Schroders, which is selling its investment banking business to Citigroup, is putting aside £200m to establish a private banking arm of its asset management business.
Schroders is also saving a “three figure” sum for establishing a new strategy to co-invest in the group's products.
But the markets reacted cautiously to the organisation's global plans as shares sank 78p to £12.36 yesterday.
Scottish Equitable owner Aegon UK is to sponsor a Scottish charity spectacular featuring world famous tenor Jose Carreras.The opera singer's December 8 appearance, in the inaugural concert at the newly refurbished Usher Hall, Edinburgh, is aimed at raising money for Leukaemia. It will be the first time in nearly 20 years he has performed in […]
Clerical Medical is predicting a massive cull in the number of IFA firms operating in the UK, believing the number will be nearly halved in three years. The company claims the current 4,500 IFA firms will be slashed to 2,500 by 2004 as firms either go out of business, consolidate or tie with providers. The […]
Financial adviser Grant Thornton is claiming small company workers left out of the stakeholder should act now to organise their future provisions.From April 2001 the stakeholder will have to be offered by companies with five whi employees or more.About 750,000 employees will be left to sort out their own financial affairs.GT has issued advice for […]
The Government is stepping up pressure on banks to help poor families manage their money.In a speech to the Chartered Institute of Bankers, education and employment secretary David Blunkett is set to ask banks to support initiatives to combat poor financial planning.Blunkett is also expected to call for more support for the Money Advice Trust, […]
Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]
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Former home secretary Amber Rudd is set to return to the cabinet as work and pensions secretary, according to reports. The appointment follows the departure of Esther McVey yesterday over her refusal to back the government’s draft Brexit deal. According to reports, Rudd, a remainer, was offered the job after environment secretary Michael Gove spent […]
The FCA has written to all former clients of Avacade Limited, an unregulated pension introducer, to inform them about its legal action against the firm and its directors. In November 2017 the FCA said it would start civil proceedings against Avacade Limited, now in liquidation, and its three directors Craig Lummis, Lee Lummis and Raymond […]
As new disclosure rules bring the full extent of protection commissions into the spotlight, experts are asking if this will see clients ditch their advisers in favour of execution-only services. Under the Insurance Distribution Directive, from 1 October advisers have had to provide clients with information before a product sale about any commission received, which […]
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