Cattles accuses PwC over audit November 2, 2011 FINANCIAL services group PwC is facing accusations from sub-prime lender Cattles, it emerged yesterday. Cattles, which was sold to its creditors this year, has claimed in a court hearing that PwC’s audits of the firm between 2005 and 2007 led to a “gross misstatement” of the firm’s financial position. Cattles made some £850m of unanticipated [...]
MF Global regulators try to locate funds shortfall November 2, 2011 MF Global is trying to account for hundreds of millions of dollars in client accounts, a US official said. CME Group, one of its regulators, said it looked as if a transfer of customer-segregated funds took place after a CME audit last week. “It appears that any transfer of such funds occurred following the completion [...]
FUND MANAGERS KEEP PARTY ASSETS SOUND November 2, 2011 THE Society of Pension Consultants’ party at the Dorchester was no doubt a wild affair. But last night belonged to the Investment Management Association, which drew 1,200 fund managers to its annual dinner at the Grosvenor House hotel. “No matter how glittering the alternative occasion, everyone is happy to give it up to come here,” [...]
Henderson feels pain of market slump November 2, 2011 VOLATILE markets took their toll on fund manager Henderson over the past quarter, it said yesterday, as nervy investors withdrew funds and falling markets reduced the value of its investments. Henderson, which bought its rival Gartmore in January, said investors took a net £1.9bn out of its funds in the three months to the end [...]
St James’s Place wins new business despite turbulence November 2, 2011 ASSET manager St James’s Place booked a 13 per cent rise in new business to £153.9m in its fiscal third quarter to the end of September, beating analyst expectations despite turbulent markets. Net inflows rose by £100m to £800m year on year while funds under management dropped eight per cent over the quarter to £26.7bn, [...]
Arbuthnot’s £102m Secure Trust Bank starts life on junior market November 2, 2011 SECURE Trust Bank, the retail banking arm of Arbuthnot Banking Group, started life as an independent entity yesterday after floating successfully on the alternative investment market of the London Stock Exchange. The float, which at 720p per share valued Secure Trust at £102m, raised £25m, with Secure Trust gaining £12m to plough into growing the [...]
Hugo Boss results defy the gloom November 2, 2011 HUGO BOSS, the German fashion house, posted a better-than-expected rise in third quarter profits yesterday, as the luxury sector continued to defy the effects of the global economic slowdown. The business, which is majority owned by the private equity firm Permira, reported a 30 per cent rise in bottom-line profit to €119.7m (£103.1m) in the [...]
Matalan rating downgraded by agency Standard & Poor’s November 2, 2011 STANDARD & Poor’s downgraded Matalan’s credit rating yesterday, in a further blow to the budget retailer after it reported a slump in second-quarter profits last month. The credit agency, which also cut the rating on its £225m debt to “junk”, said the group had been hit by “low consumer confidence, relatively high unemployment, and inflation, [...]
Next CEO says retail to pick up next year November 2, 2011 NEXT chief executive Lord Wolfson said he expects to see retailing pickup from the second quarter of next year, after the fashion chain reported it remained on track to achieve full-year forecast profits. Shares rose to an all-time high yesterday after the FTSE 100 firm said total sales, excluding VAT, were up 3.3 per cent [...]
DO YOU FIND YOU ARE SHOPPING MORE ONLINE? November 2, 2011 MARK JAY | MARSH “Yes, because it is convenient and easy. You can browse for better deals and find the exact products you are looking for.” ALAN WALSH | LLOYD’S OF LONDON “I didn’t two years ago – I still don’t now. But my wife does now more than she used to. She says you [...]
