Former M&G head of retail Phil Wagstaff has denied industry rumours that he is setting up an investment boutique with high-profile figures former SG Asset Management retail head John Ions and former Invesco Perpetual chief executive Mike Webb.
Wagstaff confirmed that the trio had looked at the proposal but had decided against taking the plan further. He was managing director of M&G’s retail division for three years and was with the company for seven years before resigning last June. He has also worked for Hender-sons and NM Schroder. Ions joined SG Asset Management from Aberdeen back in 1998, leaving in 2003. Ions is no stranger to boutiques, having worked at GT founder Richard Thornton’s boutique fund management house Thornton in the early 1990s. He was unavailable for comment. Wagstaff says: “It was an idea we kicked about but nothing came of it and I am just looking for the right opportunity to get back into the industry.” Association of Investment Trust Companies director general Daniel Godfrey believes it is time at long last to draw a line under the split-cap debacleView more on these topicsNews
Britannia International takes optimum route to growth
Britannia International’s optimum growth bond 9 is a six-year guaranteed equity bond which could mature in year three.
Hargreaves Lansdown multi manager sells 250m
Hargreaves Lansdown fund of funds have broken 250m in sales since the firm launched its first multi manager product in 2001. It uses a mixture of qualitative and quantitative analysis to run the money under Lee Gardhouse, who has developed his own system to identify how returns are achieved. The three Hargreaves Lansdown multi manager […]
OUT OF CONTEXT
l “I’m on tip-top form, albeit recovering from a nasty fall and, no, I wasn’t drunk, I was out walking my dog and didn’t see a hole in the ground.” – Britannia’s Ingerlise Bulloch. l “I specialise in body parts.” – Mike Williams, head of general insurance at Bankhall. l “I think being frightfully posh […]
Rights of access
There has been a lot of talk about the positive impact on the self-invested personal pension market of the simplification proposals, particularly the opportunities arising from the new investment freedoms. However, far less has been said about the increasingly restrictive impact of the governing rules on protected rights. The Pension Schemes Act 1993 laid down […]
Artemis Global Income: sustaining yield
Jacob de Tusch-Lec explains why he favours bond proxies in Europe (and China). To watch the video click here
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FCA to crack down on ambulance chasers
Claims management companies must be more specific on separate permissions and competency when they under the remit of the FCA, according to HM Treasury. Under rules proposed in the Treasury’s latest consultation paper, claims management companies will operate under six sectors – housing disrepair, industrial injuries disablement benefit, personal industry, financial products and services, criminal […]
Martin Tilley: Keeping on top of Sipp proposition dilution
Knowing what assets each operator will accept and with what conditions is becoming increasingly difficult The recent well-publicised events concerning Sipp operator asset acceptance have focused the mind of a number of advisers. We have been fielding enquiries about our own Sipp and the asset classes we as a Sipp operator would consider. But this […]
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Fears over investment trust sales as new disclosure hikes costs
Investment trust sales may come under pressure due to new EU rules, experts have warned. The potential benefits of gearing on investment trusts risk being overlooked as new cost reporting rules make them look more expensive compared with open-ended funds. Traditionally, closed-ended funds have looked attractive based on lower costs compared with other structures, as […]