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BUSINESS LIVE: Premier Miton weighs R&M tie-up

BUSINESS LIVE: Premier Miton weighs R&M tie-up; Pound hits 21-month high against euro; Powell handed second term as Fed chair


London-listed asset managers Premier Miton and River & Mercantile have confirmed reports of a potential merger of the firms, which would create a group with close to £20billion in assets under management.

In what would be the latest example of consolidation in a sector rife with M&A activity, the potential deal would involve City veteran Martin Gilbert’s AssetCo, which has been hoovering up asset management businesses since its IPO.

The pound hit a 21-month high against the euro yesterday as the threat of coronavirus lockdowns on the Continent hit the single currency.

Sterling rose as high as €1.1929 – a level not seen since February 2020 and up 12 per cent from the pandemic low of €1.06 in March last year.

Jerome Powell has been nominated to serve a second term as chairman of the US Federal Reserve – arguably the most powerful economic job in the world.

The 68-year-old Republican – who was initially appointed by Donald Trump in 2018 – will continue as head of the central bank after winning the backing of President Joe Biden, who opted for continuity at a delicate time for the US economy.

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The threat of coronavirus lockdowns on the Continent has weakened the single currency



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