Aviva puts 120 jobs at risk of redundancy
The proposals affect 86 people based in Southend and 34 people employed in field work across the UK
Embark bolsters team with James Hay and Coutts hires
Chris Smeaton joins as commercial marketing group head from James Hay
DFM Tatton to float as part of Paradigm Group
Tatton Asset Management is set to float on the London Stock Exchange next month, bringing both its DFM service and support service network Paradigm to the public market. Tatton hopes to raise £50m from the deal. The firm will list as Tatton Asset Management, splitting into three subsidiaries: Tatton Capital Limited for DFM services; Paradigm […]
Coutts plans simplified advice service
Coutts, the 325-year old private bank, has confirmed it is eyeing the launch of an automated advice service aimed at the pension and retirement market. Camilla Stowell, the head of Coutts International and Coutts Private Office tells Money Marketing the Queen’s bank, which has recently launched an online investment hub for its clients, is working […]
Tilney assets double as acquisitions boost coffers
Tilney saw its assets under management and revenue more than double last year on the back of major acquisitions. Assets were up 138 per cent and revenues up 209 per cent, boosted by the acquisitions of Ingenious Asset Management and Towry Group, which completed in April and July respectively. Assets under management were £22.4bn in 2016 […]
SJP pensions boost drives assets to £80bn
St James’s Place’s acquisition of discretionary fund manager Rowan Dartington and a boost in its pension business has taken its funds under management to nearly £80bn. In a trading update this morning, SJP reported gross pension inflows were up a quarter from £1.18 billion to £1.47 billion for the three months to the end of […]
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Just chief Cook takes home £2.6m following merger
Just group chief executive Rodney Cook took home a total pay package of £2.6m in the 18 months ending 31 December 2016. JRP Group, formed following the merger of Just Retirement and Partnership, rebranded to Just in January. Cook was formerly chief executive of Just Retirement Group. The salaries of senior employees were reviewed to take into […]
Royal London takes £44m platform upgrade hit as profits jump
Royal London recorded a 16 per cent increase in operating profit to £282m for 2016 as new life and pensions business grew by 28 per cent. However, the results statement shows how wrap platform Ascentric’s replatforming project has impacted Royal London’s balance sheet. The statement says Royal London took a £44m hit on “uncovered business” […]
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Intrinsic could prune riskier advisers from network
Old Mutual Wealth-owned network Intrinsic says it has no “programme” to de-authorise members amid speculation it is seeking to axe those it considers risky. Money Marketing understands from a source close to the firm that the network is looking to cut underperforming advisers that are deemed a risk to the business. Intrinsic has 3,300 advisers […]
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Analysts warn vertical integration will face regulatory pressure
Analysts have warned vertical integrated firms risk falling behind rival wealth managers as regulatory scrutiny is set to intensify. The FCA has recently called into question whether firms such as St James’s Place, Standard Life, Old Mutual Wealth and Hargreaves Lansdown promote their own funds to advisers for their own interests or the end consumer’s. […]
Intrinsic to acquire Caerus network
Old Mutual Wealth-owned Intrinsic is to acquire financial advice network Caerus The deal, which is expected to complete in the second quarter of this year, is awaiting agreement from Caerus shareholders and regulatory approval. Caerus has more than 300 advisers who manage more than £4bn of client assets. Intrinsic currently has 3,300 advisers. According to […]
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Five DFMs target adviser due diligence in new taskforce
Five UK discretionary fund management firms have joined forces to educate advisers on DFMs due diligence. The DFM Alliance, which will start free continuing professional development conferences in June across the UK, is made of representatives from Brewin Dolphin, Brooks Macdonald, Investec Wealth & Investment, Quilter Cheviot and Rathbones. The firms collectively manage over £130bn […]
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SJP under the microscope: Where does the profit come from?
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 […]
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The Big Interview: Sesame’s John Cowan on Marxism and advice machines
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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Should advisers leave fund selection to the experts?
In a recent article titled ‘Are advisers doing their homework on fund selection’, Money Marketing editor Natalie Holt raised the potential threat of an FCA thematic review if advice firms don’t improve their fund selection processes. She also highlighted a number of challenges advisers face when attempting to do so. The piece confronted a number […]
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Will Bellpenny’s ambitious independence play pay off?
The words “independent advice” don’t normally conjure up images of a £3.5bn national behemoth acquiring other firms at a rate of roughly ten a year. That’s why consolidator Bellpenny’s decision to launch an independent advice arm will come as a surprise for many. The traditional notion of independent advice seems at complete odds with […]
