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Jan 23, 2015

Boss of collapsed UK hedge fund Weavering jailed for 13 years

LONDON, Jan 23 (Reuters) – The former boss of failed hedge
fund Weavering, the collapse of which cost investors $536
million, was sent to jail for 13 years on Friday, one of the
longest for fraud in Britain.

Magnus Peterson, 51, was found guilty by a London court this
week on eight counts of fraud, forgery, false accounting and
fraudulent trading but was acquitted on seven other charges
after a 12-week trial that delved into the complex world of
hedge fund investing.

Jan 16, 2015

Investors say EU cash, commitment needed for infrastructure plan to fly

LONDON, Jan 16 (Reuters) – Europe needs to come up with more
government money and more details if its grand plan to spur
growth via new infrastructure projects is to get off the ground,
according to the investors being asked to stump up most of the

There is no shortage of interest in putting money into
public projects from insurers and pension funds hungry for
stable, long-term returns that match their liabilities better
than bombed-out government bond yields.

Jan 14, 2015

Legal & General could invest with foreign partners in British infrastructure: CEO

LONDON (Reuters) – Legal & General (L&G) is keen to invest in British property and infrastructure together with overseas sovereign wealth funds such as the Abu Dhabi Investment Authority (ADIA), the UK insurer’s chief executive said on Wednesday.

L&G’s $1.1 trillion in assets under management and investment in housing and transport schemes mean it wants to be seen as a sovereign wealth fund for Britain, CEO Nigel Wilson told Reuters in an interview.

Jan 8, 2015

Old Mutual will consider raising India joint venture stake: CEO

LONDON (Reuters) – Anglo-South African financial services firm Old Mutual will discuss with partner Kotak Mahindra upping its stake in their Indian joint insurance venture following a rule change, Old Mutual’s chief executive said on Wednesday.

Old Mutual is also still looking to expand in sub-Saharan Africa, Julian Roberts told Reuters in an interview, though prices were rising for insurance businesses, as European and South African firms compete for a slice of this underpenetrated market.

Dec 30, 2014

Songbird tells shareholders to take no action on $4 billion bid

LONDON (Reuters) – Canary Wharf owner Songbird Estates Plc (SBDE.L: Quote, Profile, Research) has told shareholders to take no action on a Qatari-led $4 billion (2.57 billion pounds) takeover bid, reiterating that the 350 pence per share cash offer undervalued the company.

Qatar Investment Authority (QIA) and U.S. investor Brookfield Property Partners LP (BPY.N: Quote, Profile, Research) earlier published their final offer document for the majority owner of the London financial district and Songbird said on Tuesday it would send a formal response within the next 14 days.

Dec 30, 2014

Franklin backs Qatari-led bid for Canary Wharf owner Songbird

LONDON, Dec 30 (Reuters) – A Qatari-led $4 billion bid for
Songbird Estates, majority owner of London’s Canary
Wharf financial district, has received backing from U.S. fund
manager Franklin, the bidders said in their final offer document
published on Tuesday.

Franklin Mutual Advisers has written to Songbird to indicate
it plans to accept any cash offer for its Canary Wharf Group
shares, Qatar Investment Authority (QIA) and its bidding
partner, U.S. investor Brookfield Property Partners,
said in the document.

Dec 19, 2014

Europe markets regulator toughens up rules on research costs

LONDON, Dec 19 (Reuters) – The European markets regulator
proposed tougher rules on Friday to deal with payments for
brokers’ investment research, looking to make the cost of
investing more transparent and fairer.

Regulators across the world want to ensure investors get a
better deal from financial markets by challenging market
participants to give better value for money to investors.

Dec 15, 2014

New EU insurance rules seen spurring deals

LONDON/FRANKFURT, Dec 15 (Reuters) – New, stricter capital
rules for Europe’s insurers could spur takeovers and
consolidation next year among the region’s 5,000 insurers, after
recent stress tests showed nearly one in seven would fail them,
analysts and industry executives said.

The European Union’s Solvency II rules, due to take effect
in January 2016, are aimed at improving the safety of products
for consumers, and will require a complete overhaul of
risk-management systems at insurance companies large and small.

Dec 12, 2014

Boss of hedge fund Weavering battles fraud charges in London court

LONDON (Reuters) – Magnus Peterson, battling fraud charges after his $600 million Weavering hedge fund collapsed during the financial crisis, told a court on Friday he could not remember which investors he had warned about his fund’s use of complex financial instruments.

During a trial that has given a rare glimpse into the hedge fund industry before the credit crunch triggered greater regulation and supervision, Peterson said he told investors about the fund’s use of riskier derivatives “on occasions”, but said he could not recall which investors.

Dec 8, 2014

SFO nails its first convictions under new bribery laws

LONDON (Reuters) – Three men were jailed for masterminding a 23 million pound biofuel investment scam on Monday, in the first convictions by Britain’s Serious Fraud Office (SFO) under tough new anti-bribery laws.

The Britons were executives or agents of Sustainable AgroEnergy Plc, a company that promoted biofuel investment products linked to southeast Asian plantations of jatropha trees, once considered a wonder plant in the hunt for oil.

    • About Carolyn

      "I have worked at Reuters for more than 20 years but I switched in Sept 2014 to a new beat - insurance and fund management. I write about insurance deals, fund trends, geopolitical risks insured by Lloyd's and I'm grappling with understanding company accounts."
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