Currencies

Dollar rises as markets turn eyes to Opec

European bourses are mirroring a tentative Asia session as the dollar continues to be supported by better US economic data and investors turn their attention to a meeting between Opec members. Sentiment is underpinned by US index futures suggesting the S&P 500 will gain 3 points to 2,207.3 when trading gets under way later in […]

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Banks

Basel Committe fail to sign off on latest bank reform measures

Banking regulators have failed to sign off the latest package of global industry reforms, leaving a question mark hanging over bankers who complain they have faced endlessly evolving regulation since the financial crisis. Policymakers had hoped to agree the contentious new measures at a crunch meeting held in Chile this week, but a senior official […]

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Financial

Travis Perkins and Polymetal to lose out in FTSE 100 reshuffle

Builders’ merchant Travis Perkins and mining company Polymetal face relegation from the FTSE 100 after their recent performances were hit by political events. The share price of Travis Perkins has dropped 29 per cent since the UK voted to leave the EU in June, as economic uncertainty has sparked concerns among some investors about the […]

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Economy

Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

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Financial

Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

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Categorized | Financial, Insurance

Quindell founder builds stake in broker


Posted on March 31, 2015

Rob Terry of Quindell

Quindell founder Rob Terry

Rob Terry, the founder of Quindell, who sold out most of his stake in the controversial insurance claims processor in December, is backing the struggling broker that helped list the company on Aim.

Mr Terry has built up a 7.4 per cent stake in Daniel Stewart, according to a notice to the stock exchange. As nominated adviser to Quindell, the broker was paid to list the company, advise it and help it raise cash.

    Quindell has been in turmoil since Gotham City Research, a short selling research group, published a dossier of allegations about its history, governance and business model. PwC has started an investigation into the company’s accounts.

    In November, three Quindell directors, including Mr Terry, revealed a complex share dealing, which it was later revealed involved the sale of nearly £9m of their shares in the company with a commitment to repurchase them in two years.

    Mr Terry was ousted as chairman of the claims processing business that month and sold 25m shares in the company — most of his stake — in December. At the time he retained a 2.99 per cent stake, which he would be able to sell further without making disclosures to the stock market.

    The emergence of Mr Terry’s stake in Daniel Stewart comes just a day after Quindell agreed to sell its professional services arm to Australian law firm Slater & Gordon for about £700m.

    City stockbroker Daniel Stewart is not without its own problems. In October, it admitted it lacked the regulatory capital required by the Financial Conduct Authority, the UK regulator. It missed the deadline for filing its accounts and suspended its Aim-quoted shares that month, and then had to relinquish its licence as “nominated adviser” to Aim companies late last year.

    On March 6, Daniel Stewart finally published its annual report and its shares were restored to trading that day. However, it is still no longer a nomad.

    Before it gave up its nomad licence, Daniel Stewart’s illustrious list of clients included the likes of strife-torn Rangers International Football Club and Naibu, a Chinese sports shoe maker, which last month was forced to admit it had lost all contact with the company’s chairman and senior executive.