Fund bosses at Pendragon pocket £8m January 14, 2010 SENIOR managers at beleaguered hedge fund Pendragon Capital shared £8m last year before it was wound up and taken over by GLG Partners. Five directors – including co-founders Julian Harvey Wood and Kaveh Sheibani – split the money, with the highest-paid member taking home £3m. The payout came after the event-driven hedge fund’s assets under [...]
United bond roadshow hits the City January 14, 2010 MANCHESTER United’s chief executive David Gill took the club’s marketing of its £500m bond issue to the City yesterday, 24 hours after pitching it to investors in Edinburgh. The United management team met potential investors at the Grocers’ Hall near the Bank of England. There is expected to be sufficient demand for the issue, although [...]
FSA bans insurance broker January 14, 2010 The Financial Services Authority has banned Stephen Allen, a director of Fabien Risk Services, for failing in his duties as a director of a regulated firm. The regulator said the action follows a probe that also resulted in the 2007 banning of Allen’s co-director Shane Garvey and Fabien office manager Lee Goddard. Allen failed to [...]
F&C REIT tops £1bn January 14, 2010 Property firm F&C REIT has smashed through the £1bn mark for total transaction values since being created in 2008 through the merger of REIT Asset Management and F&C’s property division. The latest transactions come through the acquisition of three out-of-town office complexes from the National Farmers Union.
Civil justice costs overhauled January 14, 2010 Britain is set to overhaul the costs of increasingly “excessive and disproportionate” civil litigation in an attempt to promote access to justice – and encourage people to take out legal expenses insurance. One of the most senior judges published a series of proposals he said could cut litigation costs by “many millions of pounds”. Pulling [...]
Contract win for Jarvis January 14, 2010 Infrastructure group Jarvis yesterday announced its Jarvis Rail subsidiary has won a £55m contract during 2010, with an option for a second phase of work worth around £36m to begin the following year.
Green warns on quick fixes January 14, 2010 HSBC chairman Stephen Green has warned that quick-fire attempts to impose stricter regulations on financial institutions risk doing more harm than good if they are implemented without due consideration of the consequences. Speaking in an interview ahead of the World Economic Forum conference in Davos later this month, Green said creating a stable financial system [...]
CITY VIEWS: DO YOU BELIEVE THE UK ECONOMY IS OUT OF RECESSION? January 14, 2010 ADE ABIOSE | CAVENDISH WEALTH MANAGEMENT “Personally, I’m still cautious. The main reason for thinking the economy did grow again is the better outlook for property. But I think that was fuelled by home movers pushed by low interest rates, not by first time buyers. We may be edging out, but we’re not clear of [...]
MANDY UNLEASHES HIS SHARP WIT AT BUSINESS FOR EUROPE DEBATE January 14, 2010 IT’S good to know that it’s not only opposition politicians who are subjected to the sting of Lord Mandelson’s acerbic tongue, but members of his own party as well. Mandy was yesterday morning in attendance at City superspinner Roland Rudd’s Business for New Europe event at the grand Victoria Embankment headquarters of investment bank JP [...]
Home owners paying lowest mortgage interest in years January 14, 2010 BARRATT Developments, the housebuilder, yesterday said recent bad weather had led to a flurry of online enquiries as it reported stronger first-half trading, adding to hopes the worst is over for the sector. Chief executive Mark Clare said online enquiries more than doubled in recent weeks as a countrywide cold snap forced many people to [...]
