A report released today by Barclays Wealth reflected a growing trend towards alternative investment portfolio amongst the UK’s most affluent private investors, which is likely to show an overall growth in the area over the remainder of the decade. Amidst market turmoil as a result of sub-prime lending unrest, investors are thought to be turning [...]
The Bank of America has today announced it has planned a widespread management restructure in ints investment banking division, in light of the recent substantial losses it announced over the third quarter as a result of its exposure to the now collapsed subprime lending market. The bank announced today that it was about to embark [...]
Merrill Lynch, the US investment bank, has reported that its losses arising from the US sub-prime mortgage crisis are far larger than expected. In the third-quarter, the bank is writing-down $7.9 billion to cover bad investments and losses from the mortgage-backed collateral it used to raise funds. In September, Merrill Lynch estimated that it would [...]
The Government is drawing up plans to change the rules for final-salary pension schemes. Under the proposals, some of the inflation-proofing of final-salary pension schemes will be removed, with employers obliged to revalue pension entitlements of former employees by up to 2.5% a year. The current rules require employers to adjust for inflation of up [...]
Brazil based capital firm GP Investments has today announced it has raised a fund of over $1.3 billion in order to back immediate private equity ventures, highlighting the ongoing strength of equity markets in South America and Latin regions. The company, dually listed in Brazil and Luxembourg, announced it had garnered the fund from independent [...]
Investment bank Lehman Brothers have today released a report suggesting the Indian economy could continue to see its double digit growth over the coming years, suggesting the bank was likely to continue to invest in the market over the foreseeable future. In a report released today the bank said that increased wealth within the Indian [...]
The latest Borrowing Monitor from Alliance & Leicester (A&L) shows a marked change in the habits of UK consumers as they adapt to the five base-rate increases since August 2006. In July 2006, the month before the first base-rate rise, the monitor registered the mood as ‘fighting fit’ but the signs are that people are [...]
Royal Bank of Scotland (RBS) is reported to be in negotiations to buy the investment portfolio of Cheyne Finance, the structured investment vehicle owned by Cheyne Capital, the UK hedge fund manager. Cheyne Finance recently breached insolvency tests and last week became the first fund of its kind to stop making payments to investors holding [...]
Disgraced former Northern Rock chairman Matt Ridley will no longer receive a gloden handshake after he leaves office, according to media reports today, despite initial projections he may benefit from his departure. The former head of the troubled lender announced his resignation towards the end of last week, after his previous attempt to resign at [...]
Chinese based Citic Securities and Wall Street investment bank Bear Stearns have today announced they intend a mutual investment of $1 billion to form what has been described as a strategic relationship between the two companies. The move will see cross investment between the two companies with a view to establishing an Asian investment bank [...]
Some of the world’s largest investments banks have publicly accepted that they played leading roles in creating this summer’s turmoil on the credit markets. The recognition came via a statement from the Institute of International Finance (IIF), which represents 370 banking groups, including the world’s largest investment banks. According to Josef Ackermann, chairman of both [...]
Private equity group JC Flowers has today dealt a significant blow in the legal action pertaining to the acquisition of student loan group Sallie Mae by lodging a counterclaim against the company. In the legal battle surrounding the failed buy out bid made by JC Flowers, in consort with Bank of America and JP Morgan, [...]
A consortium of banks headed by Citigroup have today shifted in excess of $2 billion in the form of corporate bonds to help support KKR’s September LBO of firm First Data from a capital perspective, despite previously higher hoped of financing the $9 billion outstanding balance. The company bought out First Data last month, and [...]
Investment bank Wachovia has today announced a significant fall in profits over the third quarter of 2007, as a result of market volatility in the wake of the credit crunch over the summer months, according to its profit report released today. The announcement marks a set of similar results by most other main investment banks [...]
The chairman of Northern Rock, the beleaguered mortgage bank, has resigned. In recent weeks, Matt Ridley has been answerable for Northern Rock’s strategy, which led to last month’s run on the bank and the subsequent loss of confidence in the business. In his defence, Mr Ridley has agued that he and other directors were not [...]
Northern Rock customers who withdrew savings from tax-free savings accounts in last month’s run on the bank will be allowed to re-invest their money, without losing any tax advantages. Last week the government guaranteed savings held by the bank, including any deposited after 19th September, but the rules on individual savings accounts (Isas) stipulate a [...]
Investment bank Merrill Lynch has today announced a high profile appointment within its Vietnamese business to reflect is ongoing commitment to present investment opportunities at the forefront of capital investment markets. The bank announced that it had appointed Khoi Phu Pham to the top position within its relatively new Vietnam division, which will see him [...]
Investment bank Morgan Stanley has offloaded its minority holding in The New York Times Company amidst growing animosity between a high profile bank asset manager and officials within the company. Morgan Stanley had previously held a 7.2% holding in The New York Times Company, which gave it a not insignificant voice in the way in [...]
