Kalifa Review: Others waiting for UK fintech’s ‘crown to slip’ February 26, 2021 The head of the much-awaited government-backed review into the fintech industry has warned the UK risks falling behind if recommendations aren’t quickly implemented. Former head of payments firm Worldpay Ron Kalifa led the review published today which sets out plans to capitalise on the growing fintech industry. The scope of the review is large, ranging [...]
Jupiter Fund Management’s assets hit record high despite steep outflows February 26, 2021 Jupiter Fund Management reported record assets at year-end offsetting an increased level of outflows over the year. Assets under management (AUM) finished the year at £58.7bn, slightly ahead of the consensus £57.8bn. The fund manager was no doubt boosted by the defensive acquisition of Merian Global Investors for £390m last July, which added £16.6bn of [...]
London Tories slam Sadiq Khan’s council tax rise in rival budget February 25, 2021 City Hall Tories are calling on Sadiq Khan to scrap an almost 10 per cent rise in his share of council tax bills. In January the Mayor of London announced plans to hike taxes to create an estimated £40m for concessionary travel programmes. “Council tax is a regressive tax but the Government have left us [...]
Soho House mulls $3bn New York listing amid IPO boom February 25, 2021 Private members’ club Soho House is the latest company reportedly mulling a New York listing with a valuation of up to $3bn. Soho House, which operates 27 clubs around the world, first considered a Wall Street listing in 2018. This time round the company has hired JP Morgan and Morgan Stanley and is looking to [...]
Challenger bank Monument raises £28m ahead of summer launch February 25, 2021 A new challenger bank that wants to target wealthy savers has raised £28m from individual investors ahead of its launch this summer. Monument is targeting “mass affluent” clients, including property investors and entrepreneurs, offering a similar service to private banking. The neobank has said it will offer customers the opportunity to seek property investment loans [...]
Atom Bank taps investors for cash as it targets IPO February 25, 2021 Digital challenger Atom Bank is looking to raise £40m from existing investors as it targets an IPO in the next few years. The neobank Atom is confident it will move to profitability from its mortgage and business lending “within a year”. The optimism contrasts with its fintech peers which have faced difficulties since the outbreak [...]
St James’s Place bullish on prospects as profit jumps February 25, 2021 St James’s Place is targeting more than £200bn in funds under management by the end of 2025 after a surge in profit amid the market recovery. Funds under management for the year ended 31 December stood at a record £129.3bn compared with £117bn the previous year. Wealth managers have benefited from the market recovery after [...]
Rio Ferdinand invests in ‘Spotify of overseas payments’ app Sokin February 25, 2021 Former England footballer Rio Ferdinand is dipping his toe into the fintech world investing in a new overseas payments app launching this summer. He spoke to City A.M. about why the partnership with Sokin is in large part because of his experiences through childhood and what he’s learned about investment. The ‘Spotify of payments’ Sokin, [...]
The highs and lows of Antonio Horta-Osorio’s decade at Lloyds February 24, 2021 The return to dividend payouts announced today is a strong legacy for the outgoing Lloyds boss, who oversaw the successful turnaround of a bank left reeling from the financial crisis. Antonio Horta-Osorio will step down at the end of April, with finance chief William Chalmers set to take over temporarily before HSBC banker Charlie Nunn [...]
Investors fight back over bonuses at furlough firms February 24, 2021 Companies taking furlough cash should not pay bonuses to their directors, the City’s top investment managers have warned. The Investment Association (IA), which represents 250 fund managers overseeing £8.5 trillion of investments, has said remuneration committees should not compensate bosses for pay cuts by “catch up” awards or disproportionate salary increases. Investors have also warned [...]
