WHAT THE OTHER PAPERS SAY THIS MORNING July 7, 2011 FINANCIAL TIMES STANDARD LIFE COMES UNDER FIRE FOR RAISING FUND FEES Financial advisers have threatened to pull millions of pounds out of Standard Life Investments after the provider took the unusual step of raising fees on some of its funds, bucking the trend for fund managers to cut headline costs for investors. SLI said that [...]
Europe’s rate hike to 1.5pc puts spotlight on the UK July 7, 2011 THE lines were drawn more starkly in the inflation debate yesterday as the Bank of England again refused to raise rates while the European Central Bank (ECB) hiked rates for a second time this year to 1.5 per cent. ECB president Jean-Claude Trichet said: “It is essential that the recent price developments do not contribute [...]
Spencer sells Origin stake to US group July 7, 2011 ORIGIN Asset Management, a boutique fund manager backed by Icap’s Michael Spencer (pictured), was snapped up by US asset manager Principal Financial Group for $66m (£41m) yesterday. Iowa-based Principal has agreed to buy a 74 per cent stake in Origin, which manages £2bn of equity portfolios out of London for institutional clients, while Origin’s partners [...]
ANALYST VIEWS: IS THIS THE END OF MAN GROUP’S TROUBLES? July 7, 2011 JONATHAN JACKSON | KILLIK & CO They’re better placed now than they were before, although if markets remain volatile it’s difficult for their AHL fund to perform in that environment and it’d be hard to say if the worst is over for them. We remain positive on their shares. DAVID MCCANN | NUMIS The momentum [...]
JAPAN INFLOWS BOOST MAN July 7, 2011 MAN Group’s recovery from the financial crisis gathered place yesterday as the world’s largest listed hedge fund manager reported a net inflow of $3.7bn (£2.3bn) in its first quarter. Shares in the firm rose 8.8p to 255.7p as it provided the market with further proof it was turning itself around after nine consecutive quarters of [...]
LSE board faces investor revolt July 7, 2011 INFLUENTIAL shareholder adviser Pirc has urged London Stock Exchange investors to block the re-election of four directors at this month’s annual meeting, in the wake of the bourse operator’s collapsed merger with TMX Group. The adviser questioned the independence of two non-executive directors, Janet Cohen and Robert Webb, who have been on the board for [...]
NYSE votes for Deutsche deal July 7, 2011 SHAREHOLDERS in the New York Stock Exchange (NYSE) yesterday agreed to its planned $9.6bn (£6bn) takeover by Deutsche Boerse. The deal now needs approval from 75 per cent of the Frankfurt exchange operator’s shareholders by next Wednesday. The creation of the exchange titan also needs to survive a European Commission antitrust review.
Second bid for Lookers was 70p per share July 7, 2011 CAR dealership Lookers yesterday revealed that the bid it rejected last week from a group of investors led by Jack Petchey was priced at 70p per share, below the expected 80p. Petchey’s Trefick vehicle downgraded its offer after taking a gloomy view of Lookers’ pension fund and valuing its property portfolio at a lower level [...]
Ophir Energy prices stock at bottom end of its range July 7, 2011 THERE was some good news yesterday for London’s troubled IPO market as Ophir Energy, a Lakshmi Mittal-backed oil exploration group with 12 wells off the African coast, gained sufficient investor support for its upcoming flotation. Ophir decided last night to price the new shares in the group at 250p, the bottom of the 250-280p price [...]
Premier Farnell slumps after profit warning July 7, 2011 THE slow recovery in global consumer spending was underlined yesterday when electronics distributor Premier Farnell issued a shock profit warning exactly a year after hailing its climb out of the recession. Shares in the Leeds-based group plunged 20 per cent to their lowest level in 16 months after it said growth had tailed off in [...]
