AJ Bell reports growth in customers and assets under administration October 24, 2019 AJ Bell has reported strong growth in customer numbers and assets under administration (AUA) for its first full year of trading since listing. In a trading update issued this morning, the investment platform said customer numbers had increased 17 per cent during the year to 30 September, hitting 232,066, while total AUA rose 13 per [...]
DEBATE: In the wake of the Woodford scandal, is there enough oversight of fund managers? October 24, 2019 In the wake of the Woodford scandal, is there enough oversight of fund managers? Yes – Darius McDermott is managing director of FundCalibre There were a number of issues I took strong exception to in this week’s BBC Panorama programme on the Woodford saga, but the conclusion that there is very little regulatory oversight of fund [...]
Watchdog goes green with new stewardship code October 24, 2019 Fund managers have been called upon to think green by a new code that calls for investment firms to focus on “sustainable benefits for the economy, the environment and society”. Climate change has appeared as a key governance concern in the Financial Reporting Council (FRC) framework for the first time, as the watchdog tries to [...]
Blackstone’s third-quarter results beat expectations October 23, 2019 Blackstone, the world’s largest private equity firm, has reported an increased profit for the third quarter, but a drop in the proportion of earnings that could be returned to shareholders. The group posted a profit of $779m (£605m) for the third quarter, up from $443m a year earlier. Read more: Takeover titan and Blackstone boss [...]
Vanguard slashes fees in escalation of European fund price war October 23, 2019 Vanguard has cut fees on almost half of its European funds, in a major escalation of the ongoing price war within the European asset management market. The second-largest asset manager in the world slashed fees on 46 of its European funds, 36 of which are available to UK retail investors, in a move that could [...]
Quilter assets continue to be hit by investment manager departures October 23, 2019 The departure of a team of asset managers last year has continued to weigh on Quilter, with £600m of client cash leaving the business in the third quarter, taking the total outflows for the year so far to £1.4bn. In a trading update published this morning, the asset manager reported net client cash outflows of [...]
The three fastest-growing trends in healthcare October 23, 2019 | City Talk Healthcare providers around the world are seeking to change the way that care is delivered to patients, due to increased pressure on budgets and higher demand for services. A small minority of patients (with chronic or long-term conditions) often account for a large percentage of overall spending. By treating these patients more effectively and taking [...]
Let’s take a closer look at Neil Woodford’s dubious investment decisions October 23, 2019 The man with the Midas touch. That was how people saw Neil Woodford only a few short years ago. But things didn’t work out that well for King Midas in the end, and the same can be said for the former star manager, whose reputation is in tatters and whose investment empire now set to [...]
‘There’s an awful lot of business’: St James’s Place boss defends rewarding cruises to partners October 22, 2019 The chief executive of St James’s Place has defended the trips offered to its partners as part of the firm’s controversial incentive scheme. The wealth manager is conducting a review into the scheme after details of rewards ranging from white-gold cufflinks to luxury cruises were made public last month. Read more: St James’s Place maintains [...]
St James’s Place maintains inflows amid ‘uncertain external environment’ October 22, 2019 St James’s Place has reported record funds under management (FUM) for the third quarter, after a challenging period for the wealth manager during which the rewards system offered to their partners came under scrutiny. The company said total FUM at the end of September were a record £112.82bn, an increase of 3.2 per cent on [...]