To understand the future of law, look back April 6, 2010 LAW firms are currently experiencing change like never before. In the last two years, many firms have seen their revenues and profits decline for the first time in over a decade. They’ve had to let go many talented lawyers, both at partner level and below. Clients who used to accept above-inflation fee increases each year [...]
Hubris is always CEOs’ worst enemy March 18, 2010 IT has been an embarrassing couple of days for Tidjane Thiam, Prudential’s chief executive. On Wednesday, he accepted a non-executive directorship at Societe Generale, the French bank; 48 hours later, he had changed his mind, after a backlash from City institutions already upset at the looming dilution to their holdings from the Pru’s planned $21bn [...]
CITY MOVES | WHO’S SWITCHING JOBS January 6, 2010 Evolution Securities Garry Levin is to leave his role as managing director in corporate finance at KBC Peel Hunt to join rival Evolution Securities as head of its equity corporate finance division. Levin, 46, will take up his role formally in April 2010. Prior to his position at KBC Peel Hunt, he was joint chief [...]
British economy faces years of pain January 26, 2010 “THE UK is a must to avoid. Its gilts are resting on a bed of nitroglycerine.” So says Pimco’s Bill Gross – and given yesterday’s pathetic 0.1 per cent fourth quarter growth, he is clearly right. It is good news that we are out of recession at last. But the last year and a half [...]
The emerging economies are best bet for the long term November 2, 2009 ONCE plagued by fears of debt defaults, currency devaluations and political instability, emerging markets are now an indispensable part of every reward-seeking investor’s portfolio. That, at least, was the message from Marino Valensise, chief investment officer at Baring Asset Management yesterday. He said: “While we believe that the rally in equities is set for a [...]
Galleon probe extends reach October 25, 2009 PROSECUTORS investigating UShedge fund Galleon have issued a subpoena to a former employee of SAC Capital Advisors, broadening the insider-trading enquiry. The subpoena was sent to Richard Grodin, who worked for Stephen Cohen’s SAC Capital, but neither he nor Cohen is accused of any wrong-doing. It is the first indication that the net is widening [...]
CITY MOVES WHO’S SWITCHING JOBS October 7, 2009 NomuraThe Japanese banking group has hired Peter Westaway, a Bank of England veteran, as its new chief economist for Europe. Westaway previously spent 13 years at the Bank in senior roles, covering macro economic forecasting, policy and financial market analysis. He also spent time working at the UK Treasury and the National Institute of Economic [...]
RBS plots sale of aviation unit September 8, 2009 ROYAL Bank of Scotland (RBS) has hired Goldman Sachs to find a buyer for RBS Aviation Capital, the aircraft-leasing unit that the bank hopes to dispose of as part of chief executive Stephen Hester’s efforts to streamline the firm. The unit has assets worth $8bn (£4.8bn), but would fetch far less due to falling demand [...]
CITY MOVES WHO’S SWITCHING JOBS September 20, 2009 Land SecuritiesThe property group has appointed Robert Noel, 45, as managing director of its London portfolio, effective from next January. Noel, who will also join the group’s board, has been property director at rival Great Portland Estates since 2002. He also currently holds positions as chairman of the Westminster Property Association and as a non-executive [...]
The Pru raises its dividend as boss departs August 13, 2009 INSURER Prudential outpaced its rivals yesterday when it raised its interim dividend and reported a smaller-than-expected drop in first-half profit. The UK’s largest insurer said its operating profit fell eight per cent to £1.25bn on the widely recognised European embedded value measure (EEV) – which tracks future earnings from life insurance policies – compared to [...]