THE DAILY BRIEFING

GERMAN MOVES The former boss of New York Stock Exchange has been parachuted in to Deutsche Bank as pressure mounts on its chief executive John Cryan. John Thain is to join the company’s supervisory board as rumours swirl that Cryan is to be ousted.

CASH CONVERTERS Stock market listings in London raised a combined £1.3bn in the first quarter of 2018, according to research by accountants at EY.

The main market saw nine listings, which raised £1.15bn overall, while seven flotations on the junior AIM market raised £149m.

TAKEN OUT Investors have pulled out nearly £18bn from two flagship Invesco funds, it has been revealed. In the past five years, about £9.3bn has been withdrawn from its High Income Fund and £8.3bn from its Income Fund. Both are managed by Mark Barnett.

DEBT DEAL British satellite firm Avanti Communications has been saved from collapse by a group of Wall Street hedge funds. The troubled firm was bailed out from crippling debt in a complex debt-for-equity swap.

TREASURE CHEST The Chinese firm planning to buy department store House of Fraser has built up a £1.1bn war chest for takeovers. Fullshare, controlled by billionaire Ji Changqun, has lined up the cash through lending facilities.

VETERAN BOSS Chip maker Imagination Technologies is set to bring in industry veteran Leo Li as its next chief executive. The Hertfordshire firm, which was bought for £550m by China-backed Canyon Bridge Capital Partners last year, is expected to announce the appointment this week.