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 [...]
CITY MOVES | WHO’S SWITCHING JOBS June 26, 2011 AXA Investment Managers The asset management company has appointed Lisa O’Connor as European head of consultant relations, reporting to Tim Gardener, global head of consultant relations, in the London office. In her new role, O’Connor will focus on developing AXA IM’s consultant relationships throughout the UK and Europe. O’Connor, who has more than 12 years’ [...]
Williams wades into energy deal June 23, 2011 US energy group Williams Companies last night tried to break up a rival’s takeover deal with pipeline company Southern Union by making an unsolicited $4.9bn cash bid. Energy Transfer Equity had already offered Southern Union $4.1bn in a stock deal. Southern Union shares rose around 15 per cent in after market trading last night. Barclays [...]
Banks plummet on ringfence anxiety June 23, 2011 INVESTORS ditched British banks yesterday after a note by influential analysts unleashed fears that the government’s reform plans for lenders could slash their profitability by 15-25 per cent. The note estimates that implementing the Vickers Commission’s proposal to hive off banks’ retail from their wholesale business could cost RBS, Lloyds and Barclays up to £10bn and [...]
DEALMAKER OF THE YEAR June 23, 2011 Recessions are when reputations are made, they say, and that has been true in the world of fund managers. While some have battened down the hatches, the ones on our list have seen opportunity in crisis, and pushed ahead with flotations and expansions, or have just taken the chance to expand. All are stars in [...]
Top Banks in bid to revive London floats June 22, 2011 THE CITY’S biggest banks have launched a major charm offensive in an effort to kickstart London’s faltering market for multi-million pound fundraisings. Top banks have held talks with big institutional investors to discuss how to improve the way in which companies are taken public. “Are we happy with the IPO market? Not at all,” said [...]
Mystery Misys bidder named as FIS Global June 22, 2011 US banking technology group FIS Global has been named as the mystery bidder for software firm Misys. FIS, an S&P 500 component, has lined up BofA Merrill Lynch and Deutsche Bank to advise on its advances for the FTSE 250-listed firm. Misys revealed takeover talks earlier in the week following reports of a bid, but [...]
LSE and TMX sweeten deal for merger June 22, 2011 THE LONDON Stock Exchange and Toronto bourse operator TMX Group have agreed to pay a special dividend of C$660m (£415.8m), in the latest scramble to win over shareholders. TMX shareholders must decide next week whether to back the friendly deal between the two exchanges and a hostile bid from the Maple consortium of Canadian banks [...]
EU asks banks to share the Greek burden June 22, 2011 EUROZONE governments have kicked off a series of meetings with their banks to persuade them to voluntarily roll over their Greek debt and buy more time for the stricken sovereign. But German chancellor Angela Merkel has also warned voters and opposition parties that there is a limit to private sector burden-sharing. She said yesterday that [...]
CITY MOVES | WHO’S SWITCHING JOBS June 22, 2011 Barclays Wealth Paul Burd has been appointed as head of business services for Barclays Wealth Operations and head of operations, Glasgow. Most recently, Burd was general manager of worldwide securities at JP Morgan, based in Cape Town, following previous roles at JP Morgan including managing director of the investment bank’s London Investment Management Operations team. [...]