Secretive UK private equity groups are fighting attempts to force them to speak out about their performances under the new Freedom of Information Act, amid confusion over what the new law requires them to reveal, the FT writes.
Local authority pension funds that invest in private equity funds must decide this week on disclosing information on the volatile returns generated by those investments or to keep them private, the paper says.
Local authority money managers, with up to £90bn in pension fund assets, said some private equity funds were pressing them not to reveal the information requested. They also feared their investments might be turned away by venture capitalists if they were forced to be too open.
The issue has come to a head as a result of a FOIA application by a private market intelligence gatherer, which asked local authorities to reveal sensitive information such as internal rates of return on their private equity investments as soon as the new law took effect on January 1. Local authorities have up to 20 days from the application to respond.
THE TREASURY IS set to miss out on more than £3bn in potential stamp duty on share trades in the current tax year due to the increasing use of derivatives by City firms, The Daily Telegraph reports.
In an answer to a Parliamentary question from Howard Flight, the Conservative Party's special envoy to the City of London, Treasury financial secretary Stephen Timms revealed that the take from Britain's 0.5% stamp duty on share trading is likely to remain at £2.6bn for the year ending in April, despite a sharp rise in the volume of shares being traded.
Chancellor Gordon Brown took the same amount in 2003-04. However, had stamp duty risen in line with the rise in trading volumes the Treasury could have expected to take in excess of £6bn in the current tax year.
TOP CITY regulators along with one of the insurance industry's most senior figures will find out tomorrow the extent to which their reputations have been tarnished by a long-running regulatory dispute over endowment mis-selling, the Guardian writes.
The financial services and markets tribunal is to publish its decision on whether the Financial Services Authority was correct to levy a £1.1m fine for the way insurer Legal & General sold mortgage endowments in the late-90s. David Prosser, the chief executive of L&G, has cleared his diary to field calls from investors, analysts and journalists.IFAonline
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