FUND MANAGEMENT NEWS September 14, 2010 GROSVENOR FUND’S £110M LLOYDS DEAL Grosvenor Fund Management UK announced earlier this week the completion of a new £110m debt facility with Lloyds TSB Corporate Markets for its £400m Grosvenor London Office Fund. The three-year deal replaces the existing facility with Lloyds Banking Group, which expires this month. The fund’s loan-to-value ratio is low at [...]
Calls for Lloyd’s of London to widen brokers’ access July 12, 2009 STUART Reid, boss of insurance broking giant Bluefin, has urged Lloyd’s of London to widen access for brokers to its insurance marketplace as part of its strategic review. Reid has said enabling all brokerages to do business with Lloyd’s syndicates, rather than a select group, would allow consumers and businesses around the world to get [...]
Buy City offices for steady income October 5, 2010 CONFIDENCE in UK property has plummeted over recent months. The recent commercial property confidence survey conducted by Lloyds showed that almost half of property professionals now think that property prices will stay flat over the next six months (up from 36 per cent in May). So is now the time to ditch commercial property and [...]
CITY MOVES | WHO’S SWITCHING JOBS September 27, 2010 London Stock Exchange The exchange has named Paolo Scaroni (pictured), the chief executive of Italian oil and gas group Eni and one of its non-executive directors, as its new deputy chairman. The LSE also said Massimo Tononi has joined the board as a non-executive director. Tononi was a partner at Goldman Sachs until July this [...]
BHP Billiton takeover of Potash could cost Canada over £1bn in lost taxes October 4, 2010 BHP BILLITON’S $39bn (£24.6bn) hostile bid for Potash cleared a hurdle yesterday, as an independent report found that BHP is a more suitable owner than potential rival Sinochem. The report, commissioned by the Canadian province of Saskatchewan, said that BHP’s takeover could cost the area at least C$2bn (£1.23bn)?in lost taxes, though the government could [...]
CITY MOVES | WHO’S SWITCHING JOBS September 28, 2010 Insurance Institute of London The IIL has elected Stephen Catlin, the chief executive of the Catlin Group, as its new president, taking over from Willis group president Grahame Millwater. Catlin, who founded the insurer in 1984, has also previously served as chairman of the Lloyd’s Market Association and a member of the Lloyd’s Franchise Board. [...]
Barclays weighs up costs of quitting UK October 27, 2010 SENIOR executives at Barclays Bank are weighing up the costs of moving the group’s headquarters from London to overseas, most probably New York. The bank’s executives, including at board level, have spent a great deal of time poring over the issue over the past few weeks. While no final decision has been taken, they have [...]
Home-builders ramp up incentives to lure hard-up first-time buyers December 2, 2010 HOME-BUILDERS have always offered buyers deals, but some are more valuable than others. Take, for example, the West Bromwich Building Society’s offer in 2004 of a free Rover car worth over £7,000 – a year before the car-maker went into administration. The downturn has left house-builders with new-builds sitting empty all over the country, and [...]
Time to offload Lloyds to save the City’s skin October 12, 2010 Politics can be so unpredictable that a week seems a long time, but there is one prediction that can be made with certainty: a car crash between bankers and politicians just in time for Christmas. The fall out could be so severe that it could lead to the demise of London as a financial services [...]
Time to offload Lloyds to save the City’s skin October 12, 2010 Politics can be so unpredictable that a week seems a long time, but there is one prediction that can be made with certainty: a car crash between bankers and politicians just in time for Christmas. The fall out could be so severe that it could lead to the demise of London as a financial services [...]