Banks face further restrictions in war to retain talented staff May 3, 2011 GUIDELINES on implementing the EU’s new bonus regulations will deprive banks of a major way of retaining their most talented staff, experts have said. In detailed guidance issued last week, the Financial Services Authority (FSA) gold-plated EU regulations on bonuses so as to effectively rule out retention bonuses to existing staff. PricewaterhouseCooper’s Jon Terry said: [...]
Japan launch boosts shares in Man Group May 3, 2011 SHARES in Man Group, Europe’s largest listed hedge fund, leapt yesterday after it revealed it had raised a bumper $1.5bn (£910m) from Japanese investors for a new fund. The Nomura Global Trend open-ended fund, which tracks Man Group’s AHL?managed futures strategy, is the firm’s biggest product launch since the financial crisis. Japanese bank Nomura marketed [...]
Stanley Fink’s Japanese legacy still paying off May 3, 2011 THERE have been relatively few good news stories about quant funds recently, and even fewer about Japan. That’s why the barnstorming launch of a Japanese fund that tracks Man Group’s AHL managed futures strategy comes as such a surprise. Analysts had expected the Nomura Global Trend fund, which was marketed to the Japanese bank’s investors [...]
New markets push up profit at Aberdeen May 3, 2011 EMERGING market growth has propelled pre-tax profits at Aberdeen Asset Management to £109.1m in the last six months, doubling the gains of the same time last year. Funds under management rose six per cent over the six months to the end of March to £181.2bn, and are 1.4 per cent ahead of this time a [...]
F&C boosted by inflows as Bramson meets shareholders May 3, 2011 THE new chairman of F&C Asset Management faced investors for the first time yesterday, as the fund manager reported an increase in assets under management to £106.1bn. At the first annual general meeting since activist investor group Sherborne Investors took control of the board in February, Edward Bramson said his review of the company’s operations [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF ABERDEEN’S RESULTS? May 3, 2011 NICOLAS BURGESS | RBS Aberdeen’s results beat our forecasts by seven per cent, driven by better-than-expected performance fees and in-line management fees. Revenue margins, operating margins and cash flow all showed improvement. We see Aberdeen as a key pick and likely to outperform both the market and its peer group. DAVID MCCANN | NUMIS SECURITIES [...]
Investors call for disclosure on junk bonds May 3, 2011 INVESTORS in Europe’s booming high-yield market are demanding more transparency and disclosure of terms from issuers and underwriting banks, threatening a corporate funding market that was worth more than €60bn (£54bn) last year. In a letter to the major banks that underwrite high-yield bonds, a group of the 30 biggest European investors in the class [...]
VOICE OF THE CITY May 3, 2011 THE latest Voice of the City panel is now online. To participate go to www.cityam.com/panel and answer the questions below. Results will be published in next Monday’s paper. 1) Do you see the following as likely consequences of the death of Osama bin Laden? • Traders will be more likely to make risky investments • [...]
Treasury closes in on deal with Swiss on tax May 3, 2011 BRITAIN yesterday was in the closing stages of a deal with Switzerland to tax undeclared assets in a deal that will bag £3bn for the government by 2015. Britons with funds in Swiss bank accounts will be forced to pay tax on new deposits, as well as a one-off retrospective levy. A withholding tax rate [...]
Nasdaq takes bid for NYSE to investors May 3, 2011 NASDAQ OMX and Intercontinental Exchange (ICE) are planning to take their takeover bid for NYSE Euronext straight to the Big Board’s shareholders, as they ramp up attempts to corner the company into talks. Nasdaq and ICE have said they will launch a tender offer for NYSE’s shares later this month. It comes after NYSE’s board [...]
