New Star is adamant that high-profile UK fund manager Alan Miller will return to the company by the end of the year.The fund company says that Miller, who hit the headlines earlier this year after losing a bitter legal battle against having to pay his ex-wife 5m in a divorce settlement, is just taking a sabb- atical to spend more time with his new family. Miller, who is joint chief investment officer, has han- ded the reins of his underperforming UK hedge fund to new recruit Guy Crossland, who joins from Investec, and will run the fund alongside New Star’s other joint CIO Stephen Whittaker. Current deputy CIO Gregor Logan takes over Miller’s joint CIO role. New Star deny that Miller’s recent underperformance was the catalyst for the switches. Miller’s hedge fund is down by 15.3 per cent over the year to date while the FTSE 100 is up by 8 per cent. Miller was previously taken off New Star UK growth after a period of underperformance. However, an insider says: “The Logan position is likely to be permanent but Miller may retake control of the hedge fund when he returns.” Miller has halved his stake in New Star over the past two quarters from around 6 per cent to 3 per cent. Hargreaves Lansdown head of research Mark Dampier says: “Being a fund manager is far more difficult than people think and if you are distracted for any reason at all, it becomes very difficult.”
The minimum standards for lenders to follow when providing mortgage payment protection insurance products are to be revamped to help to bring better consu- mer protection. The Association of British Insurers and the Council of Mortgage Lenders are finalising changes to the MPPI baseline, a voluntary code which sets out the basic cover that consumers […]
It is often worth looking at equity sectors which have underperformed over the past year or two. The worst-performing sector over the past year to July 1 has been the healthcare sector, which fell by 2.4 per cent, even underperforming the technology sector, against an average rise in all sectors of around 11 per cent.
The Association of British Insurers is supporting the abolition of the age 70 rule on protection products. The FSA’s consultation on the rule is due to end on September 6 and providers and trade bodies are expected to call for its abolition.If the rule is scrapped, Icob advisers will be allowed to sell policies maturing […]
The FSA has stripped Walsall Bridge Insurance Consultants of its permission to carry on regulated activities after it found the firm had failed to pass on received client premiums to insurers.The insurance broker’s action left clients uninsured, before the firm used the money to run the day-to-day activities of its business. The FSA has also […]
As the US continues to confound growth expectations and the eurozone’s ‘will they, won’t they’ saga has finally concluded, what are the implications for global markets? James Dowey, Neptune’s chief economist, puts forward his outlook for 2015 and the key considerations for investors.
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]