Barclays joins forces with Microsoft and NVIDIA to launch new Innovation Hub in London
Barclays has announced the launch of a new Innovation Hub in London, working with a range of partners from across the tech industry – including Microsoft and NVIDIA.
Powered by Barclays Eagle Labs, the bank’s incubator ecosystem, the new Hub will be dedicated to accelerating the commercial growth of startups in AI, Deep tech, and the innovation economy by connecting founders, industry experts and investors.
The Innovation Hub will provide collaborative workspaces for 150 cutting edge tech businesses in the heart of Shoreditch and will offer access to a network of events, workshops, growth programmes and ecosystem connectivity.
Businesses working within the Innovation Hub will also be able to network and build relationships with the core partners behind the concept, including Microsoft, NVIDIA, Conception X, Databricks, Innovate Finance and Twin Path Ventures – and will have direct access to members of Barclays innovation banking team who will be based on-site, supporting tech founders to achieve growth through 10 years of expertise in the innovation economy.
The partners involved will play a key role in shaping the Hub, with plans to convene regularly to discuss how the space can develop, grow and further support the businesses operating within it.
Hannah Bernard, Head of Business Banking, Barclays, said: “The UK’s innovation ecosystem is one of the best in the world, but we can’t afford to rest on our laurels. Key players from across the industry need to come together to help nurture and develop the next wave of tech entrepreneurs – this new Innovation Hub will play an important role in facilitating that as part of our wider offering to tech businesses. Our innovation banking specialists will be on hand to provide tailored support to founders, helping them raise capital, develop business skills and accelerate their growth.”
“The UK has a rich entrepreneurial history, and the Barclays Innovation Hub will form a critical focal point for the next wave of innovators looking to bring their ideas to life with the power of AI,” says Ali Wright, SMB Director, Microsoft UK. “Microsoft is delighted to be a launch partner, and we look forward to providing expertise and access to services that will help aspiring organisations fulfil their potential and fuel growth across the UK economy.”
“The Barclays Innovation Hub is a vital catalyst for upskilling the UK’s workforce in AI and accelerating the growth of its ambitious startups. NVIDIA’s contributions to the Innovation Hub supports our broader commitment to upskill UK developers with AI skills,” said Anthony Hills, UK Country Manager of NVIDIA.
Alongside the launch of this flagship hub, Barclays is continuing to work with core partners and investors to deliver expertise, education and support to entrepreneurs across the UK. Its network of Eagle Labs consists of 43 locations across the UK and has supported more than 17,000 businesses since it was first launched.
SCOR returns to London market for new $250m catastrophe bond
French reinsurer SCOR has returned to the London market for its latest $250 million catastrophe bond to protect itself against losses from named storms and earthquakes in the US and Canada, and windstorms in Europe.
Atlas Capital UK 2019 will provide the group with multi-year risk transfer capacity of $250 million. The risk period will run from June 1, 2019 to May 31, 2023.
The transaction has received the approval of the Prudential Regulatory Authority (PRA) and the UK regulatory authorities.
SCOR was the first reinsurer to use the new UK ILS regime to issue a catastrophe bond in 2018.
The capital shield policy is a strategic axis for SCOR. The group has regularly used capital market solutions for this purpose, having completed 16 transactions since 1999, including cat bonds, sidecars, mortality bonds and innovative contingent capital protections.
Jean-Paul Conoscente, CEO of SCOR Global P&C, said: “Having been the first company to successfully sponsor a cat bond under the UK ILS regime in 2018 and continuing its policy of diversifying capital protection tools, SCOR has returned to the London Market to issue Atlas Capital UK 2019.
“The strength of support for this transaction enabled SCOR to upsize it despite current market conditions – which is reflective of the quality of SCOR’s franchise and reputation as an innovative and long-term sponsor. The SCOR team is grateful to the PRA and the other UK regulatory authorities involved for the speed and efficiency they have once again demonstrated in their review and approval of the transaction.”
Source: intelligentinsurer
Allianz Real Estate expands UK presence with new London office
The real estate arm of German insurer Allianz Group has set up an office in London to help expand its presence and partnerships in the city and across Europe.
The €63.5bn Allianz Real Estate said the office will support the firm’s growing assets and strengthen its global footprint in areas where key partners are located.
”The new office will help drive origination and partner management for more complex cross border equity deals in Europe as well as the origination of pan-European debt activity where the asset or borrower sits in the UK,” the manager said.
It will also help develop third-party relationships with institutional investors based in London.
The manager has appointed Kari Pitkin as head of business development across Europe and Shripal Shah as head of debt origination – London, to lead the team serving the UK and pan-European clients.
Pitkin joins from Bank of America Merrill Lynch where she held the position of head of EMEA real estate and lodging, having joined the firm in 2005. Shah will join on 1 August. Since 2002 Shah covered senior positions in international real estate banking at Barclays Bank and HSBC before joining JCRA, where he has been head of real estate since 2016.
London has become an increasingly significant market for the company over the past two years, during which time it has completed a number of transactions.
In February this year, Allianz Real Estate in a UK student housing partnership with Greystar Real Estate Partners and the Public Sector Pension Investment Board has bought the Paul St East asset in London for £160m. In April, the firm financed a multi-let Southbank Central office asset in London for €200m for an affiliate of Starwood Capital Group.
This transaction represented a further London prime debt investment following financing for St Katharine Docks, 55 Baker Street and 80 Fenchurch Street, the manager said.
Francois Trausch, CEO, Allianz Real Estate, said: “Allianz Real Estate is committed to developing its portfolio in the UK. We have been successfully growing our assets in this market since 2017 but to enhance this further we have decided to open an office in London.
“London remains highly influential in a European and global context, and we believe there are excellent opportunities for growth and increased capital allocation.”
Roland Fuchs, head of European debt, Allianz Real Estate, said: “London has become a prime debt market for us and we have a large, growing number of partnerships with stakeholders based in the city.
“The success of our recently launched Luxembourg regulated European debt platform, which has included deals in the UK, and our related push into third-party funds in 2019 means now is a very appropriate time to expand our presence further.”
Source: realassets.ipe.com