Segro finalises APP purchase and sells assets June 22, 2010 INDUSTRIAL landlord Segro completed its purchase of BAA’s 50 per cent stake in the Airport Property Partnership (APP) yesterday, by selling £237m of its own assets to the venture. The sale means the APP portfolio of UK airport real estate has grown to £684m, the biggest investor in the sector. Segro agreed to buy into [...]
City sharpens knife for Pru’s chairman June 20, 2010 SEVERAL institutional shareholders are agitating for the resignation of Prudential chairman Harvey McGrath as pressure grows on the board over the aborted attempt to buy AIA in Asia for $35.5bn (£25bn). Fidelity, Legal & General, Schroders and F&C are understood to be among those demanding a change at the top of the FTSE 100 insurer, which [...]
BEST OF THE BROKERS June 20, 2010 BAYER Citigroup said it believes that Bayer is an attractive “buy”. Citi said that sentiment is going to be set by the Xarelto data and it remains positive on this asset. According to Citi trading appears to have improved in Crop Science, Materials remains robust and the company will benefit from recent currency moves. WILLIAM [...]
CITY MOVES | WHO’S SWITCHING JOBS June 20, 2010 Aviva The insurance giant has appointed Dipak Warren as a corporate risk solutions director. Warren joins from Mitsui Sumitomo Insurance in London, which she joined in 2000. In her last role as active underwriter and director of the firm, she was responsible for the syndicate business plan and performance across property, casualty, motor, PI, marine, [...]
Cowdery takes £2bn AXA rights issue pitch to major shareholders June 15, 2010 RESOLUTION was in talks with its largest shareholders yesterday over the planned £2bn rights issue it will use to part-fund a swoop on AXA’s UK life and pensions business. Insurance entrepreneur Clive Cowdery’s team, led by former Lazard banker Jon Hack, is understood to be discussing a novel underwriting structure with investors including Aviva, Legal [...]
CITY VIEWS: should vat go up or should banks be taxed more? June 10, 2010 BRIAN COLGAN | AVIVA “I think tax the banks more. Increasing VAT equals less spending which drives less money into the economy. They caused the problem so they can get us out of it.” JAMIL ALAM | RBS “Definitely the banks in my opinion. Why charge the individual? The bottom line is, they created the [...]
CITY MOVES | WHO’S SWITCHING JOBS June 8, 2010 Signia Wealth The ultra high net worth wealth manager has hired mobile phones tycoon John Caudwell to take up a seat on its advisory board. Caudwell will provide entrepreneurial leadership for the firm alongside its other advisers, including private equity guru Jon Moulton. Caudwell previously founded and led the Caudwell Group, including mobile phone retailer [...]
CITY MOVES | WHO’S SWITCHING JOBS June 7, 2010 Barclays Wealth. The wealth manager has appointed Aaron Gurwitz as chief investment officer and head of research, economics and strategy and Kevin Gardiner as head of global investment strategy. Gurwitz, pictured, joined the firm in 2008 as part of the Lehman Brothers acquisition, having previously worked for PIM and Goldman Sachs. Gardiner joined last year [...]
Pru investors to rebel over executive pay June 6, 2010 THREE major investors are voting against Prudential’s remuneration package, heaping more misery on the embattled firm. Aviva Investors, Schroders and Co-operative Investments, all top 40 investors, say the awards being offered to two new executives, which have come under scrutiny lucrative “golden hello” deals, are unacceptable. The remuneration package is still expected to pass at [...]
CRUNCH TIME June 1, 2010 PRUDENTIAL’S future was hanging in the balance last night after its dream of taking over AIA died, drawing a line under what one shareholder called “an unprecedented shambles”. The insurer is expected to tell the London stockmarket this morning it will abandon its calamitous $35.5bn (£25bn) pursuit of AIG’s Asian operation. Following a series of [...]