Old Mutual Global Investors has entered into a relationship with a recently established, Miami-based, third-party distribution firm, as part of its commitment to the US offshore and Latin American regions, the firm said.
Old Mutual Wealth is the second provider in a 24 hour period to suspend its transfer value analysis service (Tvas), following the Financial Conduct Authorities (FCA) new rules on pension transfers.
Pension experts have welcomed the clarity the Financial Conduct Authority (FCA) has established for defined benefit (DB) pension transfers through its updated rules. But they warn further, lengthy, consultation may not be the best way to address issues of poor practice that have come to prominence in recent months.
The Financial Conduct Authority has released figures on pension freedoms that product providers have described as “concerning” and “do not make for comfortable reading”. International Adviser spoke to industry experts to get their thoughts on the data.
South Africa-headquartered Old Mutual is selling all of its businesses in Latin America to a Singapore-based firm but has confirmed that Old Mutual International will continue its long-standing relationship with regional distributor Aiva.
Old Mutual Wealth is now ready to list as Quilter, with its annual results showing the company’s pre-tax profits rose by 40% in 2017, driven by “unusually high” performance fees.
The marriage of late comedian Ken Dodd to his long-term partner, and the fact that HM Revenue & Customs lost out on nearly £3m ($4.2m, €3.4m) as a result, has prompted questions about the timing of financial planning, especially so-called “deathbed planning”.
South Africa-headquartered Old Mutual has confirmed it is facing a legal claim related to “pre-existing plc head office legacy items relating to previously disposed US assets”.
Increasing numbers of middle income earners in the UK are being hit by the reduced lifetime allowance (LTA), with a 40% increase in people triggering an extra tax charge in tax year 2016/17, according to Old Mutual Wealth.
It is now less than a year until the Isle of Man Conduct of Business Code comes into force, International Adviser spoke to several firms headquartered on the island to see how they are preparing for the introduction of the regulation.
The hits keep coming for the life sector as Europe’s second biggest insurer, Axa, announces a shift from Life & Saving business to Property & Casualty.
Two Old Mutual big hitters said they would step down from the business, while RWC Partners boosted its European distribution presence with a hire from Daiwa, one of the largest brokerage and financial services groups in Japan.
