Zynga soars but Facebook has yet to fly February 2, 2012 ZYNGA shares jumped 17 per cent yesterday following Facebook’s revelation that 12 per cent of its 2011 revenues came from the social gaming company. Facebook’s IPO filing on Wednesday also confirmed that Morgan Stanley will lead the troupe of underwriters, who could accept a fee of just one per cent in their keenness to land [...]
Former Goldman stars plot new investment fund January 31, 2012 THREE Goldman partners are eyeing the creation of a new investment fund after throwing in the towel on investment banking, City A.M. has learned. Ed Eisler, who quit recently as co-head of global securities, has teamed up with fellow ex-Goldman partners Sam Wisnia, who was a managing director in fixed income, and Chris Barter, former [...]
Russia in push for foreign cash January 30, 2012 Russia’s newest state fund made its first investment yesterday, buying a stake in Moscow’s MICEX-RTS bourse to boost its initial public offering hopes and compete with big international centres like London for Russian company listings. The $10bn Russian Direct Investment Fund, which is government funded but run by private equity specialist Kirill Dmitriev, is investing [...]
Russian opposition use Davos to tell Putin to reform or lose power January 29, 2012 KREMLIN clan in-fighting spilled into the open last week when government officials sympathetic with Russia’s fragmented opposition warned the country’s ultimate leader Vladimir Putin he may soon lose power if he doesn’t undertake sweeping reforms. Putin, Russia’s president from 2000 to 2008 and now prime minister, is expected to return to the presidency after March [...]
FSA consults on listing rules January 26, 2012 THE UK’s financial regulator yesterday announced a consultation exercise aimed at tightening up rules for premium listings, reverse takeovers and externally managed companies. The consultation exercise follows a similar move by the FTSE Group, which runs the blue-chip FTSE 100 index. The FTSE Group said it was tightening rules governing entry to its indices in [...]
GOING OUT January 26, 2012 The festive season witnessed the birth of a plethora of new bars and clubs in the capital, notable amongst them was The Rose on 23 Orchard Street in Marylebone, brought to you by clubland mainstays Nick House and Piers Adam (Whisky Mist, Punchbowl, Mahiki). Their newest project houses a 300 capacity, chic speakeasy-style nightclub with [...]
DAVOS DIARY January 25, 2012 IS Lord Mandelson missing the limelight? The dark prince was all over the forum like a rash yesterday, hot-footing it from one engagement to another. Before any sign of sun was showing through the thick snowclouds covering Davos yesterday, Mandy suited and booted for a breakfast hosted by WPP chief executive Sir Martin Sorrell. Demonstrating [...]
BEST OF THE BROKERS January 25, 2012 PHOSAGRO UBS has upgraded the London GDR listing of the Russian fertiliser group from “sell” to “neutral” after a sell-off over the past couple of months that has seen the stock lose nearly 30 per cent. The broker sees no reason to change its 2012 estimates or price target of $9, despite a weak market [...]
Tips to take away from the Ruspetro flotation January 23, 2012 THE successful flotation of Ruspetro, the Russian oil and gas explorer, is being looked on by many in the City as an opportunity to finally get a moribund IPO market off the ground. It’s the first main market listing of the year and it follows a period during which only the most courageous or crazy [...]
CITY MOVES | WHO’S SWITCHING JOBS January 23, 2012 Avoca Capital Avoca Capital, the European credit investment manager with €6bn assets under management, has strengthened its sales and marketing capabilities by appointing Rachel Black as head of capital raising for the credit hedge fund team, based in the London office. Black joins from Concerto Asset Management, where she was head of marketing and business [...]