• London Stock Exchange ups pay by 30% for new chair, writes @SamuelAgini Link
    Financial News Fri 14 Dec 2018 17:21

    The London Stock Exchange Group is set to increase the fees paid to its new chair by more than 30%, it said as it confirmed the appointment of Experian veteran Don Robert to the role.

    The LSE confirmed the appointment in a December 14 statement. Robert will be paid an annual fee of £525,000 when he succeeds Donald Brydon in May 2019.

    Brydon’s...

  • FN Weekend: Your Friday roundup of the must-read news, commentary and analysis from Financial News this week — via… Link
    Financial News Fri 14 Dec 2018 17:21

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  • Greenhill bolsters London operation with two MD hires Link
    Financial News Fri 14 Dec 2018 16:06

    Boutique investment bank Greenhill has bolstered its City operation with two managing director hires — its first significant recruits in the UK in 2018 following some senior departures over the past 12 months.

    Jonathan Dann, a former research analyst at RBC Capital Markets, has joined Greenhill as a managing director covering the telecoms and communications infrastructure sectors.

    His...

  • RT @emilyhorton231: PM says it is still possible to improve on a divisive agreement secured last month Link via @Financi…
    Financial News Fri 14 Dec 2018 15:51

    The UK prime minister today said she would able to secure the “further clarifications” to her Brexit deal that she needs to win the approval of British lawmakers.

    Theresa May, who was speaking after a fractious meeting with European leaders on the UK’s efforts to secure a more favourable exit deal, told reporters she was confident that it would be possible to improve on a divisive agreement secured last month.

  • RT @emilyhorton231: Non-executive director fined £20,000 for 'abusing her position of trust and failing to declare her conflicts of interes…
    Financial News Fri 14 Dec 2018 15:51
  • BNY Mellon hires government affairs boss from CME Group, writes @SamuelAgini Link
    Financial News Fri 14 Dec 2018 14:31

    BNY Mellon has hired a European financial regulation specialist from CME, the large exchange group, and will place him in Frankfurt, which is likely to become an important EU trading hub after Brexit.

    London-based Ben Pott is leaving his role as head of government affairs at NEX. CME acquired the owner of bond and foreign exchange trading venues earlier this year.

  • FCA bans investment consultant in long-running conflicts saga Link
    Financial News Fri 14 Dec 2018 13:21

    The Financial Conduct Authority has banned and fined an investment consultant who failed to disclose a conflict of interest relating to work for Vanguard, the asset manager, finally closing a high-profile misconduct case stretching back almost a decade.

    Angela Burns has been prohibited from taking up any non-executive director positions in the City, and fined £20,000 for “failing to act with integrity”, the FCA said in a statement on December 14.

    ...
  • Axa IM reveals leaders of new-look business Link
    Financial News Fri 14 Dec 2018 13:16

    Axa Investment Managers has shaken up its top management teams after completing a widespread restructuring of its businesses in Europe.

    Axa first laid out its restructuring plans in June, saying at the time that the goal was “sharpening its operating model” and “driving future growth and competitiveness”. Savings of €100m would come from a new business structure and the possible loss of more than 200 jobs in France and the UK, it said.

    ...
  • Property of the Week: Hotel high-life for £11.2m — via @MansionGlobal Link https://t.co/R7l3FIY48l
    Financial News Fri 14 Dec 2018 13:16
  • Merger arbitrage funds show it has been a good year to bet on M&A Link via @barronsonline
    Financial News Fri 14 Dec 2018 12:11

    It has been a choppy year for investors.

    The stock market has seen multiple rounds of volatility, with the S&P 500 down 1.3% year to date. Bonds have not been a shelter. The Bloomberg Barclays US Aggregate Bond Index has slipped 1% since the beginning of the year.

    One type of fund, however, has been relatively unscathed by 2018’s turmoil....

  • TP Icap turns to former JPMorgan markets MD as new chair Link
    Financial News Fri 14 Dec 2018 12:11

    TP Icap will replace its departing chair with a former JPMorgan managing director, as the inter-dealer broker looks to move on from a difficult year during which its shares plummeted and its chief executive was fired.

    Richard Berliand will join TP Icap as chair-designate in the first quarter of 2019, TP Icap said in a statement on December 14. He worked at JPMorgan for more than two decades and eventually led its global cash equities and prime services businesses.

    ...
  • Unloved UK markets are the ‘dark horse’ for 2019 Link
    Financial News Fri 14 Dec 2018 12:11

    The FTSE 100 has declined 10.5% this year, while the FTSE 250 index is down around 14% over the same period.

    Nick Mustoe, chief investment officer at Invesco, the fund manager, said in a December 11 note that “given the concerns around Brexit, the UK stock market looks incredibly undervalued”.

    Mustoe added: “A lot of UK-domiciled stocks are trading at very low valuations relative to their global peers, suggesting that much of the ‘bad news’ has already been priced in.”

    Others are looking for buying opportunities if volatility continues. Michael Hintze, chief executive of CQS, the specialist debt asset manager, wrote in a note on December 13: “A scenario in which sterling and UK markets pull back materially could, in my view, be an opportunity to go long.

    “Clearly, there’s a lot going on and we are monitoring the situation very closely. We see rolling disruption, and presently have positions in short-dated Italian government credit, actively...

  • RT @newlands_chris: Meet the 85 bankers Barclays has promoted to MD Link via @FinancialNews
    Financial News Fri 14 Dec 2018 10:36

    Barclays has named 85 employees at the business housing its investment bank to the rank of managing director as part of its annual round of promotions.

    Women account for 28% of the total, up from 23% last year and 18% in 2016, as the group continues to battle a lack of diversity at the top of Barclays International.

    Barclays blamed a lack...

  • Too cool to fail: Tech will be heart of next financial crisis Link
    Financial News Fri 14 Dec 2018 10:36

    The next global financial crisis will be turbo-charged by failures in technology.

    High-profile tech failures, such as online retail crashes, phishing attacks and hacking vulnerabilities, have soaked up public attention. But under the global financial hood, in critical systems dealing with complex client and transaction monitoring, screening and surveillance, there is something alarmingly seductive about the words “fintech” and “regtech”.

    ...
  • Big Four accountants post strongest growth in years Link
    Financial News Fri 14 Dec 2018 10:36

    Global revenue at the Big Four accounting firms rose more than 10% in 2018, their strongest annual growth in at least a decade, as they continued a long shift toward consulting over their core auditing businesses.

    The four firms — PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG — had $148.2bn in combined global revenue in fiscal 2018, up 10.4% from $134.3bn the previous year in US dollar terms. KPMG, the last of the four to disclose its numbers, said this week it had 9.7% global revenue growth in...

  • Here are the 85 bankers Barclays has promoted to MD Link
    Financial News Fri 14 Dec 2018 10:36

    Barclays has named 85 employees at the business housing its investment bank to the rank of managing director as part of its annual round of promotions.

    Women account for 28% of the total, up from 23% last year and 18% in 2016, as the group continues to battle a lack of diversity at the top of Barclays International.

    Barclays blamed a lack...

  • BlackRock and Microsoft to build retirement-planning platform Link
    Financial News Fri 14 Dec 2018 10:36

    BlackRock has reached an agreement with Microsoft to build tools that will help workers spend and invest their retirement money.

    The firms plan to develop a technology platform that will provide digital financial-planning tools and new BlackRock funds offering guaranteed retirement income to employees through their workplace saving plans.

    The...

  • RT @LucyMcNulty: Here are the 85 bankers Barclays has promoted to MD Link via @paultclarke @FinancialNews
    Financial News Fri 14 Dec 2018 10:36

    Barclays has named 85 employees at the business housing its investment bank to the rank of managing director as part of its annual round of promotions.

    Women account for 28% of the total, up from 23% last year and 18% in 2016, as the group continues to battle a lack of diversity at the top of Barclays International.

    Barclays blamed a lack...

  • Opinion: There are fundamental problems with IPOs Link
    Financial News Thu 13 Dec 2018 15:35

    Regulators and stock exchange officials should be far more concerned about the decline in market efficiency for initial public offerings in the UK than they are.

    Only one of the seven companies that listed on the main market in the third quarter of 2018 has grown since its IPO. On average, the other six companies have reported a 23% share price fall.

    Inevitably...

  • Brokers sign up to research supermarket as unbundling takes hold, writes @SamuelAgini Link
    Financial News Thu 13 Dec 2018 15:25

    One of the City's new investment research supermarkets has revealed its latest list of broker partners — a sign that alternative ways of selling stock-market analysis are taking root under new EU trading rules.

    RSRCHXchange said on December 13 that ABN Amro and ING, the Dutch banks, and Moody's, the rating agency, are among the companies now selling research to fund managers on its platform.

    The...

  • HSBC: The risks market bulls should fear the most — via @MarketWatch Link https://t.co/ZQmYOr6obF
    Financial News Thu 13 Dec 2018 15:25

    If this not-so-horrible week keeps up, the S&P 500 could be in line for a nice win after that grim start to the month.

    Still, look beyond December and there’s plenty of caution. HSBC offers up the biggest risks they see facing markets next year.

  • Taubman’s PJT unveils London partner promotions Link
    Financial News Thu 13 Dec 2018 15:20

    PJT Partners has named new partners and managing directors in London — picking investment bankers from the upper ranks of its UK advisory business for the first time.

    The independent advisory firm has promoted Pierre Bourderye, a banker focused on the energy, infrastructure and utilities sectors, and restructuring specialist Mike Wilcox, to partner, according to people familiar with the matter.

    Bourderye...

  • RT @davidricketts: Brexodus fears in UK equity funds overblown, says Morningstar Link via @FinancialNews
    Financial News Thu 13 Dec 2018 14:45

    Investors’ flight from UK equity funds since the 2016 Brexit referendum does not amount to a “mass exodus”, according to Morningstar. The influential analyst claims only a handful of funds have suffered significant outflows.

    According to Morningstar, funds investing in UK companies have posted net outflows of €16.7bn between June 1, 2016 and the end of October 2018.

    “That...

  • Macquarie appoints new CEO for Europe region Link
    Financial News Thu 13 Dec 2018 14:15

    The Australian investment banking group Macquarie has promoted markets chief Paul Plewman to regional CEO for Europe, the Middle East and Africa, taking over from David Fass after a 7 year stint in the role.

    Plewman, who has been with Macquarie since 2005 and has led the commodities and global markets business in Europe for the past 11 years, will now report directly to the bank’s chief executive Shemara Wikramanayake.

    His...

  • Value of GAM's shares have dropped by almost three-quarters since July, when it suspended one of its key fund manag… Link
    Financial News Thu 13 Dec 2018 14:15

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