Venture capital catches a cure

Venture capital in the region has returned to rude health – with the buoyant market for listings that persisted for much of 2014 the best medicine

European venture capital investment has had its strongest quarter for 13 years. In the third quarter, €2.3 billion was invested in 323 deals, according to Dow Jones VentureSource data, up 36% on the same quarter last year. Investor confidence has been boosted by the strength of the exit market.

Spilling over: The winners from auto-enrolment

Private sector pensions providers, led by the UK’s big insurance companies, have won hundreds of thousands of new customers from the UK’s auto-enrolment reforms, according to Financial News research.

Many new savers have enrolled into the National Employment Savings Trust, the government’s public scheme, but about two-thirds have joined private schemes.
Two years on from the start of the government’s reforms, 4.7 million new savers have joined the pensions industry.

Pensions minister Steve Webb hailed the figures as a “huge success” during his address to the National Association of Pension Funds’ conference in Liverpool last week. The Pensions Regulator’s numbers lag those of some of the pension providers.

Profits power to record at Trinity Street

Rising stock markets and surging asset inflows helped power profits at London-based global and international specialist equity manager Trinity Street Asset Management to £9 million in the 12 months to the end of March - more than the combined profits in the previous decade since its launch.

Revenues at Trinity Street, which was set up in December 2002 by former GLG manager Richard Bruce, nearly trebled in its latest 12-month reporting period from £4.1 million in the previous year to £11.1 million, according to the firm's latest accounts filed at Companies House.

Profits surged to £9 million, up from £3 million a year earlier, helped by the surge in revenues. That exceeds the £8.9 million in cumulative profits generated by the equities manager since its launch, according to an analysis of Companies House accounts.

Bill Gates calls on payment systems to lower costs

Bill Gates has said that digital payment systems have the power to lift billions of people out of poverty, but transaction costs must be lowered to enable the technology to realise its potential.

The Microsoft founder and chair of the Bill and Melinda Gates Foundation told a packed audience of thousands at the closing of the Sibos Conference in Boston that emerging markets must take the lead in harnessing this technology.
“We think that digital payment systems can do more for equity in poor countries than they can do anywhere else,” Gates said. “This is not a case of waiting for trickle down like we do for much advanced technology.”
The idea that digital payments systems can gain faster and greater adoption in developing economies has been gaining traction across the financial and technology industry in recent years. Many believe that the lack of financial infrastructure in developing countries, which has traditionally acted as a barrier for financial inclusion, means people will be more likely to adopt newer more innovative systems.

Viewings at Canary Wharf double

Economic recovery has led to a doubling of viewings of vacant space at London’s Canary Wharf complex by prospective tenants in the first half of this year compared with the previous six months, according to its landlord Songbird Estates, the UK-listed property company.

Leasing proposals have been made to 24 companies in the three months to June. Seven comprised inquiries for more than 100,000 sq ft, six for 30,000-100,000 sq ft and 11 for less than 30,000 sq ft.

Wells Fargo European DCM head leaves role

Bryant Owens, head of European debt capital markets and syndicate for the Emea region at US bank Wells Fargo, is leaving the bank’s London office after nine years to return to his native Charlotte, North Carolina

Owens will continue to work for the bank, where he will have responsibility for expanding coverage of depository institutions in the financial institutions group of the bank’s investment banking and capital markets division.

Wharrier back to BlackRock

UK equity manager Mark Wharrier has quit Stephen Zimmerman’s NewSmith Capital Partners to return to his old stamping ground.

He left Merrill Lynch Investment Partners nine years ago to work with his former MLIM colleague Steve Thompson, leader of NewSmith’s UK equity team, and associate Richard Milliken.
The team played a key role in driving NewSmith’s growth and currently manages £1 billion. Sumitomo Trust and Banking of Japan purchased a 40% stake in New Smith in 2011.