People Moves
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Schroders CEO Peter Harrison to retire next year
Will remain director of the board amid the company’s search for his successor
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Liontrust expands Economic Advantage Team
Alexander Game will join the firm from Unicorn Asset Management in May
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Morningstar appoints director of UK manager research
Monika Calay was previously director of passive strategies research
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Schroders promotes Alex Tedder to co-head of equities
He will join Rory Bateman in overseeing the all firm’s investment teams
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Evenlode appoints Majedie co-founder as CEO
Hugh Yarrow will become executive chair and remain lead manager of the Evenlode Income strategy
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RLAM fixed income head Platt set to retire
Head of private assets Will Nicoll to take over his responsibilities later in the year
Product
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LGIM launches ETF in partnership with Barclays
Fund joins existing LGIM commodity ETF range
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Greencoat UK Wind weathers 11% shareholder vote for discontinuation
Trust trading at 12.1% discount to NAV
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Syz Group boosts net profit by 16% in 2023 full-year results
Assets under management sit at CHF 23.1bn
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Concord increases Hipgnosis bid to $1.51bn
The firm is now offering $1.25 per Hipgnosis share, topping the potential Blackstone offer by a single cent
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BlackRock launches four fixed maturity iShares ETFs
ETFs to hold government bond exposure to US treasury and Italian government bond markets
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WisdomTree launches concentrated US quality growth ETF
It provides a more concentrated alternative to the S&P 500
Regulation
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PwC: Half of EMEA firms think AML regulations need more clarity
20% of respondents were concerned about lack of uniformity in applying regulations
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Will the FCA’s response to Link failures change the role of ACDs?
TTF challenges regulator’s claim its Weif enforcement action will raise industry standards among ACDs
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Woodford: Link avoided £50m FCA fine due to redress scheme
Regulator said it would have proposed a penalty of up to £50m if Link had not settled on a scheme of arrangement
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Ocorian: Compliance issues causes loss for 81% of alternative fund managers in three years
92% expect compliance breaches to increase over two-year period
Companies
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Harcus Parker mulls legal action against Home Reit sister fund
Home Long Income fund launched in 2018, two years before Home Reit’s IPO
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Mattioli Woods shareholders give green light to Pollen Street acquisition
The deal values AIM-listed Mattioli Woods at £432m
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Quilter assets climb to £111.6bn as IFA inflows jump 400%
Review of appointed representative firms to commence shortly
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Abrdn’s Bird: ‘More work to be done’ to improve investments division despite Q1 inflows
Firm as a whole recorded £800m net inflows in Q1
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Woodford investors to press ahead with claim against Hargreaves Lansdown
RGL Management are preparing a second claim against the platform
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Jupiter AUM increases despite £1bn outflows from value funds
Value team’s assets shrunk from £8.5bn to £7.5bn over three months to the end of March
Macro
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US economy underperforms expectations in Q1 as inflation grows
Real GDP grew 1.6% compared to consensus expectations of 2.4%
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Morningstar: Sustainable funds pull in $900m for first quarter of 2024
US sustainable flows deplete by $8.8bn
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Abrdn AGM disrupted by climate change protesters
Demanding the asset manager end investment in fossil fuels
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Higher-than-expected UK borrowing could spoil chance for pre-election tax cut
Government borrowing was £6.6bn above target, giving the Chancellor less room for tax cuts
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Weekly Outlook: First-quarter results for Tesla and Lloyds
Key events for UK wealth managers for the week starting 22 April
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Reboot: Lack of ethnic diversity red flag for 40% of institutional investors
One of five UK-based fund managers believe lack of diversity impacts business gains
Videos
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Interview with Mark Burridge, managing partner and fund manager at Baker Steel Capital Managers
Will miners be able to meet the historic demand forecasts critical for the green energy transition?
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Q&A with Randeep Somel, deputy fund manager at M&G Investments
How do the M&G Sustain team align their portfolios to the Paris Agreement?
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Portfolio insights: Video interview with Dale Nicholls
Fidelity International manager Dale Nicholls highlights earnings as a major focus for Chinese equity investors in 2024
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Portfolio insights: Video interview with Marcel Stotzel
Fidelity International manager on what he will be looking out for as we head into 2024
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Video: Marco Lenfers, Vontobel Asset Management on decarbonisation
Metrics in impact investing provide the yardsticks for change.
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Video: J. Safra Sarasin’s senior portfolio manager Jayadev Mishra on fixed income
The value of diversification and the case for global high yield