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Vanguard, T Rowe Price slash valuations for Uber holdings

USA-New-York-America-NYC-Taxi-700x450.jpgVanguard and T Rowe Price have slashed valuations for their holdings in Uber by 15 per cent and 12 per cent respectively as the company faces corporate governance turmoil and searches for a new chief executive.

However, rival Blackrock has increased its valuation in the unquoted ride-share company by 10 per cent, the Financial Times reports.

Fidelity International, which was among a group of investors calling for former chief executive Travis Kalanick’s resignation, has held its valuation steady at last year’s levels.

The fund manager valuations for the private company provide an indication of the company’s valuation, which only formally takes place every time it does a new capital raise.

Kalanick resigned in June amid a series of scandals, including complaints of sexual harassment.

Uber’s most recent fundraising just over a year ago valued it at $62.5bn.


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Phoenix lines up job cuts after Axa acquisition

Phoenix is set to shed roles in a redundancy round following its decision to buy parts of Axa’s business last year. The closed-book provider snapped up Axa Wealth businesses Embassy, its off-platform investment and pension division and Sun Life, its direct protection business, in a deal signed last May, before also buying rival closed-book operation […]


Providers unveil pensions dashboard prototype

The pensions dashboard prototype has been delivered to Government ministers, with those in charge of the project saying it shows “technological hurdles” can be overcome. The project, which is designed to show savers all their pension pots in one place, has been managed by the Association of British Insurers on behalf of the Treasury. It […]


FCA reveals number of firms breaching ‘basic regulatory requirements’

The FCA cancelled the authorisations of more than 200 firms last year for failing to meet “basic regulatory requirements” like paying their fees or filling out regulatory returns. The regulator revealed the figure in an update today, that its Threshold Conditions Team took enforcement action against at least 207 firms for failing such compliance failings […]


Sipp provider accused of gagging FOS complaints

A Sipp provider has been accused of sending “threatening” letters to clients to stop them allowing Financial Ombudsman Service decisions against the firm to go public. Carey Pensions helped clients transfer their pensions into higher risk investments after cold-callers introduced transfer business to the firm. Hundreds of customers moved money without financial advice into investments […]


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