F&C subject to £700m buyout from Canadian bank

first_imgHe added: “F&C and BMO both take pride in having built distinctive and engaging brands – grounded in a long history of trust – and we share a deeply held conviction in working in the best interests of our clients.”Richard Wilson, Downe’s counterpart at F&C, said changes implemented in recent years put the cpmpany in a good position to develop.“Looking forward, BMO represents a unique opportunity to broaden and accelerate our ambitions,” he said.“The products, geographic presence and cultures of both organisations are truly complementary, and, with BMO’s commitment to growth, this is clearly a very positive outcome for both our clients and employees. We look forward to joining the BMO organisation.”At the end of 2013, F&C reported assets under management (AUM) of £82bn, down from £95bn just 12 months’ prior.At the time, more than 80% of its AUM stemmed from European institutional clients, according to IPE’s Top 400 Asset Managers 2013. F&C Asset Management is set for a £700m (€845m) acquisition by the asset management arm of Canada’s Bank of Montreal in a deal that values the company at a nearly 30% premium over its pre-deal stock price.BMO Financial Group, both the bank and BMO Global Asset Management’s parent company, announced today that it would offer F&C shareholders 120 pence per share, significantly up from its 93.8 pence price at the end of last week and resulting in a £708m offer.The Canadian group said F&C’s board would unanimously recommend shareholders accept the deal, with the acquisition set to close in May, subject to regulatory approval.Bill Downe, CFO at BMO, praised F&C’s “established pedigree” in fixed income, equity and property investments.last_img read more

Long on target for The Saints

first_imgSpurs booked their place by beating Brighton 2-0.Premier League leaders Chelsea were drawn away to Derby, while Liverpool will travel to Bournemouth. Gortnahoe’s Shane Long scored for Southampton as they overcame Stoke 3-2 in the League Cup – they will now go to third-tier Sheffield United.Defending champions Manchester City were knocked out of the League Cup last night.They surprisingly lost 2-0 at home to Newcastle, who’ll now face Tottenham in the quarter-finals.last_img

‘Betrayed’: Jose Mourinho savages Chelsea players after Leicester defeat

first_imgJose Mourinho accused his Chelsea players of betraying his hard work after the club’s ninth Premier League defeat of the season at Leicester.Mourinho let rip on Sky Sports after the defending champions lost 2-1 to top-of-the-table Leicester, claiming last season’s success was down to his “phenomenal” work bringing his players “to a level they aren’t really at”. Highlights from his interview with Patrick Davidson:’I feel like my work was betrayed’ “We concede two goals that are unacceptable for me. I know my best quality is to read the opponents for my players and to identify every detail and these two goals – with the movement of (Jamie) Vardy between the two central defenders and then (Riyad) Mahrez one-against-one when I want one-against-two – are difficult to accept. “I feel my work was betrayed.”‘Last season I took them to a level that is not their level’ “When you have some players in crucial positions not playing at a normal level, it is difficult.  “All last season I did phenomenal work and I took them to a level that is not their level. It’s more than they really are. It’s not all of them, of course, but clearly for some of them it is more difficult (to reach that level again)”. Hazard went down injured in the first half, tried to continue but quickly concluded he could not play on. Mourinho said, appearing to border on sarcasm: “The only thing I know is in 10 seconds he made the decision himself. It must be a serious injury as he made the decision himself and just left the pitch.”Mourinho was critical of striker Diego Costa, specifically accusing him of failing to get into scoring positions inside the penalty area. “We put on an extra midfield player, then an extra striker, because clearly Diego (Costa) is in trouble in the box. Normally his movement is outside the box, so I tried to bring (Loic) Remy in to have another body there.” Mourinho accused Leicester of timewasting after Chelsea pulled a goal back to make it 2-1. “We scored a goal with 15 minutes to go, but it was almost five because of the ballboys, the injuries, the ball disappearing and all this stuff. It’s not nice, but they did it very well.” He later called the ball boys: “A disgrace to the Premier League.”–last_img read more