So the LSE had a technical b0rk this morning, which clogged the Regulatory News Service out for more than 90 minutes. The silo of corporate news was finally released at 8:37am.
No harm done though, right? Market integrity intact? Possibly not. Read more
Listen up hedgies, traders and investment bankers: you are being very closely watched indeed.
Regulators on both side of the Atlantic appear to have adopted a shock-and-awe campaign as far as cracking down on insider trading is concerned. Read more
A former partner of Cazenove was starting a 21-month prison sentence on Thursday night after being found guilty of insider dealing in the biggest case of its kind to be won by the financial regulator. Malcolm Calvert, who worked his way up from the postroom at the investment bank to become a partner, was earlier this week found guilty of five counts of insider dealing by a jury at Southwark Crown Court.
A former partner of Cazenove, the UK bank now owned by JPMorgan, was found guilty on Wednesday of insider dealing charges in a high-profile court victory for the UK’s FSA watchdog. Malcolm Calvert, known as “Streaky” to his friends, was convicted on five counts of insider dealing. The charges carry a maximum sentence of seven years’ imprisonment. Calvert, 65, who started on Cazenove’s trading floor in 1961 and became a partner before retiring in 2000, was acquitted on seven other counts. He will be sentenced on Thursday. See also FT Alphaville, here.
The case against Malcolm Calvert – that he indulged in the crime of buying shares while in the possession of inside information – has been followed with keen interest across the City of London.
Not least because Calvert (Streaky to his friends) is a former Cazenove partner. A blue blood gone bad, the FSA said. Read more
Not much festive cheer for shareholders of the Toxic Pub Company in Wednesday’s trading update, which covers the 16 weeks to 12 December.
There are no signs of improvement in either of its two divisions — in fact Punch’s managed business is materially underperforming peers like Mitchells & Butlers. Read more
Here they are, courtesy of Cazenove:
Investment manager Cazenove Capital Management has acquired private client rival Thornhill for an undisclosed sum, in its first purchase under chief executive Andrew Ross. Cazenove Capital demerged from the broker of the same name five years ago. It is still owned by past and present employees. The company, which has £13bn under management, has a London office but no presence in Scotland. It intends to use the acquisition to break into the Scottish fund and wealth management industry.
JPMorgan will on Thursday unveil a £1bn deal to buy Cazenove, the UK broker with which it has had a joint venture for the past five years. The bank will pay about 535p a share in a deal in which David Mayhew, one of the City’s best-connected corporate advisers, will retain the title of chairman of the Cazenove brand. However, Naguib Kheraj the former Barclays finance director who joined as CEO of the JPMorgan Cazenove venture less than 18 months ago, is expected to leave after a period managing the integration.
Us Brits think of Cazenove as being the epitome of shrewd.
After all, Cazenove partners are/were the masters of corporate broking, the ultimate financial weather-vane for London’s financial community. One-in-three Footsie bosses would/do count the firm’s urbane chairman, David Mayhew, as their closest adviser. Read more
JPMorgan Chase is set to take ownership of Cazenove, the 190-year old stockbroker, in a £940m deal that will trigger bumper pay-outs for some of the City’s top financiers. The US investment bank, which entered a partnership with Cazenove five years ago, is in advanced talks to buy for 500p-525p per share the 50 per cent of a joint venture with the stockbroker it does not already own. This is more than double the most recent quoted price of 245p in April this year.
The UK’s two part-nationalised banks, Lloyds Banking Group and RBS, are under pressure again on Wednesday morning as the market continues to fret about potential state aid remedies.
Since ING, the Dutch financial services group, bowed to pressure from the European Commission and announced a radical break-up on Monday, shares in Lloyds and RBS have both fallen sharply: Read more
Top executives at Cazenove and JPMorgan are thought to be close to agreeing a price for Cazenove’s share of their JPMorgan Cazenove UK joint venture before the year’s end, reports the Independent on Sunday. Cazenove and JPMorgan Chase & Co created the JV in 2005 and under the terms of the deal, JPMorgan has options to buy, or Cazenove to sell, its interest in the JV in February 2010. Both sides want to agree a deal ahead of the February deadline.
Now here’s an interesting market rumour:
Apparently corporate financiers at JP Morgan Cazenove and Deutsche Bank inserted a clause into the sub-underwritting agreement for Xstrata’s $5.9bn cash call. Read more
Robert Pickering is stepping down as chief executive of JPMorgan Cazenove in a surprise move that will result in David Mayhew, chairman, running the UK investment bank until a successor is found. Leaving after seven years at the helm, Mr Pickering, does not have a new job to go to. He said he intended to spend more time fishing.
Investor appetite for hedge funds which weathered this summer’s market storms will be tested by the announcement on Monday of up to £300m ($612m) of new money raising by two listed funds that specialise in investing in the sector. The London listed closed-end funds of hedge funds, run by Cazenove Capital Management and Dexion, are aiming to raise new money after strong demand pushed their shares to a premium to net asset values. The fundraisings – both via so-called C share issues – come after one of the worst months on record for hedge funds in August. However they highlight the convergance between funds that have done well and can still secure new money and those which have struggled and are seeing an exodus of investors.