City Moves for 24 October – Who’s switching jobs at Legal & General, SnapLogic and Angling Direct? October 23, 2019 Today’s City Moves includes Legal & General, SnapLogic and Angling Direct Legal & General Legal & General Investment Management (LGIM) has announced the appointment of Margaret Ammon as chief risk officer. Currently chief risk officer for the asset management branch of M&G, Margaret will join LGIM in February 2020 and be responsible for the oversight and [...]
Lloyd’s of London ramps up modernisation drive as it hits electronic trading target August 12, 2019 It is one of the oldest institutions in the City, but there are signs of modernisation at Lloyd’s of London. The historic specialist insurance market has hit a milestone after completing over 50 per cent of its under-writing deals electronically, meeting a target it set itself for the second quarter of this year. For more [...]
M&S passes on £1.4bn of its pension liabilities to Aviva and Phoenix May 17, 2018 Nearly £1.4bn of Marks & Spencer’s pension liabilities were today passed to insurers Aviva and Phoenix. It follows a trend of organisations including National Grid, Pearson and Smith Group transferring pensions calculated on worker’s final salaries over to insurers. Read more: Zurich completes deal to cover £2bn of National Grid pension liabilities Around £925m will [...]
Interserve chairman Glyn Barker prepares to step down June 17, 2019 Interserve chairman Glyn Barker is preparing to step down following deal that saw the struggling outsourcing firm taken over by a consortium of its lenders. The company is working with recruitment search firm Heidrick & Struggles to appoint a successor, Sky News reported. Read more: Interserve went into administration owing suppliers £100m Barker, who was [...]
Aviva boss Mark Wilson is picked by Blackrock as a non-executive March 16, 2018 Blackrock, the world’s largest asset manager, today appointed Aviva chief executive Mark Wilson as a non-executive. The New Zealander will take a seat on the board of the US fund management behemoth with immediate effect. Wilson took over at Aviva in 2013 moving from insurance giant AIA, rebuilding the Asian arm of AIG in the [...]
Chief executive turnover in decline as more firms hire from within July 11, 2019 The turnover rate among chief executives is in decline as blue-chip firms increasingly turn to internal candidates for the top jobs. New figures published today revealed the turnover rate for FTSE 100 chief executives over the past year was just 10 per cent, down from 14 per cent in the previous 12 months. Read more: [...]
Aviva shareholder criticism prompts £450m preference share climbdown March 23, 2018 Insurance giant Aviva has today been forced into a U-turn over controversial plans to cancel £450m of high-interest shares. After receiving “strong feedback and criticism” from investors, Aviva has reneged on proposals to bin its irredeemable preference shares. Some of the shares date back to 1992 and pay an 8.5 per cent coupon. Boss Mark [...]
Three in 10 FTSE 100 companies cut executive pensions as investor pressure mounts August 28, 2019 Three in 10 FTSE 100 companies have pledged to cut their executives’ pension payments in response to pressure from shareholders, as new data reveals that investor rebellions are on the rise. Research published today by the Investment Association shows that 30 companies on the index have made significant changes to executive pensions during this year’s [...]
Insurer Zurich expects to beat targets as profits jump August 8, 2019 Zurich Insurance Group hailed its best performance in a decade this morning after reporting a double-digit rise in profits and predicting that it would beat previous financial goals it had set. Read more: Aviva confirms strategic review of Asia Europe’s fifth largest insurer reported business operating profits of $2.8bn (£2.3bn) in the first six months [...]
London Stock Exchange seals $27bn Refinitiv deal in bid to build Bloomberg rival August 1, 2019 London Stock Exchange Group (LSEG) said today it had sealed a deal to buy data business Refinitiv in a transaction worth $27bn (£22.3bn). LSEG is buying the business in an all-share transaction from Thomson Reuters and a consortium led by private equity firm Blackstone which includes an affiliate of Canada Pension Plan Investment Board and [...]