CITY MOVES | WHO’S SWITCHING JOBS June 23, 2010 JP Morgan India Gary-Martin has joined the investment bank as global head of location strategy and performance metrics. Gary-Martin was previously at the Royal Bank of Scotland, where she led the implementation of the government’s asset protection scheme for the bank’s global banking and markets division. She is also president of the City Women’s Network [...]
City sharpens knife for Pru’s chairman June 20, 2010 SEVERAL institutional shareholders are agitating for the resignation of Prudential chairman Harvey McGrath as pressure grows on the board over the aborted attempt to buy AIA in Asia for $35.5bn (£25bn). Fidelity, Legal & General, Schroders and F&C are understood to be among those demanding a change at the top of the FTSE 100 insurer, which [...]
Time for an inquiry into tax system June 13, 2010 THERE are two conflicting trends right now in British economic policy: one is reassuring and invigorating; the other negative and deeply depressing. Both will help determine how successful and prosperous the UK will be over the next few years. I am increasingly optimistic about the immediate, urgent crisis facing Britain – the desperate need to [...]
Cowdery set to pay £2.8bn for AXA UK June 13, 2010 RESOLUTION, the insurance buyout vehicle, will ask the London market to suspend its shares this morning as it negotiates a £2.8bn takeover of AXA’s UK life and pensions business. The group, led by entrepreneur Clive Cowdery, will also give a brief update on talks with the French company. But a Rule 2.5 announcement providing full [...]
Zurich mulls Irish move for UK life business June 13, 2010 INSURANCE giant Zurich has taken another stride towards making Ireland its overreaching business hub, approaching the Financial Services Authority with a view to moving the domicile of its UK life assurance business over to Dublin. The move comes after Zurich last year brought all its European general insurance businesses under a single Irish “risk-carrying” domicile. [...]
Denton Wilde Sapte joins the rush for transatlantic law firm mergers June 6, 2010 MERGERS and acquisitions are rattling along at quite a pace among transatlantic law firms – unlike at the corporate clients they service, many of which are still finding the M&A game a little hard going at the moment, not least of course Prudential. The latest legal mega-deal repays a closer look. The City’s Denton Wilde [...]
Insurers slate new solvency rules as plead for clemency June 3, 2010 NEW rules governing solvency in the European insurance industry are the right way to go, but insurers should not be punished for bankers’ misdemeanours in the crisis, leading insurance executives said yesterday. Unlike banks, insurers did not pose a systemic risk to the economy and should be spared special taxes and stiff regulation of capital [...]
BEST OF THE BROKERS June 1, 2010 INFORMA JP Morgan Cazenove reiterates its “overweight” rating on Informa after assessing its margin upside potential. JP Morgan said the company has proved itself good at removing costs to offset revenue shortfall, the stock offers a higher equity free cash flow yield than the business-to-business and ?professional publishing sub-sectors and the stock may see technical [...]
Belle Epoque style enters the 21 century May 27, 2010 AT the turn of the last century a visit to the imposing Mont Pelerine Palace in the Swiss Alps was a favourite pastime among wealthy travellers. They arrived by train to the quiet commune of Chardonne before ascending by funicular to the elegant hotel, enjoying the famous local Charennes wine and mingling with New York [...]
Vienna top for quality of life May 25, 2010 VIENNA still has the highest quality of living, according to new research which ranks it as the number one city in the world to live. It is the second year running that the Austrian Capital has bagged the top spot. Mercer’s Quality of Living index showed that people in Vienna have a high quality of [...]