Smith & Williamson is returning to its roots with the opening of a new fund management office in Glasgow.The independent investment management, financ- ial advisory and accounting group was founded in Glasgow in 1881. Director David Reid will be responsible for the open- ing of the new office, which is scheduled for the final quar- ter of 2005. Reid was previously with NCL Investments from 2000, before it merged with Smith & Williamson in 2002. The firm, whose investment management activities have been concentrated in the City of London for many years, says it sees Glasgow as growing in importance, making it a logical choice for a base for its Scottish operations. Deputy chairman Christopher Lyttelton says: “We feel that our approach, which is to service the investment needs of our clients as individuals, will be well received in the Scottish market. “This priority distinguishes us from many other investment management businesses.” Reid says: “We are very excited about the business prospects in the city and we look forward to making a genuine contribution to Glasgow’s financial community.”
Public sector workers now out-earn their priv- ate sector counterparts by 17 per cent, as well as receiving typically better pension arrangements, according to research by the Chartered Institute of Personnel and Development.
FSA chairman Callum McCarthy says he wants to take money-laundering rules out of the regulator’s handbook, allowing firms to create their own controls. Revealing the first phase of the FSA’s programme to simplify the handbook and remove unnecessary rules, McCarthy says he wants to scrap or change requirements that are more restrictive than needed to […]
Sesame turnover is down five per cent on last year with profits falling by 2m but RI numbers have increased 20 per cent. Revenues fell from 335m last year to 319m but the network says performance is in line with expectations.Operating profits fell 4m to 6m since 2004.It has experienced high volumes of endowment complaints […]
City-based stockbroker Wills & Co is promoting the advance funds, a fund of enterprise investment schemes.
Most investors are better off than they were 12 months ago despite the summer’s volatility. Will next year bring the (delayed) global slowdown? Artemis’ senior partner weighs up the factors.
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Another investment manager offering enterprise investment schemes has alerted clients of a 10 per cent drop in value for one of its portfolios following new Mifid rules. Mifid II, which came into force on 3 January, requires firms to notify clients when the overall value of their portfolio, relative to its value at the beginning of each reporting […]
The recent enquiry by the work and pensions select committee has reignited the debate about the future of collective defined contribution schemes. Whether these sort of schemes can be incorporated into the current UK pensions landscape is a moot point. Let’s consider some of the arguments for and against CDC. First of all, it is […]
Retirement interest-only mortgages are set to become more popular following the FCA removing hurdles to selling them. The regulator sees RIO mortgages as a possible aid to the waves of maturing interest-only loans with no repayment strategy. However, the FCA also wants RIO mortgages to be sold more widely, for example as an additional option […]