BUSINESS LIVE: Premier Miton weighs R&M tie-up; Pound hits 21-month high against euro; Powell handed second term as Fed chair
London-listed asset managers Premier Miton and River & Mercantile have confirmed reports of a potential merger of the firms, which would create a group with close to £20billion in assets under management.
In what would be the latest example of consolidation in a sector rife with M&A activity, the potential deal would involve City veteran Martin Gilbert’s AssetCo, which has been hoovering up asset management businesses since its IPO.
The pound hit a 21-month high against the euro yesterday as the threat of coronavirus lockdowns on the Continent hit the single currency.
Sterling rose as high as €1.1929 – a level not seen since February 2020 and up 12 per cent from the pandemic low of €1.06 in March last year.
Jerome Powell has been nominated to serve a second term as chairman of the US Federal Reserve – arguably the most powerful economic job in the world.
The 68-year-old Republican – who was initially appointed by Donald Trump in 2018 – will continue as head of the central bank after winning the backing of President Joe Biden, who opted for continuity at a delicate time for the US economy.
The threat of coronavirus lockdowns on the Continent has weakened the single currency