Proactive Investors -
- FTSE 100 hit a peak of 7,621.72 early on
- US stocks set for mixed start after big gains
- UK house prices could fall 10%, claims Moody's
Odey links dropped
Schroders (LON:SDR) and Canada Life have moved to cut back their dealings with the asset management businesses with links to Crispen Odey on Friday citing allegations of misconduct by the financier published by the Financial Times and Tortoise Media a day earlier, Reuters has reported.
Canada Life, an asset manager that oversees around £40bn of client funds in the UK, said it had suspended relationships with Odey Wealth Management, a unit of Odey Group, with immediate effect.
Schroders, which oversees more than £700bn, said it had sold its remaining investments in Odey Asset Management (OAM).
The Financial Times and Tortoise, in a joint publication on Thursday, reported allegations by 13 women that Crispin Odey, one of Britain's best-known hedge fund managers, had sexually assaulted or harassed them over a 25-year period.
Crispin Odey told Reuters on Thursday that the report was "a rehash of an old article and none of the allegations have been stood up in a courtroom or an investigation." Odey was cleared of indecent assault charges by a British court in 2021.
Mothercare loses CEO
Mothercare (LON:MTC) shares dropped on news its boss Daniel Le Vesconte has been ousted with immediate effect, bringing an end to his five-month spell in charge.
Le Vesconte became the retailer’s first CEO in two years when he was appointed in January this year. Chairman Clive Whiley and finance boss Andrew Cook will again take over CEO duties at the retailer, as they did before Le Vesconte’s arrival until a new boss is found.
Mothercare’s UK arm collapsed in 2019, while plans to focus operations abroad were scuppered by war in Ukraine and the subsequent suspension of business in Russia, which accounted for nearly a quarter of profits.
The firm's shares, down 30% in the year to date, lost another 11.1% to 5.00p.
A look at some of today’s risers and fallers
Risers
Amigo (LON:AMGO) - up 135% to 0.76p: Shares surged in the mid-cost credit provider after it said it started a wind-down of its business in March. The decision to do so followed an “extensive but unsuccessful capital raise process,” while there remain “significant impediments” to new capital being made available.
Itsarm (LON:ITS)- up 80% to 0.4p: The renamed In The Style, shot up as it confirmed a date for its liquidation petition. The retail business was sold in March for £1.2mln (net £500,000 according to the company) but in May shareholders rejected one attempt to wind up the business and hand out whatever was left.
Shoe Zone (LON:SHOE) - up 10% to 232p: Investors were clearly pleased with an upbeat trading statement which sent shares soaring. The shoe retailer said that since the release of half-year results in May trading “has exceeded expectations due to particularly strong recent trading through May and early June.”
Fallers
Croda (LON:CRDA) - down 12% to 5,282p: Shares dropped after the speciality chemicals firm warned that lower sales volumes due to customer destocking will impact its profits in the current year.
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