Rathbone funds under management hit £20bn

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Rathbone funds under management hit £20bn

Rathbone funds under management hit £20bn
The wealth manager Rathbone Brothers has grown its funds under management to a record £20bn thanks to the recovery in equity markets and a recent acquisition.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

First-time buyers discover new spring in their step
According to the Council of Mortgage Lenders, mortgage lending to first-time buyers increased by a fifth in March, offering fresh evidence of movement on the first step of the housing ladder.
The Times, p. 34
Also appeared in : The Independent, p.52, Independent i, p.43, Financial Times, p.4, City AM London, p.4

RBS chief admits: I don’t know if scandals are over
RBS chairman Sir Philip Hampton conceded under tough questioning from the bank’s shareholders yesterday that he could not guarantee an end to the rash of “skeletons in the cupboard” which have plagued the taxpayer-funded bank over the last few years.
The Independent, p. 48
Also appeared in : The Guardian, p.23, The Daily Telegraph Business, p.3, Independent i, p.40, The Daily Telegraph Business, p.2, City AM London, p.4, The Independent, p.51

Icap blames profit tumble on ‘extraordinarily tough year’
Icap warned that market conditions remain “fragile and unpredictable”, despite a good April, as the broking giant yesterday revealed its profits tumbled 20 per cent last year. However, its founder and chief executive Michael Spencer, pictured, said the business had cut costs and developed new products, which meant it should prosper when markets revive.
The Independent, p. 52
Also appeared in : The Times, p.41, Daily Mail, p.62, Evening Standard London, p.34, Financial Times Companies and Markets, p.20, Evening Standard London, p.32

Bank calls Bloomberg ‘snooping’ reprehensible
The Bloomberg “snooping” scandal widened yesterday when the Bank of England said it was “reprehensible” that the financial news agency’s journalists had been able to access data on its clients.
The Independent, p. 51
Also appeared in : The Times, p.35, Independent i, p.43, City AM London, p.2, Financial Times Companies and Markets, p.19

Economy warnings
Unwinding quantitative easing and increasing ultra-low interest rates could cause shocks to the economy, Kate Barker and Andrew Sentance, two former members of the Bank of England’s Monetary Policy Committee, told the Commons’ Treasury Select Committee yesterday.
The Times, p. 33
Also appeared in : The Daily Telegraph Business, p.1-4, City AM London, p.2

Dimon set to escape as investors target board
Some of JPMorgan Chase’s largest shareholders are sparing Jamie Dimon but voting against other directors.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20
Also appeared in : International Herald Tribune, p.21, Financial Times Companies and Markets, p.20

Come and get ’em: plan to offer RBS shares at no risk
Treasury ministers are to consider a “big bang” plan to offer the public shares worth a potential £20billion in Royal Bank of Scotland that would mean they would not have to pay any money up front.
The Times, p. 33
Also appeared in : The Times, p.1

Labour relies on overdraft from troubled Co-op Bank
Labour is facing a new financial crisis after it emerged that the party depends on a huge £3.9 million overdraft from the troubled Co-operative Bank.
The Times, p. 36
Also appeared in : International Herald Tribune, p.19, International Herald Tribune, p.18-20

UK backs bank tax over EU industry bailout fund
Yesterday Chancellor George Osborne fought EU plans for banks to build up multibillion euro reserves to hold in case they need bailing out in future. He called the scheme “totally useless,” instead indicating the government should carry on taxing the banks, in exchange for offering support in any future crisis. And the UK was outvoted by other countries on the EU budget, meaning the Commission will get at least another €7bn (£5.9bn) to pay overdue bills it failed to budget for.
City AM London, p. 2
Also appeared in : The Daily Telegraph Business, p.3

HSBC may sell Monaco unit
HSBC said yesterday it may sell its private banking business in Monaco as part of an ongoing strategic review.
City AM London, p. 15
Also appeared in : The Guardian, p.22

Commerzbank issues shares to cut state stake
Germany’s Commerzbank yesterday revealed plans to issue millions of shares and sell off a major property loan portfolio in an effort to raise capital and reduce the government’s stake in the bank.
City AM London, p. 10
Also appeared in : International Herald Tribune, p.19

Europe begins long-awaited talks on tax and bank secrecy
EU finance ministers gave the green light yesterday to start talks with Switzerland, Liechtenstein and three other countries on new rules for swapping bank account information, officials said.
City AM London, p. 15

Intesa Sanpaolo back in prof it in first quarter
Intesa Sanpaolo swung back into profit in the first quarter after posting a loss in the last three months of 2012.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Barclays has let down society and must change, says Church
The Church of England, a Barclays shareholder, has accused the bank of having “repeatedly let down society”.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3

Pay revolt looms at Goldman Sachs
Glass Lewis has called on Goldman Sachs investors to vote against the bank’s executive compensation proposals.
The Independent, p. 52-53

IMF study queries blanket curbs on banks
A discussion paper written by six IMF economists has concluded that the costs of ring-fencing speculative City activities could outweigh the benefits. It claimed that the challenge of implementing them successfully; the possibility that risk would migrate to other parts of the financial system, such as “shadow banks”; and that there would be costs in making banks less diverse were all reasons not to proceed with the measures.
The Guardian, p. 23

Goldman nets earnings of $2.2bn
The world’s leading investment bank maintained its status as Wall Street’s darling yesterday.
Independent i, p. 42

Sainsbury’s can challenge the public’s opinion of banks
Last week Sainsbury’s said that it had paid £248m to Lloyds Banking Group to take full ownership of Sainsbury’s Bank, buying out the 50 per cent stake owned by the lender.Given what we know about consumer perception of these two brands, how might this move play out in the field of public opinion? Looking at Buzz (whether people have heard positive or negative news about the brands) on YouGov’s BrandIndex, over the past 18 months we can see that Lloyds had a consistently negative score, varying between minus 3 and minus 20.
City AM London, p. 17

Investment banks’ drive into forex proves less lucrative
Alice Ross reports on how the drive by investment banks to expand forex divisions is proving less lucrative than in previous years.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 32

Poor hit hardest by financial crisis and welfare cuts will make it worse
The poorest people in Britain have been disproportionately affected by the financial crisis and recent welfare cuts may drive up inequality levels further, according to new research from the OECD.
The Independent, p. 13

Investor group says vote down GS pay
Rewards are not linked to success at top investment bank Goldman Sachs, a leading proxy advice company has claimed, urging shareholders to vote against bosses’ pay packet at the annual general meeting (AGM) next week.
City AM London, p. 10

Visa prepared for China cards launch
Visa, the world’s biggest card payments network, said it is prepared to enter the Chinese yuan-denominated market as soon as regulators release rules let in foreign operators.
Independent i, p. 41

The above articles appeared on 15/05/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.