An Old Mutual director is to run for president of Zimbabwe, while Old Mutual Asset Management and Axa Asia are both losing their chief executives. Deutsche Bank Wealth Management has appointed a former Coutts & Co chief executive to head up its UK business.
Plans by the UK’s Financial Conduct Authority to crackdown on excessive asset management fund charges and improve competitiveness in the sector has been met with a flurry of contradictory responses from different parts of the financial services industry.
Investors could see fund costs soar by £27.7m a year as asset managers pass on the expensive burden of satisfying new FCA regulations.
When investors decide to buy a fund that charges higher-than-average fees, they presumably do so because they expect the manager to compensate for this by delivering outperformance.
The Financial Conduct Authority has confirmed plans to crackdown on excessive fund charges in a damning final report on the UK’s £7trn asset management industry, and outlined plans to investigate the investment platform industry.
With the final report from the FCA’s market study of asset management due on Wednesday morning, speculation is rife about what the long-awaited recommendations could say. We look at the five groups who could face the repercussions.
The amount of money being withdrawn through transfers from defined benefit (DB) pension schemes in the UK has reached a record £50bn since the pension freedoms came into force, according to new figures released by professional service group Mercer.
The financial planning industry in the UK has welcomed the FCA’s plans to overhaul advice on pension transfers, with many describing the reforms as long overdue.
Transfers to overseas pensions are likely to become even more complicated following proposals from the Financial Conduct Authority to overhaul pension transfer advice in the UK.
Advice on pension transfers is to be provided as a personal recommendation and transfer value analysis replaced with a comparison to show the value of the benefits being given up under plans announced by the UK regulator on Wednesday.
Schroders’ Cazenove Capital has appointed a UK chief executive, while Legg Mason has named a head of UK sales. Investec Asset Management has raided Threadneedle for a portfolio manager for its UK smaller companies fund.
Firms that need to change their regulatory permissions to comply with Mifid II must act now, the UK’s Financial Conduct Authority has warned.
