The Money Portal is expected to announce a new chief executive next week after former CEO Tony Morris was forced to resign last week by the Department of Trade and Industry.Morris resigned in advance of a court case brought by the DTI concerning his role as director of 11 firms, seven of which have been dissolved and three of which went into liquidation. One of the companies, Defleet Holdings, was run by Morris with former TMP director Andrew Ritchie. Ritchie stepped down as a director of TMP in March and is now being sued by the company for alleged breaches of contract along with another former director, John Fairclough. TMP is trying to raise money to fund future acquisitions and has received funding from US investment bank Bear Stearns. Since being founded four years ago, TMP has amassed 1.4bn of assets under management and has made several acquisitions including Willis Owen and Bates Investment Services. TMP managing director Richard Craven says: “New board appointments will be announced next week following our next meeting with the regulator but I cannot confirm further details until then.”
Most landlords are investors and not speculators and are growing their portfolios at a rate of one property a year according to research from Mortgage Trust. The survey of 350 independent residential landlords shows that in May 2005 landlords held an average of 7.5 properties in their portfolios, up from 7.1 in January and anticipate […]
Invstec has appointed Mark Wynne-Jones from UBS Wealth Management to join its UK contrarian team, reporting to Alastair Mundy. Wynne-Jones was director of wealth management research at UBS and was previously a fund manager at Cavendish Asset Management.
Amvescap is giving new chief executive Marty Flanagan a pay deal worth 28m after recruiting him from Franklin Resources. His 450,000 salary is supplemented by a 2.6m performance-related bonus and 25m in shares. The firm, which owns Invesco Perpetual, is rumoured to be the continued target of a takeover by Canadian fund manager CI Financial.
Ice cream and fish fingers may not seem the most glamorous introduction into the world of finance but Sanjeev Shah’s graduate trainee job at Birds Eye Walls, with Unilever as a commercial analyst clearly set him on the right career path.
Rob Burnett, Head of European Equities, Neptune An inflection point was reached during the middle of 2016 as investors realised that interest rates simply could not fall any further. We believe this was the catalyst for the outperformance of value strategies over quality growth, with the share prices of banks, materials companies and energy stocks […]
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The FCA has announced two new co-directors for its financial advice and life insurance supervision. FCA director of competition Deb Jones and Nest Corporation executive director Debbie Gupta will be taking on the co-directorship in May. Prior to her position at the FCA, Jones was a director at the Office of Fair Trading for eight […]
A decade ago, I went through the pain of switching utility providers. Deterred by a catalogue of errors, it is only recently, after a house move, that I tried again. I was pleasantly surprised by how easy it was. It has made me think about how complex and expensive it is to switch in financial […]
It has never been more important to encourage saving. But advisers know only too well how challenging the complexities of the UK savings and pensions landscape make it for people. Any trends towards simplification would be welcome, but unfortunately recent developments have moved in the opposite direction. Take Isas, for example. Their simplicity has always […]