BUSINESS LIVE: Barratt achieves resilient result

One of the world’s biggest pension funds has snapped up a British wealth manager in a much-needed vote of confidence in the City.

The Ontario Teachers’ Pension Plan, which looks after £150billion for more than 300,000 savers, has bought a majority stake in Seven Investment Management (7IM) for £255million.

UK investors have pulled nearly £2billion out of ESG equity funds in the last four months in a ‘remarkable reversal’ of demand for so-called ‘woke’ stock-picking.

Figures from funds network Calastone showed withdrawals gathered pace over the summer in what was described as an end to the boom that started in 2019.

Arm will float on the New York stock market next week with a valuation of more than £40billion as bankers working on the blockbuster deal prepare to line their pockets.

In an updated filing yesterday, shares in the British chip designer were priced between $47 and $51 a piece, meaning it will be worth as much as £42billion.

Britons with second homes in France may choke on their croissants when they are hit with their latest property tax bill in the coming weeks.

The French government is ramping up property taxes for owners of holiday homes in popular tourist areas.

The Danish maker of weight loss drug Wegovy has become Europe’s most valuable company, overtaking LVMH.

Shares in Novo Nordisk, a specialist in diabetes and weight loss medicines, have more than tripled in value since the start of 2021 – giving it a market value of more than £338billion.

The pound at 8am was 1.2569 dollars compared to 1.2580 dollars at the previous close. The euro at 8am was 0.8539 pounds compared to 0.8526 pounds at the previous close.