Liberum’s quest to borrow a big balance sheet November 14, 2011 THERE can be no doubting that the long-expected consolidation in the small to mid-cap broker market has well and truly begun. In the past few weeks there have been deals to buy Ambrian (RFC), Arbuthnot Securities (Westhouse), Evolution (Investec) and Merchant Securities (Sanlam). Such deals follow an earlier transaction in February of last year when [...]
More Evolution jobs to go after Investec’s takeover November 13, 2011 EVOLUTION is preparing to axe more staff once its takeover by South African investment group Investec is completed next month. The broker-turned-wealth manager has made around 60 staff redundant in the last 10 days and City A.M. understands more job cuts are planned, although no decision on numbers has been made so far. The £210m [...]
ENDGAME November 9, 2011 THE CLOCK is ticking for the European Central Bank (ECB) and international community to step in to save Italy, economists warned as the country’s borrowing costs shot through the roof yesterday. Stocks across the world fell as the crisis escalated, with the Dow plummeting 3.2 per cent, the DAX falling 2.21 per cent. and VIX, [...]
ANALYST VIEWS: ARE PROBLEMS LOOMING FOR INSURANCE GROUP ADMIRAL? November 9, 2011 JONATHAN JACKSON | KILLIK & CO The claims environment remains tough, with the frequency and expected cost of new large personal injury claims remaining above historical levels – consistent with the first half of 2011 KEVIN RYAN | INVESTEC It remains our view that significantly outperforming a commoditised market for sustained periods is impossible. It [...]
Two more Russians to enter FTSE November 8, 2011 TWO Russian miners are set to join the FTSE 100 next month, reigniting concerns over corporate governance and the composition of the index. Roman Abramovich’s steelmaking group Evraz and gold miner Polymetal will both join the index if the FTSE Group agrees at its next meeting. Evraz, with a £4.7bn market cap, and Polymetal, at [...]
IS THE SALES MISS A PROBLEM FOR STANDARD LIFE? November 2, 2011 BARRIE CORNES | PANMURE GDN The figures are solid if not spectacular. Long term savings net inflows were slightly disappointing with life and pension net inflows at £3,280m, some 16 per cent below consensus. In the UK it is well placed ahead of the introduction of the RDR and pension reform, but is trading on [...]
THE SHOW MUST GO ON SAYS FOREX FINANCIER November 1, 2011 DIGITAL downloads decimating album sales, Russian born tycoon Len Blavatnik poised to swoop on the UK’s last major domestic music label – it’s fair to say the music industry has seen better days. Here to help the sector’s financially challenged artistes make the most of their remaining revenue sources – touring, merchandise and ticket sales [...]
WERE IMPERIAL’S FIGURES IN LINE WITH EXPECTATIONS? November 1, 2011 TINA COOK | CHARLES STANLEY Imperial Tobacco continues to demonstrate resilience with strength in emerging markets helping to offset headwinds in Spain and the UK. The main positive surprise is a continuation of shareholder friendly actions with a 13 per cent increase in the dividend on a slightly larger than expected hike in the payout [...]
Sanlam to spend £12.3m on taking over Merchant October 31, 2011 CITY stockbroker Merchant Securities saw its shares leap almost 27 per cent yesterday as it said it had agreed an all cash takeover offer from South African investment group Sanlam. Sanlam, Merchant Securities’ biggest shareholder with almost a ten per cent stake, will pay £12.25m to take its shareholding to 75 per cent through a [...]
RBC Capital Markets and City’s shifting sands October 31, 2011 OCCASIONALLY the move of a key employee from one investment house to another inadvertently sums up the varying fortunes of the two groups involved in the transfer. And so it is with James Eves, who has quit UBS after 11 years to join RBC Capital Markets in its pan-European financials team. Eves leaves UBS shortly [...]