How Co-op may be downgraded if reforms falter March 12, 2014 THE TROUBLED Co-operative Group could lose its credit rating if it does not turn itself around, ratings agency analysts warned yesterday. Its reformist chief executive Euan Sutherland quit this week after failing to win over opponents on the group’s board. Sutherland will not be replaced until Lord Myners has completed his review of the mutual’s [...]
What you need to know before the open March 6, 2014 Europe’s set for a higher open this morning as investors await today’s European Central Bank (ECB) rate meeting. Another weather-related miss for US services, and disappointing ADP payroll numbers didn’t appear to dent activity too much yesterday, and concerns over Ukraine have seemingly been put on the back burner for now. Opinion is somewhat divided [...]
Brit insurance targets £1.1bn April flotation March 4, 2014 SPECIALIST insurer Brit’s private equity owners yesterday announced plans to float 25 per cent of the business on the London stock exchange this April. The group, which currently operates in the Lloyd’s market and specialises in casualty, property and energy insurance, will be selling shares held by existing shareholders – including Apollo and CVC – [...]
Human touch March 2, 2014 Annabel Palmer talks to Lindsay Pattison, UK chief executive at Maxus Global SIR Martin Sorrell decided in 2008 that there was room in the world for another global media network. In October that year, Maxus was born. Current UK chief executive and global chief strategy officer Lindsay Pattison has been credited with humanising and realigning [...]
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 [...]