Michael Spencer buys $52m controlling stake in life insurance startup Singapore Life December 6, 2018 Veteran investor Michael Spencer is to invest $52.7m (£41.3m) in insurance startup Singapore Life, in a deal that gives him command over the company. Spencer’s investment company IPGL has acquired a 33.8 per cent stake in the startup from Chong Sing Holdings, a Hong Kong-based financial group, bringing his total stake to 63.2 per cent. The [...]
FTSE dividend payments to hit record £94bn next year and yields boosted by market drop December 13, 2018 FTSE 100 dividend payments could hit record highs of £94bn next year while falling markets have increased yields, tempting investors and keeping the index stable amid political uncertainty. A difficult autumn for the markets with shares falling has seen the forecast dividend yield for the blue chip index rise to 4.9 per cent for 2019, [...]
City Moves for 5 September 2018 – who’s switching jobs at Barclays, Earthport and Capital One? September 5, 2018 Today's City Moves covers green banking, cross-border payments and bank holding. Take a look at these movers and shakers: Barclays Barclays has made two appointments to strengthen its green banking client offering. Rhian-Mari Thomas has been appointed as global head of green banking; Victoria Land (pictured) will lead DCM origination in SRI and green bonds. [...]
Barclays rallies as shareholders promised more February 25, 2019 In a bear trend since 2007, Barclays has won over the market with this update, at least temporarily. These numbers from Barclays (LSE:BARC) have been well received on the basis of "jam tomorrow", as the high street bank continues to suffer from litigation and conduct fines, whilst growing strongly excluding these charges. The increase to [...]
Interserve inches closer to safety as second proxy adviser embraces rescue deal March 7, 2019 Interserve scored a second victory on Thursday in a long running feud with its biggest shareholder, Coltrane Asset Management, as Europe’s largest independent shareholder advisor backed a rescue deal designed to save it from administration. Pensions and Investment Research Consultants (PIRC) has followed another advisor, Institutional Shareholder Services (ISS), in throwing its weight behind the [...]
Barclays profits slip as bank sets aside £150m for Brexit February 21, 2019 Profits missed estimates at Barclays last year, the bank revealed today, as it set aside £150m for Brexit and paid out billions of pounds in misconduct and litigation charges related to its role in the financial crisis. Read more: Ex-Barclays chair Agius tells court he was unaware of £280m Qatar deal The figures Profit before [...]
UBS veteran James Palmer appointed EMEA investment bank vice chairman October 17, 2018 UBS veteran James Palmer has been appointed vice chairman of EMEA investment banking and capital markets at Credit Suisse. Palmer will be based in the Swiss banking giant's London office and focus on revenue generation across all product groups, according to an internal memo seen by City A.M. and confirmed by a company spokesperson. Read more: [...]
Public sector outsourcing giant Interserve stares into the abyss, 14 months on from Carillion’s collapse March 14, 2019 Interserve, one of the government’s biggest providers of public services, faces the possibility of going into administration tomorrow, as the firm holds a crunch shareholder vote on a potential rescue deal. The public sector outsourcing giant has been plunged into a brutal power struggle in recent weeks with its lead shareholder, US hedge fund Coltrane [...]
Outsourcer Kier Group’s lenders face underwriting headache after rights issue flounders December 20, 2018 Kier Group’s shares were down 6.49 per cent today after it admitted investors only bought 38 per cent of the new shares it had issued as part of a fundraising effort. The beleaguered outsourcer's banks will now be forced to fork out millions to buy shares in Kier, after some of its biggest investors opted [...]
Standard Life Aberdeen welcomes Douglas Flint as chairman October 30, 2018 Standard Life Aberdeen (SLA) ended its hunt for a new chairman earlier today after hiring industry heavyweight Sir Douglas Flint. The Scottish-born former accountant, who stepped down as chairman of HSBC in September last year, is set to succeed Sir Gerry Grimstone at the start of next year. Last year Flint was also appointed as [...]