Evolution’s finance boss quits amid takeover talk August 15, 2011 EVOLUTION Group lost its finance director and reappointed one of its former non-executives to its board yesterday amid signs that a takeover bid for the firm was progressing. Andrew Westenberger, the group’s finance director for almost two and a half years, resigned with immediate effect and with no explanation or an immediate successor. But Evolution [...]
Michael Page in boost from Asia August 15, 2011 RECRUITER Michael Page yesterday reported a jump in pre-tax profits, fuelled by a buoyant jobs market in Asia, but warned the UK outlook remains grim. The company saw international business overall outstrip the performance in the UK. Sales in Asia Pacific climbed 43 per cent to £76.7m, in the six months to 30 June. Meanwhile [...]
Hockey teams sign new deal August 15, 2011 HOCKEY: England and Great Britain’s women’s teams have signed a lucrative new sponsorship agreement with bank Investec. The five-year agreement will begin this month when England head to the EuroHockey Nations Championship in Germany.
IS STANDARD LIFE’S turnaround WORKING? August 10, 2011 ABID HUSSEIN | JEFFERIES The investment spend over the last 18 months is starting to deliver netflows ahead of expectations. Standard Life is also benefiting from a first-mover advantage in the pre-RDR market by increasing its market share in SIPPs. Our concern remains that spend will remain high beyond 2012 to defend its market share. [...]
RIGHTMOVE IN WRONG MOVE AFTER RIOTS GAFFE August 9, 2011 RED FACES at Rightmove, after the property website waded into the online chatter about the London riots with a horribly misjudged Facebook and Twitter message about house prices. “Are the riots affecting where you live?” Rightmove asked its 13,600 followers as buildings burned, shops were looted and families feared for the safety of their children. [...]
A SEA OF RED August 8, 2011 WORLD MARKETS CONTINUE LURCH DOWNWARDS INVESTORS fled stocks on both sides of the pond yesterday, as financial turmoil further engulfed markets. In New York, the Dow Jones index closed down 5.55 per cent; the Nasdaq shed 6.9 per cent; and the S&P 500 lost 6.66 per cent. By the close of trading last night every [...]
INSIDE THE ECB’S BOND STRATEGY August 8, 2011 Q.WHAT DOES THE ECB HOPE TO ACHIEVE? A.By purchasing Italian and Spanish bonds, the European Central Bank is aiming to stop further contagion across debt-burdened sections of the Eurozone. Q.HAVE ANY PURCHASES BEEN MADE SO FAR? A.While the ECB is thought to have entered the market yesterday, after an 18 week hiatus, details of its [...]
Evolution seals BNP Paribas deal August 8, 2011 EVOLUTION, the investment bank and wealth group, yesterday sealed the takeover of £1.8bn in private client assets from BNP Paribas’ wealth management arm. The new business will be absorbed into Evolution’s Williams de Broe wealth manager, taking its funds under management to £7.8bn, approaching its goal of building a £10bn-strong asset manager. The deal is [...]
Evolution seals deal for BNP Paribas arm August 8, 2011 Investment bank Evolution, which is the subject of a bid approach from South African financial group Investec, said it had sealed the takeover of BNP Paribas Private Investment Management. Evolution had said last month that it was in talks over buying the unit, as part of its plans to grow its wealth management arm. Evolution [...]
Investec eyes wealth assets of Evolution August 7, 2011 INVESTEC aims to significantly strengthen its assets under management through its bid for wealth manager and broker Evolution Group, it said yesterday. The South African banking group, which manages about £12bn of assets, made an early stage bid last week for Evolution, which holds £6bn through its Williams de Broe wealth management arm and has [...]