Financial Times Summary
Mon 13 Oct 2008
Fidelity
Up to 200 UK jobs are to go Fidelity International as the fund manager cut costs. Like most asset managers, it is braced for accelerated withdrawals and steep falls in funds after management as the recent turmoil in equity markets takes its toll on investor confidence.
BDO Stoy Hayward
BDO Stoy Hayward Investment Management has hired a portfolio manager and two hedge fund analysts. John Smutniak joins from Lyonross Capital Management, Dev Jadeja from Old Mutual Asset Managers and Rahul Saito from RMF.
JeffriesJeffries recorded 69 asset manager transactions in the third quarter, up from 52 in the same period last year with divestitures accounting for 40% of deals, against 23% in Q3 of 2007.
Lehman Brothers-
Key Lehman Brothers have agreed to stay on to run the bank's operations in Europe and the Middle East after Nomura's acquisition.
General Overview
The government was last night preparing to pump about £39bn into three of the country's largest banks in a broad-based recapitalisation that could see it end up with controlling stakes in RBS and HBOS. A treasury team led by Alistair Darling, chancellor, and Paul Myners the City minister, was locked in talks with executives from RBS, HBOS and Lloyds TSB to hammer out details of the partial nationalisation of the banks before the markets reopen today.
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