City Moves for 15 May – Who’s switching jobs at BNP Paribas Asset Management, State Street and Nexus Group? May 15, 2019 Today's City Moves includes BNP Paribas Asset Management, State Street and Nexus Group. BNP Paribas Asset Management BNP Paribas Asset Management (BNPP AM) has announced the appointment of Rob Gambi as global head of investments, based in London. He will report to chief executive Frederic Janbon and will be a member of BNPP AM’s executive [...]
Insurance giant Allianz posts first quarter profit boost to beat expectations May 14, 2019 German insurer Allianz said today its net profit for the first quarter rose slightly, ahead of market expectations. Its results were boosted by lower claims for natural disasters but it said high expenses due to investments had led to a decline in operating profit in its asset management business. Operating profit increased 7.5 per cent [...]
Lloyd’s of London brings in Banking Standards Board to conduct independent review May 12, 2019 Lloyd’s of London has commissioned an independent review into its workplace culture following allegations of sexual harassment and bullying. The insurance market has asked the Banking Standards Board to conduct a market-wide investigation beginning tomorrow. Read more: Lloyd's of London warns drunk employees could face disciplinary action A survey will be given to about 45,000 [...]
Follow the money: Brexiter Tories stuff their war chests ahead of leadership election May 10, 2019 The one thing that is always guaranteed to raise eyebrows in British politics – not least since the scandal that rocked this country exactly ten years ago – is MPs’ finances. Amid a greater focus on transparency, Commons members must declare money they earn outside of their salary as an elected representative. For some, this could be [...]
Pension superfunds need help to avoid early retirement May 10, 2019 Nobody said it would be easy. For the pension industry’s new generation of consolidation vehicles, getting out of the starting blocks is turning into a protracted affair. The two to have shown their hands so far – the Pension Superfund and Clara-Pensions – have impressive boards, promises of funding and bulging deal pipelines, yet months [...]
Watchdog hits accountancy firm with £825,000 fine over failings in Laura Ashley audit May 9, 2019 Accountancy watchdog the Financial Reporting Council (FRC) has fined Moore Stephens successor firm MSR Partners for failings in its audit of Laura Ashley. MSR Partners is a successor business of Moore Stephens – which merged with BDO in February. Read more: KPMG stung with £5m fine for Co-op Bank audit failures The FRC fined MSR [...]
Insurer RSA’s profits up after mild weather in the first quarter May 9, 2019 RSA said milder weather in the UK and Ireland helped boost its profit in the first quarter, sending its shares higher. On a constant currency basis, operating profit rose in the first quarter, staying flat on a reported basis. Shares rose 2.2 per cent today to close at 546p. RSA said that milder weather in [...]
Lloyd’s of London warns drunk employees could face disciplinary action May 9, 2019 Lloyd’s of London has announced that employees under the influence of alcohol at work could face disciplinary action in some instances following reports of bullying and sexual harassment at the 330-year-old insurance market. Read more: A drinking ban isn't the answer to alcohol-fuelled work culture The exchange said it would crack down on instances where [...]
Expensive business: Five ways to prepare your finances for your first child May 9, 2019 It has arrived. And I’m not just talking about the royal baby, but the mania – the 23-page newspaper spreads, the bets on baby names (Archie was definitely not the bookies’ favourite), the frenzy over the first glimpse of the little sprog. I don’t want to put a downer on all the celebrations, but babies aren’t [...]
‘Orgy of greed’: Uber drivers go on strike one day before IPO May 8, 2019 Drivers of ride-hailing platform Uber have gone out on strike today in protest over unfair pay and workers rights. The strike, which is intended to run between 7am and 4pm, comes ahead of the company’s initial public offering. The IPO, scheduled for Friday, values the company at as much as $90bn (£69bn). Read more: Uber [...]