Thursday 18 January 2018

Rothschild and Rockefeller link up

TWO of the most glamorous names in global finance are linking up, with the Rothschild banking dynasty agreeing to buy a stake in the Rockefeller group's wealth and asset management business to get a long-sought foothold in the United States. Rothschild's London-listed RIT Capital Partners said yesterday that it was buying the 37pc stake from French group Societe Generale's private banking arm for an undisclosed sum.

Willis Risk set to acquire two firms

ACQUISITION

WILLIS Risk Services (Ireland) Lted, the subsidiary of the Willis Group insurance broker, is to buy Attain Consulting and its sister company Trustee Principles. Terms of the deal were not disclosed but the combined companies had revenues of some €1m last year. With the acquisition of Attain Consul-ting and Trustee Principles, business will employ 70 in the field of employee benefits. The enlarged Trustees team will provide a full suite of trustee services.

RBS boss defends position on bonuses

FINANCE

ROYAL Bank of Scotland's chairman Philip Hampton said he had sympathy with critics of bank bonuses but defended the part-nationalised bank's own pay proposals. "I do accept that some people in some organisations have been significantly overpaid in the financial sector in recent years but I would not say that for RBS," Mr Hampton said at RBS's annual meeting.

GSK aims to replace firm's entire board

PHARMACEUTICALS

GLAXOSMITHKLINE plans to launch a campaign to replace the entire board of Human Genome Sciences with its own nominees, stepping up its $2.6bn (€2.1bn) hostile bid for the US biotech company, sources said yesterday. GSK intends to seek consent from Human Genome shareholders to replace the board with independent directors. The consent solicitation process could come in the next few weeks, they said. The British company has started reaching out to executives in the industry as well as finance and governance experts to nominate as independent director candidates for Human Genome's board, they said. (Reuters)

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