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Intrinsic founder Richard Freeman announces retirement

Intrinsic founder and former chief executive Richard Freeman will retire from the business in June 2018. Freeman signaled in 2015 that he would leave the advice network at some point in early 2017. Intrinsic former managing director Andy Thompson replaced him as chief executive in December 2015, with Freeman remaining at the firm as an executive […]

Transact reduces charges

Transact has reduced its annual charges and aligned them with the cash rates it applies. Alongside the charge cut, which will affect new and existing clients, three of the platform’s rates for cash deposits will increase at the same time. The changes, which will apply from 1 April next year, will see all portfolios with […]

LEBC launches graduate academy

LEBC Group has launched an academy for graduates to help reinvigorate the UK advice community. Candidates will receive training on technical knowledge, compliance, financial planning, pension, investment and protection. The academy, which will be based in Hull and Reading, will lead to a six-role path starting from entry level client support up to become a chartered […]

Old Mutual buys fifth advice firm in a year

Old Mutual Wealth Private Client Advisers has sealed its fifth acquisition this year with Yorkshire-based single-adviser firm Coleman Clough. The deal will add £33m assets to Old Mutual’s national advice firm. Following the move, Coleman Clough’s founder and sole adviser Roy Clough will retire but will stay in the firm to allow the clients to […]

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Aberdeen to announce job cuts

Aberdeen Asset management is to announce job cuts at the end of the month but says investment roles will be spared. In its annual results later this month, the asset manager will announce “a small number of roles” will be cut, the Financial Times reports. This is mainly as a result of the firm’s acquisition […]

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Fed official raises concerns over US growth

A Federal Reserve policymaker has warned stockmarket volatility and falling commodity prices could deal a setback to US growth. The FT reports that president of the Boston branch of the Fed Eric Rosengren has suggested US growth forecasts may need to be reduced as a result of the market volatility seen in China and a sharp contraction in Chinese manufacturing. […]

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Kleinwort Benson profits surge as revenue rises 58%

Kleinwort Benson Investors, the Dublin-based asset management boutique, has seen its revenue stream growing to €24.6m (£17.9m) for 2014, according to its annual results published today. The asset manager, which is part of BHF Kleinwort Benson Group SA, registered a 58 per cent increase in its revenue year on year.  KBI’s assets under management reached £5bn at […]

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UBP to buy RBS’ Coutts International

Swiss private bank Union Bancaire Privée has confirmed it is to acquire Coutts International, RBS’ international private banking and wealth management arm. The sale, which follows RBS’ decision to create a UK-focused bank, includes business managed from Switzerland, Monaco, the Middle East, Singapore and Hong Kong, and assets under management of over CHF30bn (£22bn). RBS commercial and […]

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New York beats London as top finance centre, again

New York, London, Hong Kong and Singapore remain the four leading global financial centres, according to researchers. The latest Global Financial Centers Index shows that New York continues to be the leading global financial centre, but only beat second-place London by one point on the 1,000 point scale. Both cities moved up seven points compared […]

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Oil prices ‘unlikely’ to return to previous highs

Oil prices dropped around a percentage point in early Asian trading after Saudi’s Opec governor said it would be hard to recover to previous oil price highs. Saudi’s Opec governor Mohammed al-Madi believes that hitting the $100 to $120-a-barrel mark again would be “difficult”, the BBC reports. He also said Saudi Arabia would not ’unilaterally’ cut its output to […]

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Aviva sells stake in Spanish JV for £226m

Aviva has sold its stake in Spanish joint venture CXG Aviva to NCG Banco for £226m. The firm has recently sold a series of business units in different jurisdictions as part of an ongoing restrcuture.  It sold its Turkish general insurance business in March and Aviva USA including life and pensions and asset management in 2012. […]