Shelf Drilling tries to shake off IPO fail July 2, 2014 Shelf Drilling yesterday said it would push on and grow the business without public shareholder support after scrapping plans to float in London. The Dubai-based company, co-owned by private equity backers Champ, Lime Rock Partners and Castle Harlan, decided to pull plans to raise over $500m (£297m) after a tepid response, City A.M. revealed yesterday. [...]
Rising Ashcourt Rowan growth July 2, 2014 WEALTH manager Ashcourt Rowan yesterday reported strong underlying earnings growth and improved margins for the 12 months ending March. The company, led by chief executive Jonathan Polin, said underlying earnings before interest, tax, depreciation and amortisation rose 37 per cent to £3.8m after a strong second half. Funds under management also rose to £4bn from [...]
Private equity IPOs help push up investment banking fees July 2, 2014 The surge in new stock market listings has helped to propel investment banking fees to pre-crisis levels, cushioning sluggish fee growth from relatively subdued M&A activity. Global investment banking fees for the first half of 2014 rose 12 per cent compared to 2013 to reach $47.1bn (£27.5bn), the biggest six-month haul since 2007, according to [...]
Aviva Investors boss Euan Munro plots revival of firm’s fortunes July 1, 2014 Aviva Investors’ new boss yesterday unveiled plans to recreate the success of a £21bn superfund he ran for rival Standard Life, in a bid to revive his new firm’s battered fortunes. Euan Munro, who joined Aviva in January to turn the faltering venture around, said three new funds launched yesterday could more than [...]
Standard Life takes on Ignis July 1, 2014 STANDARD Life Investments yesterday closed its £390m deal to buy Ignis Asset Management in a deal expected to save the group £50m annually by 2017. Ignis has been sold by FTSE 250-listed insurance services company Phoenix Group. The acquisition, which was first unveiled in March, has sparked fears some jobs could be lost due to [...]
Oracle prices $10bn bond July 1, 2014 TECH firm Oracle yesterday priced one of the biggest bond offerings of the year, after rolling out $10bn (£5.83bn) of corporate bonds. The software group, founded by Larry Ellison, is going to use the cash for corporate purposes. Most of the bonds – $8.25bn – were offered as fixed-rate notes. JP Morgan, Merrill Lynch, Wells [...]
3i nets £150m from deal with Gherkin firm June 30, 2014 THE UK’S oldest private equity group has sold its stake in Foster + Partners back to the seminal architecture practice, which is best known for designing the City’s iconic Gherkin tower. FTSE 100-listed 3i, founded in 1945 in the aftermath of the second world war, will sell 40 per cent of the business back to [...]
Bid target Shire gets $416m tax windfall boost June 30, 2014 UK drugmaker Shire, subject of a £27bn takeover bid by Canadian firm AbbVie, yesterday said it had received C$248m (£138m) back in rebates from Canadian tax authorities – with a further C$168m still to come. The payback bolstered Shire’s position yesterday, as it geared up for battle with AbbVie to woo shareholders over the takeover [...]
Henderson adds US funds group Geneva Capital Management in $200m tie-up June 30, 2014 Henderson Group yesterday snapped up American fund manager Geneva Capital Management, bolstering its exposure to the lucrative US money management market. The group, led by chief executive Andrew Formica, will pay $130m (£75.9m) up front and an extra $70m depending on performance targets to take control of the 25-strong company, which runs $6.3bn [...]
Lloyds private equity arm sells Metronet to Isis in £45m buyout June 30, 2014 The private equity arm of Lloyds Banking Group has sold its stake in Manchester-based tech group Metronet (UK) to Isis Equity Partners for £45m. Lloyds Development Capital, which ploughed £11m into Metronet in 2012, had made a four times return on its equity investment after selling the stake, it said. Metronet [...]