Axa Insurance Ireland fined for adviser competency breaches
The Central Bank of Ireland has fined Axa Insurance €675,000 (£567,263, $747,860) for failing to ensure that staff members advising on retail products were appropriately supervised.
Companies
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Personal wealth leaving China sees AIA’s business grow 60%
One of Asia’s largest insurer AIA has reported a whopping 60% growth in the value of new business from mainland China as regulators struggle to stem the flow of personal wealth leaving the country via Hong Kong’s offshore insurance industry.
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Henderson held back by property outflows
Henderson Global Investors said it saw significant Brexit-related outflows from European equities and property funds in its first half.
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Hansard results boosted by Middle East & Africa performance
Hansard Global’s growth momentum gathered pace in its fiscal fourth quarter following strong results from the Middle East and Africa and a well-received product enhancement.
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Schroders hit by outflows as market fears stall intermediary business
Schroders registered headline pre-tax profits of £282.3m ($371.3m, €335m) for the first half of the year, despite a collapse in inflows to £700m compared to £8.8bn a year earlier.
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SJP raises dividend, rolls out new income fund
St James’s Place has increased its interim dividend by 15% despite reporting a drop in profit for the second quarter.
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Brewin Dolphin underpinned by strong discretionary flows
UK wealth manager Brewin Dolphin has reported a 3.5% increase in discretionary funds under management to £26.8bn ($35bn, €32bn) during its third quarter.
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Santander and UniCredit end fund management merger talks
A deal to merge the fund management businesses of Italy’s UniCredit and Spain’s Santander has officially been called off.
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Brooklands appoints administrator, Heritage takes over Sipps
Brooklands Trustees, an FCA authorised Sipp provider, has gone into administration and sold its assets to Heritage Pensions, according to a note to clients from the new administrator Duff and Phelps.
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Northstar sets up in the Dubai International Finance Centre
Bermuda-based Northstar Financial Services has opened an office in the Dubai International Financial Centre (DIFC) and appointed Sanjeev Chowdhury as principal representative.
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Aberdeen has deeper problems than property outflows
Aberdeen saw outflows of £1.5bn ($2bn, €1.8bn) from its property funds in the three months to June, but some analysts see this as merely a “sideshow” to deeper problems.
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Aviva launches 280-strong Singapore advice business
The UK-headquartered insurer has set up a financial advisory firm in Singapore called Aviva Financial Advisers, offering advice on a full range of life, health, general insurance, and investment products.