Emerging markets fund specialist Ashmore’s share price edges up after firm beats profit expectations September 6, 2016 Ashmore Group’s share price rose by one per cent yesterday after the emerging markets fund specialist beat profit expectations in its full-year results. The figures Assets under management (AUM) of $52.6bn (£39.4bn) were down from $58.9bn in the year ending 30 June 2015. Ashmore’s net revenue for the period came in at £232.5m, down 18 per cent. Read [...]
Gold and silver demand hit a four-year high in August as Brexit uncertainty took its toll September 6, 2016 Don't buy gold: it turns out everyone else is already all over it, after new figures suggested demand for the yellow metal has reached a four-year high in the aftermath of the Brexit vote. Figures published by BullionVault today suggested demand for gold from private investors in August was at its strongest since December 2012. Read [...]
In from the cold: Russia’s Chinese strategy could hurt European stocks September 5, 2016 Since the Russian annexation of Crimea in 2014, western sanctions have choked the Russian economy. Though Russia is considered to be the biggest loser from these trade and service restrictions, the sanctions are thought to have cost western firms billions of dollars in lost business too. And with the greatest share of Russia’s market, it [...]
Delaying the inevitable: How long can central banks extend the credit cycle? September 5, 2016 Calling the end of the current credit cycle is becoming an increasingly popular sport among seasoned market-watchers. While there is division over exactly when it will conclude, the consensus is it will be soon. Last week, Deutsche Bank analysts came to the conclusion that they were “not quite ready to call the end of the [...]
London fintech star Transferwise doubles revenue as losses grow September 5, 2016 Fintech unicorn Transferwise has revealed revenue tripled last year but losses grew as it continues to plough cash into global growth. Revenue came in at £28m in 2015, up from £10m the previous year, while pre-tax losses grew to £17m from £11m a year earlier. The payments firm transfered more than £800m a month for customers, which now number one million. The number of transactions has also [...]
Ding, ding: Round 1,182 of Toscafund v Speedy Hire smackdown ahead of meeting September 5, 2016 Activist investor Toscafund has issued yet another statement calling for change at Speedy Hire ahead of a general meeting on Friday. Toscafund, whose chief executive Martin Hughes has earned the nickname Rottweiler in the City, is attempting to oust Speedy’s chairman Jan Astrand and wants David Shearer to be appointed to the board. Influential shareholder [...]
FTSE 350 pension deficits increase by £50bn during August September 5, 2016 Lower for longer interest rates led to pensions deficits ballooning to new highs at the end of August according to data released today. The aggregate pension deficits FTSE 350 companies now stand at £189bn, up from £139bn at the end of July. "The seemingly relentless march in pension scheme deficit increases continues," said Le Roy van Zyl of pension specialists Mercer [...]
Why debt crowdfunding platforms must evolve to support scaling businesses and rejuvenate a tired crowd September 3, 2016 Setting the global benchmark for alternative finance, Britain’s effective embrace of peer-to-peer lending platforms has secured debt crowdfunding as one of the leading sources of non-institutional growth capital for SMEs. In the five years since its inception, debt crowdfunding has supported thousands of young businesses in their evolution, from start-ups into established small to medium sized [...]
Manny-less Man Group shakes up senior management team under new chief exec September 2, 2016 Hedge fund Man Group has announced a management shake-up after chief executive Manny Roman was poached by Pimco. Roman has been replaced as chief executive by Luke Ellis, who was previously president of the firm and started in his new role yesterday. As part of the shake-up, Jonathan Sorrell’s role of president will be expanded – taking [...]
Toscafund is determined to have the last word in spat with Speedy Hire September 1, 2016 The carousel of increasingly aggressive shareholder circulars between activist investor Toscafund and the board of Speedy Hire is still spinning. The two parties are currently skirmishing ahead of an extraordinary general meeting set for next Friday (9 September) where Tosca intends to again call for changes among the top brass at the firm – something Speedy is dead set against. After Speedy [...]