Share issue may see TER fall on Troy Income & Growth
Shareholders in Troy Income & Growth could see the trust's total expense ratio (TER) shrink after its board announced plans to issue up to 100 million new shares. The issuance is in line with the closed-end vehicle operating its premium control policy, as well as signalling the board's commitment to expanding the £73.4 million trust. Investors were told: 'The board is committed to the continuing expansion of the company which should benefit shareholders by, for e
FTSE firms despite double dip shock
08.04: The FTSE 100 opens up as investors find some cheap buys after yesterday's sharp sell-off. The index stood at 5,321, up 54 points or just over 1% just after the 8am open. Last night's summit of European leaders provided little concrete news, with key decisions shifted until a June summit. Leaders did, however, emphasise that they were committed to Greece remaining in the eurozone, while confirming that they still want fiscal consolidation alongside plans to boost growth.
Swip head of UK rates to exit for Middle East
Graeme Troy, head of UK rates at Scottish Widows Investment Partnership, is leaving the firm to embark on a new career in the Middle East. Troy has been with Lloyds Banking Group, of which Swip is a part, for 10 years. Swip said that until Troy is replaced, Graeme Caughey will take over fund management responsibility for all the gilt and index-linked gilt portfolios. Orla Garvey, who is fund manager in the UK rates team, will serve as deputy to
Lawsuits and probes: investors line up to poke Facebook
Last week Wealth Manager asked whether Facebook was 'worth and poke' but we were talking from an investment point of view rather than a legal or regulatory one. It has taken a couple of days for the hype surrounding the social network's initial public offering (IPO) to fizzle out. Shares, which listed on Wall Street at $38 a piece on Friday, are now around 9% lower at $31.78, giving the firm the unfortunate moniker of Fadebook. Consequentially the social networ
FTSE ends session 136pts down as Greek fears mount
08.43: The reversal of fortunes in Britain's markets this morning is a result of comments made overnight by former Greek prime minster Lucas Papademos, writes Caelainn Barr. The former head warned of a Greek exit and said preparations are being considered, only to retract his comments as US markets began to slide. European leaders will meet later in the day to discuss possible growth strategies for the region, including the touchy subject of mutualised eurozone
Swip cherry-picks 15 for equity high alpha push
Scottish Widows Investment Partnership (Swip) has unveiled its high alpha global equities line-up, revealing the 15 people charged with re-shaping its strategy. Following the departure of Peter Cockburn and Swip's announcement that it planned to pursue a high-alpha, active strategy in its equities division, the investment management firm has secured 15 investment directors and managers who will take forward its new strategy. Although Swip was unable to confirm th
Barclays breaks silence on BlackRock disposal
Barclays Bank has broken its silence to explain why it sold its 19.6% stake in BlackRock worth billions of dollars. Some speculators suggested the disposal was forced on the group as its exposure to debt-stricken Spain threatened to derail the bank. Meanwhile others suggested new capital requirements under Basel III requirements were behind the decision. The bank's finance director, Chris Lucas, has quelled speculation, saying the net proceeds, which amount to $
Moody's reiterates Man Group downgrade threat
Moody's has reissued its threat to downgrade Man Group after the hedge fund firm bought FRM in an $82 million deal. The ratings agency said it was continuing its review - initiated on 11 April - of a possible downgrade for Man's senior debt and will factor in the acquisition of FRM, a fund of hedge funds manager with around $8 billion in assets under management. Man plans to integrate FRM with its multi-manager business to create the largest independent non-US b
Henderson's Beal: the stocks I'm turning to for Tiger growth
As China moves towards a more domestic-led economy, consumer goods are becoming a more attractive investment. However, inflation is one of the major risks to investing in the region, and although inflation eased to 3.4% in April the rate remains volatile. Despite this Andy Beal, manager of the Henderson Asian Growth trust, has been looking to companies that can benefit from consumer discretionary spending over the past year. Beal says there are
Eurobond hopes drive FTSE forwards
The FTSE 100 was heading higher for a second day on Tuesday as investors pinned their hopes on support from European leaders, while the prospect of measures to boost economic growth in China kept the wind behind investors' sails, writes Chris Marshall. Bargain hunters continued to snap up cheap stocks after weeks of losses as a cautious optimism took hold ahead of a summit of European leaders tomorrow. The FTSE 100 was up 45 points 0.86% to 5,350 with other European indices show
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