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FCA fines Merrill Lynch International £13m over transaction reporting

The FCA has fined Merrill Lynch International £13.3m for transaction reporting failures. The regulator says MLI incorrectly reported over 35 million transactions, and failed to report a further 121,387 transactions between November 2007 and November 2014. The fine is the highest ever imposed by the regulator for transaction reporting failures. The FCA says the size […]

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Rathbones’ Q1 outflows hit £414m

Rathbones’ total funds under management rose 6.3 per cent to £28.9bn at the end of the first quarter, but outflows at the unit were up 17 per cent. Total funds grew from £27.2bn in December 2014, rising 26.8 per cent year-on-year, according to the firm’s results for the first three months of 2015. However, outflows at the division […]

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Bellpenny acquires two more advice firms

Adviser consolidation firm Bellpenny has completed two further IFA acquisitions for an undisclosed sum. The deals, for Caledonia Edinburgh Limited and Midlands-based firm Rawson Steele IFA, add £84m in funds under management to Bellpenny. The business as a whole is now responsible for over £3bn in investor funds. Caledonia Edinburgh adviser Lynn Healy will transfer […]

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Aegon UK managing director David Macmillan to exit

Aegon UK managing director David Macmillan is set to leave his role in the summer to join the firm’s US business, Money Marketing can reveal. Macmillan, who is also chief marketing officer at the provider, will join Transamerica later this year to become chief customer experience officer. An Aegon spokesman says: “David Macmillan has been promoted to […]

US election

Capital Market Notes, November 2016 David Lafferty, chief market strategist at Natixis Global Asset Management, looks at the impact on markets and portfolios since the somewhat surprising outcome of the US election. Click here

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