South Africa’s Prescient Life sold
Johannesburg-headquartered investment manager 27Four has secured a life insurance licence after agreeing to acquire 100% of Prescient Life from its parent company Prescient Holdings.
Industry
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Brexit promise could see UK pensions raided
UK prime minister Theresa May shocked many political observers when she promised a £20bn ($26.4bn, €22.8bn) funding boost for the National Health Service (NHS) by 2023 last weekend raising the question of how to pay for it.
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PEOPLE MOVES: PSG Wealth, Vanguard, Martin Currie
Vanguard fills its newly created head of Italy position, Martin Currie sets out its succession plan involving a Blackrock alum and PSG Wealth grows its Johannesburg office.
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Pension transfers hit record £10.6bn in first quarter
The belief that UK pension transfers peaked in 2017 has been proven wrong as figures from the UK’s Office for National Statistics (ONS) show £10.6bn flowed out of defined benefit schemes in the first quarter of 2018.
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Canada Life UK sells £2.7bn book to Scottish Friendly
Consolidators continue to snap up legacy books of business with Canada Life UK announcing the sale of 155,000 longstanding policies to Scottish Friendly.
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Zurich enters passive market with Middle East adviser offering
Zurich International Life has launched a set of low cost passive funds that will offer financial advisers a simple investment solution for their customers in the Middle East.
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Panama Papers law firm unable to identify 75% of its clients
A leak of 1.2 million new documents shows that Mossack Fonseca, the law firm at the centre of the Panama Papers scandal, could not identify the owners of up to three quarters of the companies it administered.
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Chinese asset managers eyeing European investors
More China-based asset managers are expected to internationalise and target European investors, according to Alessandro Silvestro, Hong Kong-based managing director, Asia Pacific, at Lemanik Asset Management.
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Asia Pacific CFA candidate numbers surge
More than 120,000 people in Asia Pacific have registered to sit CFA Institute exams this month, representing 53% of the record-breaking global intake.
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Older investors ‘de-risking too early’
Too many older clients dial back their investment risk too soon, when they should be taking on opportunities, a survey has found.
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Adviser profitability thrives in a post-RDR world
The good times are rolling for UK financial advisers, at least, that is, according to the Financial Conduct Authority’s recent Data Bulletin.
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Cold-called investor wins compensation
A company that downplayed the risks of buying shares in unlisted companies to a cold-called investor has been ordered by the UK’s Financial Ombudsman Service (FOS) to put the investor into the position she would have been in had she never invested.