City Moves for 25 February 2013 | Who’s switching jobs February 24, 2013 Eversheds The law firm has announced the appointment of Greg Hammond as partner responsible for building its energy and corporate capabilities. Hammond joins the firm from Akin Gump Strauss Hauer & Feld, where he was a partner in its cross-border transactions practice. He is a member of the legal advisory taskforce to the Energy Charter [...]
RBS and Lloyds results look set to show losses February 24, 2013 STATE-BACKED banks Royal Bank of Scotland and Lloyds Banking Group are both expected to announce full-year results this week, with analysts forecasting both lenders will remain loss-making. Investec believes RBS, which will deliver its 2012 figures on Thursday, will announce an attributable loss of £2.2bn for the final quarter – or a £5.6bn loss for [...]
Lancashire profit rises February 22, 2013 LLOYD’S of London insurer Lancashire Holdings yesterday launched a new capital management division as it unveiled a slight rise in year-end income. Net operating profit hit $220.3m (£144m), up $1.3m on last year, despite the company booking a $44.5m loss on claims associated with superstorm Sandy. Chief executive Richard Brindle said the decision to set up Lancashire [...]
First Capital Connect comes last in passenger satisfaction poll as Virgin retains the top spot February 18, 2013 FIRST Capital Connect delivers the worst train service in Britain, according to a survey of thousands of passengers by consumer group Which?. Virgin retained the top spot in a poll about value, punctuality and reliability, with a satisfaction score of 67 per cent, closely followed by the London Overground and C2C. This compares to just [...]
FTSE funds help raise £1bn for infrastructure February 18, 2013 A HOST of FTSE 100 retirement funds yesterday revealed they had raised £1bn to plough into the UK’s creak- ing infrastructure as inf luential investor Edmund Truell called on government to do more to boost building investment. Pension schemes run by BAE Systems, BT, Lloyds TSB and British Airways are among ten schemes launching a [...]
Crest Nicholson hails a jubilant market return February 13, 2013 CREST NICHOLSON made a successful return to the stock market yesterday, after the 50-year old British housebuilder completed a listing which valued it at £553m. The company, taken private by Scottish entrepreneur Tom Hunter at the height of the housing bubble in 2007, priced its shares at 220p, the upper half of its original range. [...]
City Moves for 12 February 2013 | Who’s switching jobs February 11, 2013 UBS The bank’s global asset management division has appointed Gavin Lewis business development director. Lewis has over 11 years’ experience in the investment industry. He joins from Russell Investments, where he was responsible for relationship management. MN The fiduciary management firm has announced three new appointments. Christy Jesudasan joins as senior account manager after 14 [...]
Bank ringfences will solve little February 11, 2013 Chief Market Strategist, Cantor Index I AM enormously proud to have survived 50 years in the City of London. Over the last week, however, there has been little news involving banks to be remotely glad about. We heard some “mea-culpa” testimony to the Parliamentary Commission on Banking Standards from Lloyds Banking Group’s chief executive Antonio [...]
Catlin profits surge on lower natural disaster claims February 8, 2013 Insurer Catlin said this morning that its annual profit jumped almost fivefold thanks to lower natural disaster claims last year. The insurer, which is the operator of the biggest insurance syndicate at Lloyd’s of London, made a pre-tax profit of $339mm (£215.5m) over 2012, up from $71m in 2011, when insurers faced a spate of [...]
Beazley profit quadruples February 7, 2013 SPECIALIST insurer Beazley yesterday celebrated a 300 per cent rise in year-end profits to $251m (£160m) after a reduction in worldwide catastrophes. The only major payout at the Lloyd’s of London business was a $90m net loss from superstorm Sandy, which hit North America last October. Beazley’s strong position in the event insurance business means [...]