One in three wealth managers not up to scratch on suitability – FCA
One third of UK wealth managers’ suitability reports currently fall short of the Financial Conduct Authority’s expected standards, the regulatory body said on Wednesday.
Wealth Management
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Brooks Macdonald moves into Portugal with Generali tie-up
Brooks Macdonald has announced a move into Portugal with a deal making its discretionary investment services available through Generali PanEurope’s Private Wealth Portfolio (PWP).
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George King joins Maseco Private Wealth
Ex-RBC Wealth Management man George King has joined Maseco Private Wealth as a partner.
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Corruption probe takes down Brazilian investment chief exec
The chief executive and chairman of Latin America’s largest independent investment bank, Grupo BTG Pactual, resigned on Sunday after he was jailed the previous week as part of a sweeping corruption probe, reports Reuters.
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Davy consolidates N. Ireland presence with acquisition
Davy Private Clients (UK), the wealth management and financial planning division of Dublin-headquartered Davy Group, is to acquire Northern Irish wealth management firm Pension & Financial Consultants (PFC) for an undisclosed sum.
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European Wealth acquires Xcap Nominees
Integrated wealth management firm European Wealth Group has acquired Xcap Nominees, bringing an additional £30m ($45.5m, €42.8m) in assets to European Wealth’s Manchester office.
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Vanguard finds advisers split on robo-advice
Two-fifths of UK wealth managers believe robo-advice offers the potential for greater efficiency and to attract new clients in the next five years, according to a survey from Vanguard.
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Discretionary and advisory business boost results for Walker Crips
Walker Crips reported a five-fold rise in pre-tax profits for the six months to 30 September, in spite of a 30% increase in the Financial Services Compensation Scheme levy.
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FCA chairman wants ‘less is more’ approach to wealth manager regulation
FCA chairman John Griffith-Jones has spoken out on the “realistic, if not ideal” delay to MiFID II, while acknowledging the need for a “less is more” approach to the regulation of wealth managers
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Market volatility weighs on DBS’s wealth management division
Net fee and commission income from DBS Group Holdings’ wealth management division fell by 4% during the third quarter, compared with the same quarter last year.
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Unicorn launches IHT portfolio service
Unicorn Asset Management and WM Capital Management have launched an Inheritance Tax Portfolio Service.
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Hansard hires Michael Wrigley to expand southeast Asia IFA business
Isle of Man-headquartered Hansard International has hired former Standard Life director Michael Wrigley as head of sales for southeast Asia.