus fleet The low-cost carrier also said [...]
ING ordered to pay £700m to settle money laundering case September 4, 2018 Dutch bank ING has been ordered to pay €775m (£698.15m) to settle a money laundering case. The bank failed to carry out due diligence and allowed the "structural infringement" of the Netherlands' Money Laundering and Terrorist Financing Act between 2010 and 2016, according to the prosecution. Read more: Business losses from employee corporate fraud double on last year [...]
Argentina announces austerity measures to deal with currency crisis September 3, 2018 Argentina will implement austerity measures in a bid to stabilise the struggling peso, as the president announced that the country is facing an emergency. Taxes on exports will rise and "about half" of the government ministries will be abolished, President Mauricio Macri said in a televised address. Read more: Argentina to make fresh cuts in bid to save [...]
