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 [...]
TCI threatens investors over climate change as pressure mounts on sector December 2, 2019 Activist hedge fund TCI has called on company directors to disclose their carbon dioxide emissions or risk punishment. According to the Financial Times, TCI, which is led by venture philanthropist Sir Christopher Hohn, has sent letters to companies such as Airbus and Moody’s warning them to improve their pollution disclosure or face having their directors [...]
Premier hit by outflows ahead of merger with Miton November 28, 2019 Premier swung to net outflows in a “difficult year” as it finalised its merger with Miton, with Brexit uncertainty weighing on the asset manager. In its last results before the merger takes effect, Premier revealed that its assets under management (AUM) slipped from £6.9bn to £6.6bn for the year ending 30 September. Read more: Rathbone [...]
Rathbone Brothers buy Barclays Wealth personal injury business November 28, 2019 Rathbone Brothers has said it will buy the personal injury and court of protection business of Barclays Wealth. The wealth and investment manager will acquire the business, which comprises £500m funds under management on behalf of around 600 clients, for an undisclosed sum. Read more: Rathbone Brothers’ shares fall as it warns on tighter profit [...]
Brewin Dolphin posts ‘resilient’ results as expansion plan hits profit November 27, 2019 Brewin Dolphin has boosted its funds under management but took a hit to profit for the full year as it pursues a rapid expansion plan. The asset manager increased its total funds more than five per cent to £45bn in the year to the end of September, including inflows of £1.4bn. Total income also rose [...]
Portfolios of biggest asset managers ‘misaligned’ with climate targets November 27, 2019 The world’s largest asset managers – responsible for a collective $37 trillion (£29 trillion) – are failing to invest in a manner that supports the goals set out in international targets on climate change, according to research released today. The investment portfolios of the 15 biggest asset managers are “misaligned” with the goals of the [...]
Profit dips as Polar Capital suffers £448m outflows November 25, 2019 Polar Capital has reported a drop in pre-tax profit following a “challenging” first half, but its assets under management (AUM) rose despite £448m net outflows. The figures The investment manager said its AUM hit £14.3bn as of 30 September, a 3.6 per cent increase on the £13.8bn it reported at the end of March. Polar [...]
Brooks Macdonald buys Cornelian Asset Managers in £39m deal November 22, 2019 Brooks Macdonald has bought Edinburgh-based wealth manager Cornelian for up to £39m and has this afternoon sealed a £30m share placing to fund the deal. In an update to the stock market this morning, Brooks Macdonald said it would pay an initial £31m for the company – £22m in cash and £9m in shares – [...]
Rivals blast Hargreaves Lansdown for transfer delays in wake of Woodford saga November 22, 2019 Hargreaves Lansdown has come under fire from rivals after it emerged customers are being forced to wait up to three months to transfer their assets to other investment platforms in the wake of the collapse of Neil Woodford’s investment empire. Five of the fund supermarket’s competitors told City A.M. that waiting times for customers transferring [...]