Budget 2020: Government announces review of UK funds regime March 11, 2020 The government will open a review into the VAT treatment of fund management fees as part of a wider look at the UK funds regime. Annual management charges levied by fund houses are currently VAT-fee, but the fees clients pay are subject to the tax. The consultation forms part of a broader review of the [...]
Wealth management firm Quilter suffers profit slump March 11, 2020 Wealth management firm Quilter suffered a drop in profit last year against a tough market backdrop, and warned this morning that coronavirus could have an “adverse impact” on the company. The figures The company reported profit after tax of £146m in 2019 compared to £488m the previous year. Its loss before tax from continuing operations [...]
How stock markets perform after heavy falls March 10, 2020 | City Talk Coronavirus concerns have swept through financial markets. Globally, stocks have endured some of their worst performances since the days of the financial crisis. For instance, the US stock market, as measured by the S&P 500, fell 7.6% in one day on 9 March 2020, its fifth worst trading day since 1988. On the same day, [...]
Neil Woodford in talks with investors as he plots comeback March 7, 2020 Neil Woodford and a number of colleagues from Woodford Investment Management (WIM) are in talks with investors about snapping up a number of the fallen fund manager’s old investments. Woodford has held talks with institutional and wealth managers in recent weeks about creating a vehicle to buy back some of the unquoted WIM stakes, according [...]
City watchdog outlines tougher climate change disclosures for top firms March 6, 2020 The UK’s top listed firms must disclose how their business is affected by climate change using globally-agreed guidance or explain why they cannot, under proposals outlined today by the Financial Conduct Authority (FCA). Under the plans, firms with a premium listing would have to either make climate-related disclosures in line with the approach set out [...]
Bob Diamond appoints ex-Barclays colleague Rich Ricci to lead Panmure Gordon March 6, 2020 Bob Diamond has hired his former right-hand man from his time at Barclays to head up loss-making stockbroker Panmure Gordon. Diamond appointed Rich Ricci as chief executive of London-based Panmure, which he acquired two years ago. The former Barclays boss will be reunited with 56-year-old American investment banker Ricci, who ran the old Barclays capital [...]
PSSL threatens Pollen Street Capital with legal action to obtain documents March 5, 2020 Pollen Street Secured Lending (PSSL) has hit back at Pollen Street Capital and is threatening legal action to obtain due diligence materials. In a punchy letter to shareholders, PSSL chairman Simon King said that PSC is trying to ensure that Waterfall Asset Management’s bid will not proceed. In January, Waterfall made a possible cash offer [...]
Gresham House acquires Trade Risks amid strong 2019 performance March 5, 2020 Gresham House announced the acquisition of Trade Risks as it reported a double digit rise in its assets under management. The figures Gresham House reported a 23 per cent increase in assets under management from £2.3bn to £2.8bn. Total income rose 124 per cent from £14.7m to £32.9m, while adjusted operating profit rose 237 per [...]
Schroders profit falls as investors turn their back on equities March 5, 2020 Schroders posted a four per cent fall in profit before tax as market uncertainty prompted investors to ditch equities. The figures Schroders reported that profit before tax fell four per cent from £649.9m to £624.6m. The asset manager reported total net new business of £43.4bn, with positive net inflows across all asset classes as the [...]
Coronavirus: the economic impact March 5, 2020 | City Talk The coronavirus threatens to derail the revival in global economic growth which began in the latter part of 2019. Economic indicators up to January continued to show an improvement in activity with business surveys signalling rising orders and output. However, confidence in the sustainability of the upswing has been undermined by the virus, officially known [...]