A billionaire asset management company founder, a billionaire investor, and an executive at an alternative asset management firm all invested in a Ponzi scheme promising high returns by buying and selling tickets to high-demand shows, including Broadway smash musical Hamilton.
The UK’s Financial Conduct Authority has issued a warning notice to an unnamed individual for poor advice given to more than 700 members of defined benefit (DB) schemes that left them at “serious risk of unsuitable outcomes”.
Investors in the Japanese stock market benefited from currency fluctuations in 2016 and the outlook for 2017 appears favourable, too.
Small-caps, a buying-and-holding approach, and unrestricted use of equities are some of the fund strategies to watch in Japan, according to Morningstar investment research analyst Lena Tsymbaluk.
Emerging market debt seems to be a key theme, with both Aviva Investors and Insight Investment bolstering their existing teams, while Aetna International has named a director of new business sales.
CoInvestor has added funds to its platform to expand its existing service that allows direct and advised investors to co-invest alongside tax-efficient fund managers on the same terms.
Life Company Consolidation Group (LCCG) is to set up a new UK life insurance company to house the business it will acquire following the demutualisation of Reliance Mutual Insurance Society.
Global fixed income manager BlueBay Asset Management has opened an office in Munich to provide clients in Germany with “on the ground” support.
A former Morgan Stanley investment adviser has been charged with stealing around $5m (£4m, €4.6m) from clients to rent a home in Las Vegas, pay for country club membership, and a private jet service.
Five UK discretionary fund management (DFM) firms have formed the DFM Alliance, a partnership offering financial advisers a platform to improve client outcomes through information, education and collaboration.
South African advisory firm deVere Acuma has confirmed that it did not disclose commission charges of nearly £65,000 ($81,114, €75,198) taken from a client’s portfolio over four years, reports local news feed Moneyweb.
Donald Trump is to sign a directive halting the implementation of the Department of Labor’s fiduciary rule, which requires financial advisers of retirement products to act in the best interests of their clients.
