The chairman of Misys yesterday admitted an aborted management buyout of the firm had created "substantial problems", reports the Times .
Misys was left looking for a new chief executive after Kevin Lomax resigned from the post on Monday in the wake of his failed attempt to take the group private.
But Sir Dominic Cadbury, chairman and interim chief executive, yesterday defended the board’s decision to consider the takeover approach, says the paper.
“We were right to let the process go ahead. We felt there was a possibility of an attractive offer,” he said.
He also effectively ruled out a proposed management walk-in, under which three former executives would have taken top roles at Misys in exchange for a possible 2% of the firm and went on to admit the company's performance had been "disappointing".
A BRITISH financial thinktank prompted a political row last night after it said Gordon Brown's tax breaks for the working poor had weakened incentives to stay in a job or to earn more, reports the Guardian.
In a critical analysis of the government's tax credits policy, the Institute for Fiscal Studies (IFS) said someone choosing to work harder would keep less of every extra pound earned than they would have done in 1997.
The thinktank said there was a clash between two of Labour's strategies to help those on low incomes – boosting their incomes directly and encouraging them to earn more.
Means-tested benefits to help the neediest children had acted as a poverty trap by discouraging parents from working.
EDINBURGH-BASED fund manager Martin Currie has bagged new international equity mandates from US pension funds worth $1.5bn (£796m) – equal to one-third of the total it won in the first eight months of the year, according to the Scotsman.
Before these latest wins – from funds including the State of Montana Board of Investments, the New York State Deferred Compensation Plan and Thomson Corporation – the independent, self-styled "big boutique" had received new business of $4.6bn this year.
Total funds under management, including the latest wins, total about $14.5bn.
AND CATER ALLEN, the private banking arm of the building society Abbey, is nursing a £350,000 "hit" as a result of an error in paying interest to one of its biggest clients, says the Daily Telegraph.
The bank paid less interest than it should have done to the stockbroking firm James Sharp over a three-year period.
James Sharp is understood to deposit money on behalf of more than 800 of its own clients.
The firm was underpaid interest to its designated accounts to the tune of 0.5% over three years, during which time aggregate balances are understood to have been between £25-£35m.
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