London still dominates EU hedge space May 27, 2009 LONDON still plays host to the top 15 hedge fund companies in Europe despite the massive losses and client withdrawals seen in the vehicles over the last year. The total assets managed by Europe’s top 50 hedge fund groups have plummeted by 30 per cent over the last year from £225bn to £178bn, according to [...]
Evercore appoints new chief May 26, 2009 Boutique advisory firm Evercore Partners has named Ralph Schlosstein chief executive officer and president with immediate effect, chairman Roger Altman announced yesterday. Schlosstein, a co-founder and former president of fund manager BlackRock, will work with the chairman to expand Evercore’s global reach and diversify its operations. “Our goal is to build Evercore into a global, [...]
SDI reveals retail contract wins May 26, 2009 SDI Group, the Aim-listed distribution services firm, yesterday announced a number of new contract wins totalling around £8m. Distribution deals have been struck with student clothing retailer Jack Wills and discount store chain TK Maxx. The group also said it had won contracts to build automated warehousing systems for Dutch clohing retailers Noppies and Wolverine [...]
Budget forecasts in question May 26, 2009 Chancellor Alistair Darling faced fresh embarrassment last night as a survey of independent forecasts for the Treasury forecasting UK growth were more negative than his own predictions. Last month’s Budget predicted that growth would be 1.25 per cent in 2010 before bouncing back to 3.5 per cent in 2011, 2012 and 2013. But the average [...]
CITY VIEWS: IS THE FSA LIVING UP TO ITS PROMISE TO CLAMP DOWN ON THE CITY? May 26, 2009 GARETH LAWSON K&L GATES“I don’t think the FSA is a very effective regulator. In the past, it has always taken a very light touch, and only recently has it shown any bite. It is now trying to take a harder line, something which is long overdue, but I think it is just trying to become [...]
Plethora revenues set to surge on drug rights sale May 26, 2009 UROLOGY specialist Plethora Solutions Holdings said yesterday it had cut its debts by over 90 per cent after selling the global rights for its flagship premature ejaculation drug to Sciele Pharma. Sciele, owned by Japan’s Shionogi, will pay $8.4m (£5.3m) for the rights, as well as sharing the cost of developing the drug for non-US [...]
Gazprom swells stake in Sibir May 26, 2009 GAZPROM Neft, the oil arm of Russian gas giant Gazprom, yesterday moved a step closer to taking control of Sibir Energy, the oil firm embroiled in an investigation over loans to one of its major shareholders. Gazprom Neft launched a recommended cash offer at 500p a share for the rest of the outstanding shares in [...]
Third fine in fortnight as FSA swoops May 26, 2009 THE Financial Services Authority (FSA) yesterday imposed a life-long ban and a £140,000 fine on former Morgan Stanley trader Nilesh Shroff, the third sanction against the bank or its former employees in the last two weeks. The FSA said that Shroff had deliberately disadvantaged his customers by “pre-hedging” their trades without their consent on seven [...]
Aveva warns of tough trading as profits surge May 26, 2009 ENGINEERING software group Aveva beat market expectations yesterday for full-year revenue and profits thanks to growth in its marine, oil and gas and power markets, but warned of tough trading conditions. Aveva – which makes the three-dimensional software used to design ships, oil rigs, nuclear power stations and chemical plants – reported a 29 per [...]
Landmark for lottery boosts Camelot sales May 26, 2009 NATIONAL Lottery operator Camelot yesterday posted its best sales performance in a decade –as it kicks off its third licence period for the game played by 70 per cent of the adult population. The group recorded sales of £5.1bn, an increase of £182.8m on the £4.9bn posted a year earlier. During the past year Camelot [...]
