Julius Baer hits asset high amid Israeli takeover July 21, 2014 WEALTH manager Julius Baer yesterday said it would acquire the private banking assets of Israeli lender Bank Leumi as it unveiled a strong set of half-year results. The Swiss-based group, which offers services for well-heeled savers, will take on Bank Leumi’s SFr5.9bn (£3.8bn) of assets in Switzerland and a private bank subsidiary in Luxembourg with [...]
Alternative fund manager rules come into force despite delays July 21, 2014 LONG-AWAITED rules on hedge fund and private equity fund sales finally come into force today – despite scores of managers not being ready for the deadline. Companies must comply with the Alternative Investment Fund Managers Directive (AIFMD), a set of regulations which enforce tough rules on fund disclosure and governance, in order to market their [...]
Banco Espirito Santo aims to protect retail investors July 21, 2014 TROUBLED Banco Espirito Santo is set to ring fence retail investors who bought short term debt from its main holding company after it filed for creditor protection last week. Banco Espirito Santo International, the bank’s ultimate parent company, filed for protection late on Friday after it revealed it could no longer meets its obligations. Retail [...]
Strong pound slows increase in payouts from British companies July 21, 2014 UK DIVIDENDS increased at their slowest rate for three years last quarter, pulled down by the strength of sterling, a report out today says. Payouts from FTSE firms rose just 1.2 per cent year-on-year to £25.8bn for the three months ending June, Capita Asset Services said in its quarterly dividend monitor. The rise is the [...]
The Hut Group in line for £100m KKR investment July 21, 2014 US private equity firm KKR, the owner of Boots, is set to take a major stake in online retailer The Hut Group, its first foray into the burgeoning online fashion market. A group of investors led by KKR will buy just under 20 per cent of the Manchester-based company from existing shareholders for about £100m. [...]
Exclusive: Wealth manager ponders market listing in London July 17, 2014 THE OWNER of sandwich takeaway chain Pret a Manger is evaluating plans to list one of the UK’s biggest wealth managers on the London stock market, the latest in a string of potential new issues from mid-market buyout firms. UK-based private equity house Bridgepoint is evaluating a potential initial public offering (IPO) for Quilter Cheviot, the [...]
Tullett Prebon picks new boss but Smith stays on as adviser July 17, 2014 STRUGGLING broker Tullett Prebon yesterday confirmed that ex-Lehman executive John Phizackerley will take over the reins of the group from departing boss Terry Smith. But Smith, a high profile fund manager, will stay on at the firm on a lucrative £500,000 contract for the next two years to act as a consultant, the firm said. [...]
US Treasury boss Jack Lew pens attack on tax inversions July 16, 2014 US Treasury boss Jack Lew has urged Congress to crackdown on so-called tax inversions, the strongest sign yet the Obama administration is determined to ban the practice. In a letter leaked to the Wall Street Journal, Lew said the US needed a new sense of “economic patriotism” and called on leaders to introduce retroactive laws [...]
BlackRock gets more assets from investors July 16, 2014 THE WORLD’S biggest money manager BlackRock showed no signs of slowing down yesterday after taking assets under management to over $4.5 trillion (£2.6 trillion). The US fund giant, led by chief executive Larry Fink, said profits rose 11 per cent hitting $808m versus $729m a year earlier. BlackRock makes money by charging investors fees on [...]
London Stock Exchange chair Chris Gibson-Smith to leave group after 12 years July 16, 2014 London Stock Exchange chairman Chris Gibson-Smith yesterday unveiled plans to step down from the group after 12 years at the helm. Gibson-Smith told the group’s annual meeting he would depart by the end of 2015. A search is now on for his successor. The announcement came as the group unveiled strong results bolstered by the [...]