14:07 24/08/2016 Re: Woody scraps staff bonuses
Games, " looks like a warning sign to his staff to stop buying all the munters that keep appearing in his portfolio." This is chust a silly token gesture. Woody will have to pay the good fund managers whatever their alternatives are and, if he scraps bonuses, and lumps the money onto basic pay, the crop-haired thug will lose the ability, which bonuses provide, to cut the bonuses when times are hard and reinstate 'em when times are good. In addition I gather that Woody's own significant ownership of the management company provides all sorts of bonus-like arrangements such that, come what may, Woody will be all right, Jack. LKH on the flybridge
10:55 22/08/2016 Woody scraps staff bonuses
http://www.cnbc.com/2016/08/22/top-uk-investment-firm-scraps-bonuses-says-can-lead-to-wrong-behaviors.html Well looks like a warning sign to his staff to stop buying all the munters that keep appearing in his portfolio. Games -- Let's hope LGEN doesn't turn out to be one of them.
10:53 18/08/2016 Re: Infrastructure
"Or a RAT?" RAT's up 3% in a week so far and the divi in a few days. Let's hope it doesn't disappear down a hole afterwards eh!! Games
8:53 18/08/2016 Re: Infrastructure
Games, "if it looks like a rat, smells like a rat, it probably is a rat." Or a RAT? LKH on the flybridge couldn't resist
8:50 18/08/2016 Infrastructure
http://www.digitallook.com/news/news-and-announcements/legalgeneral-to-invest-in-us-infrastructure-for-the-first-time--1672068.html I'm starting to rue the day I threw money at this. Investing in University Infrastructure seems rather late to the party, and in my view rather precarious given the very leveraged way the country (UK) and the US are funding education. This, like the pensions system seems to be teetering on the brink. Games --- Aggghhhh the mistakes eh, if it looks like a rat, smells like a rat, it probably is a rat. Innit Nigel?
6:46 18/08/2016 Growth from wrong areas at Legal & General
Deutsche Bank is concerned that insurer Legal & General?s (LGEN) growth is coming mainly from its more capital-intensive annuities business and its Legal & General Capital (LGC) arm, which invests to match its annuity liabilities. Analyst Oliver Steel kept his ?hold? rating and 225p target price on the shares, which were trading at 211p yesterday. ?Legal & General?s latest results show a marked shift in the mix away from ?safer? capital-light businesses towards annuities and LGC. We were disconcerted to see an almost 30% drop in the UK protection result, which up to now has been a stalwart of the group?s growth,? he said. ?In our view, these are likely to be accorded lower price-earnings ratios than those given to the less capital intensive parts of the group. Given the higher than average investment leverage and a still uncertain market outlook, we rate the shares a ?hold?.? ROLL ON THE 225p per share Ex D today 4p
14:39 11/08/2016 Shore Capital
From Citywire: "Legal & General has a ?formidable? footprint Insurer Legal & General (LGEN) remains a ?formidable? player in financial product distribution despite being impacted by ?Brexit?. Shore Capital analyst Eamonn Flanagan reiterated his ?buy? recommendation but does not have a target price on the shares, which fell 5.3% to 206.6p yesterday. ?There are many moving parts to the 2016 interims reported by L&G with operating profits distorted by one-offs and the interim dividend rebasing,? he said. ?However, these should not take away from strong underlying performance in respect of cash generation. ?The group took a cautious stance in the run-up to ?Brexit? which will deflate cash generation in the short term but, with hindsight, this was an appropriate course of action. The outlook statement is determined with the group highly focused in respect of distribution, strategy, products, Legal & General Investment Management and cash generation.? He added that ?its distribution footprint in the UK remains formidable while its presence in the bulk annuity market offers huge scope for cash generation for many years to come?. "
8:44 11/08/2016 Re: Interims and stuff : REMAIN
Correction to what i said, dividend record date is 19.08. how did i get that wrong?! Has it moved or too much Sangria perhaps? In this case I would expect LGEN to drop slightly in the coming days and not rise to 2015 as per this morning. Odd. Bottoms up.
Legal & General Group Plc ("Legal & General") has today announced the sale of Cofunds, the UK's leading investment platform for advisers and other financial institutions, to Aegon for #140m. The acquisition is subject to regulatory approval, which is expected by December 2016. The sale includes the Investor Portfolio Service ("IPS") platform as well as Cofunds' retail and institutional business. All employees in Cofunds and IPS will be transitioned to Aegon. Legal & General and Aegon have worked closely this year in delivering three mutually beneficial transactions: the acquisition of Aegon's #2.9bn back book annuity portfolio, the 5 year distribution agreement to provide individual annuities to Aegon pension customers, and the acquisition of Cofunds and IPS by Aegon. Mark Gregory, Group Chief Financial Officer of Legal & General, said: "Over the last few years Legal & General Investment Management (LGIM) has developed a market leading international defined contribution pension platform business. LGIM manages #50bn in UK and US defined contribution pension assets, and plans to expand into the DC market of Asia. Cofunds is at the point where it requires a significant upgrade in technology to exploit its leadership position in the UK platform market. We have concluded that this long term commitment is best achieved under Aegon's ownership as a specialist wealth platform provider." The sale of Cofunds and IPS to Aegon does not impact Legal & General's relationship with Nationwide, the UK's largest building society. Legal & General's Solvency II surplus, as at the 30 June 2016, was estimated at #5.3bn. The sale of Cofunds will increase the Solvency II surplus by #125m, and its Economic Capital surplus by #105m.
0:07 11/08/2016 Re: Am I cynical...or what?
Jar With many shares a rise pre-results is, unless the results themselves are better than expected, often followed by a drop on the day of results as short term profits are taken. That slack is then often taken up by investors with a slightly long term view on a company. It's easy to blame these movements on "manipulation", but it's also a bit too easy to look for a conspiracy where it's normally just a fairly normal market reaction. That doesn't mean prices aren't manipulated, plainly they quite often are, but sometimes a cigar is just a cigar BB
23:04 10/08/2016 Re: Am I cynical...or what?
LKH I agree second thoughts by Mr Market could explain this - or at least do so in part. That doesn't preclude the 'wide boys' being 'at it' again - at least in part! Jarfur
22:23 10/08/2016 Re: Am I cynical...or what?
"I'm still content to have lightened up on this puppy." Given a decent hike, I'll be alighting from this puppy. Games
17:57 10/08/2016 Re: Am I cynical...or what?
Jarfur, "Maybe there has been some element of market - lets call 'influencing'?" Or perhaps, on reflection, Mr Market feels today that he overreacted on the downside yesterday? I'm still content to have lightened up on this puppy. LKH etc
17:18 10/08/2016 Am I cynical...or what?
Yesterday with results better than last year.....the price falls by over 5%. Today, with no news....the price rises by over 2%. Maybe there has been some element of market - lets call 'influencing'?
16:36 10/08/2016 Re: Interims and stuff : REMAIN
Weblogic, "the Chinese now apparently threatening to pull the plug on billions of investment deals if UK PLc decides to go for a cheaper energy deal" Yeeees .... the Chinees might have a better moral position if their own economy was not barred to foreigners in so many sectors. Such threats are counter productive. LKH at the LK Wash & Valet