Equity funds push onwards March 31, 2014 Equity funds continued to dominate fund sales last month, proving the most popular type of investment for eleventh consecutive month. Figures from the Investment Management Association show net retail sales for equity funds of £681m in February, with UK equity funds the biggest seller. Property, fixed income and absolute return funds also had a strong [...]
City Moves for 01 April 2014 | Who’s switching jobs March 31, 2014 Hammerson The retail property company has announced the appointment of Sophie Ross as head of multichannel. She joins from Home Retail Group, where she held multichannel and marketing roles. HSBC Global Asset Management The asset management business has made two senior appointments to its equity product team. Nacho Font joins from DIAM International, where he was a [...]
Best of the Brokers for 01 April 2014 March 31, 2014 XAAR UBS keeps its “neutral” rating and pares back its price target from 1,150p to 950p. The broker sees a more competitive ceramics market ahead, though new product launches could shore up the company’s long-term investment case. DARTY N+1 Singer has upgraded the retailer to “buy” and lifted its target price by four per cent [...]
What you need to know before the open March 31, 2014 European markets are expected to open higher this morning in wake of last week's gains. Investors hope that the European Central Bank will take a more dovish approach to monetary policy and China will take steps to counter economic slowdown. German retail sales rose by a better than expected 1.3 per cent in February. Corporate [...]
Chinese on brink of House of Fraser bid March 31, 2014 HOUSE of Fraser is on the verge of a takeover by a Chinese conglomerate, in a landmark deal valuing the retailer at £450m. Chinese powerhouse Sanpower Group, led by 49-year-old multi-millionaire Yuan Yafei, has tabled an all-cash offer to buy out the 165-year-old British department store’s diverse patchwork of shareholders and its £160m of debts. [...]
What the other papers say this morning – 31 March 2014 March 31, 2014 FINANCIAL TIMES SocGen accused over Libya deals The Libyan Investment Authority has accused Société Générale of helping to funnel bribes worth tens of millions of dollars to close associates of Saif al-Islam, the son of former Libyan leader Muammer Gaddafi. The claim was made in a $1.5bn lawsuit filed against the French bank in London’s [...]
Bottom Line: Chinese ambition trumps a market return March 31, 2014 ALMOST 25 years ago, a Hong Kong retail tycoon called Dickson Poon stunned London by taking a chance on Harvey Nichols – a fading department store in dire need of a makeover. Poon was one of the first to spot a trend that now seems obvious; the Asian shopper’s thirst for designer labels that has [...]
City Moves for 31 March 2014 | Who’s switching jobs March 30, 2014 Trowers & Hamlins Rebecca Wardle has been appointed real estate partner in the law firm’s London office. She specialises in large-scale property transactions, with a focus on site acquisition, development, joint ventures and estate regeneration. Edmond de Rothschild Group Greg Clerkson has been appointed head of global consultant relations in Edmond de Rothschild’s asset management [...]
2013 growth revised down as savings worries mount March 28, 2014 The UK economy grew by 0.7 per cent in the last quarter of 2013, in line with consensus, according to the latest numbers from the Office for National Statistics (ONS). But for the full year, GDP was revised down to 1.7 per cent, compared to the earlier estimate of a 1.8 per cent rise from 2012. [...]
Canary Wharf owner sees shares rocket 21pc on results March 28, 2014 Songbird Estates, the developer of Canary Wharf, has posted a pre-tax profit jump from £201.5m to £900.8m. Shares leapt 13 per cent at the open this morning, and are now up an impressive per cent at 235p per share. Underlying profits have dropped marginally to £22.4m, but the firm got a boost from surging London [...]