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 [...]
US equity outlook – more gains to come? October 22, 2019 | City Talk The S&P 500 is near record highs, the US economy continues to grow, and the Fed is gently cutting rates in order to help sustain the expansion. Yet sentiment remains fragile at best. Investors are it seems determined to find the ‘next 2008’ at every turn, fretting that a US recession is near and that [...]
Is the Woodford Patient Capital trust a good buy opportunity? October 22, 2019 Following months of turmoil for investors, it took just days for Neil Woodford’s investment business to come crashing down. News that Woodford’s £3.1bn flagship Equity Income fund was to be wound up marked the beginning of the end, and sent the share price of another of his offerings, the Patient Capital trust, spiralling to 32.5p. [...]
Neil Woodford saga could put investors off long-term bets October 21, 2019 Fallout from the collapse of Neil Woodford’s investment empire could deter investors from making long-term bets on young companies, the head of the state-owned British Business Bank’s venture capital arm has said. British Patient Capital chief executive Catherine Lewis La Torre told City A.M. that fallout from the scandal “definitely has repercussions in terms of [...]