Business

Why do concert tickets now cost as much as a games console?

Published

5 hours ago

September 23, 2024

NewsAdmin

Why do concert tickets now cost as much as a games console?

Tickets to see Taylor Swift, Beyonce and Oasis have set new benchmarks for pricing

BBC A treated image showing Taylor Swift, Beyonce, and Liam Gallagher in front of hands holding up credit cards — Tickets to see Taylor Swift, Beyonce and Oasis have set new benchmarks for pricing

The last time Oasis played Wembley Stadium, in 2009, a standing ticket cost exactly £44.04.

For their return next summer, the same ticket was priced at £150. Vastly more than the old ticket price which, when adjusted for inflation, would cost £68.

Not only that, but some fans were charged hundreds of pounds more than the face value, after so-called “dynamic pricing” boosted the cost in response to high demand.

But Oasis aren’t alone. If you’ve logged onto Ticketmaster over the last couple of years, you’ll know the cost of live music has soared.

Ticket prices shot up by 23% last year, having already risen 19% since the pandemic. Going to a gig can cost the same amount as taking a holiday, and prices are only rising.

At the most extreme end of the scale, Madonna charged £1,306.75 for VIP passes to her Celebration tour; and Beyoncé offered fans the chance to sit on the stage of her Renaissance concerts for the bargain price of £2,400.

Overall, the average ticket price for the top 100 tours around the world was £101 last year, up from £82 in 2022, according to Pollstar, a trade publication that tracks the concert industry.

In the UK, 51% of people say high prices have stopped them going to gigs at least once in the last five years. Among 16 to 34-year-olds, two-thirds of concert-goers say they’ve reduced the number of shows they attend. But despite this, tours with high-priced tickets keep selling out – but only for the biggest-name artists.

Abbi Glover, 33, from New Holland, Lincolnshire, said the cost of tickets “creates a divide” between those who can afford them and those who are “priced out”.

“I work hard and earn a decent wage. What do I have to do to be able to just enjoy these things when I’m doing everything I possibly can?”

‘Milking the cow’

UK prices are still below those in the US but, as ticketing expert Reg Walker told the BBC, “what happens there happens here five to 10 years later”.

So why have costs skyrocketed?

If your first thought was “greed”, well, that’s definitely part of it.

“It’s not speculation to think that some artists want to make as much money as they can,” says Gideon Gottfried, Pollstar’s European editor.

One musician who’s been bullish about the price hikes is Bruce Springsteen.

Fans were alarmed when some seats for his 2023 US tour were priced as high as $5,000 (£3,874), thanks to Ticketmaster’s dynamic pricing.

Speaking to Rolling Stone, Springsteen argued that most of the tickets were in an “affordable range”, but he was fed up with touts making money off his back, so he chose to match their prices.

“I’m going, ‘Hey, why shouldn’t that money go to the guys that are going to be up there sweating three hours a night for it?’” he said.

Kiss star Gene Simmons also defended the system.

“Whatever the pricing is, it’s all academic,” he told Forbes. “Somebody sits in a room and tries to figure out how far the rubber band can stretch. And if you’re not selling tickets, guess what happens? The price goes down. Capitalism!

“Vote with [your] money,” he concluded. “You don’t like the ticket pricing? Don’t buy a ticket.”

Springsteen and Simmons are in good company. Other artists who’ve embraced dynamic pricing include Coldplay, Harry Styles, Olivia Rodrigo and Taylor Swift (although she ditched it for the Eras tour after significant fan backlash).

Following the Oasis debacle, Prime Minister Sir Keir Starmer vowed to get a “grip” on the situation and “make sure that tickets are available at a price that people can actually afford”.

But it might not be so simple…

A pie chart showing that from a £150 ticket, £84 goes to the artist - which will also pay for crew and transport - £30 on VAT, £16.50 on ticket fees, £15 to the promoter, and £4.50 goes to royalties. This is illustrative and amounts will vary from show to show

Aside from the lure of a big payday, there are many reasons why artists are charging more.

Some are trying to combat the impact of streaming – the majority of musicians make just 5% of their income from streaming, a sharp decline from the years when vinyl and CD were king.

Others are worried about their longevity, in an era when entire careers can be measured in the span of a TikTok trend.

“Nobody really knows what the heck is going on, and how the economy will develop and what the next crisis is going to be,” says Gottfried, “so some artists are trying to milk the cow as much as possible, while it’s still possible.”

Beyonce’s Renaissance tour broke records

Beyonce sits on a piano in front of a large crowd — Beyonce’s Renaissance tour broke records

Not everyone thinks that way. Punk-pop star Yungblud organised his own festival in Milton Keynes this August, setting prices at a market-beating £49.50.

He was compelled to take action after noticing unsold seats on his US arena tour last year.

“Five hundred seats would be completely empty because they were $200 a ticket,” he told Music Week. “I’d have 1,000 kids outside the venue who couldn’t afford to come in and I was like, ‘Something’s got to change here.’”

But the festival didn’t go completely to plan. Heightened security after a stabbing in Milton Keynes the previous weekend led to delays of up to three hours for fans waiting to get into the venue. As temperatures soared above 30 degrees Celsius, some passed out in the queue. Others gave up and went home.

Higher-priced tickets could have paid for extra security staff and eased those pressures – illustrating the delicate balance that has to be struck when setting prices.

Still, Yungblud isn’t the only one trying to get a fair deal for concert-goers.

Paul Heaton capped prices for his upcoming tour at £35. Pop star Caity Baser set her 2023 concerts at just £11 – or “two meal deals”, as she put it – to help cash-strapped fans.

But these artists don’t require big productions full of pyrotechnics and jumbotron video screens.

For acts who do, the cost of touring has spiralled since the pandemic. Here are just a few examples:

Transport Whether you’re in a minivan or a private jet, it costs more to travel these days. Fuel prices have risen by 20% since 2019 and a shortage of drivers post-Brexit means experienced crew can charge a premium.

Freight costs A tour isn’t just about moving bodies – for big arena and stadium shows, the stage also has to be transported. According to the pop star Lorde, the cost of shipping her stage around the world increased by up to 300% after Covid. And logistics company Freightwaves says the cost of insuring one truck can be as high as $5m (£3.8m). For context, Taylor Swift’s Eras tour requires up to 50 trucks.

Catering We’ve all seen our food bills increase, and touring artists are no exception. When you have hundreds of mouths to feed, the costs add up.

Stage equipment From sound systems to lighting rigs, rental costs for tour gear have risen by 15-20%. And with more tours on the road, equipment is overbooked – which can push prices even higher.

“We’ve seen projects where the cost of overheads have increased by up to 35 to 40%,” says Stuart Galbraith, CEO of concert promoters Kilimanjaro Live, “and the only form of income that comes in to cover all of that is ticket money”.

Even when prices go up, the profit margins are minimal, according to Stephan Thanscheidt, CEO of FKP Scorpio, which organises more than 20 European festivals, as well as tours by Ed Sheeran, the Rolling Stones and Foo Fighters.

“The costs associated with our productions have doubled or tripled [but] we cannot and will not compensate for this by tripling the ticket prices,” he told Pollstar last year.

The squeeze is particularly tight on UK festivals, which have also been hit by a ban on “red diesel”, a fuel tinted with red dye, which they previously used to power the generators and heavy vehicles needed to construct festival sites.

The move is part of the UK’s commitment to reduce greenhouse gases, and meant some organisers suddenly had to pay a higher rate of fuel duty from April 2022 – a big increase of 46 pence per litre.

Since then, the average cost of a UK festival ticket has shot up by 22%. Combined with other rising costs, more than 50 festivals went on hiatus or closed completely this summer.

The teetotal tax

Small venues are under pressure, too. Their prices might average between £7 and £10, but they’re struggling to sell shows – partly because fans have already spent their money on stadium tickets that cost the same as a games console.

Toni Coe-Brooker from the Music Venues Trust said this is down to “a culture in which people think that grassroots gigs should be free”.

In the past, that didn’t matter because owners made plenty of money behind the bar. But Gen Z are increasingly turning their backs on alcohol. One study says 26% of 16-to-25-year-olds are teetotal, and that leaves yet another hole in venues’ finances.

Combined with other pressures including higher rent and electricity bills, 125 music venues closed or stopped hosting live music in 2023.

In those that remain, costs are so tight that “a lot of venue operators aren’t even paying themselves, which is really worrying,” says Coe-Brooker.

The Music Venue Trust wants bigger concert halls to donate £1 from each ticket sold to the grassroots scene and the next generation of artists.

That wouldn’t necessarily push prices up again – the trust says the £1 fee would be factored into existing costs – but here’s the fascinating thing: If the artist is the right one, fans will pay regardless.

Oasis’ upcoming gigs will cost vastly more than their 1996 shows at Knebworth

Live Nation is the world’s biggest concert promoter and it shifted a record 118 million tickets in the first six months of 2024.

According to its latest earnings report, sales for arenas, amphitheatres, theatre and club shows are all up double digits.

“People’s enthusiasm to go out has not been as curbed as we expected in the current economy,” says Gottfried.

“VIP ticket sales have definitely picked up. Every single promoter I’ve spoken to across the individual European markets, has seen an uptake in almost every case. And £1,000 for a VIP package is not at all unheard of.”

‘Outrageous money’

However, the same rules don’t apply to everyone.

The biggest names might get away with charging hundreds of pounds per show, but “the weaker tours are coming under more pressure,” says Galbraith.

In other words, with an ongoing squeeze on their disposable incomes, fans are cutting back on experiences that don’t seem unique or essential.

“We’re competing in a marketplace that isn’t just gig to gig,” says Galbraith. “It’s also, are we value for money versus a restaurant? Are we value for money versus a mini break? So every tour has to be as cost effective as they possibly can.”

There are some signs that we’ve reached a peak. Jennifer Lopez and the Black Keys both scrapped recent US arena tours, after fans baulked at average prices of around $150 (£116). And the most expensive tickets for Billie Eilish’s 2025 UK tour (£398, of which £151 goes to local charities) are still available, months after going on sale.

It’s hard to say whether this will change. But Leah Rafferty, 27, from Sheffield, is an example of a fan who will pay whatever is asked. She lives with her parents, which allows her to spend her disposable income on concerts – something she says she feels “extremely lucky” to do.

A devoted Swiftie, she has seen The Eras Tour six times: Once in Edinburgh, twice in Liverpool and three times in London, at a cost of £1,192.57.

“As long as it doesn’t bankrupt me, I’m happy to spend whatever it costs.”

That’s exactly what promoters are relying on, says Gottfried.

“One of the reasons you haven’t seen notable dips [in sales], despite people struggling economically, is that seeing their favourite artist means so much to them that they make irrational decisions.

“Any market will be distorted by people making irrational decisions. It might be a beautiful decision for them but it’s also an irrational one, because their emotions and their fandom will make them pay outrageous money.”

Lead image: Getty

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Money

Trade body launches to represent £1trn investment platform industry

Published

11 mins ago

September 23, 2024

NewsAdmin

Trade body launches to represent £1trn investment platform industry

The Platforms Association launches today to represent and provide a voice to the £1trn investment platform sector.

The launch marks a step change in how the platform industry will engage with regulators and policymakers.

It aims to bring a united voice to co-ordinate and promote industry interests.

Several high-profile investment platforms including Abrdn, Aegon, Fidelity, Quilter, Seccl, SS&C are represented on the board and leadership council

Membership will be open to UK and European regulated firms whose primary activities are the settlement, custody and safe keeping of retail investor assets.

It will also be open to regulated sub-custodian firms providing dealing and safe-keeping services to organisations acting on behalf of retail investors.

The Platforms Association has already developed a roadmap of priority issues to be tackled covering evolving platform requirements, regulatory expectations and operational efficiencies and improvements.

These three broad areas will be overseen by a leadership council comprising representatives from across the industry.

Related financial and professional services firms including Alpha FMC have also been appointed as independent strategic partners to the association.

The trade body will be headed by industry veteran Keith Phillips as CEO, formerly an executive director at TheCityUK, British Bankers’ Association and The Investment Association.

David Moffat, senior director at SS&C will act as chair, and will draw on expertise from a board made up of leading figures in the industry.

Moffat said: “Given a background of increased economic uncertainty and regulatory scrutiny, the UK platform industry now needs its own dedicated forum and representative voice.

“The Platforms Association will look to co-ordinate collective action and agree best practice to the benefit of platform operators, financial advisers and underlying investors.”

Keith Phillips, CEO, The Platforms Association added: “The investment and fund industry has been transformed and democratised over the past decade with millions of customers now interacting directly with their financial futures through a platform.

“It’s another example of where the UK is a world leader in financial services. It’s also clear that as the industry, technology and customer demographics have evolved, sector-wide co-ordination should now be fully realised for the benefit of all.”

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Business

New front in lenders’ battle for first-time buyers

Published

26 mins ago

September 23, 2024

NewsAdmin

New front in lenders' battle for first-time buyers

Mortgage lenders’ attempts to lure in first-time buyers have stepped up with the UK’s biggest building society allowing some to borrow more.

The Nationwide said that from Tuesday, new borrowers could request a mortgage up to six times their income with a 5% deposit.

But it would only be available for those taking out a five or 10-year fixed-rate deal.

With rates expected to fall, some may only want a loan with interest fixed for a shorter term. The uptake is expected to be concentrated in London and south east England.

Applicants will still have to meet relatively strict affordability criteria, which is assessed individually.

Competition between mortgage providers has intensified in recent months.

Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.

With relatively few buyers, providers are trying to get a piece of a small pie.

First-time buyers are seen as a key battleground, and the Nationwide has been offering among the largest so-called income multiple for home loans.

While the standard level of borrowing for first-time buyers is a loan of up to 4.5 times’ income, the Nationwide has allowed some to borrow 5.5 times – a move followed by some other major providers.

Now, it will step that level up to six times – but only among first-time buyers with an individual income of at least £30,000 a year, or a couple earning at least £50,000 a year.

It is also planning to reduce some mortgage interest rates slightly, and increase the maximum total loan available.

“It is a welcome move for the right borrowers, but it is not going to work for everyone,” said David Hollingworth, from broker L&C.

Brokers said lenders were generally wary when lending at high income multiples, with such deals usually only available to high earners.

Some smaller lenders offered six times salary although they normally charged higher rates of interest, they said.

The move follows a report by the Building Societies Association, of which Nationwide is a member, which suggested first-time buyers were facing the toughest conditions in 70 years to buy a home.

It called for fresh thinking from the market, including easing some of the limits on lending when borrowers could only offer a relatively small deposit.

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Money

Murdoch’s REA ups offer for Rightmove to £6.1bn

Published

32 mins ago

September 23, 2024

NewsAdmin

Rightmove chairman Andrew Fisher said previous two offers from Australian group were “uncertain, highly opportunistic and unattractive”.

The post Murdoch’s REA ups offer for Rightmove to £6.1bn appeared first on Property Week.

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Travel

Luxurious Villa Vacations with Villa Finder

Published

51 mins ago

September 23, 2024

NewsAdmin

Images credit unsplash, pexels and Villa Finder

The seasoned traveler is accustomed to exploring the world’s most exciting destinations in high style. Be that as it may, one stands apart due to its exquisite blend of natural beauty, cultural richness, and unparalleled luxury. On the coast of western Spain in the Mediterranean, you’ll find an island with a tapestry of experiences waiting to be woven into your travel memoirs. With its stunning landscapes, vibrant local culture, and luxurious accommodations, Majorca stands as an ideal destination for those seeking an unforgettable stay in the jewel of the Med. When traveling with friends or family, staying in a hotel may not be the best way to visit Majorca. Accommodations such as you‘ll find with Villa Finder make a great option for an exclusive stay in the Majorca.

Majorca, the largest of Spain’s Balearic Islands, is a treasure trove of stunning beaches, rich history, and vibrant culture. Historical landmarks like the Palma Cathedral and Bellver Castle offer glimpses into the island’s past, while the Serra de Tramuntana mountain range presents breathtaking drives and outdoor adventures.

Majorca’s rich history is etched into its architecture and traditions, offering a cultural feast for the discerning traveler. The island’s capital, Palma, is a testament to this heritage. The Palma Cathedral, also known as La Seu, stands as a Gothic masterpiece with its towering spires and intricate stained glass windows. Wander through the labyrinthine streets of the old town, where historic mansions and quaint shops create a charming atmosphere.

Art lovers will find solace in the legacy of Joan Miró, whose foundation in Palma showcases a collection of his works, blending surrealism with the island’s unique character. For a taste of local culture, visit the weekly markets in towns like Sineu and Alcúdia. Here, you can immerse yourself in the vibrant colors and flavors of Majorcan produce, from ripe tomatoes to fragrant herbs, all set against a backdrop of lively chatter and traditional music.

A culinary journey through Majorca is nothing short of spectacular. The island’s cuisine is a reflection of its diverse influences and bountiful produce. Indulge in a traditional meal of sobrasada, a cured sausage made from local pork and spices, or savor the sweetness of ensaïmada, a spiral pastry dusted with powdered sugar. For seafood aficionados, dishes like tumbet—a layered vegetable and seafood casserole—offer a taste of the Mediterranean’s bounty. Picture yourself at a seaside bistro in Port de Sóller, savoring the fresh catch of the day as the sun sets over the harbor, casting a golden hue over the waters.

But it’s the beaches of this destination that are the crown jewels of Majorca’s coastline. Visitors love lounging on the soft sands of Playa de Muro, where the turquoise waters gently lap against the shore. For a more secluded experience, Cala Deià, a hidden gem surrounded by rocky cliffs, offers a tranquil escape. The clear waters here are perfect for a refreshing swim or snorkeling adventure, allowing you to explore the vibrant marine life beneath the surface.

As you stroll along the sun-dappled promenades, savoring the gentle sea breeze and the scent of blooming jasmine, you will find that Majorca is not just a destination, but a journey of the senses. It is an island that invites you to slow down, appreciate the finer details, and immerse yourself in the pure joy of discovery. For those who have seen the world, Majorca offers a fresh perspective—a reminder that true luxury lies in the simple pleasures of life, experienced in a place of extraordinary beauty.

Hotel or something better?

When traveling, a hotel might be the go-to option for solo or couple getaways. However, for families or groups of friends venturing to exotic locations, a hotel may not always be the best fit. Villas offer a more private and communal experience, ideal for enjoying time together. This setup is often more conducive to group bonding than a traditional hotel. Villas also provide better value for money compared to multiple hotel rooms, without compromising on luxury.

Privacy is another advantage of villa rentals. Unlike hotels, where you may encounter many other guests, a villa offers seclusion and a more authentic local experience. With flexible dining options and family-friendly amenities, villas cater to various needs, from cooking your own meals to enjoying local restaurants. Private pools and spacious outdoor areas are perfect for relaxation and entertainment.

Imagine waking up in a stunning villa, surrounded by the serene beauty of Majorca. Instead of the typical hotel experience, you and your loved ones could have a private retreat, complete with a pool and terrace for shared meals and relaxation. A Majorca Villa from Villa Finder offers just that and more.

The Villa Experience in Majorca

Founded in Singapore in 2012, Villa Finder has established itself as a leading provider of holiday villas across Asia, Europe, and the Caribbean. With a curated selection of over 4,000 properties, Villa Finder offers a diverse range of properties, from cozy two-bedroom escapes to grand estates for larger groups.

A vacation with Majorca Villas through Villa Finder promises a blend of luxury, comfort, and memorable experiences. From diverse accommodations and premium amenities to personalized service and scenic locations, every detail is designed to offer the perfect holiday. Villa Cala Llamp, in particular, exemplifies the high standards Villa Finder upholds, ensuring an exceptional stay in Majorca.

For an unforgettable holiday, book with Majorca Villas through Villa Finder and enjoy a perfect blend of luxury, comfort, and memorable experiences in one of Spain’s most beautiful.

Villa Cala Llamp

Perched high above Port d’Andratx, Villa Cala Llamp is a stunning property that offers a blend of luxury, elegance, and breathtaking views. This villa is perfect for those seeking a high-end vacation experience with all the comforts of home. The villa’s elevated position ensures that guests can enjoy panoramic vistas of the Mediterranean from the expansive terraces and large windows. Whether it’s sunrise or sunset, the views from this villa are truly spectacular.

The interiors of Villa Cala Llamp are designed with elegance and comfort in mind. The villa features spacious living areas with high-end furnishings and stylish decor. The open-plan layout creates a sense of flow and continuity, enhancing the overall sense of space and luxury. Villa Cala Llamp is equipped with a range of exceptional amenities to ensure a comfortable and luxurious stay. The villa includes a fully equipped gym, a home cinema, and a sauna, providing guests with plenty of options for entertainment and relaxation.

The villa’s kitchen is equipped with the latest appliances and provides ample space for cooking and entertaining. Guests can prepare their own meals or hire a private chef for a more indulgent experience. The indoor dining area is perfect for formal dinners, while the outdoor dining space offers a more relaxed setting with incredible views.

The outdoor spaces at Villa Cala Llamp are designed for ultimate relaxation and enjoyment. The private pool is surrounded by a spacious terrace with comfortable seating and sun loungers, offering the perfect spot to unwind and soak up the sun. The outdoor kitchen and dining area are ideal for hosting barbecues and enjoying meals with a view.

Located just a short drive from Port d’Andratx, Villa Cala Llamp offers easy access to the town’s restaurants, shops, and nightlife. The nearby marina is perfect for boating and water sports, while the surrounding hills provide excellent opportunities for hiking and exploring nature.

Villa Can Oli

Nestled in the heart of Pollensa, Villa Can Oli offers an idyllic escape for those seeking tranquility and natural beauty. Villa Can Oli is surrounded by lush Mediterranean gardens, providing a serene environment that invites relaxation. The well-maintained gardens are filled with vibrant flowers, aromatic herbs, and mature trees that create a picturesque setting. Guests can enjoy leisurely strolls through the garden paths or find a quiet spot to read and unwind.

The villa features spacious living areas with high ceilings, exposed wooden beams, and large windows that allow natural light to flood the rooms. The decor is a harmonious blend of rustic elements and contemporary furnishings, creating an inviting and cozy atmosphere. The villa includes a fully equipped kitchen with modern appliances, making it easy for guests to prepare meals at their convenience. The dining area, both indoor and outdoor, provides a perfect setting for family meals and gatherings.

One of the highlights of Villa Can Oli is its private pool, set against the backdrop of the stunning countryside. The pool area is equipped with comfortable sun loungers and umbrellas, offering the perfect spot for sunbathing and relaxation. Adjacent to the pool is an outdoor dining area where guests can enjoy al fresco meals while taking in the breathtaking views of the surrounding landscape.

Villa Can Oli is conveniently located near Pollensa’s charming old town, where guests can explore historic sites, local shops, and traditional markets. The villa is also a short drive from some of Majorca’s most beautiful beaches, making it easy for guests to enjoy both the countryside and the coast.

Villa Alegria

For those who dream of a seaside retreat, Villa Alegria in Puerto de Andratx offers the perfect combination of luxury and breathtaking ocean views. This four-bedroom villa is strategically positioned to offer panoramic views of the sparkling Mediterranean Sea. The villa’s large windows and expansive terraces provide unobstructed vistas, allowing guests to enjoy the beauty of the ocean from almost every corner of the property.

The interiors of Villa Alegria are both elegant and contemporary, featuring high-quality materials and tasteful decor. The spacious living areas are designed for comfort and relaxation, with plush furnishings and stylish accents. The villa’s kitchen is a chef’s dream, equipped with top-of-the-line appliances and ample counter space. Guests can easily prepare gourmet meals or hire a private chef to cater to their culinary desires. The indoor dining area is perfect for formal dinners, while the outdoor dining space offers a more casual setting with spectacular views.

Villa Alegria’s outdoor spaces are designed for maximum enjoyment and relaxation. The private pool is surrounded by a spacious terrace with comfortable seating and sun loungers, making it an ideal spot for soaking up the sun. The outdoor kitchen and dining area are perfect for hosting barbecues and enjoying meals in the fresh sea air.

Located in the prestigious area of Puerto de Andratx, Villa Alegria offers easy access to the town’s upscale restaurants, boutique shops, and vibrant nightlife. The nearby marina is perfect for boating enthusiasts, while the surrounding hills provide excellent opportunities for hiking and exploring nature.

Each of these villas—Villa Can Oli, Villa Alegria, and Villa Cala Llamp—offers a unique and luxurious experience for travelers seeking a memorable vacation in Majorca. Whether you prefer a tranquil retreat in the countryside, a seaside escape, or an elegant hillside property, these villas cater to every taste and preference, ensuring an unforgettable holiday experience.

Majorca’s timeless appeal lies in its ability to offer something for every traveler. Whether you are drawn to its natural beauty, cultural heritage, culinary delights, or luxurious accommodations, the island promises an unforgettable experience. For the seasoned traveler, accustomed to the world’s best, Majorca stands as a testament to the art of travel—a place where every moment is imbued with elegance and charm. A stay in a private villa through Villa Finder ensures a vacation with fond memories of time spent in a special destination made all the more special when spent with friends or family.

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Money

Premier Miton hires ex-Quilter director as COO

Published

53 mins ago

September 23, 2024

NewsAdmin

Premier Miton hires ex-Quilter director as COO

Premier Miton has appointed Nicola Stronach as its new chief operating officer (COO).

Stronach’s role covers the overall management of Premier Miton’s risk, operations, compliance and legal teams, as well as relations with regulators and third-party strategic relationships.

She is also a member of the senior management team responsible for the strategic direction of Premier Miton.

Previously she was director of operations at Quilter and director – investment operations at Credit Suisse. She has also worked for Old Mutual Global Investors and BNY Mellon.

She has over 25 years of experience in the asset management industry.

Premier Miton chief executive officer Mike O’Shea said: “We are delighted to welcome Nicola to Premier Miton Investors.

“Nicola’s wealth of asset management experience and operational and regulatory expertise will be invaluable to the firm as we continue to strengthen our existing UK distribution, offer strategies for institutional distribution, and develop our international growth ambitions.

“This is an exciting time for the business and Nicola will play a pivotal role within the senior leadership team that drives the implementation of our strategic goals.”

Stronach added: “I am extremely excited to join the fantastic team at Premier Miton Investors. The firm has continued to build a strong asset management business with excellent performance and client service.

“The quality of what they do across the board is the reason I joined, and I look forward to continuing to build and deliver on their ambitions as well as keeping a strong regulatory framework and customer focus.”

In January 2024, Premier Miton Group completed the acquisition of Tellworth Investments, which was first announced on 1 November 2023.

The acquisition expanded Premier Miton’s offering with the addition of long/short strategies, further strengthens the existing UK equity franchise and offers strategies with potential for institutional distribution, building on Premier Miton’s developing presence in that market.

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Business

UniCredit lifts stake in Commerzbank to 21%

Published

57 mins ago

September 23, 2024

NewsAdmin

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UniCredit has increased its stake in Germany’s Commerzbank from about 9 per cent to 21 per cent, in a move that could kick-start a hostile bid for the rival lender.

The Italian bank said on Monday it had taken a position in a further 11.5 per cent of Commerzbank’s shares, but that the deal would not complete until “the required approvals have been obtained”.

A merger between the two groups would be the first significant cross-border bank deal in Europe since the financial crisis and a potential catalyst for further consolidation across the continent’s fragmented sector.

UniCredit surprised the German establishment two weeks ago by unveiling a 9 per cent stake in Commerzbank, a lender it has long courted as a takeover target.

UniCredit needs approval by the European Central Bank to lift its stake above 9.9 per cent.

UniCredit said on Monday that “there is substantial value that can be unlocked within Commerzbank, either standalone or within UniCredit, for the benefit of Germany and the bank’s wider stakeholders”.

Chief executive Andrea Orcel has set his sights on acquiring European rivals, with the potential to turn the Italian lender into a vehicle for consolidating the sector.

The Italian bank bought a 4.5 per cent stake from the German government earlier this month, but it had already accumulated a 4.5 per cent position through derivatives.

The move has caused uproar in Germany, with politicians and labour unions opposing a full takeover.

Executives at Commerzbank have warned the German government that a tie-up with UniCredit could hobble lending to small and medium-sized Mittelstand companies, while unions have raised the prospect of job cuts.

This is a developing story

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