Hints and tips:
...It has recruited Nick Triggs, the former head of European investment banking at Fox-Pitt Kelton....
...David Pitt-Watson, a senior adviser at Hermes Fund Managers, said the exact level of overseas ownership of UK shares was difficult to quantify....
...It has also acquired Delaware Management, a US fund manager, from Lincoln Financial for US$428m and Fox-Pitt Kelton Cochran Caronia Waller, an investment banking boutique, for about US$147m....
...That is why stocks can’t break out of this range,” said Kim Caughey, investment analyst at Fort Pitt....
...Mark Sartori, head of European equities at Fox-Pitt Kelton, said some of the weakness in the banking and insurance sectors was a natural pullback from a “rally fuelled by short covering” and that “no long-term...
...“October of this year was the 1929 Crash equivalent for debt markets,” said Stephen Pitts, head of leveraged finance at Deutsche Bank. “Banks, when they lend, need to see rising asset values....
...But Farquhar Murray, analyst at Fox-Pitt, Kelton, pointed out that Munich Re had suffered from the way it accounted for declines in the value of equities....
...But legislators and policymakers appear to be looking to the Federal Deposit Insurance Corporation to take on a greater role....
...Barclays climbed 10 per cent to 146½p as shareholders approved its controversial £7bn fund raising, while Royal Bank of Scotland added 7.2 per cent to 50.8p helped by positive comments from Fox-Pitt Kelton...
...Insurers were sold back with the trend: Prudential was down 5.2 per cent to 526½p and RSA Insurance slipped 2.2 per cent to 158.3p in spite of a Numis upgrade to “add”....
...“Outside Swiss Re read-across into European insurance is very limited and easy to exaggerate even there,” Fox-Pitt said....
...Howard Shapiro, analyst at Fox Pitt-Kelton, said any such decision represented “another significant measure to return liquidity and stability to the capital markets, the largest of which are the mortgage...
...Credit card issuers were also battered after Fox-Pitt Kelton cut its rating on the sector. Capital One Financial fell 4.4 per cent to $46.82....
...Mr Pitt-Watson points out bull markets can help to cover up poor management....
...The US firm specialises in insurance and has been among the top advisers in the sector by deal volume in recent years....
...Harvey Pitt, a former chairman of the Securities and Exchange Commission and now chief executive of Kalorama Partners, a global consulting firm, says: “Markets that used to be very simple are now infinitely...
...Meanwhile, back in October, a UBS insurance analyst, Roger Hill, brought us the PruSolution — a suggestion that Prudential hive off its British with-profits business and then merge it with Resolution....
...Neil Manser, analyst at Fox-Pitt, Kelton, says that if the insurance and reinsurance industries do escape significant hurricane losses this year, “some froth may come out of the top of the market, but I...
...They have also proposed that Prudential, the UK insurance group, sell part of its business to Resolution, and suggested that shareholders put pressure on Alliance & Leicester and Bradford & Bingley, the...
...He had also been eyeing Fox-Pitt Kelton, the boutique stockbroker specialising in financial services that recently completed a management buy-out from Swiss Re, the insurance giant....
...Neil Manser at Fox-Pitt, Kelton said: “It doesn’t fit the acquisition profile that ZFS is looking for. We would expect them to be looking more for bolt-on acquisitions, possibly in southern Europe.”...
...The insurance giant has asked Evercore, the US investment boutique, to seek potential buyers for the business, which has attracted interest from several private equity and trade bidders....
...WestLB described the results as “solid” but pointed to significant one-off items in its Dutch insurance business. Fox-Pitt, Kelton maintained its “outperform” rating on the stock....
...As a former manager of Brad Pitt and Jennifer Anniston, and a producer of the hit television show The Sopranos, Mr Grey seemed like an exciting choice when Tom Freston, Viacom’s chief executive, appointed...
...“The news of an approach effectively puts Prudential into play as a takeover target with the race on for the highest bidder,” said Mikir Shah at Fox-Pitt, Kelton....
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