Manduca in line for chairman’s role at the Pru May 20, 2012 PAUL MANDUCA, one of the City’s best-known fund managers, is set to become the new chairman of Prudential, putting an end to a five-month search for Harvey McGrath’s successor. Manduca, 60, joined the board of Prudential, the UK’s biggest life assurer, as a senior independent director in October 2010 and has been overseeing the search [...]
Credit Suisse looking for buyers for JO Hambro wealth manager May 20, 2012 CREDIT Suisse is looking for a buyer for JO Hambro Investment Management, a small asset manager it bought in 2000. It is understand that the bank is “considering its options” for offloading the business, which is a separately run operation within Credit Suisse’s private bank. It is not clear how much it can get for [...]
Nasdaq admits to errors during Facebook’s IPO May 20, 2012 THE CHIEF exec of Nasdaq admitted yesterday that technical problems delayed the opening of Facebook’s initial public offering (IPO) last week. Robert Greifeld said the bungled start was “not our finest hour” after the exchange’s IT system failed to cope with high levels of demand. Eventually, the $38 shares opened at $42 on Friday and [...]
Coutts focuses senior hiring on Middle East and Asian business May 20, 2012 COUTTS has hired a troupe of senior executives in the Middle East in Asia, but is less keen on boosting its UK hiring after what it sees as enough growth in London over the last decade. The private bank, which is owned by RBS, has brought on board around 20 top managers to boost its [...]
MAN Group inks deal for FRM May 20, 2012 Hedge fund Man Group said last night it had agreed to buy FRM Holdings, a hedge fund research and investment specialist with funds under management of around $8bn (£5bn). Man will integrate FRM into its multi-manager business, to create a new entity with combined funds under management of approximately $19bn. Man will not make any [...]
Air France denies redundancies May 20, 2012 Air France-KLM yesterday denied it plans to cut 5,000 jobs by 2015 through a voluntary redundancy plan, as reported by the website of France’s Le Figaro. The paper said Air France-KLM, which employs 103,000 staff, would try to speed up natural attrition. Every year, about 800 people leave, but Le Figaro said it wants to [...]
Group of 8 want all members to stay in the euro May 20, 2012 WORLD leaders backed keeping Greece in the Eurozone over the weekend and vowed to take all steps necessary to combat financial turmoil while revitalising a global economy increasingly threatened by Europe’s debt crisis. A summit of the G8 leading industrialised nations came down solidly in favour of a push to balance European austerity – an [...]
Traders shouldn’t count out a marshall plan for Greece May 20, 2012 ISSUES come and go with the markets, which are always casting about their gaze for the next threat that will deny them the tranquil predictability they long for at all times. But for the better part of a year now, one issue never seems to go away, never seems to stop gumming up the works: [...]
Far East buyers beware rush for London homes May 20, 2012 WHEN Hong Kong businessman Mr He paid a £35,000 deposit on a four-bedroom apartment in the UK, he believed it was a 40-minute walk from central London, his lawyer claims. In fact it was a 40-minute journey by high-speed train. The £350,000 home was in Lincolnshire. He sued the developer for misrepresentation last year, getting [...]
Shell could be next victim of anti-pay vote May 20, 2012 ROYAL Dutch Shell, which holds its general meeting tomorrow, could be the next victim of the investor revolution that is sweeping through City boardrooms. Pensions and Investment Research Consultants (Pirc) has urged shareholders to vote against the oil giant’s remuneration report, which more than doubled Shell chief executive Peter Voser’s total pay to £9.4m in [...]
