Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksLegal & General Share News (LGEN)

Share Price Information for Legal & General (LGEN)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 254.40
Bid: 254.60
Ask: 254.70
Change: 0.00 (0.00%)
Spread: 0.10 (0.039%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 254.40
LGEN Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-UK fund star Woodford dumps HSBC on banking fine fears

Mon, 01st Sep 2014 10:43

* Says Libor, FX probes could expose HSBC

* Fears a substantial fine could hamper dividend growth

* Sells his fund's entire stake in HSBC (Adds details, background)

By Sudip Kar-Gupta and Nishant Kumar

LONDON, Sept 1 (Reuters) - Star British fund manager NeilWoodford sold his fund's stake in HSBC last month,citing concerns about the potential impact of severalindustry-wide investigations on the banking group.

Woodford's sale comes after banks in Europe and the UnitedStates have been fined for a variety of transgressions asregulators increase their scrutiny of financial institutions.

"I am worried that the ongoing investigation into thehistoric manipulation of Libor and foreign exchange marketscould expose HSBC to significant financial penalties," Woodfordsaid in a blog posting on his fund's website.

"Not only are these potentially serious offences in the eyesof the regulator, but HSBC is very able to pay a substantialfine," said Woodford, who built a near cult-like status duringmore than 25 years at Invesco Perpetual.

Investors pay close attention to the bets of high-profilefund managers such as Woodford, who left Invesco Perpetual inApril to set up his own fund.

Woodford generated a return of more than 2,200 percent forthe Invesco Perpetual High Income Fund, while the FTSE All-ShareTotal Return index rose 868 percent during the same period.

CF Woodford Equity Income Fund had 2.68 percent of its 2.4billion pounds of assets in HSBC shares at the end of July,according to the fund's factsheet. That meant the stake wasworth 64.3 million pounds ($106.9 million) at the end of Julyand was the fund's biggest financial sector holding.

HSBC shares, which opened down 0.2 percent, extended theirfall to 1.4 percent after Woodford's blog post. The shares weretrading down 0.8 percent at 1029 GMT on Monday. By comparison,Britain's FTSE 100 was down 0.1 percent.

The London-based fund manager said the size of any potentialfine was an unquantifiable risk.

"A substantial fine could hamper HSBC's ability to grow itsdividend, in my view. I have therefore sold the fund's positionin HSBC, reinvesting the proceeds into parts of the portfolio inwhich I have greater conviction," he said.

Companies that have gained Woodford's favour recently areAstraZeneca, BAe Systems, Drax Group and Legal & General, according to the blog.

HSBC shares, a consensus buy for analysts, are trading at1.1 times book value, above 0.9 times for European banks,according to data from Thomson Reuters StarMine.(1 US dollar = 0.6018 British pound) (Editing by Simon Jessop and David Clarke)

More News
28 Mar 2024 09:35

LONDON BROKER RATINGS: Aviva and L&G cut; mixed calls on Diploma

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
28 Mar 2024 08:58

LONDON MARKET OPEN: FTSE 100 rises; JD Sports jumps as affirms outlook

(Alliance News) - The FTSE 100 in London opened up on Thursday on the final trading day of a holiday-shortened week, shaking off some hawkish words from a US central banker and some tepid UK economic data.

Read more
28 Mar 2024 08:08

LONDON BRIEFING: JD Sports backs outlook; Spirent accepts new offer

(Alliance News) - Stocks in London traded higher early on Thursday in the final trading day of a holiday-shortened week, despite some hawkish words from a US central banker.

Read more
22 Mar 2024 07:21

Legal & General scales back China plans - report

(Sharecast News) - UK insurer and asset manager Legal & General Group has scaled back its plans for China, it was reported on Friday.

Read more
14 Mar 2024 09:51

LONDON BROKER RATINGS: Kepler Cheuvreux likes Diageo; BofA lifts Man

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
14 Mar 2024 07:52

LONDON BRIEFING: Astra makes USD1.05 billion buy; Halma backs outlook

(Alliance News) - London's FTSE 100 is set to tread water after the opening bell sounds on Thursday, as investors look to a batch of US data to come in the early afternoon.

Read more
6 Mar 2024 15:02

London close: Stocks finish higher after Hunt's Spring Budget

(Sharecast News) - London's stock markets closed in positive territory on Wednesday, as investors absorbed the Chancellor's Spring Budget announcement of a 2p reduction in National Insurance.

Read more
6 Mar 2024 08:56

LONDON MARKET OPEN: Stocks up with all eyes on UK Spring budget

(Alliance News) - Stock prices in London opened higher on Wednesday, as investors shook off nerves ahead of the UK Spring budget.

Read more
6 Mar 2024 08:40

TOP NEWS: L&G prepares for strategic revamp after profit shortfall

(Alliance News) - Legal & General Group PLC's new chief executive on Wednesday flagged a fresh start for the insurer after operating profit in 2023 fell short of market estimates.

Read more
6 Mar 2024 07:25

L&G posts below-forecast operating profits

(Sharecast News) - UK insurer Legal & General posted lower-than-expected operating profits last year amid tough market conditions.

Read more
1 Mar 2024 16:14

PRESS: Legal & General hires advisers ahead of new strategic push

(Alliance News) - Legal & General Group PLC has hired new advisers to help recently appointed Chief Executive Antonio Simoes with a strategic overhaul, Reuters reported on Friday.

Read more
28 Feb 2024 15:47

UK earnings, trading statements calendar - next 7 days

Thursday 29 February 
Cairn Homes PLCFull Year Results
CVS Group PLCFull Year Results
Drax Group PLCFull Year Results
Haleon PLCFull Year Results
Hammerson PLCFull Year Results
Howden Joinery Group PLCFull Year Results
Hunting PLCFull Year Results
International Biotechnology Trust PLCFull Year Results
International Consolidated Airlines Group SAFull Year Results
London Stock Exchange Group PLCFull Year Results
Macfarlane Group PLCFull Year Results
Man Group PLCFull Year Results
Mobico Group PLCFull Year Results
Nexus Infrastructure PLCFull Year Results
Ocado Group PLCFull Year Results
PPHE Hotel Group LtdFull Year Results
Schroder Oriental Income Fund LtdFull Year Results
Schroders PLCFull Year Results
Serco Group PLCFull Year Results
Shaftesbury Capital PLCFull Year Results
Spectris PLCFull Year Results
Spire Healthcare Group PLCFull Year Results
Vesuvius PLCFull Year Results
Weir Group PLCFull Year Results
Friday 1 March 
IMI PLCFull Year Results
Pearson PLCFull Year Results
Rightmove PLCFull Year Results
Tritax Big Box REIT PLCFull Year Results
Monday 4 March 
Clarkson PLCFull Year Results
Craneware PLCHalf Year Results
GlobalData PLCFull Year Results
Quartix Technologies PLCFull Year Results
Tuesday 5 March 
Ashtead Group PLCQ3 Results
Bakkavor Group PLCFull Year Results
Beeks Financial Cloud Group PLCHalf Year Results
Blackbird PLCFull Year Results
Dotdigital Group PLCHalf Year Results
Ferguson PLCHalf Year Results
Foxtons Group PLCFull Year Results
Fresnillo PLCFull Year Results
Greggs PLCFull Year Results
Headlam Group PLCFull Year Results
Inchcape PLCFull Year Results
Intertek Group PLCFull Year Results
IWG PLCFull Year Results
Johnson Service Group PLCFull Year Results
Keller Group PLCFull Year Results
Reach PLCFull Year Results
Rotork PLCFull Year Results
SIG PLCFull Year Results
Somero Enterprises IncFull Year Results
STV Group PLCFull Year Results
Travis Perkins PLCFull Year Results
XP Power LtdFull Year Results
Wednesday 6 March 
Breedon Group PLCFull Year Results
Capita PLCFull Year Results
ConvaTec Group PLCFull Year Results
DS Smith PLCTrading Statement
Galliford Try Holdings PLCHalf Year Results
Greencoat Renewables PLCFull Year Results
Ibstock PLCFull Year Results
Lancashire Holdings LtdFull Year Results
Legal & General Group PLCFull Year Results
Netcall PLCHalf Year Results
Nexxen International LtdFull Year Results
Nichols PLCFull Year Results
Quilter PLCFull Year Results
Rathbones Group PLCFull Year Results
Ricardo PLCFull Year Results
Spirent Communications PLCFull Year Results
TClarke PLCFull Year Results
Tullow Oil PLCFull Year Results
CLS Holdings PLCFull Year Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
22 Feb 2024 18:45

EXECUTIVE CHANGES: M&C Saatchi hires Channel 4 marketing chief as CEO

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Thursday and not separately reported by Alliance News:

Read more
22 Feb 2024 09:49

LONDON BROKER RATINGS: Berenberg raises Moneysupermarket.com to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
20 Feb 2024 09:40

LONDON BROKER RATINGS: JPMorgan cuts Airtel Africa price target by 28%

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.