Bankhall is not for sale, according to joint chief executive Paul Hogarth, despite fierce market speculation that it is being sold off.The support services provider has faced internal upheaval following £70m of business being written off as goodwill by Skandia Sweden last year. Bankhall is currently valued at £110m, having been sold by Skandia for £180m. Last month, its network arm Investment Strategies Limited closed in a streamlining operation, with 638 registered individuals given the option of going direct or finding another solution. Industry sources say they are not surprised that rumours have started and this would be the third time that Hogarth and his partner Simon Taylor have tried selling back the business. Hogarth says: “We are not for sale, nor have we any plans to be. The goodwill write-off could be rec-ouped in any manner of ways. It is not necessarily just by sale.”
F&C has lost management of the 227m F&C Pacific investment trust to Witan, which will adopt a multi-manager approach.
The Financial Services Authority has fined City Index Ltd 35,000 for producing misleading financial promotions for spread betting and contracts for differences between September and November 2003. The firm has also been fined for failures in its systems and controls that allowed promotions to be distributed. The FSA says this promotional strategy had the potential […]
One book which was obligatory reading for financial advisers in the 1970s was Frank Bettger’s How I Raised Myself from Failure to Success in Selling Life Assurance. Apart from the snappy title, the book made a lasting impression with me in that Bettger stated that when declining to follow your advice, people will always proffer […]
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Royal Bank of Scotland has joined rivals like HSBC in launching an automated investment advice service for more than five million customers. The bank claims to be the first bank in the UK to launch a “fully regulated” robo-advice service, which will be under its NatWest brand. The service, live from Monday, is targeted at […]
There is nearly £8.5bn in “drifted” legacy UK equity income funds that have underperformed against the sector over the past decade, research has found. As the fund management industry awaits Mifid II next year, Morningstar has analysed the competitive UK Equity Income sector on behalf of Money Marketing and found about 10 per cent of the sector’s […]
Old Mutual Global Investors has appointed Freddie Woolfe head of responsible investment and stewardship, reporting into chief executive Richard Buxton. Woolfe joins from Newton Investment Management, where he was a responsible investment analyst primarily covering the healthcare and technology, media and telecommunications sectors. Previously he held roles at Hermes Equity Ownership Services and HSBC. Woolfe will […]