Banks and retailers rally to steer the FTSE 100 ahead May 27, 2009 GAINS in banks and retailers outweighed weakness in energy stocks and drugmakers yesterday to leave the FTSE 100 up by 0.1 per cent, or 4.51 points, at 4,416.23. Trade was thin with just 67 per cent of the average of the last 90 days of trading transacted with the absence of concrete data on the [...]
Adviser: What do I tell mum on Aviva? May 27, 2009 A DISGRUNTLED financial adviser has issued an open letter to Claire Spottiswoode, who represents the interests of policyholders at insurer Norwich Union, damning the group’s treatment of with-profits fund clients. Adviser David Trenner, of Glasgow advisory Intelligent Pensions, suggests his 82-year old mother is suffering as a policyholder at Norwich Union, which will be formally [...]
Aviva Australia buyers circle May 25, 2009 NAMES are emerging as potential buyers of Aviva’s Australian life assurance business, which is expected to raise around A$1bn (£492m). National Australia Bank and Westpac have emerged as front-runners for the arm, after the former successfully raised £500m last Friday by issuing five-year unsecured notes. Insurance groups Axa Asia Pacific and Australia’s AMP are also [...]
IMA recruits fund stars to its board May 20, 2009 ASSET management trade body the Investment Management Association (IMA) has appointed a slew of fund management heavyweights to its board including Alain Dromer, global chief executive of the £235bn Aviva Investors. The IMA, which speaks for the £3.4 trillion UK asset management industry, has named four new members also including Investec Asset Management boss Hendrik [...]
No sign of vertigo as banks take the FTSE 100 higher May 19, 2009 THE FTSE 100 continued its upward momentum yesterday, propelled up by financials and miners, although gains were limited by figures that showed new US housing starts fell to record lows. The index closed 0.8 per cent, or 35.80 points, higher at 4,482.25, with investors showing no sign of vertigo from the recent hefty rises. “Despite [...]
BLANK QUITS LLOYDS OVER HBOS DISASTER May 17, 2009 LLOYDS Banking Group must begin the hunt for a successor to chairman Sir Victor Blank, after the bank chief announced yesterday that he would retire before the bank’s 2010 AGM. In a board meeting at the bank’s Gresham Street headquarters, Blank officially notified fellow board members of his departure, which follows massive investor anger over [...]
FOCUS ON HBOS: HOW A LANDMARK DEAL WENT BAD May 17, 2009 OctoberBlank and Lloyds chief executive Eric Daniels call HBOS chief executive Andy Hornby to discuss the possibility of a takeover, as HBOS struggles with its burdensome property assets. 15 September 08Gordon Brown approaches Blank at a cocktail party and assures him that competition law will not be an obstacle to any potential takeover of HBOS. [...]
CITY MOVES WHO’S SWITCHING JOBS May 14, 2009 Covington & BurlingThe law firm has appointed Daniel Pavin to its London-based European life sciences practice as a partner. Pavin is one of the UK’s leading life sciences transactional lawyers, with experience advising on both non-contentious and contentious matters, including commercial, partnering and collaboration agreements, mergers, acquisitions and strategic investments, contract disputes and data protection [...]
Third day of red as miners and banks lose their appeal May 13, 2009 THE FTSE 100 dropped 2.1 per cent yesterday, succumbing to disappointing US retail sales figures, profit-taking in the banking sector and mining stocks weighed down by weak commodity prices. The index retreated for the third day in a row, closing at 4,331.37, or 94.17 points down. “Despite the change of tone, markets have more room [...]
Aviva cuts final payout for Norwich Union policy holders by 10 per cent September 5, 2008 Norwich Union, part of giant British insurance group Aviva, will slash its final policy payout by 10 per cent, in a move that will affect 2.4m policyholders. Norwich said yesterday its terminal bonuses would be cut by as much as 10 per cent after its funds were hit by faltering stock markets, commercial property and [...]