RBS still years from recovery February 26, 2014 ■ Bank offloads £1bn stake in Direct Line■ Set to slash costs as its losses mount■ No return to profit expected until 2018 RBS will today launch a new plan to slash costs and re-focus on the UK in a bid to convince markets and the government it is at last on the path to [...]
City Moves for 21 February 2014 | Who’s switching jobs February 20, 2014 Jones Lang LaSalle Christopher Shead has joined the real estate services firm as a director in its renewable energy capital team. He was previously at FIM Services, where he led its renewable investment division. Before that, Shead worked in the global climate and renewables business at E.On. Nomura The investment bank has appointed David Hague as [...]
Swiss Re announces new finance chief as results beat expectations February 20, 2014 Swiss Re, the reinsurer, has announced it’s appointed a new finance chief, David Cole, and upped its dividend on the back of an unexpected rise in net income. The giant European firm’s proposed raising its dividend to 3.85 Swiss francs per share, with a special dividend of 4.15 Swiss francs per share. The company reported [...]
BC Partners and Silverlake sell insurance firm to ex-AIG boss February 17, 2014 PRIVATE equity firms BC Partners and Silverlake yesterday doubled their money on US healthcare firm MultiPlan after offloading the business to a group led by former AIG boss Hank Greenberg. Greenberg’s Starr Investments has partnered with Swiss private markets giant Partners Group to buy MultiPlan, according to a statement yesterday, in a deal which is [...]
Tesco Bank up to 7m accounts February 17, 2014 THE CHALLENGER bank run by grocer Tesco has opened 7m accounts for customers, across its whole range of products including insurance, savings and credit cards, it revealed today. The landmark figure covers just over 5m customers, as some have more than one product with the retailer-based bank. The figures put it ahead of other large [...]
Investment Comment: Five asset allocation strategies for long-term investors February 11, 2014 AS UNCERTAINTIES rumble on across financial markets in 2014, it can be difficult for investors to look beyond short-term market dynamics when assessing risk and returns. Yet strategic asset allocation (SAA), an investor’s long-term asset allocation with a five to seven year time horizon, is an integral aspect of overall portfolio returns. More than 80 [...]
Innovation Diary: There will be plenty more Wongas to come – even as the fintech sector begins to grow up February 9, 2014 FEW NEED telling about the growth of peer-to-peer lending. Whether driven away by dissatisfaction with traditional banking, or pulled by attractive returns and convenience, lenders and borrowers are increasing interested. According to Nesta, P2P business lending grew by 211 per cent between 2012 and 2013. And while P2P lenders control just 1 per cent (about [...]
London Report: FTSE pares back losses after RSA and Glaxo rally February 5, 2014 THE UK’S top top equity index snapped a five-day losing streak yesterday, lifted by rallies in insurer RSA and pharma group GlaxoSmithKline. Shares in RSA rose 4.6 per cent on expectations its new chief executive Stephen Hester, credited with salvaging RBS, would help turn around the insurer, which is struggling with a £200m pound ($330m) [...]
The 3 big changes set to shake hedge funds in 2014 January 29, 2014 A great deal of opportunity it turns out, if you listen to the world’s biggest money manager BlackRock. Despite citing some startling statistics at a briefing in London today – more on that later – its strategists think increased volatility in markets this year will open up a pandora’s box of opportunity for smart managers. [...]
Crime’s downward path: A promising trend with no room for complacency January 23, 2014 IT’S BEEN called the riddle of peacefulness. Many think crime is a growing problem: a 2013 Ipsos Mori study found that 58 per cent didn’t believe it was falling, while 51 per cent thought violent crime was getting worse. Yet Britain, in common with much of the developed world, has enjoyed nearly 20 years of [...]