Investment manager Baillie Gifford says rise is no fluke as manufacturer stands to benefit from move away from fossil fuelsOne of the biggest investors in Tesla has defended the explosive growth in the US electric carmaker’s share price, arguing that it is “far from an aberration”.Baillie Gifford, the Edinburgh-based investment manager that runs the Scottish Mortgage Investment Trust (SMIT), has been the second-biggest winner from Tesla’s rocketing share price, beaten only by Tesla’s outspoken chief executive, Elon Musk. Continue reading… [Read More...]
Norway’s sovereign wealth fund gains more than £90bn during 2020
Central bank stimulus pushes up value of shares, taking fund to £923bn – equal to £170,000 for each NorwegianNorway’s sovereign wealth fund earned more than £90bn during 2020 as the wave of central bank stimulus provided to counter the effects of the coronavirus pandemic pushed up the value of shares and other assets.The fund, built with the revenues from its oilfields, gained 10.9% in value during the year, Norway’s central bank said on Thursday. The total gain was worth 1.07tn kroner (£91bn). Related: ‘Historic breakthrough’: Norway’s giant oil fund dives into renewables Continue reading… [Read More...]
Investment manager Neil Woodford to set up new firm
Launch – and public apology – comes two years after implosion of his last venture following bets that went wrong Neil Woodford has announced plans for a new investment business and issued a public apology over the implosion of his last venture less than two years ago following a string of bets that went wrong. In one of the most dramatic attempts at a boardroom comeback in recent history, the former star fund manager said he planned to open a new firm – WCM Partners – which would be based in Jersey and Buckinghamshire. Continue reading… [Read More...]
Legal & General sells its personal investing business to Fidelity
The deal, worth £5.8bn, will double Fidelity’s personal investing customer baseLegal & General has sold its personal investing business worth nearly £6bn to Fidelity, in a deal that will add 300,000 customers to the new owner’s client base.The deal involves £5.8bn in assets under management held in individual savings accounts (Isas), junior Isas and general investment products that are invested in Legal & General Investment Management (LGIM) funds. Continue reading… [Read More...]