PROFILE: NICHOLAS FERGUSON MOVES TO THE HOT SEAT April 4, 2012 AS an art-loving City veteran who has held a series of senior positions in private equity, Nicholas Ferguson’s pedigree could not be more different to that of James Murdoch, the transatlantic former whiz kid. Ferguson (right) is, however, trusted by the Murdoch family and that partly explains why he has been elevated at Sky. He [...]
Top rainmaker hit by fine for market abuse April 4, 2012 ONE of the City’s most senior rainmakers was taken out by the FSA yesterday, as JP Morgan Cazenove’s Ian Hannam was fined for “market abuse” and quit his job to appeal the decision. The FSA said that although Hannam “did not set out to commit market abuse” and no trading had taken place as a [...]
A RAMPANT FSA COMES UP WITH SOME BIG SCALPS IN ITS ATTACK ON MARKET ABUSE April 4, 2012 The Financial Services Authority, long criticised for being impotent at policing insider trading in shares, has recently imposed penalties on four more individuals in relation to their conduct in disclosing inside or confidential information. In January 2012 US hedge fund manager David Einhorn of Greenlight Capital was fined £3.6m and BAML’s Andrew Osborne was fined [...]
What now for Ian Hannam’s appeal? April 4, 2012 Q JP Morgan Cazenove banker Ian Hannam has decided to appeal the FSA’s decision. What happens now? A The case will progress to an independent tribunal outside the FSA’s jurisdiction. It will take around a year for the trial to be convened, during which time lawyers on both sides will compile their cases. After that [...]
PROFILE: IAN HANNAM April 4, 2012 EVER since Andrew Osborne quit Bank of America Merrill Lynch after being fined for a market abuse case in December, there have been rumours that Ian Hannam, one of the City’s top deal-makers, was being scrutinised by the Financial Services Authority. Nevertheless when Xstrata announced its proposed £56bn merger with rival Glencore in February, Hannam’s [...]
Pret A Manger sets its sights on expansion April 4, 2012 PRET A MANGER is to create 550 jobs in Britain and step up its expansion plans abroad after it unveiled soaring revenue and earnings growth in 2011. Chief executive Clive Schlee said the sandwich chain plans to “invest heavily in future growth” with at least 44 shop openings this year, of which 24 will open [...]
Hedge fund fine raised to $99m April 4, 2012 THE US regulator has increased a fine levied on a British hedge fund and its boss to nearly $98.6m (£61.99m). Lewis Chester and his firm, Pentagon Capital Management, must pay the huge penalty after the Securities and Exchange Commission said they engaged in abusive mutual fund trading. Chester, a Conservative Party donor, and Pentagon were [...]
Whitbread’s finance chief to head up Costa April 4, 2012 WHITBREAD revealed yesterday that its finance chief Chris Rogers is to head up its coffee shop chain Costa Coffee, with the task of driving ambitious overseas expansion plans. The UK’s largest hotel and restaurant owner said Rogers will become managing director of Costa in August and drive forward a five year plan to expand it [...]
Shares in sports store JJB rise as it confirms refinancing talks April 4, 2012 SPORTSWEAR retailer JJB Sports, which nearly collapsed last year, said yesterday it was in ongoing talks with its bank and a mystery “potential strategic partner” to raise financing, sending its shares up 56 per cent to 16p. “Constructive discussions continue with the company’s lending bank and one of the potential strategic partners and have been [...]
PROFILE: CHRIS ROGERS TO STEER COFFEE CHAIN’S EXPANSION April 4, 2012 CHRIS ROGERS, who was named as Costa’s incoming managing director yesterday, joined the leisure group in 2005 after a stellar 17-year career in the retail sector. Rogers qualified as a chartered accountant with PwC and joined DIY firm Kingfisher in 1988 as a corporate finance manager, spending a total of 13 years at the company [...]
