The City lawyer who argues that banking has become even riskier November 4, 2009 T o David Morley, the phrase “it is better to travel than to arrive” must sound pretty strange, an expression invented only for those unfortunate souls who have not learnt to move at speed. For Morley, who joined top law firm Allen & Overy in 1980 and has led it as senior partner since last [...]
CITY MOVES WHO’S SWITCHING JOBS November 4, 2009 EvolutionThe financial services group has appointed Christopher Chambers as a non-executive director, effective immediately.Chambers, 48, was previously chief executive of Man Investments and an executive director of Man Group until 2005, co-head of European equity capital markets at Credit Suisse First Boston and director of equity capital markets and corporate broking at BZW. LaSalle The [...]
BALANCING ACT November 4, 2009 UK FINANCIAL Investments (UKFI) boss John Kingman yesterday warned the agency was “walking a tightrope” as it attempted to limit bonus payments while avoiding an exodus of talent at Britain’s bailed out banks. The public was “understandably angry” at fat cat bonus payments, said Kingman, the departing chief executive of the body managing the government’s [...]
Heathrow estate sold for 16.2m November 2, 2009 The Airport Industrial Property Unit Trust, managed by Scottish Widows Investment Partnership, yesterday completed the disposal of Mereside Park to Royal London Asset Management for a capital value of £16.2m reflecting a Net Initial Yield of 6.78 per cent. The fully let Heathrow estate, originally developed by BAA Lynton and funded by Scottish Windows in [...]
Santander able to bid for RBS assets November 1, 2009 Spanish bank Santander has been cleared to bid for Royal Bank of Scotland’s business-focused branches when the bank’s assets are divested under plans being drawn up. Competition rules agreed between London and Brussels will ensure that no purchase of the assets will push the buyer’s market share in the specific market past 15 per cent. [...]
Northern Rock break-up is good for competition November 1, 2009 Leaving the debate over who should be the first “President of the EU” aside, the EU Commission’s recent decision to allow the break-up of Northern Rock into separate “good” and “bad” banks was a major step forward to restoring healthy competition in the banking sector. Restructuring Northern Rock and selling off its viable parts will [...]
Business leaders urge political party heads to balance the budget by 2015 November 1, 2009 LEADERS of the three main political parties will face calls for urgent action to balance the national books at the annual conference of the Confederation of British Industry (CBI) later this month. The business lobby group will urge Conservative leader David Cameron, Liberal Democrat leader Nick Clegg and an as-yet unidentified “senior member of the [...]
CITY MOVES WHO’S SWITCHING JOBS November 1, 2009 GrosvenorThe property group’s Britain and Ireland business has appointed Heather Rabbatts as a non-executive director.Rabbatts is also currently a non-executive at Crossrail, Shed Media and Millwall Holdings, where she was also previously chief executive. She has previously held positions as a non-executive at the Bank of England, a trustee of the British Council and governor [...]
CITY MOVES WHO’S SWITCHING JOBS October 29, 2009 MarshThe insurance broker and risk adviser has hired Simon Curtis as chief operating officer of its UK operations, based in London. He succeeds Ian Clarke, who continues as a board member and a member of the firm’s international executive group. Curtis joins from Jardine Lloyd Thompson, which he joined in 2000 after its acquisition of [...]
Stocks in London rise on end of US recession and miners October 29, 2009 BETTER-than-expected economic growth from the United States and gains in banks and miners pushed Britain’s leading share index 1.1 percent higher yesterday. The FTSE 100 closed up 57.30 points at 5,137.72, reversing earlier losses, as US data signalled the country had come out of recession. The index has gained 49 per cent since hitting a [...]