FTSE up but investors jittery over Greek crisis June 27, 2011 The FTSE 100 was up this morning but investors remained wary ahead of yet another chapter in the Greek financial crisis. Greek MPs are due to debate a fresh package of austerity measures later. The euro slipped as confidence in the eurozone continued to be sapped by Greece’s debt pile. Meanwhile France’s Christine Lagarde was [...]
LAW FIRM OF THE YEAR | The Shortlist day six June 26, 2011 THOUGH pipeline deals that spurred record law firm profits last decade are yet to return, an influx of regulation and demand for innovative ways to raise capital means law firms are more in demand than ever. Whether running multi-billion pound IPOs or reforming how their businesses are run, our shortlisted firms are at the top [...]
Aviva sells off RAC to Carlyle for £1bn cash June 23, 2011 AVIVA is to sell its RAC roadside rescue business to private equity firm The Carlyle Group for £1bn, as the British group continues scaling back from non-core areas to focus on its insurance operations. The auction process was fiercely fought, with Carlyle battling rivals Clayton Dubilier & Rice and BC Partners to be the first [...]
Laggard of sector deserves second look June 23, 2011 AND so the great tidying-up exercise continues. Fresh from selling part of its stake in Dutch unit Delta Lloyd for £381m, Aviva has offloaded its roadside rescue business RAC for £1bn. Analysts said it had done well to sell the unit on a price to earnings multiple of 17 times, considering its own stock trades [...]
ALTERNATIVE MANAGER OF THE YEAR | The Shortlist day 5 June 23, 2011 Alternative fund managers represent one of the fastest-growing and most in demand areas of investment management. Demand for hedge funds from institutional investors is climbing rapidly thanks to their above inflation returns and low correlation to stock and bond markets. The global industry is now worth more than £1.2 trillion and looks set to shape [...]
Aviva sells RAC to Carlyle for £1bn June 23, 2011 Aviva is to sell its RAC roadside rescue business to private equity firm The Carlyle Group for £1bn, as the insurer continues scaling back from non-core areas to focus on its insurance operations. Aviva said it expected an accounting profit of £600m from the sale of Britain’s second-largest breakdown recovery group, and would use the [...]
Aviva nears RAC disposal June 21, 2011 INSURANCE giant Aviva is close to selling the RAC, the roadside rescue business it owns. Two private equity firms are in the final stages of bidding for the company, Sky News reported last night. Three buyout firms had put up final offers several days ago, including BC Partners, Carlyle Group and Clayton Dubilier & Rice. [...]
CITY MOVES | WHO’S SWITCHING JOBS June 19, 2011 Co-operative Bank The Co-operative Bank has appointed Richard France (left) and Chris Wilson to lead the Corporate and Business Relationship Banking team and the Corporate Banking Specialist Sectors operations respectively. France was previously head of the Bank’s nationwide corporate banking centres and Wilson led the firm’s Commercial Real Estate, Public Sector and Treasury Sales activities. [...]
AVIVA CONFIRMS MCFARLANE AS CHAIR June 15, 2011 INSURANCE group Aviva yesterday named former Australian bank chief John McFarlane as its next chairman, replacing Lord Colin Sharman who retires at the age of 70. Scottish-born McFarlane spent 20 years in senior City positions before moving to Australia to head up the Australia and New Zealand Banking Group (ANZ) for a decade until 2007.
Evercore buys Lexicon to up Europe stake June 8, 2011 US INVESTMENT banking adviser Evercore agreed to buy UK boutique advisory firm Lexicon Partners for a total £86m, it said yesterday, in a deal set to make millionaires of Lexicon’s founders. The deal will see Andrew Sibbald, Lexicon’s senior partner, 27 other partners and more than 70 employees share £38m in cash, equivalent to 44 [...]