DIRS.INFO The most relevant business & tech news

☆ Despite its high valuation, Nvidia is undervalued, says Clare Pleydell-Bouverie
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDespite its high valuation, Nvidia is undervalued, says Clare Pleydell-BouverieClare Pleydell-Bouverie, Fund Manager at Liontrust Asset Management, discusses the Fed, tech stocks, and AI-enabled plays.

Persons: Clare Pleydell Organizations: Nvidia, Asset Management

☆ Swiss takeover board rules NewGAMe's partial offer for GAM shares complies with rules
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsAug 31 (Reuters) - Switzerland's takeover board has ruled that a partial offer for up to 28 million shares of GAM Holding (GAMH.S) by an investor group comprising NewGAMe SA and Bruellan SA is in line with Swiss takeover rules, NewGAMe said on Thursday. The arrangement would be also that the investor group would propose new GAM board members at the upcoming extraordinary general meeting (EGM), where the fund manager's current board is expected to stand down. The regulator on Thursday also challenged the validity of the condition making NewGAME's offer conditional to Rock's candidates being elected to GAM's board, NewGAMe said. Last week, a takeover offer from Liontrust won the backing of just 33.64% of GAM's shareholders. ($1 = 0.8830 Swiss francs)Reporting by Kanjyik Ghosh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, NewGAMe, Xavier Niel's NewGAMe, Liontrust, Kanjyik Ghosh, Maju Samuel Organizations: REUTERS, GAM, NewGAMe SA, Bruellan SA, Swiss, Rock Investment, Swiss Financial Market Supervisory Authority, Thomson Locations: Zurich, Switzerland, Bengaluru

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Aug 24 (Reuters) - GAM (GAMH.S) has entered into discussions with French billionaire Xavier Niel's NewGAMe shareholder group after a takeover offer from Britain's Liontrust failed to gain the required level of support. "The GAM Board acknowledges that the majority of our shareholders have not found the Liontrust Offer compelling. GAM shares fell 5.08% shortly after market open, whereas Liontrust recorded a 10.37% gain. Liontrust had made its offer conditional on winning the backing of two-thirds of GAM's shareholders in a prospectus it published in June. The investor group, led by Niel's NewGAMe and asset manager Bruellan, have vehemently opposed the all-share offer, saying in July that it "grossly undervalues GAM".

Persons: Arnd, Xavier Niel's, Britain's Liontrust, Liontrust, GAM's, David Jacob, Niel's NewGAMe, Bruellan, Brenna Hughes, Friederike Heine, Jason Neely, Christina Fincher Organizations: REUTERS, Rights, GAM, Thomson Locations: Zurich, Switzerland, British, Liontrust

☆ Liontrust faces $14 million one-off charge after GAM offer failure
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

The logo of GAM investment management company is seen at its headquarters in Zurich, Switzerland July 29, 2019. The British company said it had secured backing from shareholders representing a total of 53,250,357 GAM Shares, corresponding to 33.45% of total stock subject to its offer. "Liontrust made a full and fair offer for GAM, which reflected the financial reality of the business and would have provided a certain and sustainable solution," John Ions, Liontrust CEO said in a statement. "We are disappointed we did not win the support of the majority of GAM's shareholders and are grateful to those GAM and Liontrust shareholders who did back our offer," he said. Separately on Thursday, GAM said it had begun "constructive and productive" refinancing discussions with representatives of the investor group Newgame.

Persons: Arnd, Liontrust, John, Sinead Cruise, Lawrence White Organizations: REUTERS, Liontrust, Management, GAM, AG, Thomson Locations: Zurich, Switzerland, Swiss, British

☆ GAM’s end game still has a way to go
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsMILAN, Aug 24 (Reuters Breakingviews) - GAM’s (GAMH.S) long-running takeover saga has entered a critical phase. The ball is now with the opposing shareholders, which control nearly 10% of the asset manager. The NewGAMe crowd has proposed issuing a 25 million Swiss franc convertible bond to give GAM some breathing space. But this won’t cover expected losses, restructuring charges and pension costs amounting to at least 100 million Swiss francs, GAM has calculated. As things stand, to win the game of rescuing this embattled asset manager, investors will have to dig deep.

Persons: Xavier Niel, Sarah Meyssonnier, NewGAMe’s, Lisa Jucca, Coinbase’s, Aimee Donnellan, Streisand Neto Organizations: French, REUTERS, Reuters, Management, GAM, X, Thomson Locations: Paris, France, French, Ukraine

☆ GAM shareholder group demands date change for extraordinary general meeting
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Aug 8 (Reuters) - Investors in Swiss asset manager GAM Holding (GAMH.S) have asked for the company's extraordinary general meeting - which could remove its chairman and board - to be delayed. The investor group, which controls roughly 9.6% of GAM shares, wants the EGM to be delayed until August 31, so shareholders can vote knowing the outcome of Liontrust's offer. The deadline for Liontrust's offer has been extended three times from the original date of July 25. The offer has been recommended by GAM's board, which triggered calls by some shareholders to remove chairman David Jacob and his board at an EGM. Some investors have opposed the all-share offer, saying in July that it "grossly undervalues GAM" and want to turn GAM around rather than selling.

Persons: Xavier Niel, Liontrust, David Jacob, John Revill, Miranda Murray Organizations: GAM, Thomson Locations: ZURICH, Swiss

☆ Xavier Niel’s GAM raid looks less quixotic
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

NewGAMe, whose backers include telecoms mogul Xavier Niel and Swiss wealth manager Bruellan, launched a tender offer for just under 18% of GAM’s shares. Liontrust’s offer looked like the least bad option for GAM, which is losing money as its assets have more than halved since 2018 to 68 billion Swiss francs. And at least one other investor, with 6.5%, has said it won’t accept Liontrust’s offer. That means Liontrust will probably struggle to get to the two-thirds vote it would need to take over GAM. But GAM also has over 2 billion Swiss francs of tax losses to carry forward, lowering any future tax burden.

Persons: Xavier Niel, Bruellan, NewGAMe, Neil Unmack, Aimee Donnellan, Oliver Taslic Organizations: Reuters, GAM, Liontrust Asset Management, Twitter, Commonwealth Games, Cathay, Thomson Locations: Swiss

☆ This high-yield bond fund with 'conservative' assets offers 10% in dividends
▼ + stars: | 2023-07-14 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

The Liontrust GF High Yield Bond fund has become notable thanks to one thing: A 10% dividend yield. "It's got a very high-quality credit rating, I would argue," said Donald Phillips, one of the portfolio managers behind the fund. fund manager, Liontrust GF High Yield Bond fund Donald Phillips It also holds debt considered relatively riskier by credit rating agencies but one that Phillips believes has been mispriced. The value of a credit default swap increases when the risk of default rises. He highlighted that their fund yields higher returns and charges lower fees than many similar index ETFs.

Persons: It's, Donald Phillips, Phillips, Fortescue, it's, Biden Organizations: Fortescue Metals, Liontrust, ETF Locations: Europe, CeramTec

☆ Lazard, facing a dealmaking drought, is on a mission to boost its money management business. It won't be easy.
▼ + stars: | 2023-07-06 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +11 min

The group extends guidance on geopolitical matters to clients as well as colleagues, like the asset management arm's sprawling salesforce. The firm is making a series of changes to ramp up its asset management business. Lazard has had an asset management business for decades, but it's a business that's finding new relevance on Wall Street. Incoming Lazard CEO Peter Orszag, pictured here in May, has made improving the asset management business a priority. "When it comes to the asset management business, the picture is probably more blurry," said Richard Bruyère, managing partner of the Paris-based asset management advisory firm Indefi.

Persons: Lazard, Evan Russo, Yevgeny Prigozhin, Peter Orszag, Barack Obama, Bill Clinton, it's, Russo, Orszag, Ray McGuire, Jennifer Ryan, Goldman Sachs, Brennan Hawken, Richard Bruyère, Bruyère, Ryan, Hartley, Morgan Stanley, Janus Henderson, Ashmore, Devin Ryan, AllianceBernstein, Larry Cohen, " Russo, Peter Organizations: Lazard, BlackRock, Citi, New York, North, Incoming Lazard, REUTERS, UBS, Investors, Firms, Virtus, Liontrust, Bank's JMP Securities Locations: Russia, New York, Washington, North America, Paris, Taft, Asia

☆ Xavier Niel offers risky alternative for sick GAM
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 8 (Reuters Breakingviews) - French billionaire Xavier Niel is asking investors to have one last flutter on GAM (GAMH.S). GAM investors will receive shares in Liontrust worth around 0.5% of the target company’s assets under management back in May, and even less now. If all goes well, GAM’s current investors could still keep a much larger share of the upside than they would with the Liontrust deal. The risk, however, is that GAM’s turnaround proves hard, cost cuts are more expensive and damaging, and the group keeps losing assets or staff. Moreover, it’s plausible that Niel wins enough backing to block the deal, but not enough to replace the board, leaving GAM in limbo.

Persons: Xavier Niel, Niel, Bruellan, manager’s, Neil Unmack, Liam Proud, Streisand Neto Organizations: Reuters, Liontrust Asset Management, Twitter, Toyota, Thomson Locations: Liontrust

☆ GAM’s takeover rebels have a weak hand
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

The billionaire has a good track record in activism, having agitated to block a rights issue at Unibail-Rodamco-Westfield (URW.PA). But getting a better deal at GAM looks hard. NewGAMe, backed by Niel, and its partner Bruellan are right that the Liontrust offer is far from appealing. The agitators hope to exceed a 10% stake, enough perhaps to stop Liontrust from taking full ownership of GAM. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Swiss lender ZKB held takeover talks with GAM Holding, Financial Times reports
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 22 (Reuters) - Swiss lender Zuercher Kantonalbank, known locally as ZKB, has held takeover talks with GAM Holding AG (GAMH.S), the Financial Times reported on Saturday, citing people familiar with the matter. London-listed Liontrust Asset Management (LIO.L) said earlier this week it was discussing a potential merger of its investment management unit with GAM. In an emailed statement, ZKB declined to comment on whether takeover talks had taken place with GAM, but said the company was "constantly examining opportunities within its business development strategy". According to the Financial Times report, Z Capital Group, a New York-based investment firm, is also interested in buying GAM. GAM and Z Capital did not immediately respond to requests for comment.

☆ Zürcher Kantonalbank held takeover talks with GAM Holding -FT
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 22 (Reuters) - Swiss lender Zurcher Kantonalbank, known locally as ZKB, has held takeover talks with GAM Holding AG (GAMH.S), the Financial Times reported on Saturday, citing people familiar with the matter. London-listed Liontrust Asset Management also said earlier this week that it was discussing a potential merger of its investment management unit with GAM, which is headquartered in Zurich. Swiss asset manager GAM, which has lost over 95% of its value following a bond fund scandal in 2018, is now looking to sell itself. Z Capital Group, a New York-based investment firm, is also interested in buying GAM, the newspaper added. GAM, ZKB and Z Capital did not immediately respond to Reuters' requests for comment.

The blue-chip FTSE 100 (.FTSE) fell 0.4%, while the mid-cap FTSE 250 (.FTMC) was down 0.8%, as of 0820 GMT. Data showed Britain now has Western Europe's highest rate of consumer price inflation, after a weaker-than-expected fall in March to 10.1% from February's 10.4%. The FTSE 100 clocked its longest winning streak since December 2020 on Tuesday, buoyed by defensive and commodity-linked stocks. Food, beverages and tobacco sector (.FTUB4510) was a bright spot, up 0.8% on the heels of sticky inflation numbers. Leading losses on the FTSE 250 was Liontrust Asset Management Plc (LIO.L), down 5.5% as the asset manager reported significant quarterly net outflows.

Liontrust reported net outflows of 1.6 billion pounds ($1.80 billion) in the July-September quarter, while Man Group posted net outflows of $500 million, compared with a $900 million consensus forecast. Quilter saw net inflows slow to 200 million pounds in the third quarter, compared with 1 billion pounds last year, while Rathbones' net inflows came in at 67 million pounds, following 1.43 billion pounds in outflows. Shares of Man Group dropped 5.3%, while Quilter shares shed 5%. Quilter's AUM at the quarter end was down by 1.8 billion pounds to 96.9 billion pounds. Rathbones' AUM fell to 57.9 billion pounds from 58.9 billion pounds at June-end, while Liontrust's slipped to 31.7 billion pounds over the same period.

Search resuls for: "Liontrust"

15 mentions found