CITY MOVES WHO’S SWITCHING JOBS November 11, 2009 Saxo BankThe bank has officially appointed Tom Hougaard as a market commentator for its financial spreads division. Hougaard, who also regularly hosts educational market trading seminars throughout the UK, previously worked as chief market strategist for City Index for eight years. He will be based in Saxo Bank’s London office and will provide twice-daily market [...]
Barclays seeks third party for CLO portfolio October 12, 2009 BARCLAYS will look to a third party if it sells £4bn worth of Collateralised Loan Obligations (CLOs), analysts said yesterday. The bank is understood to be weighing up a plan to rid itself of the CLOs in a bid to calm investors worried by the risky nature of the investments and remove the potentially volatile [...]
BEST OF THE BROKERS October 1, 2009 WINCANTONJP Morgan initiated coverage of logistics firm Wincanton with a “neutral” rating and a target price of 271p. The broker sees contract logistics as a business area with potential for growth, and noted the firm’s low gearing, relative to its peers, adding it is positioning itself to expand into new high growth areas of logistics. [...]
BEST OF THE BROKERS October 1, 2009 WINCANTONJP Morgan initiated coverage of logistics firm Wincanton with a “neutral” rating and a target price of 271p. The broker sees contract logistics as a business area with potential for growth, and noted the firm’s low gearing, relative to its peers, adding it is positioning itself to expand into new high growth areas of logistics. [...]
Barclays chews over substantial wealth management acquisition October 7, 2009 BARCLAYS is mulling over the acquisition of a substantial wealth management business to boost its global private banking presence, the firm revealed yesterday. Gerard Aquilina, the vice-chairman of the group’s private banking arm Barclays Wealth, said the bank would be prepared to stump up for a business at least the size of 120-year-old Swiss firm [...]
Balfour set for cash call September 16, 2009 Balfour Beatty, the engineering, construction and services group, is set to launch a surprise rights issue of around £350m within days, City A.M. can confirm. A team of bankers, including JP Morgan Cazenove and RBS Hoare Govett, have been appointed to work on the fundraising. Balfour, which last month reported a 14 per cent rise [...]
Property still too dear, says JPMorgan September 1, 2009 HOPES of an imminent recovery in the commercial property market were dampened yesterday after JP Morgan forecast further troubles for the sector. The bank slammed the recent property stock rally as mere “castles made of sand” and said the upturn was just “building a highly vulnerable property market with a small margin for error.” Commercial [...]
Credit Suisse joins bumper profits haul October 22, 2009 Credit Suisse became the latest banking giant to rack up strong profits yesterday, although its shares fell on fears that rivals may gate-crash the party. The Swiss bank posted a net profit of Sfr2.4bn (£1.4bn) in the three months to September, its best quarter this year and comfortably above analysts’ expectations of Sfr1.6bn. Buoyant financial [...]
SACCapital rehires staff it dismissed in January as it revitalises London arm September 8, 2009 SAC Capital, the hedge fund firm founded by New York billionaire Steven Cohen, is understood to have hired back two London traders it had previously dismissed. The group has welcomed back David Morant and Ben Halfacre this week, nine months after they were let go as the group slimmed down amid precipitous losses for the [...]
SACCapital rehires staff it dismissed in January as it revitalises London arm September 8, 2009 SAC Capital, the hedge fund firm founded by New York billionaire Steven Cohen, is understood to have hired back two London traders it had previously dismissed. The group has welcomed back David Morant and Ben Halfacre this week, nine months after they were let go as the group slimmed down amid precipitous losses for the [...]