Man shares plunge after $2.6bn pulled September 28, 2011 INVESTORS are pulling money from Man Group at the fastest rate since early 2009, the world’s largest listed hedge fund said yesterday. Man shocked the City when it said clients withdrew a net $2.6bn (£1.67bn) between the start of July and the end of September. Analysts at Singer Capital Markets had expected net outflows of [...]
Hedgie fee model is not fit for such volatile times September 28, 2011 THE reaction to yesterday’s Man Group statement was a tad overdone. Prior to the announcement, its market cap was £5.7bn, roughly eight per cent of its £71bn of assets under management (last stated at the end of June). Following the revelation that assets under management had fallen to £65bn, its market cap plunged to £4.5bn, [...]
Liontrust tamed by slumping equities September 28, 2011 UK funds house Liontrust Asset Management said its assets fell more than six per cent in its first-half, despite pulling in new client money in August, after slumping stock markets hit its core range of equity funds. Liontrust, which is trying to rebuild its business after the exit of two star managers — and the [...]
Losses soar at Ambrian Capital after write-down September 28, 2011 LOSSES at precious metals specialist Ambrian Capital more than doubled after it made a £2.15m goodwill write-down on its broking business. The impairment charge on Ambrian Partners, a corporate finance and research subsidiary, pushed the group to a £1.18m pre-tax loss for the half-year to 30 June, up 156 per cent on the same period [...]
Turnaround gathers pace at MAM Funds September 28, 2011 THE turnaround at MAM Funds is continuing as it reported a rise of nearly a tenth in assets under management. The AIM-listed firm said funds rose nine per cent to £1.68bn for the half-year to 30 June, as it steered clear of the “index hugging mentality”. Revenue rose seven per cent on last year to [...]
BP and oligarchs in arbitration hearing September 28, 2011 BP faced an arbitration hearing yesterday with its billionaire partners in the Russian joint venture TNK-BP, who are claiming damages against the oil giant for breaching a shareholder pact. BP, which has refuted the claims, prompted the spat with the consortium known as Alfa Access Renova (AAR) by agreeing a share swap and Arctic exploration [...]
Tullow Oil confirms extension of Ghana Enyenra oil field September 28, 2011 BRITISH oil firm Tullow Oil said a well drilled off the coast of Ghana confirmed an extension to its Enyenra oil field, bringing it closer to commercialisation of another oil field in the West African country. Tullow said yesterday that the Enyenra-3A appraisal well found oil in a column of 17m with data indicating that [...]
Shares drop as Cairn turns up its sixth dry Greenland well September 28, 2011 BRITISH oil explorer Cairn Energy said it drilled a dry hole off the coast of Greenland, its sixth unsuccessful well in the country, denting hopes that a new multibillion barrel basin is waiting to be found in the Arctic region. Cairn, which is close to concluding a deal to sell part of its stake in [...]
Axa is set to sell private equity arm September 28, 2011 AXA hopes to spark an auction after it finally confirmed it is interested in selling its private equity arm. The French insurance group believes Axa Private Equity will go for between £200m and £400m. Axa yesterday said it had begun a strategic review of its PE unit, which was set up by Dominique Senequier in [...]
Charter board hit with short termism jibe September 28, 2011 THE board of Charter International came under fire from a high-profile shareholder yesterday for allowing its UK-based potential buyer Melrose to walk away from the bid race. Long-term investor Schroders said Charter’s decision to sell to US rival Colfax for £1.5bn was a short-termist move that prioritised a cash payout over long-term growth. “We were [...]
