Wraps and platforms

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Profile: Old Mutual Wealth’s Carlton Hood on the right way to deliver vertical integration

If you meet Carlton Hood, Old Mutual Wealth’s customer director, don’t mention meerkats. Hood was chief executive of the price comparison website Confused.com when rival firm Compare The Market unleashed its popular ‘Compare The Meerkat’ advertising campaign in 2009. “That was the biggest challenge of my career,” he jokes. On a more serious note, Hood […]

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7IM offers direct platform for orphan clients

7IM has launched a direct platform for orphan clients who no longer have an adviser. The wealth manager says it was seeing demand from orphan clients and did not want to turn them away if they ceased to have a relationship with their adviser. The fee structure is the same as for its advised clients, […]

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Private equity firms circle £100m 7IM

Private equity firms are circling Seven Investment Management and could value the wealth manager at over £100m, Money Marketing understands. 7IM was founded by Justin Urquhart Stewart and Tom Sheridan in 2001, and has grown from a handful of employees to about 170. It runs about £8bn of assets and is owned by its partners […]

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Nucleus reports 67% jump in profits to £2.5m

Nucleus has reported a £2.5m pre-tax profit for 2014, up by 67 per cent from £1.4m the previous year. Assets under administration reached £8bn at the end of last year, an increase of 27 per cent compared to 2013. The platform says this boosted turnover by 26 per cent to £23.6m. Nucleus says it has […]

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Peter Hargreaves steps down from HL board

Peter Hargreaves has stepped down from the board of Hargreaves Lansdown, the firm he co-founded with Stephen Lansdown in 1981, with immediate effect. Hargreaves says he wants to spend more time with his family and pursue other interests but will remain “in close touch” as a major shareholder. He says: “I believe this is the […]

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Pru in talks with Bravura over UK platform launch

Prudential is in talks with technology provider Bravura about supporting its long-awaited platform launch, Money Marketing understands. However, a Pru spokesman says the offering is unlikely to be unveiled until the end of 2015. He says: “It is not a platform in the investment sense; it is administration.  “Over the past year or so, we have […]

Ian Taylor

Transact reports £17.8m profit as assets grow 20%

Transact has reported a pre-tax profit of £17.8m for the year to 30 September 2014, as assets under administration grew to £17.1bn. The platform’s profit is up by 5 per cent compared to £16.9m in 2013. Assets under administration increased by 20 per cent from £14.3bn in 2013. Gross inflows averaged £259m per month in […]

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Old Mutual marketing head Mike Barrett exits for The Lang Cat

Old Mutual Wealth platform marketing manager Mike Barrett is leaving the provider to join The Lang Cat. Barrett will join the platforms, pensions and investment consultancy in June after 18 years at Old Mutual. He will be based in the south of England and will cover London and the home counties, with a particular focus […]

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Holly Mackay: Platform price wars episode II – attack of the clones

With the advent of the RDR and the kiss goodbye to commission, direct platforms entered a period of slash and burn, reducing their administration charges throughout 2014. In the run-up to this April, with a continued anticipated swing towards drawdown products at the expense of annuities, we are now seeing the start of a second […]

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TD Direct adds guidance to execution-only offering

Execution-only broker TD Direct Investing is to offer its customers guidance after receiving regulatory approval for a change in permissions. Last month the firm said it had applied to the FCA for advice permissions and wanted to provide customers with “non-personal, online advice”. In an announcement today, TD Direct says its non-personal guidance will better […]

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FNZ UK chief Martin Jennings to exit

FNZ UK and Europe chief executive Martin Jennings is to leave before 2016.  Jennings was previously managing director of the Axa Elevate platform, and joined the technology firm in May 2011 to serve as chief operating officer for Australia and New Zealand, later becoming UK and Europe chief executive in December 2013. Jennings’ responsibilties will […]