Insurance firm Hub bought by private equity August 5, 2013 INSURANCE broker Hub International will be sold to funds managed by private equity firm Hellman & Friedman in a deal that values the firm at about $4.4bn (£2.87bn), Hub said yesterday. Hub, which has more than 6,500 employees in the United States, Canada and Brazil, was formed through the merger of 11 privately held Canadian [...]
Barclays appoints banks to £5.8bn rights issue syndicate August 5, 2013 Barclays has announced the appointment of additional underwrites and joint bookrunners for a rights issue intended to raise £5.8bn (release). It's a long list, and will probably mean some hefty fees for Barclays to pay: BN AMRO Bank N.V., Banco Santander S.A., BNP Paribas, ING Bank N.V., J.P. Morgan Securities plc (which conducts its UK [...]
Luton Airport snapped up by Aena and Axa August 1, 2013 LUTON Airport is set to expand after the rights to run the airport were snapped up by Spanish infrastructure group Aena and Axa’s private equity arm. Aena has teamed up with Axa to buy the remaining 90 per cent from fellow Spanish firm Abertis in a deal worth £433m. State-owned Aena already held 10 per [...]
City Moves for 23 July 2013 | Who’s switching jobs July 22, 2013 LDC The private equity firm has announced the appointment of Gordon Hague as investment director. He has over 15 years’ private equity experience, and was most recently a director at 3i. Berwin Leighton Paisner David Rowe has joined the law firm as finance director. He previously held senior roles at PwC, including director of finance [...]
City Moves for 22 July 2013 | Who’s switching jobs July 21, 2013 Carey Group The financial services company has appointed Joe Truelove as a director in its fund administration business. He was most recently at Kleinwort Benson, where he was head of business development for the fund administration sector. HSBC The bank has recruited Luiz Simione as global head of forfaiting and risk distribution for global trade [...]
Best of the Brokers for 19 July 2013 July 18, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com SHELL Nomura reduces its rating on the oil company to “neutral” from “buy” and cuts its target price to 2,400p from 2,500p. The broker thinks it will be difficult for the shares to outperform during the second half of the year and will [...]
RBC Capital Markets picks Uden as new head of ECM and broking July 17, 2013 RBC CAPITAL Markets, the corporate and investment banking arm of Royal Bank of Canada, has appointed Darrell Uden as head of European equity capital markets (ECM) and corporate broking. Uden, who was most recently co-head of ECM for Europe, Middle East and Africa at UBS, will report to Josh Critchley and Patrick Meier, co-heads of [...]
Best of the Brokers for 18 July 2013 July 17, 2013 CAPITA RBC downgrades the outsourcing firm to “underperform” from “sector perform” but increases its price target to 870p from 840p ahead of half-year results next week. The broker sees strong revenue growth for the year but thinks tough valuations support a downgrade. RSA INSURANCE Citigroup upgrades its rating on the insurer to “buy” from “neutral” [...]
Three opportunities for investors in 2013 February 21, 2013 THE prospects for the US economy, slower growth in China, and European summits all weighed on the minds of investors in 2012. And this led many to seek shelter in safe havens, like cash. But now “investment austerity” is set to characterise the investing landscape in 2013. The new normal – low yields, greater correlation [...]
City Moves for 19 February 2013 | Who’s switching jobs February 18, 2013 Barings The asset management firm has announced the appointment of Angus Woolhouse as global head of distribution. Woolhouse has over 20 years’ experience in the asset management industry, and has held senior roles at Gartmore, Invesco and HSBC Asset Management. Colliers The commercial real estate services company has appointed Mark Emburey as a director in [...]