Seedrs co-founder Jeff Lynn talks risk, investor expectations and the future of crowdfunding March 4, 2015 In 2014, the fastest growing subsector of Britain’s alternative finance market was equity-based crowdfunding, according to figures from EY and the University of Cambridge. It grew by a whopping 420 per cent, with volumes totalling €111m (£80.5m). But such fast growth makes it increasingly vital that would-be investors have access to information about the industry. [...]
Thousands of City jobs saved as UK wins battle with ECB over clearing houses March 4, 2015 The government has won an important legal challenge to a European Central Bank (ECB) decision, safeguarding thousands of jobs in clearing houses across the City of London. The EU General Court in Luxembourg ruled today that the ECB could not require clearing houses handling significant euro-denominated assets to be based in the Eurozone. “The ECB lacks [...]
Morrisons boss goes down for insider trading March 3, 2015 THE FORMER group treasurer and head of tax at Morrisons has been sentenced to one year in prison for insider trading. The case, which brought by the Financial Conduct Authority (FCA), charged Paul Coyle with two counts of insider trading. Coyle was suspended from Morrisons back in January. Coyle pleaded guilty to both counts and [...]
Barclays: When one-off costs keep coming – Bottom Line March 3, 2015 Investors want to know the exact profit of the firms they own, but they also want the long-term outlook. That is why banks publish their statutory earnings, and their underlying numbers. The difference can be huge – hundreds of millions or even billions of pounds per year. But how far can investors rely on those [...]
Hyperion boss David Howden states ambition for new group after RK Harrison merger March 3, 2015 The merger between Hyperion Insurance Group and RK Harrison (RKH) has not put an end to David Howden’s plans to float his company. Howden revealed grand ambitions for the combined business, and said that the last time a broking company was built up from scratch to this extent was “when Pat Ryan did it [...]
Results improve at Jardine Lloyd Thompson as boss hails US unit March 3, 2015 BRITISH insurance group Jardine Lloyd Thompson (JLT) said yesterday that it is confident in the firm’s revenue momentum after reporting a 13 per cent increase in revenue during 2014, up to £1.1bn. The company also posted an improved profit before tax, rising from £154m to £160m, and increased its dividend by 6.3 per cent to [...]
Bank warning on fossil fuel investment March 3, 2015 INSURERS could be at risk of taking a “huge hit” on their investments if public policy is changed to limit the use of fossil fuels. Paul Fisher, deputy head of the Bank of England’s prudential regulation authority (PRA), made the warning to insurance companies yesterday. “One live risk right now is of insurers investing in [...]
Moneysupermarket takes a hit as share holders shop around March 3, 2015 SHARES in price comparison website Moneysupermarket tumbled yesterday, despite annual results showing double-digit revenue and profit growth, as investors shied away from the prospect of slower growth and government regulation. In an otherwise upbeat statement, Moneysupermarket said last year’s success meant it would be harder to replicate in 2015. It forecast that increasing activity in [...]
City Moves for 04 March 2015 | Who’s switching jobs March 3, 2015 Towers Watson The professional services firm has announced the appointment of Kate Hollis to its credit research team. She joins from S&P Capital IQ, where she was most recently global head of fixed income/alternatives fund research. Hollis has over 30 years’ experience in the industry, and has also held fixed income sales and trading positions [...]
Best of the Brokers for 04 March 2015 March 3, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com RSA Panmure Gordon reiterated its “sell” rating on the insurer, due to the fact that its recovery “is taking much longer than anticipated”. The broker also said it thinks consensus forecasts are too high and that they will fall in the next few [...]