City chairman says the politics of envy is causing an exodus of talent December 15, 2010 Stuart Fraser’s office at the City of London Corporation features an interesting contrast. Along one wall is a series of large photographic prints of the London skyline, including a shot of the stunning white Guildhall Yard, next to which we are sitting. The opposite wall contains a small shrine to Asia: a scale model of [...]
LISTED PRODUCT NEWS September 29, 2010 HEDGE FUNDS TO CREATE MORE ETFS BlackRock anticipates that the global exchange-traded fund (ETF) market will grow by 20-30 per cent in 2010. In particular, in its August ETF Landscape report, BlackRock says it expects to see more hedge funds looking to create ETFs, with their own funds as the underlying exposure, in an effort [...]
RBC makes £963m offer for Bluebay October 18, 2010 BLUEBAY Asset Management has accepted a takeover offer from Royal Bank of Canada (RBC), it said yesterday, in a deal which values the fixed income investment firm at £963m ($1.5bn). Bluebay shareholders, if they agree to the deal, will receive 485p per share representing a premium of 29.1 per cent on the fund manager’s closing [...]
Plans to reform the tripartite system have opened a new can of worms September 14, 2010 WHEN George Osborne set about dismantling the tripartite regulatory system, he said the reforms would help prevent another banking crisis. But his decision to hand responsibility for the UK listing authority (UKLA) to the Financial Reporting Council (FRC) could end up causing even bigger problems. The FRC is controlled by Vince Cable’s business department, whereas [...]
POKER FACE BY BANKERS AS RANK IS DEALT BID May 8, 2011 TALK about raising the stakes. Just days after Rank Group held its annual poker tournament, the company’s largest investor Guoco Group raised its holding to 40.8 per cent, triggering a mandatory offer for the gaming business. Strangely, Quek Leng Chan, the Malaysian billionaire who controls Guoco, was nowhere to be seen as the cards played [...]
City fears new listing rules September 12, 2010 GOVERNMENT proposals to place the UK Listing Authority (UKLA) under the control of the Financial Reporting Council (FRC) rather than the Consumer Protection and Markets Authority (CMPA) are causing concern in the City, with some warning that the new system will make London less competitive. The London Stock Exchange (LSE) is believed to be lobbying [...]
City fears new listing rules September 12, 2010 GOVERNMENT proposals to place the UK Listing Authority (UKLA) under the control of the Financial Reporting Council (FRC) rather than the Consumer Protection and Markets Authority (CMPA) are causing concern in the City, with some warning that the new system will make London less competitive. The London Stock Exchange (LSE) is believed to be lobbying [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 5, 2011 FINANCIAL TIMES JAGUAR TO INVEST £5BN Jaguar Land Rover is investing £5bn over the next five years to catch up on quality with BMW, Mercedes-Benz and Audi – the three German companies that dominate the luxury end of the automotive business globally. The money will be spent mainly on product development and new equipment at [...]
Winterflood backs LSE on rules change September 26, 2010 CITY veteran Brian Winterflood has joined London Stock Exchange (LSE) chief executive Xavier Rolet’s call for the Square Mile to oppose the government’s proposed splitting up of the UK’s share listing regulations. According to an audience member at a Quoted Companies Alliance (QCA) dinner last Thursday, Winterflood gave an impassioned speech, calling on all those [...]
Santander UK float rocked by chief’s exit November 3, 2010 SANTANDER faces an uphill struggle to float its UK operations successfully on the London Stock Exchange next year, after chief executive António Horta-Osório’s shock defection to Lloyds Banking Group. Santander – which last night confirmed it had appointed Ana Patricia Botín, daughter of veteran group chairman Emilio Botín, to replace Horta-Osório – confirmed last week [...]