City Moves for 18 February 2013 | Who’s switching jobs February 17, 2013 Arle Capital Partners The private equity partnership has appointed Quentin Nason as head of client services, strategy and business development. He was most recently managing director in equity capital and structured equity capital at Deutsche Bank. FTI Consulting The business advisory firm has announced the appointment of two regulatory consultants to lead its governance, risk [...]
State pension is ripped up in radical reforms January 13, 2013 THE COALITION will finally unveil its pensions white paper at 3.30pm today, unleashing a raft of radical reforms on the UK state pension system. Pension groups have welcomed the changes, which introduce a universal state pension of around £145 per week, cut down on means-testing, and end a “horrendously complex” four-tier system. The proposals will [...]
FTSE hits the brakes on 2013 rally as banks and miners lose ground January 22, 2013 BRITAIN’S leading share index eased a touch yesterday, stalling after a recent push up to its highest level in four-and-a-half years, weighed by falls in financials and mining stocks. Banks were the biggest sector fallers, knocking over four points off the FTSE 100, with traders citing profit-taking after recent gains, and caution over a report [...]
European banks to repay ECB crisis cash early January 25, 2013 Banks that received loans to keep them afloat during the Eurozone crisis will repay more than €130bn (£111bn) of loans to the European Central Bank (ECB) next week in a sign that parts of the financial system are returning to health. The ECB made more than €1 trillion of cheap three-year loans to banks to [...]
City Moves for 16 January 2013 | Who’s switching jobs January 15, 2013 Amundi The asset management firm has appointed Christian Pellis as its global head of external distribution. He joins from LGT Capital Management, where he was head of distribution and a member of its executive board. Pellis has also held senior roles at Fleming Fund Management in Luxembourg, and at Threadneedle Investments. Pioneer Investments Jon Bailie [...]
Bank ringfences will solve little February 11, 2013 Chief Market Strategist, Cantor Index I AM enormously proud to have survived 50 years in the City of London. Over the last week, however, there has been little news involving banks to be remotely glad about. We heard some “mea-culpa” testimony to the Parliamentary Commission on Banking Standards from Lloyds Banking Group’s chief executive Antonio [...]
Shock collapse in Philly Fed poll contradicts upbeat jobless data January 17, 2013 FACTORY activity in the key mid-Atlantic region fell back into decline in January, US data revealed yesterday. But across the US as a whole, 37,000 fewer new unemployment insurance claims were made in the week ending 12 January, when adjusting for seasonal variations – giving a much more optimistic picture of the economy. However, the broader [...]
Greeks cut off by ship insurer June 12, 2012 A SECOND major shipping insurer has stopped selling cover to Greek shipping firms, it emerged yesterday. French giant Coface has followed the world’s largest trade credit insurer Euler Hermes in suspending cover to the country’s exporters because of the risk of doing business in the debt-laden nation. Greek development minister Yiannos Stournaras has taken the unusual [...]
Insurance firms fight bank-style rules on capital December 11, 2012 LARGE insurance companies do not pose the same threat to global economy as big banks and should not be designated as systemically important financial institutions, according to a study published yesterday by the Geneva Association, an industry-funded think tank. Global regulators plan to impose stricter capital rules on banks in order to avoid a repeat [...]
Countrywide in float plan in bid to raise £200m February 21, 2013 COUNTRYWIDE Holdings, Britain’s largest estate agency, is to return to the market six years after it was taken private, heralding a further sign of recovery in the housing market. The company aims to raise £200m through the issue of new shares, which it said it will use to repay debts and fuel further growth. It [...]