View more on these topics

Bulteel is bidding to build business at CSC

Former Gerrard portfolio manager David Bulteel has been appointed to spearhead expansion plans of private client investment manager Carr Sheppards Crosthwaite.

Bulteel resigned from Gerrard, with three members of the international portfolio management team, in February. John Barkhan, Nik Kidd and Philip Osborn will all join CSC to build the international division.

The four will join CSC this month and are to be joined by three managers, all on gardening leave from Gerrard.

CSC chief executive Fred Carr says: “Most of CSC&#39s international clients have been sterling-biased with strong UK connections but over the last 18 months we have had an increasing flow of international introductions from our parent Inves-tec and we have significantly strengthened our international buy-side research capability.”

The FSA plans to redefine the concept of policyholders&#39 reasonable expectations as part of its ongoing inquiry into with-profits-based products.

Speaking at the Money Marketing IFA UK Conference in London last week, FSA head of department, investment business division (PIA firms) John Liver said: “We at the FSA think there is a need for a greater definition of the meaning of policyholders&#39 reasonable expectations which underpins the with-profits proposition.

“We will review with-profits but we are not saying with-profits has no place. We see smoothing having a place in the future.”

The FSA inquiry is also looking at how life offices exercise discretion under the definition, the transparency of that discretion and the clarity of information consumers receive.

Troy French and Partners partner Peter French says: “Consumer confidence has been shaken to the foundations by the revelation that Equitable Life was not properly regulated. There has got to be a clearer definition of the assessment of with-profits to ensure assets are sufficient to cover liabilities.”

In the conference debate, industry representatives and IFAs argued that not enough was being done to ensure company human resources departments and finance directors did not give stakeholder advice.

LIA public affairs manager John Ellis said: “When an employee says to his employer &#39should I get this pension?&#39, there is a chance he will be wrongly advised. This is a very difficult area to police. When people come to retire and they are not happy with what they have, they will be looking for somebody to sue.”

Recommended

Outside Edge: Robert Reid

Those avid readers of Money Mail may have noticed this week&#39s main article which focused on the Financial Planning Certificate and the problems of competency involving some 1,000 advisers from a direct salesforce. When they first approached me for my views on FPC, I tried to explain the rationale behind the level at which the […]

&#39National IFAs first to multi-tie&#39

National IFAs will be first to become multi-tied if the proposed changes to polarisation are implemented, according to Misys IFA Services managing director Patrick Gale. Speaking at the annual conference of Misys network Countrywide last week, Gale predicted that national IFAs will be first to set up multitie salesforces because they are likely to be […]

Putnam Investments – Putnam Global Value Equity Fund

Friday, 11 May 2001.Type: Ucits.Aim: Growth by investing in large-cap stocks paying high dividends globally.Minimum investment: $2,500.Place of registration: Dublin.Investment split: 100 per cent in large-cap stocks paying high dividends globally.Isa link: No.Charges: A shares initial up to 6.25 per cent, annual 2 per cent, B shares annual 2.5 per cent, A1 shares initial up […]

It could be a long wait for markets to make recovery

Analysts are keen to project positive future expectations for the main market indices. However, there is one important and serious reason why the main indices could tread water for a long time. It may be a long wait for the FTSE 100 to regain its high point of 6,930 on December 30, 1999. Anyone investing […]

Brexit & the mid cap buying opportunities

By Mark Martin, Head of UK Equities at Neptune  Amid the market volatility in the lead-up to the Brexit referendum, there are buying opportunities for the prudent investor, explains Mark Martin. Click here for full article Important Information: Investment risks This fund may have a high volatility rating and past performance is not a guide […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    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 advice.

    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