BlackRock boss Larry Fink hails fund amid Pimco turmoil October 15, 2014 BlackRock boss Larry Fink moved to exploit upheaval at rival Pimco yesterday by lauding his group’s own bond offering, as its fixed-income assets ballooned by $11bn. Fink, who helped invent mortgage backed securities as a young banker with First Boston in the 1980s, said BlackRock differed from its rivals by not having a chief investment [...]
Hargreaves Lansdown share price hit by market fears around Scottish independence and Russia-Ukraine conflict October 14, 2014 Fund supermarket Hargreaves Lansdown was hit by turmoil in the geopolitical arena last quarter, as the fear stalking stock markets dragged down performance. The FTSE 100 giant, based in Bristol, said concerns over the Scottish referendum, conflict between Ukraine and Russia, unrest in the Middle East and poor data from the Eurozone had made customers [...]
Expedia takeover of Wotif faces New Zealand competition hurdle October 14, 2014 The takeover of Australian travel firm Wotif by US-listed Expedia hit a snag yesterday after regulators in New Zealand delayed a green light for the deal. Shares in Wotif, listed on the Australian Stock Exchange, fell more than seven per cent after the New Zealand Commerce Commission put the announcement on ice. US travel group [...]
Ashmore fails to shake off strife in emerging market economies October 14, 2014 ASHMORE Group, the emerging markets-focused fund manager, failed to stem the tide of outflows last quarter, as a strong dollar compounded the firm’s woes. Shares in the FTSE 250 company fell to a four-year low during trading, after dropping more than two per cent. Shares closed at 295.3p. The business, founded by billionaire emerging markets [...]
Fidelity keeps it in the family as Abigail Johnson succeeds father as CEO October 13, 2014 Fidelity, one of the world’s biggest investment groups, yesterday crowned Abigail Johnson as its new chief executive to succeed her father Edward Johnson. The US company, the second biggest active fund manager in the states behind Vanguard, said Johnson would become CEO but remain in her current role as president. Edward Johnson, 84, will remain [...]
Fiat-Chrysler motors into New York market October 13, 2014 NEWLY formed carmaker Fiat-Chrysler made its New York stock debut yesterday, a major milestone in chief executive’s Sergio Marchionne long-running overhaul of the group. Shares ended lower at $8.92 having listed at $9, with Marchionne ringing the closing bell after trading in New York. Italian car maker Fiat bought US automotive icon Chrysler out of [...]
Spanish airport operator Aena takes over the reins at Luton October 13, 2014 AENA Aeropuertos, Spain’s biggest airport operator, will take control of Luton Airport this week when it inks a deal to boost its ownership of the transport hub. Aena is set to increase its ownership of the site to 51 per cent from 40 per cent. The Spanish government, which currently owns Aena through its holding [...]
Ackman’s stock debut flounders October 13, 2014 HEDGE fund tycoon Bill Ackman saw shares in his listed vehicle Pershing Square fall as much as 11 per cent yesterday in its trading debut in Amsterdam. Ackman, who founded the Pershing Square hedge fund in 2004, raised $2.7bn from investors earlier this month, after pricing shares at $25 per share. But shares in the [...]
US vulture fund Apollo targets UK retailers with joint venture October 13, 2014 APOLLO Global Management, the listed US private equity group, has established a new venture to invest in struggling UK retailers. The buyout shop has joined forces with former GA Europe boss Gavin George to set up Alteri Investors, a new company that will take equity and debt stakes in distressed retail assets in Britain and [...]
Ashmore opens Saudi business October 13, 2014 EMERGING markets fund manager Ashmore yesterday opened its first office in the Middle East with a new base in Saudi Arabia. The group’s founder and boss, billionaire Mark Coombs, has helped to form the office in Riyadh, to establish a new subsidiary Ashmore Saudi. “Opening this subsidiary is part of Ashmore’s strategy to build local [...]