Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter