BUSINESS LIVE: Premier Miton and Asset co weigh R&M bids; Pound hits 21-month high against euro; FTSE 100 opens lower
London-listed asset manager River & Mercantile has confirmed reports of an approach from rival firm Premier Miton, which would create a group with close to £20billion in assets under management.
In what would be the latest example of consolidation in a sector rife with M&A activity, R&M revealed this morning that City veteran Martin Gilbert’s AssetCo has also made an approach.
The pound hit a 21-month high against the euro yesterday as the threat of coronavirus lockdowns on the Continent hit the single currency.
Sterling rose as high as €1.1929 – a level not seen since February 2020 and up 12 per cent from the pandemic low of €1.06 in March last year.
Jerome Powell has been nominated to serve a second term as chairman of the US Federal Reserve – arguably the most powerful economic job in the world.
The 68-year-old Republican – who was initially appointed by Donald Trump in 2018 – will continue as head of the central bank after winning the backing of President Joe Biden, who opted for continuity at a delicate time for the US economy.
The threat of coronavirus lockdowns on the Continent has weakened the single currency