Signs of life in global M&A space as hunger for dealmaking returns July 8, 2010 THE?global mergers and acquisitions market is awaking from hibernation, according to two surveys released yesterday. There were $881bn (£581bn) worth of deals in the first half of 2010, up 7.8 per cent on the same period a year earlier, Mergermarket said. Europe’s M&A recovery was even more pronounced, with first half deals up 24.1 per [...]
Man told to improve flagship hedge fund July 8, 2010 MAN Group needs to focus on the “baffling” lack of performance from its flagship hedge fund, analysts said yesterday, after the asset manager revealed another quarter of outflows. The listed behemoth reported a 2.2 per cent net slide in assets under management to $38.5bn (£25.3bn) in the three months to 30 June as clients pulled [...]
Private banks have £10.9 trillion but can’t beat stocks July 8, 2010 PRIVATE banking firms now manage assets worth £10.9 trillion, a rise of £1.3 trillion since last year, though many firms fall behind the stock market in the profit stakes, a report claimed yesterday. Assets under management (AUM) rose 17 per cent on last year, though performance markers on efficiency have fallen 35 per cent, according [...]
Failed $400m RidgeWorth deal hits Henderson’s profits July 8, 2010 FUND management group Henderson said yesterday its failed takeover of US fund manager RidgeWorth had made a sizeable dent to its profit forecasts. In a trading update, Henderson said recurring profits for the six months to end-June will be between £47m and £49m – six per cent lower than expected. That compares with the £27m [...]
OFT queries Rex sale to Getty July 8, 2010 The Office of Fair Trading (OFT) yesterday referred the anticipated acquisition by Getty Images of Rex Features to the Competition Commission for further investigation. Getty and Rex are two of the largest suppliers of photographic images for editorial use by UK publications. The OFT is concerned Getty would be free to increase prices if the [...]
Boris calls for better transport July 8, 2010 London mayor Boris Johnson yesterday called for an upgraded Tube and Crossrail, to boost the capital’s business. Speaking at the Confederation of British Industry (CBI) yesterday he warned that cutting vital investment in London’s transport system would hurt London’s business and damage the UK economy. He said the government should protect vital improvements to the [...]
TUC in bid to ban Cameron July 8, 2010 The transport workers’ union has called on the Trade Unions Congress to withdraw an invitation to David Cameron, who is due to address the organisation’s annual conference in September. In a sign of escalating tensions between the government and public sector workers, the RMT said the Prime Minister was launching the “biggest attack on the [...]
Lupus dodges housing woes to raise sales July 8, 2010 BUILDING products firm Lupus Capital shrugged off concerns over the state of the US housing market yesterday to reveal first half sales of £133m, up 14 per cent year-on-year. Shares in Lupus, which manufactures parts for doors and windows, bounced 7.28 per cent to 81p on the news. They had traded at a depressed level [...]
Paulson suffers 9pc loss on star Advantage fund July 8, 2010 JOHN Paulson, the hedge fund boss who made billions of dollars shorting sub-prime mortgages in 2007, has seen one of his portfolios fall nearly nine per cent this year. Paulson Advantage, an arbitrage fund geared to benefit from mergers and acquisitions, lost 6.9 per cent in June and 8.8 per cent in the first half, [...]
Three insurance fraudsters hit with FSA ban July 8, 2010 THREE insurance professionals were banned from operating in financial services by the City regulator yesterday for taking part in a £2m fraud over an extended period. Timothy Higgins, Clifford Felstead and Ralph Brunswick were involved in a scam to cheat the Market International Insurance Company (Markel), QBE Insurance and Amalfi Underwriting, which exposed the victims [...]
