JP Morgan confirms London as its EU headquarters December 20, 2010 INVESTMENT bank JP Morgan has confirmed it will base its European headquarters in London, at 25 Bank Street in Canary Wharf, from 2012. The announcement is a major vote of confidence in London as a leading financial services centre and will come as a relief to policymakers. The bank has paid £495m to acquire more [...]
CITY MOVES | WHO’S SWITCHING JOBS January 6, 2011 Syndicate Asset Management The fund management group has promoted Jeremy Rance to the role of chief operating officer for the group. He will now be in charge of organising operational performance across all of the group’s subsidiaries. He joined the company in June last year at its subsidiary Ashcourt Rowan, having previously worked at Barclays, [...]
Meggitt buys parts maker for $685m January 18, 2011 AEROSPACE engineer Meggitt is to buy Pacific Scientific Aerospace (PSA), which manufactures fire extinguishers and aircraft parts, for $685m (£431m) in cash, it said yesterday. Dorset-based Meggitt will use a 69.8m share placement, equivalent to about 10 per cent of total share capital, to raise about £255m to fund the deal. The remaining £176m will [...]
KPMG and PwC consider move into credit rating May 16, 2010 ACCOUNTANTS KPMG and PricewaterhouseCoopers have considered entering the credit rating business as the established players come under fire for failing to pre-empt the financial crisis. In the aftermath of the recession, which saw high-profile companies such as retail investor Baugur go bankrupt, KPMG said auditors should provide forward-looking assessments of a business’ risks as well [...]
The man who’s locking horns with indecisive EU regulators April 17, 2011 MENTION Brussels to any senior London-based insurer and you will always get the same reaction: anger and exasperation. With just over 18 months to go before the introduction of Solvency II, the insurance industry’s equivalent of the new Basel III banking rules, European regulators have still not produced a framework that properly reflects the business [...]
House of Lords slams Big Four auditors for role in banking crisis November 23, 2010 THE HOUSE of Lords yesterday accused the Big Four auditors of misleading investors by giving the banks a clean bill of health before the financial crisis. The Lords’ economic affairs committee grilled bosses of Ernst &Young, Deloitte, PwC and KPMG as part of a probe into a possible lack of competition in the financial services [...]
London bounces back despite worries over economic future December 13, 2010 LONDON’S businesses are recovering strongly from the recession, a survey revealed yesterday. More than two in three (68 per cent) businesses in the capital plan to expand in the coming six months, while hiring intentions are rocketing. Last year only 11 per cent of employer planned on hiring at normal rates. Yet now 45 per [...]
KPMG appointed as administrators of FirstCity after the company splits in two May 24, 2010 KPMG has been appointed as administrator of FirstCity Insurance Group and its holding company, FirstCity Partnership. Restructuring partners David Costley-Wood and Michael Walker at KPMG have been appointed as joint administrators by the company’s directors and will work to wind-up FirstCity Insurance. Walker said: “We are currently assessing the position and are looking to put [...]
CITY MOVES | WHO’S SWITCHING JOBS November 22, 2010 Huntsworth Group Global PR firm Huntsworth has added Colin Adams to its board as group finance director, replacing Tymon Broadhead. He has a background in media and joins from Bloomsbury Publishing, where has had been finance director since 1994. He also has three years’ experience on the investment committee of the creative capital fund. He [...]
CITY MOVES | WHO’S SWITCHING JOBS December 19, 2010 Navigant Consulting Howard Gendler (pictured) has been promoted to managing director of Navigant Consulting. He currently leads the business’ international development efforts, with a primary focus on disputes and investigations. Gendler has over 25 years’ experience directing sales and IT for European and US clients. He joined Navigant from Milnet, a litigation support firm, and [...]