Which major worldwide shifts will impact the investment profession? August 21, 2017 The future of the investment industry is important for the functioning of the global economy, for the approximately 2 million workers it employs, and for the clients and end investors that depend on it to manage around $100 trillion in assets. But there are major shifts afoot that will likely result in significant change, [...]
Heineken’s £403m Punch Taverns takeover gets the green light from competition watchdog after offering to sell dozens of Punch Taverns pubs August 18, 2017 The competition watchdog said today it had accepted proposals by Heineken to resolve concerns over its proposed £403m takeover of Punch Taverns by selling dozens of pubs. The Competition and Markets Authority (CMA) had opened an investigation into the takeover and found 33 local areas where the deal could reduce competition. So in June, Heineken [...]
Supermarket wars: Nisa in talks with Co-op after Sainsbury’s exclusivity period ends August 14, 2017 Convenience chain Nisa is in talks with the Co-op after a period of exclusivity regarding a potential takeover offer from Sainsbury’s came to an end. Sainsbury’s has yet to make a formal offer, which would need to be approved by Nisa’s shopkeeper members. However City A.M. understands that Sainsbury’s is waiting for the result of [...]
Those who fear automation will be its only casualties August 11, 2017 Whatever can be automated, should be. And regardless of whether it should, it will be. Automation has been a persistent economic force since the first industrial revolution, and an essential feature of any competitive business. The use of machines and other forms of automation to boost productivity is a major factor behind the rapid global [...]
TP Icap reveals 175 job cuts as it turns its attention to “integration and synergy targets” August 8, 2017 The world’s largest interdealer broker TP Icap announced this morning it has cut 175 jobs in the first half of the year. Tullett Prebon took on around 1,500 brokers when it swallowed Icap’s global broking division to form TP Icap in December. The merger was subject to scrutiny by both the Financial Conduct Authority (FCA) [...]
Open Banking’s a step closer with these 20 fintech startups, but the clock is ticking on the CMA’s deadline July 19, 2017 The UK’s progress toward making banking more open has taken another step forward after 20 fintechs were chosen to test out a new way of sharing banking information for the benefit customers. A call for startups was put out as part of the competition watchdog’s ambitious plans to disrupt the big four banks’ hold on [...]
Financial Conduct Authority (FCA) proposes to clear the way for London Saudi Aramco listing with new rules July 13, 2017 The UK’s financial watchdog has proposed new rules to make it easier for sovereign state-owned companies like oil giant Saudi Aramco to list their shares in London. The Financial Conduct Authority (FCA) today launched a consultation on a new premium listing category that will exempt certain companies from rules on related party transactions and controlling [...]
Financial Conduct Authority (FCA) asset management report on the £7 trillion asset management industry could sideline active funds June 28, 2017 A push by the Financial Conduct Authority (FCA) to reform the UK’s £7 trillion asset management industry has garnered a mixed reception, with some predicting that the shake-up could drive certain managers out of the market. Designed to increase transparency and lower costs for investors, the FCA’s 112-page report published today included recommendations that fund [...]
Financial Conduct Authority (FCA) asset management market shake-up: How the City has reacted – Aberdeen Asset Management, Gina Miller, AJ Bell June 28, 2017 The financial watchdog has announced its plans to reform the asset management market, after carrying out a review of the £7 trillion industry over the past two years. The Financial Conduct Authority (FCA) launched a competition investigation into the sector in 2015, and today the regulator made recommendations for remedies in three areas to address [...]
Lloyds Bank completes £1.9bn MBNA credit card deal to “strengthen” position in the UK June 1, 2017 Lloyds Bank today completed its £1.9bn takeover of credit card firm MBNA from Bank of America. The deal to buy MBNA is the first transaction by Lloyds since the financial crisis. The last major transaction by Lloyds was its ill-fated purchase of HBOS in 2008. The UK government sold its final shareholding in Lloyds last [...]