EDINBURGH FUND Managers yesterday suffered another smack in the head as the £82m Edinburgh Worldwide...
EDINBURGH FUND Managers yesterday suffered another smack in the head as the £82m Edinburgh Worldwide Investment Trust announced that it had defected to Edinburgh rival Baillie Gifford, writes the Scotsman today.
This has raised expectations that other EFM trusts may be thinking about taking their business elsewhere – a blow for Aberdeen Asset Management, which is expected to finalise its £30m acquisition of EFM this week.
The loss of the trust comes on top of the earlier defection of the £63m Edinburgh Small Companies Trust to Standard Life.
IN THE meantime, there is speculations that Cable & Wireless is in talks with parts of its management team to unload its US operation in a bid to avoid closure costs that are estimated at £850m, reports the Times.
This comes after the telecoms carrier's US operation has been making enormous losses.
According to the newspaper, the C&W is in negotiations with a team led by Simon Cunningham, the chief executive of the US business. He is working with Blackstone, a private equity and banking group, which has a mandate to advise US business.
However, there are still no sign of a deal being made and it is thought that the discussions are several weeks from any conclusion.
ALSO IN the news this morning is that a businessman who left Britain just before he was to stand trial on fraud charges could be on his way back if he can strike a deal with the Serious Fraud Office, writes the Daily Telegraph.
Asil Nadir, who has been living in Cyprus for the past decade, is to launch a second attempt in order to try to have the charges against him dropped.
But a spokesman for the SFO says that: "Our position hasn't changed. There are outstanding court indictments against him on 66 counts of theft in relation to his Polly Peck business and we will proceed with his trial if he returns."
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