Old Mutual Plc has revealed the prices in its global offer for shares in the former Old Mutual Wealth. The price range has been set between 125 pence to 155 pence per ordinary share. Now rebranded to Quilter, under Old Mutual’s managed separation strategy the business will be the first breakaway from the parent group to […]
The Treasury select committee says it has ‘lost confidence’ in the leadership of TSB chief executive Paul Pester for failing to tackle a string of IT failures at the bank. The MPs believe that Pester did not give adequate explanation of the problems faced and how to solve them at a hearing earlier this week, […]
With more than 150 years of history behind the Old Mutual brand, what does the future hold for its advice, investment and platform arms as the group prepares to split?
St James’s Place chair Sarah Bates will retire from the wealth manager after 14 years with the firm. Bates will be replaced by current senior director Iain Cornish in her capacity as chair, while SJP also looks to appoint a new non-executive director to the board. Bates became chair in 2014 and oversaw the transition […]
Aim-listed advice and investment firm Harwood Wealth Management has continued its run of acquisitions with a deal to buy an Ascot-based retirement advice specialist. Harwood has acquired the assets of Plan65 for up to £1.56m depending on performance, with an initial payment of £810,000 coming out of Harwood’s existing cash reserve and the rest of […]
Old Mutual Wealth is expecting to list on the London Stock Exchange as Quilter on 25 June, according to an investor prospectus, as the chief executive of parent company Old Mutual has resigned. Bruce Hemphill, who has been Old Mutual group chief executive since November 2015, resigned from the boards of Old Mutual Group and […]
Lloyds Banking Group is closing a further 49 branches, resulting in the loss of 305 jobs. In total more than 1,230 jobs will disappear from its branch network and central office. But the UK’s largest bank says it is also creating 925 new roles and existing employee will be encouraged to apply for these positions. […]
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 […]
Aegon’s chief distribution and marketing officer, Mark Till is taking over the role of managing director for Aegon Digital Solutions, where he will oversee the platform’s workplace and protection businesses as the company continues its digital restructure. Till, who held multiple positions with Barclays for 22 years and has also spent time in marketing and […]
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 […]
Aviva has apologised after a website issue left some advisers unable to submit applications on behalf of clients last week. Money Marketing understands online access was disrupted until at least 5:30pm last Friday. It is understood some advisers were unable to submit applications on behalf of clients, for example, life and critical illness cover applications. […]
Aviva has acquired Irish pensions, life and investment provider Friends First Life Assurance Company for £116m. Friends First is currently owned by Dutch insurer Achmea Holding and has a 6 per cent market share. The deal makes Aviva one of the biggest composite insurers in Ireland. The amount Aviva has agreed to pay for the […]
The British financial advice sector arguably faced its most difficult period in the 1980s and 1990s. Advisers have been collectively working since then to regain the trust of the public and promote the need for expert advice, while working under tightening restrictions designed to improve ethical conduct and increase client protection. During the same period of […]
Lloyds Banking Group revealed a bold three-year strategic plan last week, placing financial advice and pensions at the front of what it calls a “transformation for future success”. Shifts in the group’s focus have been high on the news radar of late, with its pensions arm Scottish Widows also set to review its asset management […]
St James’s Place’s 2016 results dropped a few weeks ago, and it proved to be another bumper year for the advice market giant. SJP reported profits of £140.6m, alongside record gross inflows of £11.4bn over the year. But the firm has come under fire in recent months over complaints and charges. Money Marketing has dug into the […]
You might not expect the chairman of a large adviser network to admit he was interested in Marxism as a young man, yet Sesame Bankhall Group’s John Cowan is very open about his past. Then again, not every financial services boss was raised in tenement housing without hot water or central heating, and with one shared […]
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It’s not easy to restructure a £110bn company. Old Mutual’s separation and rebrand has been two years in the making and has another two to go before the advice and platform businesses planners know so well fall under the new banner of Quilter. It’s not an accident that Old Mutual took the Quilter name – […]
The digital revolution has brought unprecedented opportunity to communicate but financial services seem more remote than ever to the UK public. Years ago, there was a strong correlation in the minds of the UK general public between financial matters and bicycle clips. In the days when milkmen delivered dairy products daily to the doorsteps of […]
Things are moving fast over at the newly merged Standard Life Aberdeen. The very first results for the combined company hit the wires this morning and, finally, a clear strategic direction is emerging. Overall, there were net outflows. Not a great start, particularly given Scottish Widows’ parent Lloyds’ decision to pull its £109bn mandate earlier […]