BANKING’S TOP TEAMS SEEK NEW PASTURES October 6, 2011 THE EXODUS of senior banking talent continues – and with it, some interesting tales emerge. Take Merrill Lynch’s broking star Simon Fraser, who has informed his clients Man, Meggitt and Capital One Shopping Centres he is leaving them at the end of the year for pastures new. Quite literally, in this case, as Fraser owns [...]
Axis-Shield bows to new bid from US peer Alere October 6, 2011 MEDICAL diagnostics firm Axis-Shield said it had agreed to be bought by larger peer Alere after the US company modestly sweetened its offer to £235m, ending a three-month battle for the maker of Afinion devices. Axis-Shield’s shares, which have gained about 34 per cent in value since Alere first pitched the offer to the board [...]
NO SLY PRACTICES AT MIRROR, SAYS BAILEY October 6, 2011 A probe of the Trinity Mirror newsrooms ordered by chief executive Sly Bailey has concluded there is no evidence of widespread phone hacking at the company, recommending only small tweaks to the firm’s practices. The results of the probe come amid fresh allegations that the firm’s People title routinely hacked into voicemails, made by a [...]
Brewin sees assets grow amid turmoil October 6, 2011 STOCKBROKER Brewin Dolphin grew its assets in the year to the end of September as investor patterns changed amid market fears. Funds under management grew 3.4 per cent as investors poured money into Brewin’s discretionary range of products, ahead of tougher market conditions in the fourth quarter. Brewin now runs £24bn on behalf of private [...]
MEET THE ADVISERS October 6, 2011 LAWRENCE GUTHRIE HAWKPOINT PARTNERS HAWKPOINT Partners is advising Arbuthnot on the Secure Trust Bank flotation process, fielding a team led by Lawrence Guthrie, managing director in its financial services team. Guthrie has previously advised extended warranties specialist Domestic and General Group on its sale to Advent International for £542m, and helped the Manchester-based Davenham Group [...]
Arbuthnot to float its Secure Trust Bank arm October 6, 2011 ARBUTHNOT Banking is to float its Secure Trust Bank division on London’s junior Aim stock market, as part of plans to develop its business and compete with the UK’s major lenders. Arbuthnot expects Secure Trust Bank’s flotation to take place by the end of the month. It will place new and existing shares in Secure Trust [...]
Cuts loom at F&C as Grisay steps down October 6, 2011 ACTIVIST investor Edward Bramson is expected to slash costs at F&C Asset Management after the departure of the chief executive, his rival, cemented his control of the group. Bramson, who won a bitter boardroom battle to lead the board of F&C in February, was yesterday named executive chairman after chief executive Alain Grisay decided to [...]
Private equity house Endless leads turnaround at Vasanta October 6, 2011 VASANTA, the office supplies business propped up by private equity in the aftermath of the financial crisis, has narrowed its annual losses. The firm, which survived in July 2009 after Endless injected £30m of new equity alongside the company’s bank group, reported an operating loss of £1m for 2010, down 64 per cent from £2.8m [...]
Slow start to third quarter for services October 6, 2011 SERVICE sector output edged higher in July, marking a tepid start to the third quarter, official data showed yesterday. Small rises were recorded in business services, finance and government activity. The Office for National Statistics (ONS) said service sector output rose by 0.2 per cent in July after a 0.3 per cent contraction in June. [...]
Falling car registrations offset by high fleet sales October 6, 2011 NEW private car registrations plummeted by 9.3 per cent in September, compared to the same time last year. “The outlook for car manufacturers looks increasingly worrying with the economy struggling markedly, and consumer and business confidence low,” commented economist Howard Archer of IHS Global Insight. Overall, however, the figures exceeded expectations, with a surge in [...]
