Renminbi devaluation stokes fears of future moves
The one-off depreciation of the yuan needs to be just that in order to avoid sparking a currency war and derailing the global recovery, according to industry experts.
Regions
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Most IFAs tweak business models ahead of ‘sunset’ deadline
The majority of UK-based advisory firms receive most of their recurring revenue from fees, a sure sign that many have made significant changes to their business models in the run up to next year’s ‘sunset’ deadline.
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UK expats must review wills ahead of EU succession rules
UK residents with assets in Europe could become liable for a heavy tax bill on their death as a result of changes in EU cross-border succession rules due to become effective next week.
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Younger Chinese investors are confident with risk
Chinese investors in the 18-39 age group prefer high yield products and are more aggressive and confident in their investment choices than older mainland investors, according to a survey report by Legg Mason.
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Dubai regulator signs info sharing deal with Australia
The Dubai Financial Services Authority (DFSA) and the Australian Prudential Regulation Authority (APRA) have entered a memorandum of understanding to “share information and cooperate in the supervision of financial institutions”.
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AXA IM hire to expand private bank reach
The firm has appointed Kelly Ng as a director as it looks to expand its coverage of private banking and wealth managers in Asia.
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ANALYSIS: The dangers of wealth management consolidation
Wealth management and financial advice firms have been snapping up their peers at some rate in the post RDR world, but in recent months this has been kicked up a gear.
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Axa IM predicts €34bn FuM loss after Friends Life/Aviva merger
Axa Investment Managers expects to lose more than two thirds of the €50bn it manages for Friends Life to Aviva Investors following the latter’s acquisition of Friends Life earlier this year.
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Legal & General boosts profits on funds management growth
British insurer Legal & General boosted net profits by 8% in the first half of 2015 due largely to growth in its international fund management operations and demand from UK firms looking for help with defined benefit pension schemes.
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Canary Islands Gov’t reduces succession and gift tax by 99%
The Canary Islands has announced that tax on successions and gifts to children and spouses will be reduced by 99%, a measure which is likely to save taxpayers on the island around €30m next year.
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Momentum launches two pensions following UK buyout
QROPS provider Momentum Pensions Group has introduced two new pension schemes after securing a majority stake in its UK self invested personal pension (SIPP) business last month.
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HK advisers to start mandatory client analysis from 2016
Hong Kong advisory firms selling insurance products will be unable to opt-out of a new guideline which requires advisers to conduct an analysis of customers’ financial needs, the Hong Kong Monetary Authority has said.