Graeme Gunn

#Hargreaves_Lansdown Hargreaves Lansdown backed the £5.4 billion bid for the FTSE 100 fund manager today from a private equity consortium, a deal that will end its time as a listed company. The Bristol-based finance firm has been listed in London since 2007. It said today that the final offer valued its shares at 1140p in cash and would include a 30p per share dividend for the financial year which ended on 30 June. Compared to the Hargreaves Lansdown share price before the approach was first made in April, the price is at a premium of over 54%. The consortium is made up of CVC, Nordic Capital and ADIA. Hargreaves Lansdown is named after its founders – Peter Hargreaves and Stephen Lansdown – who set it up as an investment tip sheet. It now runs a state-of-the-art trading platform from which clients can run their own portfolios and pensions. https://lnkd.in/dKpizupy

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From a Cash Flow Returns On Investments point of view, the UK looks undervalued. These are the largest UK companies excluding Financials and Real Estate. Please feel free to contact me if you want a full breakdown of companies on the list. We also have a list for the UK small, over 1,100 of the largest US companies, and 500 of the largest companies in Europe. #investing #finance #assetmanagement #investmentmanagement

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FD I didn’t know that… Our Foreign Direct Investment (FDI) group have written the first article of a two-part series exploring the key areas of which investors, and those active in M&A, need to be aware. In this first article, we consider topics relevant to the initial considerations when assessing the need to make FDI filings. Click here to read: https://bit.ly/47nkOJc #ForeignDirectInvestment #MergersAndAcquisitions #JointVentures

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Zapaygo is just the latest example of why the UK's Insolvency system is unfit for purpose. Founded by serial failure Elliot Hall, Zapaygo took £500k off Crowdcube investors and £5m off British Business Bank via a Future Fund loan. Various others investors also wasted their cash. From the outset it was clear to anyone with any business sense and experience that this was a joke outfit. Elliot was a joke as was his team of mincers. They had a 'contract' with the NEC Group which if it had been of any commercial value would have let them build their business. But it was mainly smoke and mirrors and never produced a penny. In fact despite the huge valuation given to the company (by Elliot), this risible shambles never turned over more than few pennies. It never functioned and is now in liquidation although as you will see below, even this has been farcical. In January 2023 - so almost 2 years ago, the filing at Companies House stated Order of the Court to wind up. But nothing has happned since. The company has been in limbo for more than 3 years. Elliot Hall who has a lot of questions to answer about where all the cash went, has been let off and is as we write starting up some new nonsense again. The last filed accounts if they are to be believed, showed current creditors of over £10m for a company with a revenue of £24k. Losses for that year were £1.6m and apparently the company employed 14 people. What were they doing? Back when Elliot was taking cash off investors via Crowdcube, we wrote about this company revealing some uncomfortable truths about the NEC 'contract' and the use of passing off by Elliot to fool investors. Elliot set his lawyers onto us very quickly and we were obliged to withdraw our articles and all mention of Elliot and Zapaygo or face legal action. The investment was a success as a result. We were quite sure we were right but the risk was too great at the time. Now it appears that the legal firm was also in on the game; which is worrying! We contacted them but they have refused to comment. It is a huge mess - one that involved millions of pounds and many millions of pounds of UK taxpayers cash. So why is it in limbo? Why isnt Elliot facing charges? Why hasnt he been banned as a Company Director? What the hell is going on? We are told that Elliot has tried to erase this experience from his LI page - you couldnt make it up mate 🤣

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UK Economic Assessment: May 2024 1. Probabilities of Recession The UK economy is currently navigating a delicate path. The British Chambers of Commerce (BCC) reports that the UK experienced a (mild) technical recession in the latter half of 2023, marked by two consecutive quarters of negative growth. The BCC anticipates modest growth for 2024 and 2025, at 0.5% and 0.7% respectively, with a slight improvement to 1.0% by 2026​ (British Chambers of Commerce)​​ (Welcome to ICAEW.com)​. Despite these positive projections, the overall growth outlook remains subdued, with persistent global economic headwinds and internal economic challenges. 2. International Trade UK trade dynamics are challenging. The country's trade performance has been hampered by global uncertainties and internal economic adjustments post-Brexit. According to the latest forecasts, UK exports are expected to decline by 1.3% in 2024 before rebounding slightly in subsequent years. Imports are projected to remain weak due to the relatively tepid domestic economic environment​ (British Chambers of Commerce)​. Furthermore, ongoing geopolitical tensions, including conflicts in Europe and the Middle East, continue to impact trade flows. 3. Trade with the EU The introduction of new trade barriers post-Brexit has complicated trade relationships, leading to reduced export performance. The EY Regional Economic Forecast highlights that these barriers, alongside subdued global demand, are expected to constrain trade growth. The ongoing negotiations and adaptations in trade policies will be crucial in shaping future trade dynamics between the UK and the EU​ (EY US)​. 4. UK Unemployment Trends The UK's labor market shows a mixed picture. While employment is set to grow by an average of 1.1% annually from 2024 to 2027, regional disparities persist. London and the South East are forecast to lead in employment growth, whereas other regions, particularly in the North and Wales, are expected to lag behind. Despite these challenges, average earnings are projected to rise, outpacing inflation over the next few years​ (British Chambers of Commerce)​. 5. GDP Trends UK GDP will slowly grow; a meager growth of 0.1% in 2023, GDP is forecasted to grow 0.5% in 2024 and 0.7% in 2025, with improvement to 1.0% by 2026. This sluggish growth is driven by weak consumer spending, inflation, and cautious business investments​ (British Chambers of Commerce)​​ (Welcome to ICAEW.com)​. The National Institute of Economic and Social Research (NIESR) notes that while inflation is expected to ease, core inflation remains stubbornly high, dampening economic recovery efforts​​. Conclusion The UK economy is facing a cautious recovery phase with modest growth prospects. The risk of recession remains. Trade challenges, particularly with the EU, continue to impact economic performance. Strategic policy measures and sustained international cooperation will be pivotal in steering the UK towards a more robust economic future.

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What could be the possible effects of a Labour Government on Capital Gains Tax in the UK? Following the Chancellor's announcement on 29th July, investors are keen to understand how this political transition may influence Capital Gains Tax (CGT). In this article, our experts examine the evolution of Capital Gains Tax adjustments made by past administrations, forecast possible changes that could emerge in the upcoming Autumn Budget statement, and explain how A&M can assist you during times of tax legislation shifts. https://okt.to/TXiYxM #UKTax #Investment #CapitalGainsTax #Labour

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PE, VC Funds can't believe their luck - we're staying... Capital gains tax rates on carried interest will be increased to 32% from April 2025. From April 2026, carry will be taxed within the income tax framework but, critically, with “bespoke rules to reflect its unique characteristics” This is a lobbying triumph for the British Venture Capital Association, which was warning darkly that funds would skip off to the EU if the manifesto pledge was implemented. The chancellor has instead settled for a rate that, on the OBR’s numbers, is similar to that in France and the Netherlands. The threat of a mass exodus may indeed have been real, rather than standard posturing, it should be said. It’s not too much harder to run a private equity fund from Paris rather than London. The effect on tax receipts will be considerably lower than projected but, in the end, finding the right balance was more important.

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In our latest blog post we take a look at the Government’s plans around the Energy Profits Levy and how these will affect the sector as a whole - including investment. https://buff.ly/47XRwBf

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I was excited to see Lord Patrick Vallance take up the role of Minister for Science last month and in an interview with Sifted this week (https://lnkd.in/emY29TC5) is already hitting on one of the big issues facing UK Deep Tech companies – growth funding.  There is a lack of lead investors in Europe for deep tech rounds of >£50m. This is a significant challenge for Europe's deep tech businesses, but potentially an enormous opportunity for the right funds! Here are some of my observations: 📈 Perceived risk/understanding – Deep tech businesses don’t always have meaningful revenue before they need to raise these larger rounds. The recent McKinsey Deep Tech report suggests that this does not make these companies riskier than their “shallow tech” counterparts, with cumulative graduation rates being comparable. However, it does mean that data points other than revenue need to be examined. We need more funds who are willing to understand these.  💰 Size of fund - Bigger cheques means bigger funds. For a venture fund to be able write a larger lead cheque (£20m+), the total size of the fund would need to be commensurately large. Assuming a portfolio of 15 companies with some follow-on capacity a fund would need to be >£500m – there are very few of these in Europe. 🌍 Regional Support – Across Europe governments and regional fund vehicles are putting significant capital to work supporting growth stage Deep Tech companies. For example, we saw Dutch start-up Axelera raise a record breaking $68m Series B supported by Invest-NL, EIC and Innovation Industries (fund backed by Dutch pension funds PMT and PME). Well done to all involved!! The UK needs to figure out how to keep up with this!    As Lord Vallance says initiatives like the Mansion House reforms could play a key role in releasing more capital intro growth stage deep tech businesses. I hope the capital finds its way to where it is needed most!  

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Maven Equity Finance leads £2m investment round in Bristol's Q5D Technologies 🪙👀 Investment company Maven Capital Partners has invested £500,000 in Q5D Technologies, which is pioneering robotic additive manufacturing, through the British Business Bank’s South West Investment Fund. This funding is part of a larger £2 million investment round, which aims to support Q5D's mission to revolutionise wire laying processes across multiple sectors, including automotive, aerospace, and consumer electronics. The investment will enhance Q5D’s capacity to scale its innovative 5-axis platform, which automates the complex process of adding wiring and electronics to 3D surfaces. This technology offers a faster, more efficient, and cost-effective alternative to traditional manual processes. Continue reading... https://lnkd.in/eFg_qzdK Kelpi, Blu Wireless, Covestus Healthcare Limited #finance #investing #funding #technology #innovation #millions #manufacturing #engineering #businessnews #businessintelligence

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In response to the Conservative government’s announcement to withdraw the current UK Non-Domicile regime, coupled with Labour’s approval and potential plans for even higher taxes, approximately 70,000 non-domiciles (non-doms) are considering alternative residency and financial planning options ahead of the upcoming UK election. [email protected] #nondom #unitedkingdom #switzerland #relocation #taxes

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What does the new Labour government mean for infrastructure investment in the UK? We expect some interesting developments: * The creation of Great British Energy, a publicly-owned green power company, may crowd out some private investment (it will get £8.3 billion of Government funding) but will work in partnership with a range of public and private sector entities to deliver local power generation. * Investment in ports and supply chains (£1.8 billion), gigafactories (£1.5 billion), carbon capture (£1 billion) and green hydrogen (£0.5 billion). Many of these carry real risks to the public purse. But will they unlock investment opportunities for the private sector? * Reforms to planning laws are badly needed and Labour has promised to speed up the delivery of infrastructure. * Will we see a new and improved PFI/PPP programme (no doubt re-branded) to roll out social and economic structure? What do you think?

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Thanks to the Hertfordshire Pension Fund team and their advisers for recognising the economic risks today and the future risks to their portoflio associated with climate change and environmental degradation . This is no longer debatable (just ask the unfortunate residents of Florida ) , but managing environmental risks in a portoflio is a complex challenge and should if implemented correctly also target and provide economic upside. We appreciate your foresight , support and interaction over the past year. This sees our UK local authority AUM surpass £1 billion, a great responsibility and privilege to manage. #climatechange #assetmanagement #lowcarbon

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Investment specialists play a CRITICAL role in the asset management ecosystem... I have had a lot of interesting conversations over the last few months with investment specialists and members of the Independent Investment Management Initiative - i.e. the growth engines of our sector, with the regulator, HM Treasury, journalists and other industry groups and I keep getting asked the same three questions... why has the IIMI seen so much growth in membership, are fund managers still breaking away and starting up on their own and what the outlook is for boutiques considering the current market climate? I live for these questions and it never gets boring..! The questions often stem from here: we have witnessed mass consolidation in asset and wealth management coupled with an increase in regulation, downward fee pressures and strong equity market returns... rolling out the red carpet for passive fund sales. Here is my response: There is no doubt about equity market performance and no doubt that lower cost passive funds can be the right investment solution for some. However, they are not always the right solution across the board. We have to work towards a world in which global giants and investment specialists can co-exist, customers are offered investment choice and growth and innovation are unlocked. Investment specialists can offer: 📈 Superior investment returns 🌈 Portfolio diversification 👥 Alignment with clients - many invest alongside their clients 👥 More on alignment - independent firms can prioritise long-term investment returns over short-term shareholder returns 👩‍🏫 Genuine expertise - they have honed their investment philosophy and are entirely focused on one way of investing 💰Preserving performance with capacity constraints 💡 Innovative, agile and high-performing cultures 🌿 Meaningful ESG engagement and thoughtful approaches to responsible investment Why has the IIMI seen so much growth in membership and are fund managers still determined to face the multitude of headwinds that exist when setting up independently? We are at peak membership holistically supporting the businesses of 49 specialists including some high profile individuals to go it alone recently. Yes, boutiques are still being born! Collectively, we want the U.K to be the leading hub for asset management globally, for tech and innovation to be at epicentre of our sector, to be leaders in sustainability and to attract and retain the greatest talent. Investment specialists play a critical role in the asset management ecosystem and so keep asking me questions and lets keep talking! Picture from the beautiful roof top at the FT 🌞 #boutiques #investmentspecialists #investment #assetmanagement

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Few would disagree that our NHS is on its knees and needs fundamental reform.   What’s important now, is how we get to the crux of the challenge and identify potential solutions. As Rt Hon Wes Streeting MP eloquently puts it – diagnosing the problem before we write the prescription. Lord Darzi's 2018 report, "Better Health and Care for All: A 10-Point Plan for the 2020s", highlights his expertise and visionary approach to healthcare reform. Known for his impactful 2008 report, Lord Darzi demonstrates his ability to address the critical challenges facing the NHS. His emphasis on radical simplification, a shift from a "diagnose and treat" model to a "predict and prevent" one, increased funding, and adopting technological innovation, resonates with Evergreen Life's mission to empower individuals with their health data to live healthy happy lives. By collaborating, we can drive the transformation necessary to secure a sustainable and person-centric future for the NHS. #Healthcare #NHS #Innovation #DigitalHealth #EvergreenLife #LordDarz https://lnkd.in/egjaA_nJ

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King & Spalding have hired a team of 13 from rival law firm Cadwalader to bolster its fund finance, ESG and capital solutions teams. Read the full story here: https://lnkd.in/eQ6QgK26 #assetmanagement #privateequity #venturecapital #fundfinance #ESG #legalandcompliance #GPfinance #capitalsolutions

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🤝 Meet the Funder 🤝 🔹 Is Debt or Equity the best choice for my business? 🔹 How do I fund growth? 🔹 What is debt funding? If you need answers to these questions, book a slot with one of our investment experts today. We are one of the UK's most active investors, passionate about powering growth, and have 7️⃣ new hosts available and ready to take your booking ⏬ #MeetTheFunder #Investment #Debt #Equity #Scale #QuestionTime

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