Man suffers after £700m withdrawal January 20, 2011 SHARES in hedge fund manager Man Group fell yesterday after it revealed a single client had pulled $1.1bn (£694.4m) from its long only funds in the third quarter, despite analysts remaining upbeat about the company. Investors pulled money from its funds as well as from GLG Partners, the rival hedge fund group it bought in [...]
Inflows look healthy enough despite a $1bn redemption from a key client January 20, 2011 Despite strong cashflows and a growth in funds under management, a single client’s $1bn redemption has temporarily hit Man Group’s rapid uptick in fortunes following its purchase of GLG last year. Though Man insisted the client was merely switching assets out of European equities, it wasn’t enough to soften the blow to the group’s shares, [...]
Aberdeen sees increased inflow January 20, 2011 Aberdeen Asset Management’s first quarter performance fell below analysts expectations with a 2.6 per cent increase for assets under management (AUM) to £183.3bn. The fund manager saw outflows of £800m after clients withdrew from some property and fixed income funds as investors looked to boost exposure to equities. However, AUM increased to £183.3bn. Analysts at [...]
Business soars at St James’s Place January 20, 2011 Wealth manager St James’s place has seen new business leap 32 per cent, pushing assets above market forecasts to a record high. The British-based business saw funds under management increase to £27bn, up by £5.6bn, beating analysts expectations of around £26.3bn. St James’s Place, 60 per cent owned by Lloyds Banking Group, saw new investments [...]
RSA picks up £142m bill after bad weather January 20, 2011 GENERAL insurer Royal Sun Alliance (RSA) warned yesterday that exceptional losses from bad weather had left it with a bill £142m more than it had expected. Prolonged freezing conditions and snowy weather across Europe in November and December, combined with exposure to hurricane Tomas in the Caribbean, caused it to reduce its forecast for 2010 [...]
Aviva to slash debt as Europe chief quits January 20, 2011 SPECULATION over the exit of Aviva’s European head Andrea Moneta overshadowed a promising update on the insurer’s strategy and finances yesterday. The world’s sixth-largest insurer told investors it planned to cut the hybrid debt on its balance sheet by at least £700m over the next three years, using internal cash to fund repayments of about [...]
High-flying Mayer sent to London January 20, 2011 IGAL Mayer’s move to become chief executive of Aviva’s all-important European business is the Canadian’s third stint in London during his 22-year career with the company. In Canada he rose to executive vice-president-level before moving to London in 1999 to become managing director at CGU, which merged with Norwich Union to become Avvia. He became [...]
Analyst views: Is RSA’s profit warning a problem? January 20, 2011 EAMONN FLANAGAN | SHORE CAPITAL We were encouraged by the positive statement as to the group’s expectations for 2011, assuming more normalised weather patterns. The reference to a combined ratio which may be “better than 95 per cent” is more positive than we have had from the group in the past. FRANK BRADEN | S&P [...]
Shareholders at LoveFilm cash in on bid January 20, 2011 LoveFilm shareholders are set to cash in on Amazon’s buyout of the movie rental business, valuing it at £200m. Amazon yesterday announced it will snap up the 58 per cent of LoveFilm it does not already own. City A.M. understands Balderton and Index Ventures both own approximately 10 per cent of the firm, with Arts [...]
Independent trust could run Sky News to ease News Corp takeover January 20, 2011 News Corp could set up an independent body to run Sky News in a bid to smooth the way for its £7.8bn Sky bid. Critics of the bid say media plurality would be harmed if Rupert Murdoch’s firm snaps up the 61 per cent of Sky it does not already own. Culture and media secretary [...]
