Universal Music declines takeover offer from Bill Ackman’s Pershing Square

Hedge fund billionaire argued moving record company’s listing from Amsterdam to New York would unlock value

Citadel Securities posts record $4.3bn in trading revenues on Iran volatility

Market maker earns $1.9bn in first-quarter net income as oil prices and Treasury rates seesawed

Directors’ Deals: Aviva chief Blanc adds to stake

Insurer’s share price has fallen by 8 per cent so far this year

Rise in Neets a ‘retirement crisis in slow motion’

Delayed pension contributions could leave higher earners with a savings shortfall of £300,000

FT Wealth: May

In this edition: The €1bn Ponzi scheme which rocked France; what football and finance have in common; the power of Christopher Anderson’s pictures; downsides to tax moves; Monaco’s many faces; London’s priciest sushi menu