India and China mint millionaires August 31, 2011 Asia will add 1.66m dollar-millionaires by 2015, taking the total number of wealthy to 2.82m as the world’s fastest-growing major economies of China and India continue to mint millionaires, a report from Julius Baer said yesterday. The Swiss wealth manager forecast that the total wealth of people with $1m or more in investable assets would [...]
IBM buys British analytics firm August 31, 2011 IBM has agreed to buy British security analytics software firm i2 for an undisclosed sum, it said yesterday, as it continues to devour companies that can help its clients deal with growing mountains of data. Privately held i2, which says its software helped US forces track down former Iraqi leader Saddam Hussein, is based in [...]
UK law firm revenues top £15bn in 2011 August 31, 2011 AFTER a bleak couple of years for the UK’s legal sector, revenues at the country’s biggest law firms are looking far healthier this year, as the most successful firms look to international markets and strategic mergers to grow profits. Total revenues at the top 100 law firms in the UK rose by 13 per cent [...]
Third bidder circles loss-making Omega August 31, 2011 TROUBLED Lloyd’s insurer Omega Insurance yesterday said it hoped to secure a buyer soon, as it posted a $49.1m (£30m) loss for the first half of the year. The third bidder for Omega emerged yesterday as Mark Byrne, the founder of Bermuda-based insurer Flagstone Re and son of insurance scion Jack Byrne, who managed GE’s [...]
ANALYST VIEWS: WHAT ARE THE POSITIVES FROM OMEGA’S RESULTS? August 31, 2011 SARAH LEWANDOWSKI | PEEL HUNT Its catastrophe losses represent about 15 per cent of its 2010 net tangible assets, a relatively favourable performance. Its $1m reserve release, compared with a $12m strengthening a year earlier, is clearly positive. Additional reinsurance has also been purchased for the US windstorm season. NICK JOHNSON | NUMIS First-half catastrophe [...]
ADVISER: CENKOS August 31, 2011 ADVISING Omega on its numerous potential bids is Ian Soanes of Cenkos. Soanes is notably a co-lead on the team that launched Lord Levene’s new bank, NBNK, onto the public market to raise £50m last year. He also works with a range of fast-growing property and tech companies. He advised Assura, the UK’s biggest healthcare [...]
Market drops hurt Chesnara August 31, 2011 VOLATILITY in equity and bond markets battered European life insurance consolidator Chesnara in the first half of this year, cutting its profits to just £3.8m, it said yesterday. Chesnara’s Swedish business Movestic was hit by low investment returns, while its newest acquisition, Save & Prosper, fell to a £1.2m operating loss due to lower interest [...]
Northern Rock owner to credit check clients August 31, 2011 THE administrator of failed lenders Northern Rock and Bradford & Bingley is monitoring its 750,000 mortgage-holding customers for signs of financial stress and will offer advice to any it feels may be struggling, it emerged yesterday. UK Asset Resolution checked customers’ creditworthiness to identify those that may need to cut spending to continue paying their [...]
Sanlam weighs up Merchant Securities August 31, 2011 JOHN East’s investment group Merchant Securities became the latest City broker to be eyed for takeover yesterday as it said its South African life and savings provider Sanlam had made a bid approach. Shares in Merchant Securities, which bought fellow brokerage John East & Partners in 2007, leapt more than 30 per cent to close [...]
Bregal Capital in exclusive talks with Irish group IFG August 31, 2011 PRIVATE equity firm Bregal Capital entered into exclusive talks with Irish financial services company IFG Group yesterday over a possible €231m (£204m) buyout. Dublin-based IFG said Bregal Capital, which is already a backer of Lloyd’s insurance company Canopius, had proposed making a cash offer of €1.80 for each IFG share and would also pay a [...]
