News

The FSA has fined Ravi Shankar Sinha, the former CEO of JC Flowers & Co UK, £2.867m for fraudulently obtaining £1.367m for himself from a company owned by a private equity fund advised by JC Flowers by means of a fictitious invoicing scheme.

F&C Asset Management has told investors it expects to take a £2.3bn hit to its assets under management this year when Friends Life withdraws money from its annuities business.

Alex Jeffrey has joined M&G's real estate fund management arm PRUPIM as chief executive.

European banks could seek up to €1trn in extra funding from the European Central Bank's (ECB) emergency funding scheme in the February auction.

Hector Sants, chief executive of the Financial Services Authority (FSA), has apologised to MPs for the failure of the Royal Bank of Scotland which led to the multi-billion pound bailout of the bank.

The United Kingdom was one of only two of the 27 EU member states to refuse to sign a fiscal treaty on budget discipline last night.

The FTSE 100 has fallen 1.1% as concerns over Portugal and the continued lack of a Greek bond swap deal weigh on global markets.

Aviva Investors' London-based equity fund managers are at risk after the group said it is planning to cut 12% of its workforce globally in its latest shake-up.

Investors are fearful of a fresh wave of bank failures, as well as a return to recession in the UK, according to a survey carried out by the Centre for the Study of Financial Innovation (CSFI) and PwC.

The asset management industry must create an industry standard to bring greater transparency to investment charges, Fidelity Worldwide Investment said today.