Asia markets tentative ahead of Opec meeting

Wednesday 2.30am GMT Overview Markets across Asia were treading cautiously on Wednesday, following mild overnight gains for Wall Street, a weakening of the US dollar and as investors turned their attention to a meeting between Opec members later today. What to watch Oil prices are in focus ahead of Wednesday’s Opec meeting in Vienna. The […]

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Banks, Financial

RBS emerges as biggest failure in tough UK bank stress tests

Royal Bank of Scotland has emerged as the biggest failure in the UK’s annual stress tests, forcing the state-controlled lender to present regulators with a new plan to bolster its capital position by at least £2bn. Barclays and Standard Chartered also failed to meet some of their minimum hurdles in the toughest stress scenario ever […]

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Barclays: life in the old dog yet

Barclays, a former basket case of British banking, is beginning to look inspiringly mediocre. The bank has failed Bank of England stress tests less resoundingly than Royal Bank of Scotland. Investors believe its assets are worth only 10 per cent less than their book value, judging from the share price. Although Barclays’s legal team have […]

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Currencies, Equities

Scary movie sequel beckons for eurozone markets

Just as horror movies can spook fright nerds more than they expect, so political risk is sparking heightened levels of anxiety among seasoned investors. Investors caught out by Brexit and Donald Trump are making better preparations for political risk in Europe, plotting a route to the exit door if the unfolding story of French, German […]

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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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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.