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Name | Symbol | Market | Type |
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ProShares UltraShort Materials | AMEX:SMN | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 7.25 | 0 | 12:50:25 |
RNS Number:8646N Savoy Asset Management PLC 23 July 2003 The Headline for the Savoy Asset Management PLC announcement released today at 10.45 a.m. under RNS No. 8617N should read "Expansion of London operation". The text of the announcement is unchanged and is reproduced in full below. Stock Exchange Announcement For immediate release Wednesday 23rd July 2003 SAVOY ASSET MANAGEMENT PLC PRESS STATEMENT MAJOR EXPANSION OF LONDON OPERATION The Savoy Asset Management plc Group of companies ('Savoy') is pleased to announce a significant expansion of its London office, through the recruitment of a number of investment managers and their support staff. In total 10 investment managers and their support staff will be joining Savoy. All have had significant experience in a number of investment houses, most recently with SG Investment Management Limited. A significant part of the business that will be brought by this team will complement the private client investment services, both discretionary and advisory, already offered by Savoy through its three UK offices, but it will additionally bring to Savoy specific expertise in the field of managing derivative products, as well as strengthening Savoy's existing offshore client base. Christopher Saunders, Chief Executive of Savoy, said, "we are delighted to be taking on this team in our London Office. This team manages approximately #300m of funds and has historically generated fee and commission income totalling approximately #5m from these funds. This is a significant development for the Group and produces the critical mass needed to develop the London operation into a profitable unit and one we will be looking to further develop and grow. The individuals joining us all have proven experience over a number of years in difficult market conditions and will provide a sound base to take Savoy into the next phase of its development ". Howard Hughes, Chief Executive Officer of Savoy's London operation, said: "The cyclical downturn and generally depressed mood of our industry has, for some months, been regarded as providing an opportunity for Savoy to achieve its strategic objective of growing its assets under management through recruitment. Knowing this particular team well, I am confident that they will quickly integrate and provide the cornerstone for the future growth of the London operation". The Chairman of Savoy, the Rt. Hon. Kenneth Clarke M.P., commented: "We welcome these investment managers and, indeed, their clients into Savoy, at a time when it appears that the investment climate is beginning to improve and restore some confidence in the concept of professional, international asset management, as practised within our Group." For further information, please contact:- Christopher Saunders - Chief Executive, Savoy Asset Management PLC 0161 449 0456 Howard Hughes - Chief Executive Officer, London, Savoy Asset Management PLC 020 7659 8000 This information is provided by RNS The company news service from the London Stock Exchange END MSCEAFXDAFSDEFE
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