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Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Euro suffers worst month against the pound since financial crisis

Political risks are still all the rage in the currency markets. The euro has suffered its worst slump against the pound since 2009 in November, as investors hone in on a series of looming battles between eurosceptic populists and establishment parties at the ballot box. The single currency has shed 4.5 per cent against sterling […]

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RBS falls 2% after failing BoE stress test

Royal Bank of Scotland shares have slipped 2 per cent in early trading this morning, after the state-controlled lender emerged as the biggest loser in the Bank of England’s latest round of annual stress tests. The lender has now given regulators a plan to bulk up its capital levels by cutting costs and selling assets, […]

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China capital curbs reflect buyer’s remorse over market reforms

Last year the reformist head of China’s central bank convinced his Communist party bosses to give market forces a bigger say in setting the renminbi’s daily “reference rate” against the US dollar. In return, Zhou Xiaochuan assured his more conservative party colleagues that the redback would finally secure coveted recognition as an official reserve currency […]

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Categorized | Financial

Arrested GLG analyst is mining and metals head

Posted on February 28, 2013

The GLG analyst arrested on Wednesday as part of a new Financial Services Authority insider dealing probe is Carl Esprey, head of mining and metals, two people familiar with the investigation said.

Mr Esprey, 33, and two other men who are also associated with UK fund managers were arrested and bailed without charge pending further investigation as part of a sweep that included searches of six London area premises by the FSA and police. He did not respond to a request for comment.

    Man Group, GLG’s owner, has confirmed that it has suspended an employee after his arrest on Wednesday in connection with an insider dealing probe. It declined to identify the employee but said the allegations had to do with his personal trading rather than work responsibilities.

    According to the FSA register, Mr Esprey has worked for GLG since 2008 and became inactive on the day he was arrested.

    GLG said in a press release last summer that Mr Esprey, a materials specialist, would be joining its new Asian equities team but remain based in London.

    He is a director of Laurel Heights, a limited partnership that provides services to GLG. Mr Esprey was ­previously included on a list of top buyside sector analysts compiled by advisory firm Brendan Wood International.

    According to Mr Esprey’s LinkedIn profile, he previously worked for BHP Billiton and Deloitte.