Icap’s caution sees investors become wary February 2, 2011 INTERDEALER broker Icap, run by former Tory party treasurer Michael Spencer, said yesterday that the pace of growth in its post-trade unit, an area in which it has invested heavily in recent years, was not yet meeting its medium-term targets. Despite confirmation that it still expects to hit its profit guidance of £333-357m for the [...]
Liontrust stems outflows with revived inflow February 2, 2011 EMBATTLED asset manager Liontrust showed a hint of revival yesterday, revealing that it pulled in £108m of new client money in the five months to 1 February. Assets under management (AUM) at the company also grew 15.9 per cent to £1.3bn during the period, reflecting £76m of net sales in the three months to 1 [...]
No magic rabbit for Spencer February 2, 2011 ICAP’s interim update was solid enough – pre-tax profits for the year will be within the £333-£357m range it already announced some eight months ago and revenue for the third quarter was up nine per cent. But chairman Michael Spencer’s statement was couched cautiously, highlighting the interdealer broker’s improvement from “volatility in financial markets”. A [...]
Insider deal banker jailed for 40 months February 2, 2011 FORMER Dresdner Kleinwort banker Christian Littlewood has been jailed for a record three years and four months for his part in an insider dealing ring that lasted almost a decade. Littlewood and his wife, Angie Lew, admitted being involved in a massive operation that illegally traded more than £2m through an intermediary, Helmy Omar Sa’aid. [...]
Consultant bailed in illegal trade case February 2, 2011 Management consultant Rupinder Sidhu appeared in court yesterday on charges of insider trading. The case, brought by the Financial Services Authority (FSA), relates to spread bets placed between 2008 and 2009. Sidhu pleaded not guilty to all charges. The case was adjourned until 2 March and Sidhu was remanded on conditional bail. The FSA is [...]
Convictions: How the FSA has prosecuted financial crime February 2, 2011 THE conviction of the trio of insider dealers was a major victory for the FSA in its fight against financial crime. Littlewood’s three years and four months conviction was a record. But it is the latest in a string of successes for the FSA. Last June Anjam Ahmad, a former hedge fund manager for AKO [...]
Imperial sees shares jump after growth February 2, 2011 IMPERIAL Tobacco surprised investors yesterday by announcing a return to volume growth in the last quarter of 2010 and pledged to pay half its profits in dividends. Imperial, with cigarette brands including Lambert & Butler, West and Gauloises, said cigarette volumes rose 0.5 per cent in its October to December 2010 first-quarter. Fine-cut loose tobacco [...]
Financial firms hit out at short deadline to assess impact of key Mifid regulations February 2, 2011 FEARS have been raised over the short window of opportunity for European rulemakers to assess industry concerns over the formation of new regulations proposing sweeping reforms to equity market structures such as “dark pools” and high-frequency trading. Hundreds of submissions voicing fears over the impact of the new Markets in Financial Instruments Directive (Mifid) were [...]
Air freight recovers in 2010 February 2, 2011 AIR freight grew by over one fifth in 2010, in a sign of global economic recovery, but severe weather in Europe and North America dented passenger demand at the end of the year, the airline body IATA said yesterday. Both passenger and freight demand have now exceeded pre-recession levels but freight volumes have dropped five [...]
ANALYST VIEWS: ARE IMPERIAL SHARES A GOOD BUY? February 2, 2011 JULIAN HARDWICK | RBS The update contains several positive features: strong volumes and revenue; a reduction in the effective tax rate; and an increase in the dividend payout, which we see as a pointer to the potential for capital return, all of which should highlight the significant undervaluation of the shares. SIMON WILLIS | DANIEL [...]
