Brooks Macdonald buys Cornelian Asset Managers in £39m deal November 22, 2019 Brooks Macdonald has bought Edinburgh-based wealth manager Cornelian for up to £39m and has this afternoon sealed a £30m share placing to fund the deal. In an update to the stock market this morning, Brooks Macdonald said it would pay an initial £31m for the company – £22m in cash and £9m in shares – [...]
Some inconvenient truths about income November 22, 2019 | City Talk “Chin up. Be positive. It’ll all work out.” We are always being encouraged to look on the bright side, but too much optimism can be dangerous. Take the simple matter of how much we expect to earn from our savings and investments. Far too many people around the globe take a “glass half full” approach [...]
Investec profit falls amid preparations for asset management demerger November 21, 2019 Investec has reported a drop in profit before tax for the first half “against challenging market conditions”, as the Anglo-South African business group prepares to spin off its asset management business next year. The figures Pre-tax profit fell just over ten per cent to £349m for the six months to 30 September. Investec’s return on [...]
Louis Bacon to close Moore Capital hedge fund November 21, 2019 Veteran hedge fund manager Louis Bacon is reportedly planning to shut down Moore Capital, the firm he founded, after 30 years of trading. Bacon intends to shutter Moore Capital, which had $10.2bn assets under management in 2018, and return capital to investors, the Financial Times reported. Read more: Ex-Stobart boss courts City heavyweights to back [...]
MUFG likely to deny Softbank loan over Wework bailout November 21, 2019 Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, is reportedly likely to withhold additional loans from Softbank to finance the conglomerate’s $9.5bn (£7.3bn) rescue package for struggling office space firm Wework. Softbank has asked for around ¥300bn (£2.1bn) additional loans for Japan’s three megabanks – MUFG, Mizuho Financial Group and Sumitomo Mitsui Financial Group – [...]
CMC Markets raises targets following profit surge November 21, 2019 Spreadbetter CMC Markets has reported a jump in net operating income for the first half and raised its full-year target as traders adapted to changes following a regulatory clampdown on high-risk bets. The figures CMC Markets said its net operating income rose 45 per cent for the six months to 30 September, hitting £102.3m. This [...]
Investors expect to take ‘10.3%’ a year from retirement savings November 20, 2019 | City Talk Investors believe they can make aggressive withdrawals from their retirement savings and not run out of money, according to the Schroders Global Investor Study 2019. Investors believe they will be able to withdraw, on average, 10.3 per cent a year from their retirement savings without running out of money, according to a new global study. [...]
Why passionate innovators make for better investors November 19, 2019 | City Talk What does it take to succeed in business and investing? Differentiation is among the key ingredients. You need to offer a product that differs from the competition in a way that clients recognise as added value. If you want to beat the market as an investor, the first thing you need to do is something [...]
Can you trust custom-made funds? November 19, 2019 Segregated mandates — possibly the most unsexy phrase you will come across all year. And yet, these boringly named contracts are becoming increasingly popular. When wealth management firms hire a fund manager to run a bespoke investment portfolio for their clients, this is known as a segregated mandate. Take, for example, St James’s Place (SJP), [...]
Private Equity firm 3i posts 10 per cent return November 14, 2019 Listed private equity firm 3i has reported an increased half-year return of 10 per cent, boosted by good trading performance across its portfolios. The company notched up a total return of £767m for the first six months of the year, a 10 per cent increase on the previous year’s figure. Read more: Cobham buyer Advent [...]
