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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Drawdown and individual pension sales at Royal London rose by more than 60 per cent in the first half of 2017, but the provider has hit out at the non-advised market for failing to protect customers. In its results this morning, Royal London said that it had seen a particular boost to individual pensions and […]
Pimco has followed in the footsteps of its US rivals Vanguard and JP Morgan Asset Management to announce it will absorb research costs under Mifid II. The California-headquartered bond manager would not comment on the hit to revenues, Financial News reports. JPMAM confirmed last week it would absorb the costs when the European regulation comes into place at the […]
What does “restricted” advice really mean nowadays? Some see this as a question of semantics, others one of outcomes. Either way, the debate was reignited again a few weeks ago by consumer group Which? and its probe into St James’s Place. In a mystery shopping exercise, it found three of the 12 advisers visited did not […]