CITY MOVES | WHO’S SWITCHING JOBS March 2, 2010 Jupiter Asset Management The asset manager has appointed John Tevenan as a sales director in its global financial institutions group, responsible for developing relationships among global wealth management businesses. Tevenan joins in May and is currently UK sales director at Investec Asset Management, where he has worked since 2005. He has also held roles at [...]
African Barrick offer closes March 18, 2010 THE world’s largest gold producer Barrick Gold came to the end of its book-building process yesterday for the imminent London share listing of its African subsidiary African Barrick Gold. Market sources said shares in African Barrick would be priced within the 550-650p range, valuing the company at a little more than £2bn. Some have suggested [...]
Fears over bad loans hit Spanish banking stocks February 3, 2010 FEARS over Spain’s banking system rose yesterday, with growing fears about the extent of the banks’ bad loan portfolios. Analysts at JP Morgan, Ignacio Cerezo and Andrea Unzueta, warned in a research note there could be some nasty surprises to come. Commenting on BBVA, which reported a 94 per cent decline in earnings last week, JP Morgan’s [...]
CITY MOVES | WHO’S SWITCHING JOBS March 4, 2010 London & Capital The boutique wealth management firm has appointed Sanjay Joshi as a senior portfolio manager in the fixed income team, responsible for overseeing portfolio construction, asset allocation and the company’s new UCITS income funds offering. Joshi rejoins London & Capital after spending four years at F&C Asset Management, co-managing a fixed income hedge [...]
CITY VIEWS: do you think the fsa’s crackdown on insider March 11, 2010 ADRIAN YEUNG | JP MORGAN CHASE “Historically, it’s always been a hard thing for the Financial Services Authority (FSA) to crack down on. Proving intent is difficult. It’s the difference between insider trading and market abuse. I’m not sure it will produce the desired effect. It’s a lot easier to prosecute for market abuse than [...]
CITY MOVES | WHO’S SWITCHING JOBS April 18, 2010 Withers The law firm has appointed Kenneth Mullen as a partner in the firm’s London office, continuing the expansion of the firm’s European commercial practice. Mullen joins from Shepherd and Wedderburn, where he was a partner in the media and technology team in London. He is a specialist in transactional intellectual property, technology and outsourcing, [...]
BEST OF THE BROKERS March 8, 2010 LEGAL & GENERAL Nomura has reiterated its “buy” recommendation on Legal & General (L&G) ahead of its results. Nomura expects strong half- year results and have upgraded their earnings dividend forecasts. Nomura said last week there was a positive step towards the removal of a solvency threat to L&G’s annuity book. WPP Royal Bank of [...]
S&P 500 boosted by lift for bankers April 6, 2010 THE S&P 500 and Nasdaq rose modestly yesterday as the banking sector got a lift from positive analyst comments, while minutes from the Federal Reserve’s last meeting eased concern over rising rates. The minutes suggested the central bank could keep interest rates at ultra-low levels longer than investors have anticipated if the economy worsens. Lower [...]
Petrofac lifts its profits by 33pc in 2009 March 8, 2010 PETROFAC, the oil and gas services company, recorded a net profit of $353.6m (£234.7m) in 2009 on Monday, up from $265m the year before. A particularly strong performance from the engineering and construction business meant the results beat market expectations, which ranged from $273m to $346m. Goldman Sachs said: “net profit was five per cent [...]
Advisers lined up for SNCF deal February 7, 2010 French national rail operator SNCF is about to move closer to a merger with the UK’s Arriva transport group with the selection of advisers for the deal. Investment banks including Lazard, BNP Paribas and JP Morgan are expected to pitch for a role. Arriva, which last month said it was in merger talks with the [...]