CITY MOVES | WHO’S SWITCHING JOBS November 17, 2010 Cheyne Capital Management Cheyne Capital Management has appointed a new partner, after a period of new inflows and clients since 2009 and the launch of several funds. John Hyman will join the firm to develop its equity business, launch new products and generate research ideas. Hyman has 23 years’ experience in equities. He is moving [...]
AMP and Axa offer £8.2bn in a second bid for Axa’s Asian unit November 15, 2010 AUSTRALIAN wealth manager AMP launched a fresh £8.15bn bid for Axa Asia Pacific Holdings yesterday in a joint deal with French parent Axa, a year after its original approach. The move comes after rival bidder National Australia Bank pulled out of a deal to buy Axa’a Asian unit after the Australian competition regulator blocked the [...]
CITY MOVES | WHO’S SWITCHING JOBS November 15, 2010 Barclays Barclays has appointed Paul McNamara (pictured) as MD of insurance and investments to strengthen the bank’s ability to make protection insurance more accessible. McNamara comes from Standard Life, where he was MD for group strategy and corporate finance, before which he was a director of marketing and distribution at HBOS financial services. In another [...]
Axa Asia Pacific receives £8bn bid November 15, 2010 Australian wealth manager AMP and French insurer AXA launched a new $13.1bn-plus (£8.1bn) bid for AXA Asia Pacific, a move set to challenge banks’ domination of the world’s fourth-largest wealth market down under. A deal would put AMP at the top of Australia’s $1.2 trillion wealth management market, and end one of Asia’s largest takeovers [...]
Resolution eyes up further deals November 11, 2010 RESOLUTION, the insurance buyout group founded by entrepreneur Clive Cowdery, said yesterday that it remains firmly on the acquisition trail, with a view to exploiting opportunities overseas as well as in the UK. Chief executive John Tiner said the group has a “wider and longer-term ambition to build restructuring projects in other jurisdictions”, including the [...]
RBC hires JPM Caz dealmaker November 7, 2010 MARK Preston, one of the City’s most influential rainmakers, is joining RBC Capital Markets – Royal Bank of Canada’s investment banking arm – as head of the UK advisory business. RBC is this morning poised to confirm the appointment of Preston, whose illustrious CV features stints at both JP Morgan Cazenove, Merrill Lynch and Deutsche [...]
CITY MOVES | WHO’S SWITCHING JOBS November 2, 2010 Ernst & Young The accountancy firm has hired Samantha Keen to join its restructuring practice as a partner, working with the liquidations and strategic exit routes (LASER) team. Keen has over 18 years of experience in the insolvency and restructuring arena, and has recently focused on advising clients about solvent reorganisation and legal entity rationalisation [...]
Axa warns of interest rate impact as sales show sluggish growth October 28, 2010 AXA, the French insurance giant, released a trading update showing sluggish growth yesterday, with total nine-month sales climbing just 3.5 per cent to €70.5bn (£62bn). Life and savings insurance, its biggest revenue source, saw nine-month sales grow three per cent to €43.9bn. The update was not a full earnings report and did not detail profits, [...]
ICBC earnings grow as bank buys insurer October 28, 2010 Industrial and Commercial Bank of China (ICBC), the world’s most valuable lender, joined rivals in posting robust earnings on strong loans growth, giving a boost to its planned multi-billion dollar fundraising. The Beijing-based lender also said it will pay $180m (£112.8m) to buy control of French insurer AXA’s Chinese joint venture, expanding into the country’s [...]
Axa sales rise – but warns over interest rates October 28, 2010 Europe’s second-biggest insurer AXA posted a 3.5 per cent rise in nine-month sales, driven by emerging markets, but warned a decline in interest rates would hurt year-end profitability. European insurers such as AXA and bigger rival Allianz are under threat from falling government bond yields, which have the potential to squeeze earnings below guaranteed returns, [...]