Europe

Allianz launches ‘outperformance’ fee

Allianz Global Investors has launched a performance fee structure on five of its UK funds in response to the competition with passive providers and an increasing transparency clampdown. The ‘outperformance fee’ share class will charge a fixed fee of 20 basis points and a performance fee of 20 per cent that will apply only if the […]

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Moneybox mulls Sipp launch

Mobile savings app Moneybox is eyeing the launch of a Sipp, joining other digital wealth managers entering the retirement arena, Money Marketing understands. Moneybox allows customers to allocate small amounts of savings towards investment plans by rounding up card payments to the nearest pound. In April 2016, Moneybox was among the small number of direct-to-consumer […]

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FCA: IFAs can sit on fund group boards as independent directors

The FCA has confirmed that appointing financial advisers to be independent directors on the boards of asset management firms would not necessarily breach conflict of interest rules. In new rules the FCA put forward to improve the asset management sector earlier this month, the regulator said it wants fund houses to hire independent directors to […]

FCA warns of fraudulent Jupiter clone firm

The FCA has warned consumers that a scam firm has been pretending to be Jupiter Asset Management. The clone firm, has been operating under the name of “Jupiter Fund Management” but is not related to the real Jupiter. According to the FCA, fraudsters are using the details to convince people they are an authorised firm. Jupiter […]

Volatility fears take multi-asset fund sales to £1bn

High market volatility in February resulted in more retail investors using multi-asset fund managers and pushing net sales up to £1bn, new figures show. Data from the Investment Association tracking net retail fund sales in February show investors avoided both bond and equity funds with £235m and £136m outflows, respectively. In early February the US […]

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FCA to probe Aviva preference shares plan

The FCA has launched a review to examine if Aviva‘s plan to cancel its high yielding preference shares broke market abuse rules. Investors pressured Aviva to scrap its plans to cancel £450m of high-yielding preference shares at par value, Last week the insurer said it was not going ahead with the plans. Cancelling the plans […]

EU ban on binary options sales get FCA backing

The European Securities and Markets Authority has introduced a series of measures to restrict the marketing of contracts for difference and ban binary options to retail investors. The limitations, also backed by the FCA, mean that there is a greater protection for investors including restricting the use of leverage and incentives, and more risk warnings on […]

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Aberdeen Standard Investments to launch €1bn private equity fund in joint venture

Aberdeen Standard Investments has established a joint venture with Italian investment manager 21Partners to launch a direct €1bn private equity fund. The joint venture, called 21 Aberdeen Standard Investments Limited and made up of six people, will manage a fund targeting “active non-controlling interests” and support growing companies in Europe. The fund, which will launch […]

European watchdog: No evidence of systemic issue with transaction costs reporting

The European Securities and Markets Authority has not yet seen evidence of systemic disruptions created by new reporting rules on fund costs despite mounting industry pressure for a review. Since 3 January under Mifid II, asset managers have had to reveal and openly state how much they are charging investors when they buy and sell investments […]

FCA disclosure panel forms new group with pensions focus

The FCA panel in charge of creating a template to better disclose fund charges and costs has created an additional group to work on the complex data collection in the defined benefit and defined contribution pension space. The institutional disclosure working group, chaired by transparency champion Chris Sier, has published an update on its work saying more needs […]