Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Bumi-Rothschild spat takes new twist

Bumi-Rothschild spat takes new twist

The spat between Nat Rothschild's NR Investments and resources firm Bumi has taken a new twist following allegations about its chief executive's qualifications.

Following a statement from Rothschild's NR about Nick von Schirnding, Bumi's board has hit back and said the financier's criticism amounts to nothing more than an attempt to take over the company.

'Nick is doing an outstandingly good job while putting up with these poorly judged attempts to tarnish his reputation as part of a campaign to take over the company.

'This is an extraordinary demonstration of a confrontational style which does not create value for shareholders,' said Sir Julian Horn-Smith, Bumi's senior independent director and chair of its nominations committee.

The fresh tussle comes after Rothschild increased his stake in Bumi ahead of a key investor vote.

Rothschild, who co-founded the firm roughly two years ago with Indonesia's Bakrie family, quit its board last year and since exiting has been vocal about the need for change.

He has asked Horn-Smith to up his response to allegations of financial irregularity at Bumi - urging him to quit his position without more than a placatory response to the claims - and has received backing for his turnaround plans from influential shareholder Richard Buxton, fund manager at Schroders.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Play Japan's slump, the umbrella revolution and the battle for Brazil

Japan's slump, the umbrella revolution and the battle for Brazil

With the arrows of Abenomics appearing to be missing their targets and political uncertainty rife in Hong Kong and Brazil we take a look at investor sentiment in this week's Investment Pulse

Your Business: Cover Star Club

Profile: The adviser that tempted Robin Minter-Kemp on board

Profile: The adviser that tempted Robin Minter-Kemp on board

It is rare to meet an impassioned individual who is willing to bang the drum for investment advisory right now

Wealth Manager on Twitter