Senior Funds Correspondent
Raji's Feed
Jun 9, 2010

Investors dispute whom to oust at UK’s Prudential

LONDON, June 9 (Reuters) – Institutional investors are
bickering over which Prudential (PRU.L: Quote, Profile, Research) head they want on a
plate as shareholder anger grows after the British group’s
botched $35.5 billion bid to buy AIA.

There is some momentum behind a move to oust Prudential
Chief Executive Tidjane Thiam, but some large shareholders said
Chairman Harvey McGrath’s position is even harder to defend than
his CEO’s.

Jun 8, 2010

Fantasy league equity fund manager tops UK table

LONDON, June 8 (Reuters) – A fund manager who turned to portfolio management
after winning a fantasy investment contest in a newspaper was top performer
among equity funds registered for sale in the UK in May, data from Lipper showed
on Tuesday.

Manek Growth LP60010456, managed by Jayesh Manek, returned 11.29 percent
over the month, beating an average 6.49 percent loss for equity funds tracked by
Lipper, a Thomson Reuters company.

Jun 4, 2010

Prudential seeks business as usual, investor fury eases

LONDON (Reuters) – Prudential (PRU.L: Quote, Profile, Research) will try to draw a line under its botched Asian takeover at an investor meeting on Monday amid signs that investor fury over the deal is abating.

Pru’s annual general meeting on Monday comes less than a week after it was forced to ditch its agreed $35.5 billion takeover of AIG’s (AIG.N: Quote, Profile, Research) Asian unit following shareholder protests that the deal was too expensive.

Jun 4, 2010

UK’s Pru seeks business as usual, investor fury eases

LONDON, June 4 (Reuters) – Prudential (PRU.L: Quote, Profile, Research) will try to
draw a line under its botched Asian takeover at an investor
meeting on Monday amid signs that investor fury over the deal is
abating.

Pru’s annual general meeting on Monday comes less than a
week after it was forced to ditch its agreed $35.5 billion
takeover of AIG’s (AIG.N: Quote, Profile, Research) Asian unit following shareholder
protests that the deal was too expensive. [ID:nTOE65100R]

Jun 3, 2010

Income funds may dump BP if dividend cut

LONDON, June 3 (Reuters) – UK equity income funds may be
forced to dump BP (BP.L: Quote, Profile, Research) if it stops paying its dividend and may
have to switch to other high dividend paying stocks in the FTSE
100 index, income funds managers said on Thursday.

Political pressure is building on the company to suspend
dividend payments — which total $10.5 billion a year –
following its failure to stem the oil spillage in the Gulf of
Mexico.

Jun 2, 2010

Pru bid failure signals growing investor activism

LONDON (Reuters) – The dramatic unravelling of UK insurer Prudential’s bid for AIG’s Asian life unit heralds an era of aggressive shareholders taking boards to task, contrasting with the all-bark-no-bite attitude of the past.

Prudential’s decision to abandon its $35.5 billion bid for U.S.-listed AIG’s Asian arm after strong shareholder disapproval is unprecedented in a deal of this size — and one that involves one of Britain’s biggest companies.

Jun 1, 2010

Newsmaker: Bitter end to man from Pru’s Asian adventure

LONDON (Reuters) – A year ago, Tidjane Thiam was the toast of London’s normally staid insurance industry — a French-speaking high flyer with a cosmopolitan pedigree and an unlikely background as an Ivory Coast government minister.

But eight months after taking over as chief executive of Prudential Plc, his ambitious plans to take over the Asian arm of U.S.-based AIG lie in tatters and his future at Britain’s largest insurer is in the balance.

Jun 1, 2010

Bitter end to man from Pru’s Asian adventure

LONDON (Reuters) – A year ago, Tidjane Thiam was the toast of London’s normally staid insurance industry — a French-speaking high flyer with a cosmopolitan pedigree and an unlikely background as an Ivory Coast government minister.

But eight months after taking over as chief executive of Prudential Plc, his ambitious plans to take over the Asian arm of U.S.-based AIG lie in tatters and his future at Britain’s largest insurer is in the balance.

May 21, 2010

Pru investors wary after last-ditch AIA pitch

LONDON, May 21 (Reuters) – Prudential <PRU.L> boss Tidjane
Thiam is struggling to make headway with sceptical investors who
question the value of his $35.5 billion acquisition of AIA.

In a series of meetings with UK investors this week, the
chief executive of the British insurer has been spelling out the
merits of buying AIG’s <AIG.N> Asian unit ahead of a
make-or-break vote on the deal on June 7. [ID:nTOE64G02C]

May 21, 2010

Banks resilient as fund managers seek fees cut

LONDON (Reuters) – What if fund managers handled new share sales and cut out the middleman — the investment banks — to avoid the hefty fees charged on the offer price?

Better for the owners of the company, no? Well, maybe.

But after a year of trying, UK investors and their advisors in London — Europe’s capital markets hub — have yet to secure a single deal.