Osmond launches £500m buyout fund January 10, 2010 ENTREPRENEUR Hugh Osmond will this week announce plans to float a £500m turnaround vehicle on the London Stock Exchange. The Horizon fund, expected to list before the end of January, will target one large investment in a consumer-facing business. Advisers from Osmond’s private equity firm Sun Capital have drawn up a long list of prospective [...]
£50m payday for Paulson Europe team January 7, 2010 PAULSON Europe, the UK arm of the hedge fund that made £400m betting against British banks during the financial crisis, boosted its revenues by 42 per cent last year. Four directors shared more than £50m for the 12 months to March as profits soared, according to the latest accounts. The highest-paid director, thought to be [...]
Miners push FTSE higher but M&S weighs on retail shares January 7, 2010 BRITAIN’S top shares added 0.1 percent yesterday as a rally by heavyweight miners, in tandem with stronger metal prices, offset weakness in energy issues, with retailers upset by a disappointing update from M&S. At the close, the FTSE 100 index was 7.54 points higher at 5,530.04, another 16-month closing high. “It looks like the big [...]
Bonus supertax to raise up to £3bn as firms pay in full January 5, 2010 SENIOR bankers have told City A.M. that the government’s supertax on bank bonuses will not reduce City payouts, predicting the levy will raise up to £3bn as firms cough up to protect their London employees. That is six times the £550m tax take predicted by chancellor Alistair Darling when introducing the 50 per cent levy [...]
Goldman to pay $1bn in bonus tax January 4, 2010 GOLDMAN Sachs is likely to pay out UK bonuses in full, a decision which would force it to hand around $1bn (£620m) in taxes to the Treasury. The bank looks set to increase the size of its bonus pool to compensate for Alistair Darling’s 50 per cent bonus levy rather than punish its workers by [...]
CITY MOVES | WHO’S SWITCHING JOBS January 4, 2010 Coutts & Co The private bank has appointed Maggie Bradley as a client partner for its Oxford office, focusing on the local entrepreneur, professional and executive markets. Bradley joins from Coutts’ head office in London, where she has worked for the past five years, latterly as a business partner for international clients. Prior to that, [...]
Mining and oil stocks drive London to a 16-month high January 4, 2010 Strength in commodity stocks and banks drove Britain’s leading share index to a 16-month closing high yesterday, the first session of 2010, outweighing falls from real estate firms and life insurers. The FTSE 100 closed up 87.46 points, or 1.6 per cent, at 5,500.34, its highest close since Sept. 2, 2008 – the month when [...]
Omega board faces coup January 3, 2010 OMEGA Insurance is under increasing pressure to replace the directors of its board after Invesco Perpetual, its largest shareholder, secured the backing of other investors to request a special general meeting. Neil Woodford, Invesco’s star fund manager, wants to oust Walter Fiederowicz and replace him with former Benfield man John Coldman as chairman of the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 21, 2009 FINANCIAL TIMES BONUSES FOR LEHMAN LONDON STAFF Lehman Brothers, the collapsed Wall Street investment bank, is hiring bankers and paying generous bonuses in London to stop employees defecting. Lehman’s European business is recruiting middle and back office staff to help administrators PwC wade through the millions of transactions that must be reconciled with clients and [...]
Abu Dhabi in Citi dispute December 16, 2009 CITIGROUP has vowed to fight an action brought by the Abu Dhabi Investment Authority (ADIA), which claims the banking giant misled it over a $7.5bn (£4.6bn) investment. ADIA bought shares in 2007 for eight times the current price. The beleaguered bank had turned to the world’s biggest sovereign wealth fund to replenish capital after seeing [...]