M&G’s flagship bond fund faces £100m daily outflows March 30, 2020 M&G’s flagship bond has become the latest casualty of the coronavirus-induced market sell-off, as investors pull £100m a day from the fund. Investors have pulled £2.5bn from M&G Optimal Income since mid-February, according to the Financial Times, as the coronavirus outbreak pushed investors towards the safety of cash. M&G, which is run by Richard Woolnough, [...]
British bank bosses give up bonuses amid coronavirus crisis April 8, 2020 Top bosses at British banks including Natwest and Lloyds have taken salary cuts and ditched bonuses worth millions of pounds as consumers and businesses suffer the impact of the coronavirus outbreak. Natwest chief executive Alison Rose will donate a quarter of her remaining salary for 2020 — set at £2.2m per year — to a [...]
City Moves for 13 March — Who’s witching jobs at Colliers International, First Derivatives and Europa Oil & Gas? March 13, 2020 Today’s City Moves includes Colliers International, First Derivatives and Europa Oil & Gas Colliers International Colliers International has announced the appointment of Andy Tucker as an associate director of its south-east offices. Andy has a wealth of experience in the market, having previously advised clients including Hermes, Aberdeen Standard, Aviva, Columbia Threadneedle, L&G, Arlington and [...]
Netflix snaps up Uxbridge production space in latest UK push August 19, 2019 Netflix has signed a deal to rent out production space in Uxbridge, just weeks after it unveiled its new UK hub at Shepperton Studios. City A.M. understands that the US streaming giant is set to take a 134,000 square feet unit called UX1 in an industrial park in west London as part of a 10-year [...]
Zoopla investor ploughs £3.3m into London gig economy startup’s seed round February 25, 2020 Collective Benefits, a gig economy startup which is set to exit Facebook’s London accelerator next month, has closed £3.3m in seed funding. The round was led by Stride.VC, a backer of Zoopla, Secret Escapes and Pill Pack, with participation from Delin Ventures and Insurtech Gateway. Collective said a number of angel investors also joined the [...]
Insurers accused of not ‘sharing the pain’ with businesses during coronavirus pandemic April 19, 2020 Insurers have been accused of not “sharing the pain” of UK businesses during the coronavirus pandemic. Research by insurance consultancy Mactavish found at least five commercial insurers have recently removed cover from their policies because of Coronavirus. Mactavish chief executive Bruce Hepburn said: “We have customers getting less cover and paying more for this, whilst [...]
Hiscox launches share placing and predicts business interruption insurance hit of £10m to £250m May 5, 2020 Lloyd’s insurer Hiscox launched an equity placing of 20 per cent of its share capital and said its business interruption insurance exposure could range from £10m to £250m today. Based on its share price at close the placing could raise approximately £400m. Hiscox is facing potential legal action from a group of policyholders who say [...]
Robert Walters blames ‘savage’ coronavirus for UK profit hit April 8, 2020 Recruiter Robert Walters has bemoaned the “savage” economic impact of coronavirus as UK fee income slumped 29 per cent over the first quarter of 2020. The recruitment agency is seen as an economic bellwether and took a hit from Brexit uncertainty and the lead-up to December’s General Election in 2019. “It’s largely a hangover from [...]
Burford Capital issues warning on 2019 profit February 3, 2020 Burford Capital, the litigation funder locked in a stand-off with short-seller Muddy Waters, has warned 2019 profit will fall lower partly due to a fall in potential earnings from certain investments. The AIM-listed company said it finished the first half of its financial year with an “unusually high” amount of settlement, $173m, thanks to investment [...]
Storm Dennis and Storm Ciara could cost insurance industry £425m February 20, 2020 The cost to the insurance industry of Storm Dennis and Storm Ciara which battered the UK in recent weeks could hit £425m. Storm Ciara swept across the UK on 9 February bringing heavy rain and gusts of wind of up to 97 mph. It was followed by Storm Dennis on the weekend of 15 February [...]