Mike Ashley retains House of Fraser stake as Nanjing Xinjiekou sale goes through September 2, 2014 The sale of department store House of Fraser to Chinese conglomerate Nanjing Xinjiekou has gone through today – with Sports Direct owner Mike Ashley retaining his 11 per cent stake. The deal values the business at around £480m – probably more than it would have valued at, had chairman Don McCarthy gone through with [...]
HP mismanaged $11bn Autonomy deal claims boss August 12, 2014 US COMPUTER firm HP has been accused of trying to “cover up both its mismanagement” of its $11.1bn (£6.6bn) Autonomy takeover in 2011, and a “ploy to falsely accuse others” by its former finance chief. Sushovan Hussain, whom HP says it will pursue in court over its claims he was “one of the chief architects of the [...]
HP preparing to sue Autonomy chief for fraud August 4, 2014 Former Autonomy finance chief Sushovan Hussain and Autonomy founder and chief executive Mike Lynch will face legal action from HP, in relation to its ill-fated acquisition of Autonomy for $11.1bn (£6.6bn) in 2011. HP’s shareholders initially sued the computer giant over its $8.8bn write down on Autonomy, made just a year after the deal closed. [...]
HP and Autonomy battle escalates as lawsuit against Mike Lynch and former Autonomy exec looms August 4, 2014 HP has filed court papers saying it has the backing of shareholders to sue Autonomy founder Mike Lynch and former chief financial officer Sushovan Hussain over alleged fraud when it bought the British tech company for £11bn. In the biggest indicator yet that HP intends to pursue legal action against the former Autonomy executives, the [...]
Lynch’s fund gives £8m to back biotech July 8, 2014 MIKE Lynch, the former Autonomy boss, yesterday backed a Swiss DNA analysis firm with an £8m investment. Sophia Genetics, which specialises in the analysis of DNA in order to diagnose patients, is the latest recipient of investment from Lynch’s $1bn technology fund. While the company specialises in preventative treatment, it also determines “where to fire [...]
London Report: Turbulence for easyJet as FTSE loses altitude June 30, 2014 EASYJET proved to be a drag on the FTSE 100 yesterday as the low-cost airline felt the effect of a broker downgrade. The blue-chip FTSE 100 index ended down by 0.2 per cent, or 13.83 points, at 6,743.94 points – down more than two per cent from its 2014 peak of 6,894.88 in May, which [...]
City Moves for 11 June 2014 | Who’s switching jobs June 10, 2014 BNP Paribas Investment Partners Patrick Mange has joined BNP Paribas Investment Partners as an emerging markets strategist. Since 2009, Mange has been deputy chief executive at Shinan BNP Paribas. He previously worked at Merrill Lynch Capital Markets France, where he was a euro area strategist. Prior to that, he was a senior economist at Deutsche Bank in Frankfurt [...]
City Moves for 03 June 2014 | Who’s switching jobs June 2, 2014 Charles Stanley The investment management firm has announced the appointment of Paul Abberley as chief investment officer. He was most recently at Aviva Investors, where he was acting chief executive and member of its group executive committee. Prior to that, Abberley spent eight years at ABN Amro Asset Management, where he was chief investment officer for its [...]
City Moves for 10 April 2014 | Who’s switching jobs April 9, 2014 Baker Tilly The law firm has announced the appointment of Adam King as head of tax in its Milton Keynes office. He joined in 1999, and specialises in exit and succession planning, profit extraction, capital allowances, and R&D tax credits. KPMG The professional services firm has made two appointments. John Cox joins as a partner in [...]
Rathbones buys £2.8bn private client managers April 1, 2014 RATHBONE Brothers bolstered its private banking business yesterday after spending around £57m on two acquisitions, increasing its assets under management by £2.8bn. The upmarket wealth manager has agreed to buy rival fund manager Jupiter’s private client and charity investment management business for £43.1m, assuming all of its assets are moved over. It has also snapped [...]