FCA to cap pension exit fees at 1%
The UK’s Financial Conduct Authority looks set to cap exit charges for existing contract-based personal pensions, including workplace personal pensions, at 1% of the value of a member’s pot.
Author: Kirsten Hastings
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First GCC equities fund for int’l investors launched in ADGM
Eshara Capital, the first investment fund managed out of the Abu Dhabi Global Market (ADGM), has launched its first strategy, providing global investors access to UAE and Saudi Arabian equity markets and upcoming IPOs.
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Santander, UniCredit fund management merger on hold
The long-delayed deal between Italy’s UniCredit and Spain’s Santander to merge their fund management businesses has hit a further roadblock, with the Italian bank now on the hunt for a new chief executive.
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Investment strategies for a summer of uncertainty
Summer 2016 will present a number of geo-political concerns for investors – the biggest of which is the run up to, and the aftermath of, the EU Referendum vote. Click through the slides below to see what Tom Stevenson, investment director for personal investing at Fidelity International, suggests investors can do to prepare themselves for…
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PEOPLE MOVES: BSI Bank, BlackRock, Aegon…
On what has been a very trying day for Switzerland-headquartered BSI Bank, the company’s chief executive has stepped down with immediate effect. BlackRock has poached its new senior managing director from a Canadian pension fund, while Aegon’s managing director for retail is to retire after 30 years with the company.
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Old Mutual Asset Management sale moves closer
Old Mutual is reportedly a step closer to selling its US asset management business, with the group’s board understood to support the deal.
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Singapore regulator orders BSI Bank shut down
In the “worst case of control lapses and gross misconduct seen in the Singapore financial sector” Switzerland-headquartered BSI Bank is to be shut down, with six former and current members of staff referred to the public prosecutor, the first such move by the Monetary Authority of Singapore (MAS) since 1984.
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Legg Mason taps global infrastructure income with new fund
Baltimore-headquartered asset manager Legg Mason is to launch an income-oriented global infrastructure fund. Managed by the group’s Australia-based subsidiary Rare Infrastructure, the fund will be made available to investors in the UK onshore fund range.
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PortfolioMetrix partners with ATS adviser platform
Discretionary fund management (DFM) firm PortfolioMetrix has partnered with the Alliance Trust Savings (ATS) platform, providing advisers access to a range of PortfolioMetrix portfolios.
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Hong Kong regulator signs MoU with US counterpart
Hong Kong’s Securities and Futures Commission (SFC) has signed an agreement with the Financial Industry Regulatory Authority (FINRA) of the United States regarding the supervision and oversight of regulated entities operating cross border between the two jurisdictions.
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Singapore opens up corporate bonds to retail investors
Corporate bond issuers in Singapore will find it easier and cheaper to tap into the retail market after the country’s monetary authority (MAS) introduced two new regulations that will open up corporate bond offerings to retail investors.
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Fintech challenge good for banks, says Moody’s
The rise of fintech firms has highlighted a digital shift in financial services, but banks will retain a place at the centre of the industry and continue to work, both alongside and in competition, with their new challengers, according to Moody’s Investors Service.