London Stock Exchange Group profit soars on integration of Russell Investments August 5, 2015 Shares rose 2.44 per cent after the group's first half earnings were boosted by its recently acquired global indexes business FTSE-Russell. The figures The London Stock Exchange Group (LSEG) said pre-tax profit in the six months ending 30 June rose 20 per cent to £205.2m, mainly due to strong growth in its global indexes business FTSE-Russell. [...]
Axa Real Estate raises €2.9bn for its ninth European debt fund August 3, 2015 AXA REAL Estate Investment Managers said yesterday it has raised €2.9bn (£2.04bn) for its ninth debt fund, making it one of the largest commercial real estate (CRE) senior loan funds in Europe. The asset manager said the senior debt fund CRE9 had exceeded its €2.5bn target at final close after receiving commitments from 18 institutional [...]
City Moves for 04 August 2015 | Who’s switching jobs August 3, 2015 Legal & General Investment Management Andrzej Pioch has been promoted to co-fund manager in the investment management company’s multi-index team. He joined Legal & General Investment Management in July 2014 as fund manager from Aviva Investors. Argo Group International Holdings The underwriter of specialty insurance and reinsurance products has appointed Steve McGill as global head [...]
After yesterday’s stock market bloodbath, is now a good time to invest in Greece? August 3, 2015 George Efstathopoulos, co-portfolio manager at Fidelity Solutions, says Yes As Greece’s equity market re-opened with a thud this week, it’s clear that the country continues to pose considerable risks to investors. While the likelihood of Grexit has subsided significantly, it remains a possibility, and markets are likely to see continued volatility over the coming months. [...]
RSA hoping for better offer as bidders Zurich, Axa and Aviva circle August 2, 2015 Insurer RSA is hoping to attract a better offer than Zurich’s potential bid, revealed last week, with several other companies believed to be interested in entering the race for the troubled British firm. City analysts expect Zurich to make an offer of around 550p per share. That price would provide investors with a premium [...]
Walkie Talkie prompts City clampdown on wind tunnels as skyscrapers transform London July 13, 2015 Complaints over powerful gusts of wind around the base of the Walkie Talkie skyscraper in the City have prompted planners to demand property developers seek a second opinion over their wind reports. Wind tunnels have become a more frequent problem as an apparent result of skyscrapers going up in the capital. The City of London [...]
Legal & General exits Egypt in deal with Axa July 13, 2015 UK INSURANCE and investments group Legal & General (L&G) has exited its Egypt business, Commercial International Life Insurance (CIL), selling it to Axa in a deal worth 763m Egyptian pounds (£62.9m). L&G are joint owners of CIL, holding 55 per cent of the company, while Commercial International Bank owned 45 per cent. The sale to Axa is [...]
BBC charter review panel: Meet the eight people deciding the broadcaster’s future July 12, 2015 The government has selected a panel of independent advisors to lead a review of the BBC's royal charter, which will shape the future of the public broadcaster. An eight-person team of media professionals and experts, with backgrounds in broadcasting, production, technology and media regulation, have been chosen by the culture secretary John Whittingdale to conduct [...]
City Moves for 09 July 2015 | Who’s switching jobs July 8, 2015 Markel International The insurer has appointed David Sawyer as senior underwriter and head of professional indemnity in its professional and financial risks division. He joins from Travelers Insurance Company, where he was responsible for running its professional indemnity portfolio. Axa Investment Managers Paul Squires has been promoted to global head of trading and securities financing [...]
A $28.3bn ACE for Chubb makes it a global giant July 1, 2015 ZURICH-based insurance giant ACE will buy upmarket property insurer Chubb for $28.3bn (£18.1bn) so that it can gain access to higher premium revenue from its wealthy client base, as fierce competition has cut deeply into the industry’s profit margins. Chubb shares jumped to a record high of $129.31, above the offer price of $124.13, suggesting [...]