Investment

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SFO investigates pension schemes over alleged fraud

The Serious Fraud Office has opened an investigation into a number of pension schemes holding around £120m in higher risk assets over potential fraud. In an alert on its website, published yesterday, the SFO said it was looking into alleged fraudulent activity at the Capita Oak Pension and Henley Retirement Benefit schemes, as well as […]

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Church of England fund ranks as top world performer

The Church of England’s investment fund has seen “stellar” returns in 2016 as it ranks among the world’s best performing funds of this type. The Church Commissioners annual report states the fund’s return on investments more than doubled to 17.1 per cent in 2016 from 8.2 per cent in the previous year. The new performance […]

Vanguard launches D2C investment platform

Vanguard launches D2C platform in the UK with fees at 0.15 per cent Vanguard, one of the world’s largest fund groups, has launched its direct-to-consumer online platform for the UK mass-market investors. In October, Money Marketing first revealed Vanguard’s plans to launch the service as part of a “10-year plus strategy”. The new platform will […]

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How are firms choosing their passive buy lists?

Major firms have shed light on how they pick passive funds in their buy lists as the industry fights over how many and which to hold. In a recent study, the FCA expressed concerns that providers’ lists of favourite funds did not include enough passives. Platforms and wealth managers such as Tilney Group and AJ Bell […]

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FCA sets charges template for new EU disclosure rules

Regulator clarifies which products will fall under new disclosure rules and how charges should be disclosed The FCA has told firms how they should disclose charges for products covered by forthcoming Priips regulations. Priips, which is going to be implemented in January 2018, will apply to a wide range of firms, including banks, insurers, and investment managers, […]

7IM launches managed investment service

Seven Investment Management has launched a cheaper investment service for advisers who do not want to use 7IM’s full discretionary service. Advisers that want to use 7IM without the DFM meeting with the client will pay 5 basis points less then the current DFM service which charges 1.25 per cent. 7IM charges include underlying active […]

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FCA reveals consumer research costs for asset management study

The FCA has spent nearly £150,000 on external parties who have provided services in relation to its interim study on competition in the asset management industry. A Freedom of Information Act request by Money Marketing reveals the £148,672 bill covered the consumer research which the FCA commissioned for the damning 200-page study, which hit out at […]

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FCA urged to abandon ‘all-in fee’ proposal

Asset managers have urged the FCA to abandon the “all-in fee” proposal suggested in its interim study on competition and rethink how managers’ incentives are calculated. In November, the regulator put forward a number of reforms for the market, including an all-in fee, which would force disclosure of transaction costs in a fund’s total costs. […]

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Fall in fund closures backs up FCA competition claims

Figures on the number of new fund launches compared with closures appear to support FCA claims that there are barriers of entry and a lack of competition in the asset management sector. The number of new funds launched in the UK has held steady over the past five years, but far fewer have been closed and that […]

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Hargreaves chief exec Ian Gorham to step down

Hargreaves Lansdown chief executive Ian Gorham is to step down from his role next year. Gorham, who has been at the helm of the firm for seven years, will be succeeded by group chief financial officer Chris Hill. Meanwhile, Hill will become deputy chief executive officer from 1 October ahead of taking the chief executive […]

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Fund group bonus culture is ‘out of control’

Bonuses paid to the bosses of the world’s biggest fund groups were 15 times larger than their salaries last year,analysis reveals. Among 20 of the largest listed asset managers in Europe and the US, research by FTfm shows BlackRock’s chief executive Larry Fink and T Rowe Price chief James Kennedy had the highest level of […]