Canaccord Genuity, the Canadian investment banking and wealth management group, has re-entered the UK investment company broking sector after hiring a team from Stifel. Phil Hopkins, managing director of investment fund sales; Scott Anderson, sales director; and Edward Gibson-Watt, managing director of corporate broking, joined Canaccord last month, according to their LinkedIn profiles. Iain Scouller, […]
CQS Natural Resources & Growth (CYN), the £134m mining fund that has delivered a 107% one-year total return in the gold and silver boom, most of it after Saba Capital exited in a tender off last July, has published a circular for a vote seeking shareholder approval to issue up to 20% more shares. Last […]
SpaceX, the Elon Musk rocket and satellite company backed by Baillie Gifford investment trusts Scottish Mortgage (SMT), Edinburgh Worldwide (EWI), Baillie Gifford US Growth (USA) and Schiehallion (MNTN), has merged with xAI, his artificial intelligence startup and developer of the Grok chatbot. It said the energy to properly develop AI is only available in space […]
Saba Capital has received regulatory approval in Dublin to launch the active exchange-traded fund that will expand the activist’s campaign against UK investment companies. In a filing last week the Central Bank of Ireland upgraded the Saba Capital Investment Trusts UCITS ETF from “null” to “active” and gave a legal entity identity to the fund […]
A dramatic sell-off in gold and silver in response to the appointment of Kevin Warsh as the next US Federal Reserve chairman has seen mining and commodities funds tumble after their breath-taking run of the past year. On Friday gold dropped almost 10% to $4,850 an ounce, its largest intraday drop since the 2008 financial […]
Shares in 3i Infrastructure (3IN) fell nearly 6% after the £3.4bn top performer in its sector shocked investors with news of an impending write-down of its £212m investment in German telecom provider DNS:NET. The company said its full-year valuation for 31 March would likely include the write-off of the position in DNS:NET, which was investing […]
GCP Infrastructure (GCP) is poised to repay its remaining debts and hit a target of returning £50m to investors after exchanging contracts for the £47.5m sale of social housing properties. The disposals to one buyer represent the large transaction that shareholders were waiting for as the £634m investment company pursues a capital allocation policy […]
Winding-down GCP Asset Backed Income Fund (GABI) has exchanged contracts for the sale of social housing properties that will result in the repayment of £19.2m of loans, with the price in line with previous valuations. In an update, the £118m loan fund said net asset value fell 5.1p, or 6.4%, to 74.69p per share in […]
BH Macro (BHMG), the £1.3bn Brevan Howard hedge fund, has confirmed that closure meetings will be held for its sterling and dollar share classes. This is the second year that votes to close the share classes and possibly wind up the investment company have been triggered by the average share price discount exceeding 8% during […]
Chrysalis (CHRY) is deliberating when to sell its stake in Klarna (KLAR.N), the credit provider whose disappointing performance since its New York flotation in November helped knock 3.7% off the growth capital fund’s net asset value in the last quarter. The £545m investment company, which is about to start a three-year wind-down and recorded a […]
