Financial firms outsource advice to unregulated third parties
Some UK financial adviser firms are delegating the entire regulated activity of providing advice to unregulated third parties, according to the Financial Conduct Authority (FCA).
Author: Kirsten Hastings
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Corruption probe takes down Brazilian investment chief exec
The chief executive and chairman of Latin America’s largest independent investment bank, Grupo BTG Pactual, resigned on Sunday after he was jailed the previous week as part of a sweeping corruption probe, reports Reuters.
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RL360 Group completes CMI acquisition
Following regulatory approval from the Isle of Man and Hong Kong, RL360 Group has completed its acquisition of Clerical Medical International Insurance Company (CMI) for an undisclosed sum.
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Senn steps down as Zurich’s group chief executive
After ten years with Zurich Insurance Group, six as group chief executive, Martin Senn has decided, by mutual agreement with the board of directors, to step down at the end of the year.
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Pictet AM adds Asian market neutral fund
Pictet Asset Management has expanded its Total Return fund range with the launch of PTR-Phoenix, an equity market neutral fund investing in Asia.
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New European funds down and more consolidation expected
The European fund universe contracted during Q3 2015, with 646 funds liquidated or merged and only 453 new products launched, according to Lipper, a Thomson Reuters company.
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Davy consolidates N. Ireland presence with acquisition
Davy Private Clients (UK), the wealth management and financial planning division of Dublin-headquartered Davy Group, is to acquire Northern Irish wealth management firm Pension & Financial Consultants (PFC) for an undisclosed sum.
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PraxisIFM makes third acquisition in two months
Guernsey-based independent financial services group PraxisIFM announced that it has acquired London-based closed-ended fund administrator Cavendish Administration for an undisclosed sum.
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UK tax evaders given one last chance to come clean
The financial secretary to the Treasury, David Gauke, launched a campaign warning offshore tax evaders that HM Revenue & Customs (HMRC) will start to receive details on UK taxpayers from more than 90 countries.
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FEIFA partners with GAM
The Federation of European Independent Financial Advisers (FEIFA) has partnered with Zurich-headquartered global asset management firm GAM.
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HMRC U-turns on loans secured on untaxed foreign funds
HM Revenue & Customs quietly backtracked several weeks ago on changes it made to loans secured against untaxed foreign funds.
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Compliance issues make non-EU fund managers avoid EU investors
Some non-EU fund managers are forgoing European investors because of the compliance headaches associated with the Alternative Investment Fund Managers Directive (AIFMD), reports Cerulli Associates.