This is a rum affair. There is a warrant out in the Philippines for the arrest of two senior Asia men at bond brokers Tradition and BGC Partners — the fallout from one of those endless rows over poaching of each other’s senior staff. The bonds business is prone to these, probably because there aren’t enough traders who understand it to go around.
The warrant was issued by a court in Makati City in the Philippines and mentions various traders there, including Len Harvey, who runs BGC’s Asia Pacific business, and James Ient, chief financial officer of the equivalent bit of Tradition. Neither of them is based there and, as the offence is not a serious one, they cannot be extradited. The claim is that they, and others, were involved in a poaching operation on a third broker there, Tullett Prebon.
No one is commenting, though the matter has been mentioned in the Philippines press. However, I understand that Mr Harvey, for one, is somewhat surprised to have been dragged into the affair as he works for BGC and has no involvement with the other two, and has been back to the Philippines with no ill effects. As I said, very odd.
Blink and you would have missed it, but yesterday Paul Jackson, chief executive of Vantis, the AIM-quoted accountant, put together a deal on his own book to take over another AIM company, tiddler Capcon. Jackson is its chairman, the chief executive is a non-executive at Vantis, and they were working together. It’s a small world. But Vantis, as I have written, is being investigated by HMRC over a controversial form of tax avoidance, an inquiry that I hear is progressing to some sort of conclusion. And what does Capcon provide? “Discreet risk management services,” says its website, including “crisis management, research and intelligence gathering . . .” Yes, I can see how it might come in handy, but perhaps a touch late?
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Investment advice that is full of Eastern mystery
Is this the fastest-ever turnaround in investment analysis? On Tuesday — and I am indebted to Jonathan Allum at KBC for pointing this out — Credit Suisse’s chief strategist, Andrew Garthwaite, moved Japanese equities to “the top overweight region globally”, meaning they were deemed more attractive than those in any other significant market. Yesterday a Credit Suisse circular claimed “a six-month rally in Japanese stocks is over” and investors should take profits. Both went out on Bloomberg. In two days? The explanation seems to be that Mr Garthwaite was thinking globally, while the second note was from a Japanese analyst taking a local and short-term view. I see. I think.
The Prime Minister has made much of the policy of holding Cabinet meetings out in the sticks, sorry, in the regions of our diverse nation, as part of the Government’s commitment to devolution, decentralisation, blah, blah, blah. So where was the first one held after the holidays? Stratford. As in East London, not on Avon. Wonder if they needed sat-nav to find it?
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In the blue corner: Baroness Vadera
Due reward
Those “grannies” who lost their shirts at Railtrack will be proud for her. In an unnoticed announcement over the summer parliamentary recess, Baroness “Shriti the Shriek” Vadera, former UBS banker turned Labour apparatchik, has been elevated to the Privy Council.
This is one of those grand but obscure honours handed out to selected members of the great and the good in Westminster. It bestows various arcane rights, including commuting death penalties imposed on prisoners in the Caribbean, overseeing dentists’ appeals and helping to appoint the chairman of the BBC. And you get to be “The Rt Hon”.
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Take a look at the intake alongside Vadera and you get the picture. A couple of Gordon Brown’s “goats” — Lord (Swraj) Paul, Lord Darzi of Denham. Some worthy but low-recognition politicos — Baroness Anelay of St Johns? Lord Shutt of Greetland? Nope, me neither.
This is, I must assume, the last clutch to be elevated to the Privy Council before Brown is shown the door by an ungrateful electorate. It is yet another reward for Vadera, who already has it all — City money, a seat in the Lords, an office next to Lord Mandelson . . .