View more on these topics

£62M Bluefin writedown after private client arm restructure

Bluefin Advisory Services has made a £62m writedown following the restructure of its private client arm.

Companies House filings show that in the year ended December 2009, Bluefin Advisory Services saw impairments of £62m. These followed imp-airments of £40m in 2008 which were also attributed to business restructure.

The Axa-owned group ann-ounced earlier this year that its number of private client arm advisers would be cut from 180 to 50.

The division, formerly part of Thinc Group, was renamed Bluefin Wealth Management after the restructure, which the firm says it implemented due to retail distribution review requirements.

Bluefin Advisory Services chief executive John Simm-onds says the impairment charges should be the last following the restructure.

He says: “We have emerged from the restructure a financially stable business. Performance targets for the first nine months of 2010 have been met and the company fully expects to meet targets for the rest of the financial year.”

A statement from Axa UK adds: “We are happy with the investment that we have made in Bluefin Advisory Services, which is proceeding satisfactorily.”

Recommended

Axa confirms emerging market hires

Axa Framlington has confirmed it has hired two former Threadneedle managers to replace its departing emerging markets team. Julian Thompson will take up a position as head of global emerging markets, an equivalent position to his role at Threadneedle. Jules Mort will become senior portfolio manager. Both managers will start with Axa in London by […]

Wine investors being misled over IHT

Investors are being misled over the inheritance tax benefits of buying into wine and could face “huge” unexpected bills from HMRC, a national accountancy has warned. UHY Hacker Young says wine is being touted as a tax planning tool, with wine investment firms saying its value for IHT purposes is based on the price it […]

Managers deliver on Witan Pacific

An underweight position in Japan contributed to the Witan Pacific investment trust’s positive performance over the six-month period to July 31. The multi-manager investment trust almost doubled the returns produced by its benchmark, the MSCI AC Asia Pacific Free Index, in sterling terms over the period. The trust returned 10.8 per cent, outperforming the index […]

CGT entrepreneurs' relief

Entrepreneurs’ relief is due, subject to meeting certain conditions, in respect of capital gains arising on ‘material disposals of business assets’. These ‘business assets’ include: Read more

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. It feels a bit unfair that AXA/Bluefin can afford to throw £100 million down the toilet when many of us are struggling to pay our FSA levies at the end of the day. At least we still have our standards and aren’t rolling out the next wealth management / lifestyle planning fad to every client regardless of their requirements.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com