Sinead's Feed
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.

Oct 17, 2012

RBS prepares for UK to start selling shares in 2014

LONDON (Reuters) – State-controlled Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) is preparing for the British government to start selling its shares in the bank in two years, its chairman said on Wednesday.

“The exercise we’re engaged in at the moment is to get the business into a shape that is most attractive for an offer for sale to the British public and internationally, probably, in 2014,” Philip Hampton told Reuters.

Oct 17, 2012

RBS drops insurance in big step from state control

LONDON, Oct 17 (Reuters) – Taxpayer-backed Royal Bank of
Scotland is pulling out from a government plan that
insured its riskiest loans, clearing an important hurdle in its
bumpy journey to free itself from state control.

RBS will withdraw from the scheme as the protection is not
needed, it said on Wednesday, saving it 125 million pounds each
quarter in future fees.