Perhaps MM could arrange for a televised/internet debate between SimonChamberlain (Thinc Destini), David Harrison (Positive Solutions) and Paul Tebutt (Millfield). May I suggest Paxman as host/referee? After all there is no boxing on TV anymore. I would imagine that Tebutt and Chamberlain would want to join together as a tag team coming up against the apparently superior business brain of Harrison, who appears to be one of those old-fashioned types who believe that shareholders obtain best value from a profitable organisation. I would agree with the sentiment of the unprofitable tag team that Harrison does not understand their propositions. After all, he has presided over an exponential growth business, producing rising profits over the last five years and adviser numbers increasing from around 20 to approximately 1300 in seven years. How on earth can this be described as “backdated and intellectually bankrupt?” I would imagine that sane, thinking businessmen could never arrive at such a conclusion based upon the facts contained in that public magnifying glass of all businesses, the annual reports and accounts. While profits continue to elude Millfield and Destini, the green eyed, vitriolic comments emerging from Tebbutt and Chamberlain sound just like those from Goliath, the Philistine giant, who taunted the Israelites just before, David (merely a coincidence) the shepherd boy rendered him unconsc- ious with a sling and then proceeded to separate his head from his body of nine feet in dimension with the giant’s own sword. I suppose there may be a surreal parallel in this story with the Millfield partners who have defected to Positive Solutions – the haemorrh- aging has started, Mr Tebbut, if you were conscious, you would feel the steel on your neck. Anyway, back to the debate. I suspect that Tebbutt and Chamberlain would make their excuses and not appear, opting instead to spend time with their families. After all, you get the feeling there would be no profit in a public show of strength for them (not lately a problem) and a certain embarrassment when the proverbial knife in Harrison’s final comment in your headline article last week revealed the results of their unique perception of how the markets have offered good business opportunities over the last few years. “One of the main purposes of a business is to make a profit. Neither of them has any experience of that.” Ouch. Jonathan Thompson Portcullis Financial Planning, (Positive Solutions) Kidderminster
Tory work and pensions shadow Sir Malcolm Rifkind has tabled a Private Members Bill calling for the introduction of a savings and retirement account, SaRa, as an alternative to stakeholder pensions. The product would allow cap-ital withdrawals but would be designed to encourage longer-term saving.
Last week was eventful in the world of investment. First, there was the collapse of Refco – hardly a household name but an important player nonetheless.
Financial Ombudsman Service chairman Sir Christopher Kelly is to speak at the Aifa annual general meeting on November 29. Aifa director general Chris Cummings expects a good turnout and is prompting IFAs to take advantage of the networking opportunity and chance to discuss their issues around depolarisation and industry regulation. The event will take place […]
Former Zurich and Allied Dunbar chief executive Lord Sandy Leitch has confirmed he is setting up a multi-tie financial services distribution business, called Intrinsic, with well-known industry colleagues. Former Zurich Advice Network marketing director Kevin Donaldson will head up the firm as CEO.A spokesman for the venture says the move, first reported in Money Marketing, […]
Fees under pressure. Regulatory moves against closet indexers. Rapid advances in financial technology. Shifting sentiment among investors. Such mounting challenges have led to widespread speculation about active management’s shrinking future. But a closer look inside intelligent portfolio construction today tells a story of expanding roles, added value, and innovative risk-adjusted, lower-cost solutions. Four investment experts […]
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]