Aviva to slash debt as Europe chief quits January 20, 2011 SPECULATION over the exit of Aviva’s European head Andrea Moneta overshadowed a promising update on the insurer’s strategy and finances yesterday. The world’s sixth-largest insurer told investors it planned to cut the hybrid debt on its balance sheet by at least £700m over the next three years, using internal cash to fund repayments of about [...]
High-flying Mayer sent to London January 20, 2011 IGAL Mayer’s move to become chief executive of Aviva’s all-important European business is the Canadian’s third stint in London during his 22-year career with the company. In Canada he rose to executive vice-president-level before moving to London in 1999 to become managing director at CGU, which merged with Norwich Union to become Avvia. He became [...]
Aviva loses its European chief January 19, 2011 Insurer Aviva is replacing its head of Europe for the second time in 18 months, after Andrea Moneta left the firm. Britain’s second-biggest insurer by market value said Moneta, the former chief financial officer at Italy’s UniCredit Group and ECB employee, would leave the company at the end of February. Igal Mayer has been appointed [...]
Barclays fined £7.7m for serious failings in sales January 18, 2011 BARCLAYS has been fined £7.7m for mis-selling two Aviva funds after one in seven of the investors complained to the City regulator. The Financial Services Authority (FSA) yesterday imposed its largest-ever fine for retail sales breaches after identifying “serious failings” in Barclays’ sales practices for two Aviva income funds. The bank raised £692m from 12,331 [...]
CITY MOVES | WHO’S SWITCHING JOBS January 17, 2011 RSM Tenon The financial services firm has appointed two new directors and an associate director in London. Nick Atkinson has been promoted to a risk management director, specialising in internal audits of the NHS. Nick Davies (pictured) has been promoted to business advisory director in the audit, tax and advisory team, specialising in corporate clients. [...]
What the other papers say this morning January 16, 2011 FINANCIAL TIMES RBS DIRECTOR TO STEP DOWN FROM BOARD One of the last Royal Bank of Scotland directors to remain on the bank’s board from the days of Sir Fred goodwin is poised to step down from his role. Colin Buchan, 56, a former UBS investment banker who until recently was chairman of RBS’s remuneration [...]
Insurers agree to stop sharing prices January 13, 2011 SEVEN insurance groups including Aviva and Axa Insurance UK agreed to stop sharing motor policy pricing data using an Experian tool after the UK regulator said it could limit competition. The tool, Whatif? Private Motor, allowed insurers to access the pricing information supplied by competitors to brokers, the Office of Fair Trading (OFT) said in [...]
London hits 31-month closing high as Portuguese fears fade January 12, 2011 BRITAIN’S top share index hit a 31-month closing high yesterday, boosted by banks after a successful bond sale in Portugal eased investor concerns over Europe’s sovereign debt crisis, and as miners tracked metals prices higher. The FTSE 100 ended up 36.69 points, or 0.6 per cent, at 6,050.72, its highest close since early June 2008, [...]
Good news boosts FTSE to 2008 levels January 12, 2011 BANKS and miners dominated the FTSE today, leading the index to another 31-month high as good news from Portugal’s bond sale boosted financial stocks, and miners tracked metals prices higher. Four FTSE 250 companies also posted double-digit gains as news that Gartmore agreed a £335.3m takeover deal by rival Henderson sent their shares higher. The [...]
F&C board fights back as Sherborne showdown looms January 6, 2011 EMBATTLED F&C Asset Management has set a date for its showdown with Sherborne Investors over its bid to replace chairman Nick MacAndrew and take control of the board. F&C shareholders will meet on 3 February at Sherborne’s request to vote on whether to oust MacAndrew and director Brian Larcombe and appoint Sherborne’s founder Edward Bramson, [...]