British bank bosses give up bonuses amid coronavirus crisis April 8, 2020 Top bosses at British banks including Natwest and Lloyds have taken salary cuts and ditched bonuses worth millions of pounds as consumers and businesses suffer the impact of the coronavirus outbreak. Natwest chief executive Alison Rose will donate a quarter of her remaining salary for 2020 — set at £2.2m per year — to a [...]
Robert Walters blames ‘savage’ coronavirus for UK profit hit April 8, 2020 Recruiter Robert Walters has bemoaned the “savage” economic impact of coronavirus as UK fee income slumped 29 per cent over the first quarter of 2020. The recruitment agency is seen as an economic bellwether and took a hit from Brexit uncertainty and the lead-up to December’s General Election in 2019. “It’s largely a hangover from [...]
Insurance: Hiscox, Aviva, RSA and Direct Line suspend dividends following Bank of England pressure April 8, 2020 Insurance companies Hiscox, RSA, Aviva and Direct Line have this morning announced the suspension of their dividends after regulatory pressure from the Bank of England. Sam Woods, deputy governor of the Bank’s Prudential Regulatory Authority wrote to chief executives of major insurers on 31 March asking them to “pay close attention to the need to [...]
Coronavirus squeezes mutual funds causing record fund outflows April 6, 2020 The coronavirus-induced market slump caused record fund outflows last month, with fixed income funds particularly badly hit. Investors redeemed a record £3.1bn of their fund holdings in March, according to global funds network Calastone. It represents almost three times the outflows recorded in the previous worst month in June 2016 when the UK voted to [...]
M&G’s flagship bond fund faces £100m daily outflows March 30, 2020 M&G’s flagship bond has become the latest casualty of the coronavirus-induced market sell-off, as investors pull £100m a day from the fund. Investors have pulled £2.5bn from M&G Optimal Income since mid-February, according to the Financial Times, as the coronavirus outbreak pushed investors towards the safety of cash. M&G, which is run by Richard Woolnough, [...]
Seven firms suspend UK property funds as virus casts uncertainty over assets March 18, 2020 Aberdeen Standard Investments and BMO have joined five other firms who have suspended their property funds after independent valuers introduced material valuation uncertainty clauses due to the coronavirus outbreak. The UK commercial property market is facing unprecedented challenges brought on by the pandemic. Valuation firms are now saying that they can no longer make reliable [...]
Aviva Investors suspends property funds as CBRE warns of market uncertainty March 18, 2020 Aviva Investors has suspended its property fund, following similar decisions by Kames Capital and Janus Henderson yesterday. In a statement, Aviva Investors said the coronavirus outbreak had impacted the UK property market and “made it difficult to value the property owned by the funds with the same degree of certainty as would otherwise be the [...]
Aviva confirms it will still pay dividend despite fall in cash March 17, 2020 Insurance giant Aviva confirmed today that it is still planning on paying its dividend in May despite its financial position contracting. Speaking at the Morgan Stanley Financial Services Conference, which was held remotely, the firm said that its solvency cover ratio had fallen to 175 per cent, down from 206 per cent on 31 December. [...]
City Moves for 13 March — Who’s witching jobs at Colliers International, First Derivatives and Europa Oil & Gas? March 13, 2020 Today’s City Moves includes Colliers International, First Derivatives and Europa Oil & Gas Colliers International Colliers International has announced the appointment of Andy Tucker as an associate director of its south-east offices. Andy has a wealth of experience in the market, having previously advised clients including Hermes, Aberdeen Standard, Aviva, Columbia Threadneedle, L&G, Arlington and [...]
Phoenix posts profit jump in strong annual results March 9, 2020 Insurance consolidator Phoenix said profit jumped 14 per cent last year and cash generation exceeded targets to hit £707m. Phoenix buys life and pensions books from companies looking to move them off their balance sheets. Operating profit rose to £810m in 2019 from £708m in the previous year. Cash generation rose to £707m, up from [...]