RBC Wealth axes 3% of jobs in Channel Islands and UK
RBC Wealth Management is making redundant around 3% of its 1,200-strong staff from offices based in Jersey, Guernsey, London and Edinburgh.
Channel Islands
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UK lawyer turned ‘financial adviser’ jailed over £1.5m fraud
A British lawyer who became a self-proclaimed ‘financial adviser’ after being struck off has been jailed for six years for swindling clients out of almost £1.5m (€1.8m, $1.9m).
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House of Lords warns of Brexit danger for crown dependencies
The crown dependencies’ financial services sectors could suffer if the UK government fails in its constitutional responsibility to represent the islands’ interests during the Brexit negotiations, the House of Lords’ European Union Committee has warned.
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Channel Islands’ stock exchange to open Isle of Man office
The Guernsey-based Channel Islands Securities Exchange (CISE) plans to open a representative office in the Isle of Man next month after rebranding as The International Stock Exchange (TISE).
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Credit Suisse sets up wealth mgmt firm in Channel Islands
With Credit Suisse ending direct client coverage out of the Channel Islands, the Swiss bank has set up a wealth management firm with local financial service provider Stenham Group, that will act as an external asset manager (EAM) for the bank regionally and elsewhere.
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Woodford launches offshore feeder fund
Woodford Investment Management is launching an offshore feeder fund for the CF Woodford Equity Income fund, offering investors outside the UK an opportunity to invest in high profile fund manager Neil Woodford’s investment strategy.
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HMRC sets date for UK VAT charge on international insurers
New UK VAT rules are set to hit Gibraltar and Channel Islands based insurers when they are introduced on 1 October.
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PraxisIFM boosts Middle East growth with acquisition
Channel Islands-based financial services group PraxisIFM has acquired fiduciary and accounting company Balmor Management, as the firm looks to grow its presence in the Middle East.
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SocGen buys Kleinwort Benson to create WM behemoth
Societe Generale has agreed to buy Kleinwort Benson’s UK and Channel Islands wealth management businesses for an undisclosed sum.
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Channel Islands sees 8% rise in securities exchange listings
More than 400 securities were listed on the Channel Islands Securities Exchange (CISE) during 2015, an increase of 8% compared with 2014.
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RBC takes on fiduciary chief
The international arm of Royal Bank of Canada-owned RBC Wealth Management has named its new chief of staff for its fiduciary services division.
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JTC completes Kleinwort Benson fund admin arm buyout
Multi-national company JTC has completed its takeover of Kleinwort Benson’s fund administration business, which will bolster its operations in the Channel Islands and give it a permanent base in South Africa.