Maitland/AMO Morning Monitor – Tuesday 21 December 2021

21st December 2021

In the news

  • Plans for an independent insolvency watchdog have been published today, which would aim to streamline the regulation of 1,600 licensed insolvency practitioners,
  • Boris Johnson last night delayed imposing extra Covid-19 curbs before Christmas but warned the Government "reserves the possibility" of further action.
  • Netherlands reimposed a nationwide lockdown and Germany set new entry requirements for travellers from the UK, in a bid to curb the spread of the Omicron variant.
  • The Prudential Regulation Authority has ordered Standard Chartered to pay a £46.5m fine for failing to report its liquidity in dollars to the regulator in an accurate and timely way.
  • JPMorgan has partnered with Siemens’ payments to develop a blockchain system for the German industrial group’s payments.

Politics today

  • Parliament is in recess until 5 January.

Stock market moves

  • In the US, the s&P 500 dropped 1.14%
  • In Asia, Japan’s Nikkei rose 2pc% after two sessions of decline with chip-related Tokyo Electron and Advantest leading the pack, as investors bought into Monday’s heavy selloff. China’s Shanghai Composite and Hong Kong’s Hang Seng indices gained 0.88% and 1.40% respectively. Australian stocks were up 0.9%.
  • In Europe, the FTSE 100 is up 0.9%

Corporate announcements

* Maitland Client

Rank Group PLC Directorate Change
  • The Group is pleased to announce the appointment of Richard Harris as Group Chief Financial Officer and Board director with effect from 1 May 2022.
  • As announced on 17 November 2021, Simon Hay, currently Director of Group Finance, will be interim CFO with effect from 1 January 2022 and will continue in that role until Richard joins the Group.
  • Richard will join Rank from Foxtons Group plc, London’s leading estate agency, where he has held the role of CFO since June 2019. 
  • John O’Reilly, CEO, said: “I am delighted to announce Richard’s appointment as our incoming Group CFO. His extensive experience across a number of senior financial and operational roles will be invaluable as we continue to deliver the next phase of Rank’s transformation plan. I look forward to welcoming Richard into the Group in 2022.”
Hiscox Ltd Appointment of Group Chief Financial Officer
  • Hiscox today announces the appointment of Paul Cooper as Group Chief Financial Officer, subject to regulatory approval.
  • Paul has over 25 years financial services experience including across both the retail and Lloyd’s insurance markets.
  • Aki Hussain, CEO designate, said: “The depth and breadth of Paul’s insurance knowledge makes him a great addition to the executive team. His broad commercial acumen as well as his audit, regulatory and capital markets experience will help us capture the many opportunities ahead. I am very pleased Paul is joining Hiscox and look forward to welcoming him back.”
Schroders PLC Schroders to acquire a majority shareholding in Greencoat Capital, A leading European renewable infrastructure manager
  • Schroders is today announcing that it has reached agreement to acquire a 75% shareholding in Greencoat Capital Holdings Limited  for an initial consideration of £358m.
  • Greencoat is one of Europe’s largest renewable infrastructure managers, with £6.7b of AUM at 30 November 2021
  • Schroders and Greencoat have an ambition to be a global leader in this fast-growing and important investment sector.
  • Greencoat operates at the intersection of two significant growth opportunities: The global transition to net zero – the US and European markets for renewable energy assets are forecast to grow by more than $1tr to 2030; Significant and accelerating institutional client demand for environmentally positive products in order to meet their own sustainability commitments.