Sinead's Feed
Nov 21, 2012

U.S. investor’s Irish punt casts large shadow

DUBLIN/LONDON, Nov 21 (Reuters) – U.S. asset manager
Franklin Templeton’s lucrative bet on Ireland could turn into a
nasty losing streak if Europe’s favourite recovery story falters
or its own customers lose faith.

The San Francisco-based investor’s aggressive purchase of
Irish government debt has helped crown Ireland the best
performing bond market in Europe this year. But its holding of
nearly one tenth of a highly illiquid market leaves it – and
other investors, including the European Central Bank – exposed.

Nov 20, 2012

Concealed votes knock ‘shareholder spring’ off course

LONDON, Nov 21 (Reuters) – Asset managers running trillions
of pounds of pension fund cash are falling short with efforts to
stamp out excessive boardroom pay.

Only months after the so-called shareholder spring promised
a revolution in the way executives are paid, research by
industry group FairPensions suggests many of Britain’s largest
investment houses are still sidestepping client requests to
disclose and explain votes on controversial pay plans.

Nov 16, 2012

Man Group sells Lehman exposure for $456 million

LONDON (Reuters) – Hedge fund manager Man Group has sold claims to the estate of defunct U.S. investment bank Lehman Brothers in a $456 million deal that will boost its cash position and see it book a tidy gain.

Hutchinson Investors, managed by hedge fund firm Baupost Group, is buying the portfolio at a 32 percent premium to its June 30 valuation, Man said on Friday.

Nov 16, 2012

Man Group sells Lehman estates exposure for $456 million

LONDON (Reuters) – Hedge fund manager Man Group (EMG.L: Quote, Profile, Research, Stock Buzz) is selling off its legal claims to the estates of defunct U.S. investment bank Lehman Brothers in a $456 million deal that will boost its net cash position and capture attractive gains for investors.

Hutchinson Investors, managed by the Baupost Group, has agreed to buy the portfolio at a 32 percent premium to the June 30 valuation and Man may receive a further $5 million if future recoveries from the claims exceed certain thresholds.

Nov 12, 2012

EU risks regulatory own goal with hedge fund rules

LONDON, Nov 12 (Reuters) – European Union regulation
intended to ensure hedge funds and private equity groups cannot
threaten the global financial system by being “too big to fail”
could end up having the opposite effect.

Critics of the EU’s Alternative Investment Fund Managers
Directive (AIFMD), which is expected to be finalised within
weeks, say that rather than drawing secretive asset managers
into the regulatory net as its architects intended, it will
actually concentrate risk in fewer hands.

Nov 1, 2012

CoCos seen as acquired taste as Barclays opens door

LONDON (Reuters) – After several false starts, Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) is optimistic it can sell a debt instrument that bolsters capital at times of trouble and could clear a path for European rivals to follow.

That, at least, is the hope.

Several banks have signaled plans to sell debt that converts into equity when a bank’s capital runs low, but both regulators and investors have appeared cool, causing uncertainty about how they would be structured and generating only a handful of issues.

Oct 26, 2012

Anglo CEO Cynthia Carroll quits as share price lags

LONDON (Reuters) – Anglo American’s (AAL.L: Quote, Profile, Research, Stock Buzz) Chief Executive Cynthia Carroll has quit after more than five years in the job, under pressure from investors over the mining group’s lagging share price and continued dependence on strike-hit South Africa.

A geologist by training, New Jersey-born Carroll ruffled feathers when she moved from the aluminum industry to become the first non-South African, the first woman and the first outsider to take the top job at Anglo in 2007.

Oct 26, 2012

Tesco edges closer to giving up on the U.S

LONDON (Reuters) – Tesco’s (TSCO.L: Quote, Profile, Research, Stock Buzz) billion pound gamble to crack the United States may have only months to run as investors and management focus more squarely on the British retailer’s struggling home business and slowing growth in emerging markets.

Fresh & Easy (F&E), having absorbed nearly 1 billion pounds ($1.6 billion) of capital since its 2007 launch, remains stubbornly loss-making in the cut-throat U.S. grocery market where it competes with larger rivals Trader Joe’s, Ralphs (KR.N: Quote, Profile, Research, Stock Buzz), Whole Foods Market (WFM.O: Quote, Profile, Research, Stock Buzz) and Vons (SWY.N: Quote, Profile, Research, Stock Buzz).

Oct 26, 2012

Under pressure, Anglo CEO Cynthia Carroll quits

LONDON (Reuters) – Anglo American’s (AAL.L: Quote, Profile, Research, Stock Buzz) Chief Executive Cynthia Carroll has quit after more than five years in the job, under pressure from investors over the miner’s lagging share price and continued dependence on troubled South Africa.

A geologist by training, New Jersey-born Carroll ruffled feathers when, fresh from the aluminum industry, she became the first non-South African, the first woman and the first outsider to take the top job at Anglo in 2007.

Oct 23, 2012

Rebel shareholders need more support for BAE boardroom shakeup

LONDON, Oct 23 (Reuters) – BAE Systems’ biggest
shareholder Invesco will need to drum up more support from other
investors to force out senior board members at the UK defence
firm after its failed $45 billion merger with aeroplane maker
EADS.

Invesco Perpetual, Henderson Global Investors and Artemis -
which together hold more than 15 percent of BAE – have sent a
joint letter, seen by Reuters, to BAE’s board demanding
replacement of Chairman Dick Olver and Senior Independent
Director Peter Mason.