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KPMG to lead UBS fraud investigation

The FSA has appointed KPMG to head an independent investigation into the UBS £1.5bn unauthorised trading scandal.

The Financial Times reports that people familiar with the matter say the regulator and the Swiss Financial Market Supervisory Authority have asked the auditing and consulting firm to investigate the alleged unauthorised trading by UBS trader Kweku Adoboli.

KPMG will also investigate suspected control failures which allowed the activity to go undetected and examine the strength of UBS controls preventing unauthorised trading in its investment bank.

The UBS board has met in Singapore to decide on a restructuring of the firm’s investment bank and overhaul of risk management.

Adoboli appeared in court in London on Thursday, facing four charges of fraud and false accounting.


JO Hambro plans equity fund in US

JO Hambro Capital Management is planning a US equity fund run by US-based managers in the next three to four years. Chief executive Gavin Roch-ussen says the firm, which currently manages £7bn of assets, has the capacity to manage £12bn. He says: “You have to have a presence in the US to credibly manage US […]


LibDem conference: Steve Webb targets “value for money” in pensions

Steve Webb has reiterated the Government’s intention focus on “value for money” in pensions as the DWP looks to clamp down on high pension charges and cash-incentivised pension transfer deals. The pensions minister (pictured) has previously highlighted concerns about the impact of charges on peoples’ pension pots, raising the possibility of introducing a cap on […]

Martin Davis: “We want a clean share class….it is not complicated’

Cofunds has rejected suggestions that Fidelity FundsNetwork upstaged its unbundled pricing model by revealing the fund manager fees it receives, saying the move is “completely irrelevant”. Last week, Cofunds revealed the details of its unbundled charging structure which is made up of a £40 annual charge in addition to a sliding scale of annual management […]

Too big to fail

Aviva’s fund arm has carried several brands down the years but a global restructure in 2008 gave the group fresh impetus to carve out its own investment identity. Under these changes, the group made asset management into one of three Aviva pillars, sitting alongside life and pensions and general insurance arms. As part of this, […]


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