Bottom Line: Investors should bear in mind Bailey’s past July 7, 2014 POOR Chris Bailey. No sooner had the Burberry man swapped his cutting scissors for an Excel spreadsheet than the marauding hordes of fund management came to rain on his £20m payday parade. Bailey is unusual among his FTSE 100 chief executive peers – and his generous pay award should arguably be viewed differently by shareholders. [...]
PokerStars boss David Baazov mulls secondary London listing July 7, 2014 The boss of the world’s biggest-listed online gambling group yesterday flagged his interest in a secondary listing in London or New York. David Baazov, chief executive and chairman of Canadian-quoted Amaya Gaming, said the business was plotting a dual listing in future. He added he was weighing floating shares either on the London Stock Exchange [...]
Woodford backs British pharma sector with fund July 6, 2014 NEIL Woodford, one of the best-known fund managers in the City, has backed the under-siege UK pharmaceutical sector with his new fund. Woodford’s £1.6bn equity income fund, launched last week, has ploughed 8.3 per cent of the fund into Astrazeneca and 7.1 per cent into Glaxosmithkline, the UK’s biggest drug maker, making the companies the [...]
Bullish fund management execs forecast surge in money growth July 6, 2014 THE FUND industry predicts growth of new cash flowing into products will nearly double to nine per cent every year for the next five years, an upbeat survey suggests. The bullish assessment says net new money growth will improve from the current rate of three to five per cent annual growth to reach nearly 10 [...]
Fidelity revolts over executive short-termism July 3, 2014 FUND manager Fidelity yesterday launched an attack on executive pay after revealing it voted against aspects of pay deals at more than half of UK annual meetings this year. The influential group, which owns stakes in hundreds of UK-listed companies, said it had voted against remuneration proposals for 52 per cent of FTSE 350 firms [...]
Banks in firing line after Saga analysts give low price targets July 3, 2014 SAGA shareholders were left scratching their heads yesterday after the bank that helped sell shares to them at 185p six weeks ago said they were worth 177p. UBS, which was one of several banks that brought the group to market, started covering the stock with a 177p price tag, more than three per cent below [...]
Blackstone and Goldman alumni backed by TPG July 3, 2014 US private equity firm TPG Capital yesterday joined the star-studded line-up backing HS Group, the Asian hedge fund sponsor co-founded by ex-Blackstone and Goldman Sachs execs. Texas-based TPG will buy a stake in the company and will appoint TPG Asia co-head Tim Dattels to the advisory board as part of the deal. TPG will also [...]
Housebuilder London Square sold to US firm Ares Management July 3, 2014 London Square, the London housebuilder currently renovating Royal Star & Garter Home, has been sold to a giant American private equity firm. US-based Ares Management will buy the company from London Square’s current backers Graphite Capital for £110m. London Square was founded in 2010 with £50m of equity backing from Graphite, which also owns the [...]
Trainline takes advice for sale July 2, 2014 TRAIN ticket booking website Thetrainline.com is working with investment bank Morgan Stanley to help guide it to a potential stock market debut. The firm’s private equity backers Exponent Private Equity has engaged the banking giant, according to Sky News, to sell its controlling stake to fund management firms or a trade buyer. Exponent tried to [...]
Fidelity vet chairs forum July 2, 2014 THE FORMER chief investment officer of Fidelity Worldwide Investment Simon Fraser has been appointed chair of an influential new cross-industry investor group. The Investor Forum, founded by fund managers, insurers and pension funds, launched yesterday to promote better governance. Fraser will chair the group and Andy Griffiths, a senior adviser at private equity group Corsair [...]