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Stock-lending and shorting, again

Jan 24, 2019By Labour And Capital

I’ve been thinking a bit more about the potential conflicts of interest around stock-lending and shorting in light of the RD:IR paper I blogged about a couple of weeks back. It suggested that passive managers are in part able to offer lower fees becaus…Read more…

Jan 24, 2019Labour And Capital

Infrastructure investment politics 2

Jan 24, 2019By Labour And Capital

I’ve blogged a couple of times before about the political challenges facing investment in infrastructure. In the last couple of days there have been a couple more news stories that show how sharp these issues are getting.

First up, the FT ran a piece …Read more…

Jan 24, 2019Labour And Capital

Loyalty: a few initial thoughts

Jan 20, 2019By Labour And Capital

This tweet from Which? caught my eye the other day, and is something I’ve been thinking about a lot lately:

The tweet (which is currently pinned!) referred to the cost of sticking with the same broadband providers, and it reminded me of a similar tw…Read more…

Jan 20, 2019Labour And Capital

More short stuff

Jan 18, 2019By Labour And Capital

Again, huge caveat that the data in these charts is only 0.5%+ short positions, but some interesting stuff I think. At the end of play yesterday the FCA had disclosed 581 current short positions of 0.5% and above in UK shares. So I looked at which firm…Read more…

Jan 18, 2019Labour And Capital

Long, short and managing the pension scheme

Jan 17, 2019By Labour And Capital

Long

Short

Managing the pension scheme

Read more…

Jan 17, 2019Labour And Capital

Even More Duplicate Reporting 2: The Boilerplate Strikes Back

Jan 17, 2019By Labour And Capital

Neptune (looks like an old statement, but hey)

We will continue any dialogue with the company over an extended period where deemed necessary. Escalation of our engagement activities, including any engagement with other investors, will depend on the co…Read more…

Jan 17, 2019Labour And Capital

Even more duplicate reporting…

Jan 15, 2019By Labour And Capital

Well, here’s something. In a previous blog I noted that Liontrust Asset Management is apparently both a Tier 1 and a Tier 2 signatory of the Stewardship Code (though the statement is the same in both links).

Well, I had a bit of a Google around and I …Read more…

Jan 15, 2019Labour And Capital

More hedge fund cut ‘n’ paste fun

Jan 15, 2019By Labour And Capital

I had some fun last year exposing the boilerplate blah that many hedge funds (and a few bigger firms) were using to “explain” their non-compliance with the Stewardship Code. Many thanks to Responsible Investor for recently giving this a plug.

Anyway, …Read more…

Jan 15, 2019Labour And Capital

The challenge (to unions) of pension fund ‘socialism’

Jan 12, 2019By Labour And Capital

The Unseen Revolution by Peter Drucker is (like the Modern Corporation and Private Property) one of those books that has had a big influence on the world in which I inhabit, but also which is often misunderstood. Lots of people have probably heard the …Read more…

Jan 12, 2019Labour And Capital

Shorting and stock-lending

Jan 12, 2019By Labour And Capital

Via LinkedIn (sorry!) I came across this interesting paper from RD:IR on what’s going on with regards to stock-lending in the UK. Definitely worth a quick read for anyone with an interest in this area.

A couple of headline – the overall level of lendi…Read more…

Jan 12, 2019Labour And Capital

Rights issues and rump placings

Jan 11, 2019By Labour And Capital

Before xmas, Kier Group held a rights issue which was something of a flop, with only about a third of the shares being taken up. The left the underwriters and sub-underwriters on the hook, and there was a subsequent “rump placing” that saw them dump a …Read more…

Jan 11, 2019Labour And Capital

Stewardship Code duplication

Jan 8, 2019By Labour And Capital

Last year I blogged about the duplicate text that lots of hedge funds were using to “explain” their non-compliance with the Stewardship Code. It’s still out there, and on a recent trawl I managed to find more examples of funds using the same blurb. But…Read more…

Jan 8, 2019Labour And Capital

Shire takeover & derivatives

Jan 8, 2019By Labour And Capital

So the takeover of Shire PLC by Takeda Pharma has been completed. I thought I’d have a quick look for merger arbitrage plays in the filings.

A few familiar names in the list below. Most of these investors are listed as having an interest (presumably s…Read more…

Jan 8, 2019Labour And Capital

Gigged: a new old story

Jan 4, 2019By Labour And Capital

One of the books I’ve read over the holiday period is Gigged by Sarah Kessler. It’s a quick read, nicely written and manages to get across some important points.

First up, if you’re reading the book from labour-oriented perspective you may find the st…Read more…

Jan 4, 2019Labour And Capital

Infrastructure investment politics

Jan 1, 2019By Labour And Capital

A couple of stories caught my eye over the last few days, both relating to the ownership of infrastructure.

The first piece is from the FT and looks at the dividends paid to the owners of the UK’s airports. This contrasts the amounts paid to sharehol…Read more…

Jan 1, 2019Labour And Capital

Employee representation at board level: first steps

Dec 31, 2018By Labour And Capital

As most people will be aware, the revised UK Corporate Governance Code kicks in next year, and an important element of it relates to “employee voice”. At the risk of overstating things, the change in the Code is significant as, for the first time in it…Read more…

Dec 31, 2018Labour And Capital

Kier Group ownership changes

Dec 29, 2018By Labour And Capital

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 16.0px Times} p.p2 {margin: 0.0px 0.0px 0.0px 0.0px; font: 16.0px Times; min-height: 19.0px} span.s1 {letter-spacing: 0.0px} span.s2 {text-decoration: underline ; letter-spacing: 0.0px; color: #042eee} span….Read more…

Dec 29, 2018Labour And Capital

Interserve / Kier Group short selling update

Dec 19, 2018By Labour And Capital

Update on my update: I’m reliably informed that other data sources suggest the actual total short position in Kier Group is more than double that in the FCA list. Interserve 50% higher than the totals on the FCA list.

———————————…Read more…

Dec 19, 2018Labour And Capital

Interserve / Kier Group short selling etc

Dec 7, 2018By Labour And Capital

Following on from Kier Group (and Carillion, of course) it looks like Interserve is facing some serious financial pressure. According to the FT there are “rescue” talks underway that involve a debt for equity swap that would largely wipe out existing s…Read more…

Dec 7, 2018Labour And Capital

Capita recruits employee directors

Dec 6, 2018By Labour And Capital

Just a “workers on boards” nugget, but Capita has announced it is seeking to recruit two employee directors. You can read the press blurb here or the story in the Times here.

When I dug around a bit I discovered that this had actually been announ…Read more…

Dec 6, 2018Labour And Capital
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