Death bonds blasted over losses danger November 28, 2011 RETAIL investors were warned in the strongest terms not to invest in highly risky “death bonds” by the finance watchdog yesterday, in a bid to stop a repeat of the Keydata collapse in 2009 in which 30,000 investors lost £450m. The Financial Services Authority branded the so-called death bonds, otherwise known as traded life policy [...]
Patsystems gets £29m offer November 28, 2011 SHARES in Patsystems, a supplier of derivatives trading technology, jumped almost 30 per cent yesterday after its biggest shareholder came forward with a bid valuing it at £29m. Patsystems admitted it had been hit hard by the shock collapse of US broking group MF Global, its biggest customer, in October. But it welcomed the 14p [...]
New Healthcare Locums probe to include auditors November 28, 2011 THE AUDITORS of troubled medical recruiter Healthcare Locums are to be investigated by regulators for their role in the accounting scandal that nearly destroyed the company. The Accounting and Actuarial Disciplinary Board (AADB) said it had launched an investigation “into the conduct of certain members” of the English, Welsh and Scottish chartered accountancy institutes and [...]
DEATH BONDS November 28, 2011 Q.WHAT ARE DEATH BONDS? A.Also known as traded life policy investments, death bonds are securitised portfolios of life insurance policies usually issued in countries such as the US and been sold ahead of the policyholder dying. An investor can pay a policyholder a lump sum and agree to keep paying the premiums on the policy [...]
Two Resolution chiefs cut work week by 40pc November 28, 2011 FINANCIAL sector takeover specialist Resolution said the chief executive and finance director of its British insurance consolidation vehicle are to cut their working week by 40 per cent as the group focuses its efforts on new projects outside the UK. Chief executive John Tiner and finance chief Jim Newman, who are also shareholders in the [...]
Top London property set for Chinese takeaway in new Cordea Savills fund November 28, 2011 IN RECENT years it has been seen as the preserve of affluent Britons, Arab sheiks and Russian oligarchs. Now, however, more top London property could be snapped up by Far Eastern investors, including perhaps the Chinese Communist Party. Cordea Savills, the fund management arm of consultancy Savills, has launched a £150m fund that will buy [...]
Ex-Liontrust chief Legge roaring back into action November 28, 2011 THE FORMER chief executive of Liontrust Asset Management is pioneering an asset management business model that will waive fees if its funds fail to beat benchmarks, as cost-conscious clients start to balk at hefty fund charges. Nigel Legge, who ran Liontrust before stepping down last year after the firm lost most of its assets, will [...]
CITY MOVES | WHO’S SWITCHING JOBS November 28, 2011 Northgate Information Solutions The outsourcing group has appointed Adel Al-Saleh as chief executive to replace Chris Stone, who is leaving the firm. Al-Saleh previously spent five years at IMS Health, a technology-based analytics and services company for the healthcare industry, where his roles included president of EMEA and senior vice president of global pharma solutions. [...]
BEST OF THE BROKERS November 28, 2011 BURBERRY UBS rates the fashion brand “neutral” with a 12-month target price of £12.50, 200p lower than its previous target after the broker examined Burberry’s margins and stripped out a potential premium from M&A activity. UBS expects costs to moderate the firm’s operating margins for the next two to three years, but thinks the firm [...]
FTSE rallies on hopes action is coming over Eurozone debt November 28, 2011 BRITAINS’S top share index rallied yesterday as financial and basic resources stocks advanced, helped by hopes that Eurozone leaders were moving closer to action to stem a debt crisis in the region. London’s blue chips added 148.11 points in its second consecutive day of gains after nine straight sessions of declines, as equities across Europe [...]
