Equistone exits travel firm ATPI in ICG-backed manager buyout December 3, 2012 PRIVATE equity house Equistone Partners yesterday said it had sold its portfolio company ATPI, a global travel firm, to management in a buyout backed by Intermediate Capital Group. Terms of the deal were not disclosed but Equistone Partners Europe director John Walker said the exit generated a “good return” for investors. Equistone snapped up ATPI [...]
Who’s switching jobs December 3, 2012 Insparo Asset Management Glenda Levin has been appointed head of marketing at the asset management firm. She joins from Pioneer Alternative Investments, where she was head of equity strategy for fund of funds. Levin has also held senior roles at Equitable Life and UBS. Barclays Hayley Rees has been appointed head of the bank’s infrastructure [...]
UBS could pay £280m fine for Libor fixing December 3, 2012 UBS could pay $450m (£280m) to regulators following allegations that its employees submitting false figures to the organisation that compiles the Libor rate, according to a report in the New York Times. This summer Barclays paid a similar fine after admitting that it manipulated the benchmark interest rate, resulting in the resignation of its chief [...]
Roll up to cheer the firms back from the brink December 2, 2012 ROLL up, roll up to the Bloomsbury Big Top. The central London circus tent was the venue for the Institute for Turnaround (IFT) annual awards do. The ceremony recognises companies that have faced financial difficulties but have transformed their businesses to come out stronger than before. Topping the winners’ list was Kate Swann for her [...]
City Moves | Who’s switching jobs December 2, 2012 ECU Group Antony John has been appointed chief executive at the currency management firm. He joins from BNP Paribas FundQuest, where he was chief executive officer. John has also held senior roles at Investment Manager Selection and Lombard Odier. Barclays The bank has announced the appointment of Hayley Rees as head of the infrastructure and [...]
We need to put the past behind us and get the special relationship right December 2, 2012 ONLY a few months ago, talk of a special relationship between the US and the UK would have provoked some quizzical looks among many in the City. A number of British banks – Standard Chartered, HSBC and Barclays among them – had faced a summer of discontent as they were subject to accusations of wrongdoing [...]
What the other papers say this morning November 29, 2012 FINANCIAL TIMES Morgan Stanley to boost returns Morgan Stanley’s chief executive wants to use the bank’s excess capital to boost returns for the company’s “long suffering” shareholders. In the strongest signal yet that Morgan Stanley is preparing to hand back more than token sums to shareholders since the financial crisis, James Gorman told a securities [...]
Three big auditors are slapped with lawsuits over past work November 29, 2012 AUDIT firms Deloitte and KPMG are among the firms named in a US lawsuit brought by a disgruntled investor in Hewlett-Packard, though both firms distanced themselves from the troubled deal yesterday. The case, filed in California, claims the auditors missed numerous red flags about Autonomy, which HP bought last year. The tech firm has since [...]
Takeover approved for Metal Exchange November 29, 2012 REGULATORS yesterday approved the planned takeover of the London Metal Exchange (LME) by Hong Kong Exchanges and Clearing (HKEx). This means the deal to buy one of the City’s oldest – and certainly its most unusual – trading venues could complete as early as 6 December, bringing to an end 135 years of member-ownership. LME is [...]
Barclays set to close its tax advisory unit November 28, 2012 TAX advisory and agricultural commodities trading could be some of the business arms cut by Barclays in its impending shakeup of operations, as it tries to improve its reputation, investment bank boss Rich Ricci told MPs and peers yesterday. And the senior banker also confirmed yesterday that five staff have been fired over the Libor [...]