We’re SJP’s ‘only credible scale competitor’ claims Old Mutual
Old Mutual Wealth claims a period of rapid growth means it is now the UK’s second largest advice business and only major competitor to St. James’s Place.
Author: Tom Carnegie
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Isle of Man reveals key commission disclosure details
The Isle of Man Financial Services Authority has revealed how insurers headquartered on the island will have to provide clients with information about commission and fees from 1 January 2019.
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Legal and General IM acquires ETF platform Canvas
Legal & General Investment Management is to acquire ETF Securities’ European exchange-traded fund platform Canvas, which has $2.7bn (£20.5bn, €22.8bn) of assets under management.
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Impact investing taking root in Asia
In a bid to help address challenging global circumstances, a growing number of Asia’s high net worth (HNWI) and ultra-high net worth individuals (UHNWI) are looking to increase their portfolio allocation to impact investing.
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PEOPLE MOVES: Axa Group, Nikko AM, Adams Street Partners, PGIM
In a move to simplify its operating model the AXA group has made several new senior appointments, Nikko Asset Management has appointed a new EMEA chief executive and PGIM investments has named a new global chief marketing officer.
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Tighter offshore trust and tax regulation in budget says RSM
A potentially misconceived public perception of offshore trusts and tax law is putting pressure on chancellor Philip Hammond to further tighten regulations in the upcoming UK budget, according to experts from consulting firm RSM.
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Aviva acquires Irish insurer Friends First
Aviva is now the largest composite insurer in Ireland following a deal to acquire Friends First Life Assurance Company for €130m (£116m, $151m).
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China to allow full foreign ownership of insurance companies
In a move to grow its status as a major global finance hub, the Chinese government has announced it will raise foreign ownership limits in insurance companies to 51% in three years’ time, while full foreign ownership will be allowed in five years.
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Paradise Papers: expect regulation despite little wrongdoing
While the Paradise Papers reveal little in the way of wrongdoing, they will likely stoke political appetites for increasing regulatory scrutiny of the wealth management industry, says an analyst from research firm GlobalData.
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Doughnut pioneer charged with $30m Jersey tax fraud
The man who brought the Krispy Kreme Donut franchise to Australia is facing potentially 10 years in jail if found guilty of concealing A$30m in Jersey to dodge tax.
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UAE falls short of top 20 ease of business rankings
The United Arab Emirates has fallen one place short of making it into the World Bank’s 2018 top 20 ease of Doing Business rankings, while the US has leap-frogged the UK into sixth position.
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MAS issues prohibition orders in latest stage of 1MDB scandal
The Monetary Authority of Singapore (Mas) has issued prohibition orders against those involved in the 1Malaysia Development Berhad (1MDB) state fund breach, one of the world’s largest money laundering scandals in recent history.