Company news

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More investors follow Royal London into Metro Bank rebellion

Investment adviser Glass Lewis has joined Royal London in opposing the re-election of Metro Bank chairman Vernon Hill. Metro Bank is in the midst of a shareholder rebellion following findings that £4.6m in fees for architectural, banking and marketing services were paid to architect InterArch, run by Hill’s wife, Shirley. Royal London Asset Management holds […]

Old Mutual Wealth confirms name change

Old Mutual Wealth Management has officially changed its name to Quilter ahead of its plans to list and separate from Old Mutual. The business’s subsidiaries will be re-branded to Quilter over a two-year period after the separation. In the meantime it will continue to use the names Old Mutual Wealth (UK Platform/Life Assurance), Old Mutual […]

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Aviva Investors confirms end of trail commission

Renewal and trail commission is being traded in for a single fee for advisers using Aviva-branded funds from 30 June. Norwood Financial Services partner David Frost contacted Money Marketing saying advisers were not duly warned of the changes by Aviva Investors before being contacted on 7 February. Frost says: “I do not recall anything that allows […]

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Aviva’s Briggs to pocket £1m bonus for 2017

Aviva Insurance chief executive Andy Briggs will take home an extra £1m in bonuses on top of a basic salary of £726,000 for 2017. The bonus is one part of Briggs’s £2.5m remuneration package, which also includes  benefits and pensions contributions. Commenting on Briggs’s work in its remuneration committee report, published today, Aviva says there was […]

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Seneca Partners sends Mifid II 10% drop note on EIS product

Another investment manager offering enterprise investment schemes has alerted clients of a 10 per cent drop in value for one of its portfolios following new Mifid rules. Mifid II, which came into force on 3 January, requires firms to notify clients when the overall value of their portfolio, relative to its value at the beginning of each reporting […]

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Harwood Wealth Management buys Southampton IFA

Harwood Wealth Management Group has bought Southampton IFA AE Financial Services for £4.6m. An initial payment of £2.4m plus £1.54m of net cash balances was paid on completion of the deal and a deferred payment of £2.2m will be paid in two lots over the next 24 months, dependent on AE’s performance. The acquisition has […]

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SimplyBiz to IPO next month

SimplyBiz Group will float on the London Stock Exchange next month with a market capitalisation of £130m. The company has raised a before-expenses total of £30m from an institutional placing of 17,670,149 ordinary shares at a placing price of 170p, as well as £34.6m for selling shareholders though an institutional placing of 20,362,228 ordinary shares […]

The future of Standard Life Aberdeen

Distribution head Campbell Fleming is confident the firm can keep huge mandates while ouflows persist Standard Life Aberdeen is optimistic that it can hold on to the £109bn mandate it runs for Scottish Widows as the giant asset manager looks to stem a stream of outflows and build its future. In a wide-ranging interview with […]

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Aviva boss joins BlackRock board

Aviva chief executive Mark Wilson has joined BlackRock’s board, alongside two other new independent directors. BlackRock chief executive Laurence Fink says Wilson’s experience in UK and European financial services will be a “tremendous benefit to BlackRock’s management, clients and shareholders”. General Atlantic chief executive Bill Ford and Microsoft vice president Peggy Johnson also join the […]