Why more and more fund managers are turning to shareholder activism January 6, 2020 According to Greta Thunberg, “the danger is when politicians and CEOs are making it look like real action is happening, when in fact almost nothing is being done.” She may find some unlikely bedfellows in the Square Mile. Active fund managers have endured a torrid time of late. The Woodford saga and M&G’s decision to [...]
Sun Life to buy Infrared Capital for £300m December 18, 2019 Canadian insurance giant Sun Life has announced it will buy a majority stake in London-based infrastructure and real estate investment manager Infrared Capital. Sun Life will buy an 80 per cent stake in Infrared Capital for £300m, with Infrared’s owners retaining the option to sell their remaining stakes to Sun Life four years after the [...]
Timetable set for Neil Woodford fund repayments December 13, 2019 Administrators have finalised details for the winding up of Neil Woodford’s Equity Income Fund (WEIF), the suspension of which triggered a scandal that led to the collapse of his investment empire. In a letter to investors today, Link Fund Solutions said the process of winding up the fund will begin on 18 January. The final [...]
Edinburgh Investment Trust sacks Invesco’s Mark Barnett over poor performance December 11, 2019 Edinburgh Investment Trust has fired Invesco stockpicker Mark Barnett as its manager following poor performance, in a further blow to the former Neil Woodford protege. Barnett, who took over the managing of the trust from Woodford in 2014, will be replaced by Majedie Asset Management in the first quarter of 2020. Read more: Woodford protege [...]
Neil Woodford shuts offices as investment business winds down December 10, 2019 Neil Woodford’s investment company has moved out of its Oxfordshire offices as the business continues the process of closing down. Former star stockpicker Woodford announced that he was shutting down Woodford Investment Management in October, following a dramatic fall from grace that had seen his flagship fund frozen for several months. Read more: City regulator [...]
City regulator toughens up financial accountability rules after scandals December 9, 2019 Tougher accountability rules have today been extended to cover around 47,000 firms across the financial sector, as the financial watchdog seeks to clean up the City’s reputation following a string of scandals. The Senior Managers and Certification Regime (SMCR) holds firms’ senior managers directly accountable for their actions, and is intended to help regulators punish [...]
Property funds move to reassure investors over M&G contagion fears December 5, 2019 Managers of rival property funds are rushing to reassure investors their investment vehicles will remain open following the suspension of M&G’s £2.5bn property fund on Wednesday. M&G was forced to gate its Property Portfolio after managers did not have enough cash to meet a spike in withdrawal requests, sparking concerns that other property funds could [...]
Asset manager Schroders cuts jobs in restructuring drive December 5, 2019 Asset manager Schroders is embarking on a restructuring drive that will place more emphasis on growth areas including private assets and wealth management but will lead to job cuts. The restructuring effort could lead to around 200 job cuts globally, Reuters reported, citing a source familiar with the matter. Read more: AJ Bell fears ‘domino [...]
AJ Bell boss fears ‘domino effect’ after M&G fund suspension December 5, 2019 The suspension of M&G’s £2.5bn property fund risks triggering a “domino effect” in the sector as investors rush to withdraw their money, the head of investment platform AJ Bell has warned. Andy Bell told City A.M. the suspension could be “contagious” for the sector because a “domino effect” could lead to further property fund suspensions. [...]
Equity funds show signs of recovery following record outflows December 5, 2019 Equity funds bounced back to net inflows in October, with the sector showing signs of recovery following a bruising third quarter of record outflows. Investors ploughed £648m into equities in October in a much-needed boost for the funds following £1.7bn outflows the previous month, according to data from the Investment Association (IA). Read more: M&G [...]