View more on these topics

Goldman Sachs takes 17% stake in Kensington

Goldman Sachs has snapped up a 17% stake in Kensington Group on behalf of one or more of its clients.

The London Stock Exchange made a notification of major interest in shares on January 23, which showed that Goldman Sachs purchased 17% of ordinary shares worth 10p each.

However, John Maltby, chief executive officer of Kensington Group, says the purchase doesn’t represent a single stake in the company from one company, but will reflect Goldman Sachs’s capacity as a stock brokerage. This means that it is able to hold money on behalf of its client companies and buy stakes in listed firms.

Kensington’s Annual report 2005 shows that it has eight substantial shareholders that have 3% or more of the issued share capital in the company.

Hurley Partners is listed as having 12.53%, BGI has 5.89%, Neuberger & Berman has 4.71%, JP Morgan Asset Management has 5.09%, Columbia Wanger Asset Management has 4.89%, MILM has 3.77%, Morley Fund Management has 3.31% and Pendragon Capital Management has 3%.

Kensington Group has a total of 13 major shareholders. Together they account for 95.77% of the total shares in issue.

Goldman Sachs’s stake in the Group represents nearly a fifth of the company.

Recommended

Debt grows at £250,000 per minute

The UK’s national debt mountain is growing by £250,000 per minute, a study by Credit Action reveals. The report, based on Bank of England statistics, shows the national debt to be standing at £1.278trillion, of which mortgages account for £1trillion.

Commercial First introduces submission checklist

Commercial First has introduced a submission checklist to improve speed and accuracy in the submission of packaged mortgage applications. Once brokers have received a Commercial First Illustration to present to their clients, and notification of the key items required to issue a mortgage offer, they are advised to download the submission checklist from the lenders […]

Money Partners Touch recruits BDM

Money Partners Touch, the direct-to-broker channel of Money Partners, has appointed Sheryl Andrew as business development manager for the North of England. Covering the areas of Yorkshire, the North East and the North West, Andrew will be responsible for developing the Money Partners Touch offer and building relationships by marketing direct to brokers and IFAs. […]

Hanover appoints group CEO

Hanover House has appointed Bruce Moore as group chief executive, as it looks to expand its services. Moore will work with Hanover’s recently appointed chairman Lord Best to grow the business.