1st May 2014 05:36
LONDON (Alliance News) - The investment arm of the government?s independent adviser on the privatisation of Royal Mail made an GBP8m profit selling shares in the company during the first week of trading, the Financial Times reports.
Lazard?s bankers faced criticism from British lawmakers after it was disclosed that Lazard Asset Management had been allocated 6 million of the 13 million shares reserved for the banks advising on the deal, the FT said. LAM was among 16 preferential investors, whose identity was revealed by Vince Cable, business secretary, on Wednesday, the paper added.
A committee of MP's Wednesday heard that LAM had already been in negotiation with Royal Mail as a potential investor when its parent company, Lazard and Co, was hired as the government?s lead independent adviser on the flotation in February last year. William Rucker, Lazard and Co chief executive, told the committee that at the time of the appointment it had been unaware of the discussions between LAM and Royal Mail, the FT reported.
http://www.ft.com/cms/s/0/f5c33842-d061-11e3-af2b-00144feabdc0.html?siteedition=uk#axzz30RHn9twY
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