Treasury financial secretary Mark Hoban’s comments likening the current required qualification level for IFAs to a diploma course offered by McDonald’s are offensive and betray a lack of knowledge about financial services, says SimplyBiz. Hoban made the comments in a Westminster Hall debate this morning which addressed the RDR’s impact on advisers. SimplyBiz managing director […]
Morgan Stanley IQ has reissued three six-year structured products based on FTSE 100 index performance, of which two have the potential to kick out after three years with the option to stay invested until maturity.
Old Broad Street Research co-founder Richard Downs is to take early retirement on October 22 thanks to the sale of the firm to Morningstar. Co-founder Richard Romer-Lee, currently research director, is to become a joint managing director with Nigel Whittingham, currently develop-ment director. Downs says: “OBSR has been a major part of my life, so […]
Invesco has sealed a deal to acquire OppenheimerFunds as the firrm looks to break into the top 10 global investment managers. The deal will see OppenheimerFunds parent Massachusetts Mutual Life Insurance Company sell the asset manager to Invesco, with MassMutual taking a 15.5 per cent stake in Invesco in return. Invesco will manage $1.2trn (£920bn) […]
Advice firm consolidator Newell Palmer has acquired midlands IFA Sense Wealth Management in a deal adding another £35m to its funds under management. The purchase is the 51st acquisition made by Newell Palmer since it began trading in 1993. The £35m is split between around 100 active clients from Sense, who will all transfer over […]
Three directors have been named to the board of the newly-launched Single Financial Guidance Body. The Department for Work and Pensions has appointed former National Employment Savings Trust chief executive Tim Jones and Royal Bank of Scotland director for products Moray McDonald as non-executive directors. University of Bristol emeritus professor Elaine Kempson will also join the board. […]