Insurers count the cost of an early end to summer weather September 24, 2012 BRITISH insurers yesterday warned the public to take precautions against flooding as torrential rain threatened to result in hefty payouts. The summer was marred by wet weather and 2012 is on track to leave insurers with the largest bill for flood damage since 2007. Sixty-five areas of England are currently on flood alert and the [...]
Aberdeen gets a lift from high margin equities September 24, 2012 ABERDEEN Asset Management yesterday reported a £2bn summer inflow into its high margin equity business but failed to prevent a £100m slide in net new business. The £2bn of new flows into equities during July and August was offset by declines in its fixed income portfolios and Aberdeen Solutions offering, which had a collective outflow [...]
How did Aberdeen’s asset flow look in this update? September 24, 2012 DANIEL GARROD | BARCLAYS CAPITAL Equities inflows surprise on the upside at £2bn for July/August with encouragingly good diversification away from just GEM. However, the share has been a very strong performer so we could see a little bit of profit taking. HALEY TAM | CITI Strong high margin flows into Asia Pacific, Global EM [...]
Moody’s praises regulation advice September 24, 2012 ■ Stricter liquidity and capital rules will help keep banks safe and stable in the future, credit ratings agency Moody’s said yesterday. But it also warned that only effective supervision will make the rules work to their full potential. The Basel committee’s core principles were adjusted earlier this month, increasing the number of principles from [...]
Caterpillar cuts profit forecast September 24, 2012 ■ Caterpillar, the world’s largest maker of earth-moving equipment, last night cut its 2015 earnings forecast, citing weak economic conditions around the world. The revised forecast comes as prices for coal and iron ore have dropped sharply this year, causing many of Caterpillar’s customers in the mining sector to rethink capital expenditures.
Total looks to Africa for boost September 24, 2012 ■ French oil major Total has said a string of projects in Africa will fuel a 25 per cent rise in output over the next five years. At its annual investor day in London, Total also announced it had joined the race to exploit the potentially huge resources offshore Mozambique in east Africa. The firm [...]
Canaccord Financial boosts UK wealth business with Eden buy September 24, 2012 CANACCORD Financial, the owner of corporate broker Canaccord Genuity, yesterday announced it had snapped up UK boutique wealth manager Eden Financial in a £12.8m cash deal. The firm will add Eden, which has £835m of assets under management, to its existing UK wealth management platform Collins Stewart Wealth Management, boosting the platform’s assets to £9bn. [...]
Man Group confirms plans for a replacement holding company September 24, 2012 HEDGE fund Man Group yesterday set the ball rolling on a corporate restructure announced in July by confirming details for a new holding company – referred to as “New Man”. The business, one of the biggest fund managers in the UK, published further details to investors yesterday on plans to use “New Man”, or Man [...]
Portillo to reveal shortlist for prize held by Bad Government September 24, 2012 LAST year’s winner was the imaginatively titled Bad Government by Henrietta Simpson. And tonight Michael Portillo will announce the shortlisted artworks for the 2012 annual Threadneedle Prize for Painting and Sculpture. The prize, sponsored by the London-based investment manager Threadneedle Investments, has been increased this year to £30,000, making the accolade the country’s most valuable [...]
Sberbank shares launch on LSE in UK’s biggest listing of 2012 September 24, 2012 RUSSIAN giant Sberbank listed in the London Stock Exchange yesterday, joining the flood of firms from the country coming to the City. The Russian central bank sold a 7.6 per cent stake in the institution, raising $5.2bn (£3.2bn) on the Moscow and London markets – though 85 to 90 per cent of that was on [...]
