Tatton Asset Management bolsters investments offering with £7m 8AM tie-up August 15, 2022 Asset manager Tatton announced it had completed its tie-up with fund manager 8AM Global for £7m today, as it looks to bolster its investment offering and capitalise on four months of steady inflows this year. London-headquartered Tatton, which manages around £11.2bn, said it had acquired a 50 per cent stake in 8AM through a deal [...]
Phoenix hikes dividend as pensions deals bolster insurer’s business August 15, 2022 Phoenix Group today upped its dividend after posting “record” financial results for the first half of 2022. The London insurer hiked its dividend by three per cent to heights of 24.8p a share after a series of pensions deals bolstered Phoenix’s revenues. The pensions deals, signed off in the first half of last year, saw [...]
Big Four accountancy firms capture larger share of UK legal market August 15, 2022 Major corporations are snubbing traditional law firms in increasingly going to consultancies and accounting firms for legal advice, according to new research from Thomson Reuters. The Big Four accounting firms – PwC, KPMG, EY, and Deloitte – are driving growth in the alternative legal services provider (ASLP) sector, as UK corporates increasingly turn to them [...]
UK’s professional services sector weathers economic headwinds August 13, 2022 The UK’s professional services sector has continued to grow its turnovers in the face of major economic headwinds, new UK government data shows. The accountancy sector’s turnovers increased 3.7 per cent, from £3.41bn in May to £3.54bn in June, the Office for National Statistics (ONS) data shows. The country’s legal sector also saw its turnovers [...]
Abrdn snaps up stake in London crypto startup Archax August 13, 2022 Scottish asset manager Abrdn has bought a stake in the UK’s first regulated crypto trader Archax in a major vote of confidence in blockchain technologies and cryptocurrencies. The acquisition, for an undisclosed sum, will see Abrdn become the crypto startup’s largest external shareholder, the crypto firm said in a statement. Launched in 2018, Archax is [...]
Law Society calls for ‘sustained investment’ in courts to cut worsening case backlog August 13, 2022 The Law Society has called on the government to make “sustained investment” in the UK’s court system after new data showed the case backlog has gotten worse over the previous quarter. The backlog of cases waiting to be heard in the England and Wales Crown Courts has increased from 58,540 in April to 58,973 in [...]
Five Chinese firms vow to delist from US markets amid long running audit dispute August 13, 2022 Five Chinese state-owned companies have said they will pull themselves off the New York stock exchange amid long-running clashes between Beijing and Washington over audit standards. The five Chinese firms have said they will delist from the Wall Street market after coming under scrutiny over US regulators claims they have failed to meet US audit [...]
Russian economy shrinks by four per cent due to impacts of Western sanctions August 13, 2022 The Russian is now four per cent smaller than it was a year ago, according to new figures from the country’s state statistics agency. Russia’s gross domestic product (GDP) for Q2 2022 equals a sum equivalent to 96 per cent the value of the country’s economy in Q2 2021, the preliminary Rosstat statistics show. The [...]
Magistrates court workers vote to strike over digital system August 11, 2022 Members of the union representing Magistrates’ court workers today voted in favour of plans to strike over complaints about the digitalization of England and Wales’ court systems. Members of the Public and Commercial Services (PCS) are calling on the government to reconsider its plans to digitalise the courts through the launch of its Common Platform. [...]
Jones Day ups pay for new lawyers to £140,000 a year August 11, 2022 US law firm Jones Day is set to give its newly-qualified (NQ) lawyers 27 per cent pay rises in upping their annual salaries to heights of £140,000 a year. NQ lawyers working in Jones Day’s London offices will see their salaries surge beyond those paid out to those in the Magic Circle in seeing their [...]