Global wealth close to 2007 levels again June 22, 2010 WEALTHY individuals have now recouped most of the losses that they sustained during the financial crisis of 2008, according to the World Wealth Report released yesterday by Merrill Lynch Wealth Management and Cap Gemini. High net worth individuals (HNWIs) – classified as those with investable assets of $1m (£673,000) or more – climbed back to [...]
CITY MOVES | WHO’S SWITCHING JOBS June 22, 2010 Heartwood The wealth manager has hired Michael Stanes as an investment director, playing a key role in the asset allocation process as well as managing portfolios for ultra high net worth clients. Stanes previously spent 15 years at Mercury Asset Management / Merrill Lynch Investment Managers and then joined Goldman Sachs Asset Management as an [...]
Arden shakes up management team June 22, 2010 CITY stockbroker Arden Partners is having a management shake-up that will see Jonathan Keeling step down as chief executive. He will move to the position of deputy chairman, focusing on the group’s Indian operations, .which account for 50 per cent of the group-’s operations. “The Indian operations need somebody running and developing them full-time,” Keeling [...]
MORTGAGE ARREARS FALL June 22, 2010 MORTGAGE arrears fell by four per cent in the first quarter of 2010 but the total value of outstanding loans has remained flat at £1,206bn, according to data from the Financial Services Agency published yesterday. The number of new advances was 22 per cent down on the previous quarter at £32bn. New possessions totalled 10,500 [...]
Segro finalises APP purchase and sells assets June 22, 2010 INDUSTRIAL landlord Segro completed its purchase of BAA’s 50 per cent stake in the Airport Property Partnership (APP) yesterday, by selling £237m of its own assets to the venture. The sale means the APP portfolio of UK airport real estate has grown to £684m, the biggest investor in the sector. Segro agreed to buy into [...]
Premier Inn gives a boost to Whitbread June 22, 2010 A RISE in bookings and higher room charges at Premier Inn helped first-quarter sales at owner Whitbread grow 7.6 per cent year-on-year. The group, which also owns Costa Coffee and the Beefeater and Brewers Fayre pub-restaurant chains, said comparable sales at Premier Inn were up 10.5 per cent in the 13 weeks to 3 June. [...]
ANALYST VIEWS: WHY IS WHITBREAD OUTPERFORMING OTHER GROUPS ? June 22, 2010 GEORGE GODBER | MATTERLEY ASSET MANAGEMENT Whitbread has a very strong management team and in the bull market did not take on lots of debts like other groups. Premier Inns has obviously performed well but Costa Coffee is also very strong. This is a successful comnpany which has made shrewd decisions over the last few [...]
SuperGroup in £500k payout for online plans June 22, 2010 SuperGroup, owner of the Superdry brand, has paid the man who sold its seconds on the web £500,000 and taken the operation in-house. Chris Griffin, the top-rated UK seller of designer clothing on eBay, will be given the payment in shares. Meanwhile, Griffin will become the company’s e-commerce chief and be put on the SuperGroup [...]
Tame increase in CGT brings cheer to City June 22, 2010 CHAMPIONS of enterprise breathed a sigh of relief yesterday as chancellor George Osborne stopped short of fully bowing to Liberal Democrat plans to raise capital gains tax (CGT) in line with income tax. Osborne used his inaugural Budget to introduce a new 28 per cent rate of CGT for higher-rate taxpayers, effective from midnight last [...]
Board shake-up at Mitchells & Butlers as finance chief quits to join Rentokil June 22, 2010 PUBS and restaurant group Mitchells & Butlers (M&B) has appointed Interserve’s Tim Jones as finance director replacing Jeremy Townsend, who will join Rentokil as chief financial officer at the end of August. Meanwhile, Interserve said Tim Jones, who has handed in his resignation in order to take up the role at M&B, will remain at [...]
