Wealth management

Apple

Former Sesame boss launches DFM

Former Sesame Bankhall chief executive George Higginson and ex-HSBC global head of wealth insurance Geoff Brooks have launched a discretionary fund manager. Alpha Beta Partners offers a range of actively managed and passive portfolios investing in ETFs, investment trusts and direct securities. The business was originally launched last year by Kevin Doran under the name […]

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Rathbones to drop Speirs & Jeffrey name after £104m acquisition

Scotland’s largest independent wealth manager Speirs & Jeffrey will change its name after its £104m acquisition by Rathbones. Rathbones announced this morning it is buying Speirs & Jeffrey, which has funds under management of £6.7bn. The initial consideration of £104m comprises £79m cash and £25m through the issue of new Rathbone shares. Rathbones is also lining […]

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Moneyhub signs integration deal with Intelliflo

Technology provider Moneyhub will now use Intelliflo’s application programming interface for its advisers. Integration onto the API will allow for advisers to access real-time information of client’s managed pensions and investments. Advisers will also be able to link investments they manage and see clients’ spending and savings patterns. The Big Interview: Moneyhub chief executive on […]

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FCA: IFAs can sit on fund group boards as independent directors

The FCA has confirmed that appointing financial advisers to be independent directors on the boards of asset management firms would not necessarily breach conflict of interest rules. In new rules the FCA put forward to improve the asset management sector earlier this month, the regulator said it wants fund houses to hire independent directors to […]

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Rathbones in talks to buy fellow investment manager for £200m

Rathbone Brothers has confirmed it is in takeover talks with Scottish investment manager Speirs & Jeffrey in a potential deal worth £200m. In a stock exchange announcement released this morning, the group says it “regularly assesses various acquisition opportunities in line with its stated strategy”. However, it states that no binding offer has been made […]

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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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Aberdeen Standard Investments to launch €1bn private equity fund in joint venture

Aberdeen Standard Investments has established a joint venture with Italian investment manager 21Partners to launch a direct €1bn private equity fund. The joint venture, called 21 Aberdeen Standard Investments Limited and made up of six people, will manage a fund targeting “active non-controlling interests” and support growing companies in Europe. The fund, which will launch […]

European watchdog: No evidence of systemic issue with transaction costs reporting

The European Securities and Markets Authority has not yet seen evidence of systemic disruptions created by new reporting rules on fund costs despite mounting industry pressure for a review. Since 3 January under Mifid II, asset managers have had to reveal and openly state how much they are charging investors when they buy and sell investments […]

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Fund figures show decline in platforms’ dominance

Platforms’ retail distribution dominance has declined in the past year, according to the latest Investment Association figures. In January, intermediaries including IFAs and wealth managers made gross retail fund sales of £8.1bn, representing an increase in market share of nearly 10 percentage points year-on-year, to 35.7 per cent from 27.4 per cent in January 2017. […]

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Rory Percival to join SimplyBiz investment committee

Former FCA technical specialist Rory Percival is to join SimplyBiz on the investment committee of its new investment advice service. SimplyBiz has enlisted a number of industry heavyweights to the committee of its newly created Centra service. Percival will provide external governance and compliance oversight in the team. Joining him on the committee is Defaqto […]