People Moves
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Mirabaud expands UK wealth presence with senior hire
David Smith joins from RBC Wealth Management
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Richard Pease joins Rockwood’s investment advisory group
Pease retired from fund management in 2023 following Crux’s acquisition by Lansdowne Partners
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Sparrows Capital makes further BDM hire
James Denton joins from Foresight Group
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Schroders’ Jamie Fowler becomes head of UK wealth
Has been at Schroders since 2002
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Aviva Investors appoints global high yield portfolio manager
Roland Derks joins from Goldman Sachs
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SJP’s Rainbow awarded £2m in shares after Schroders exit
Award reimburses Rainbow for share awards forfeited after leaving Schroders
Product
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LOIM launches global high yield strategy
To be managed by Anando Maitra
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Evelyn Partners launches Index MPS range for advisers
Five portfolios across risk profiles
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Columbia Threadneedle to launch four-portfolio active ETF range
Managed by Chris Lo
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Baillie Gifford to merge multi asset funds
£276m Multi Asset Growth fund to merge into the Baillie Gifford Defensive Growth fund
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Parmenion adds five funds to ESG portfolios
Including Schroders, JP Morgan and Carmignac funds
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Square Mile adds eight fund ratings to Academy
Veritas and Baillie Gifford see fund downgrades
Regulation
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Wealth management CEOs call out four ways to boost industry’s growth
More predictable regulation was among the ways to boost growth, according to a report released today by PIMFA, KPMG and UK Finance
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Treasury to launch ISA reform consultation — reports
The Treasury is set to launch a consultation on ISA reform in the coming weeks, according to the Financial Times
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Investment industry calls for clarity as FCA ‘pauses’ SDR rollout for MPS
Regulator will prioritise other work around multi-firm reviews and Consumer Duty
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FCA to cut 70% of capital rules for investment firms
The current regulation is designed for banks, making them overly complex and an ‘unnecessary burdens on firms’
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FCA sets out further CCI consultation on fee simplification
Final CCI rules will be set out in late 2025
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Regulatory outlook: Consumer Duty due diligence is a thorny problem
Two years on from implementation there are still issues with ensuring Consumer Duty is filtering down the distribution chain
Companies
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Aberdeen: Investors pull net £6.4bn in Q1
A £6bn quant strategy funding win in April offset the outflows elsewhere
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Polar Capital reports 10% AUM fall in ‘difficult’ first quarter
AUM fell £2.4bn amid increased global volatility and uncertainty in Q1
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Hurst Point brings Hawksmoor and Argentis under unified management structure
New CEO Andrew Westenberger names executive team to oversee the two divisions
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EQ Investors considers ‘strategic partnership’ with larger firm
Philanthropist John Spiers said he believes that passing his shares to a foundation may no longer be the right path for the sustainable investor’s future
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Alpha FMC: Regulation, AI and private markets to shape asset & wealth management growth
With AI adoption and expansion into private markets shaping the industry, companies embracing transformation will be best positioned for the future
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CBAM changes name to TrinityBridge following sale
The wealth manager’s sale by Close Brothers Group was completed this week
Macro
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Weekly Outlook: Vodafone and M&S report
Key events for wealth managers in the week beginning 19 May
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High GDP growth exceeds expectations, but experts warn of slowdown
The UK economy grew 0.7% in the first quarter after a period of stagnation, yet Trump’s tariffs and Reeve’s tax hikes could unravel investors’ optimism
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UK unemployment rises to 4.5%
It could reach as high as 5% in the coming months as Chancellor Rachel Reeves’ National Insurance changes come into effect, according to some
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Markets rise on US/China tariff breakthrough
Both sides have cut tariffs for a 90-day period – but there is still work to be done to reach formal agreement
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Weekly Outlook: Imperial Brands and National Grid to report
Key events for wealth managers in the week beginning 12 May
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Trump agrees UK-US trade deal
Tariffs on most car exports slashed to 10% from 27.5%
Videos
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Trust Talk: The AIC’s Richard Stone on activism, engagement and the Saba saga
First episode of a new PA video series
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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.