People Moves
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Alex Stanić exits Artemis for AustralianSuper
His responsibilities will be absorbed by the wider global equities team
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Aberdeen’s EMD veteran Diment to retire after 34-year career
Siddharth Dahiya becomes global head of emerging market debt, reporting to global fixed income head Jonathan Mondillo
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Evelyn Partners hires former Paddy Power Betfair CFO
Alex Gresh has led multiple firms through transitional stages such as Cazoo and Sportsradar
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BlackRock Frontiers and Latin American make manager changes
Amid changes to BlackRock’s global emerging markets team
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Rosemary Banyard leaves fund management
Banyard will remain at Downing as a consultant but no longer manages the Downing Unique Opportunities fund she created
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AXA IM appoints US equity portfolio manager
Gordon Happell joins after 10 years at Columbia Threadneedle
Product
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Cash ISAs booming with £4.2bn inflow as government weighs reform
Deposits in banks and building societies rose by £7.4bn
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Europe and LatAm top fund sectors in April tariff storm
European bond sectors were among the top-performing sectors in April, according to FE fundinfo data
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FE fundinfo acquires AI platform Lunar AI
The deal will strengthen FE fundinfo’s Nexus platform
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Future Growth Capital launches global and UK LTAFs
Collaboration between Schroders and Phoenix Group
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Jupiter closes GEM Focus ex China fund
Decision taken after assets dropped below an economically viable level
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Goldman Sachs AM launches active equity ETF range
Goldman Sachs Alpha Enhanced US Equity Active UCITS ETF is the first of five planned launches for the range
Regulation
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FCA cans rollout of SDR for model portfolio service providers
Despite ‘broad support’ for the move
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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
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AIC launches petition to change company law on shareholder voting access
AIC seeking to make it mandatory for nominees to pass on company information and voting rights to underlying shareholders
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Parliamentary group calls for inquiry into FCA’s handling of Woodford
Group alleges the FCA failed to act appropriately in the lead-up to and after the collapse of Woodford Equity Income fund
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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Europe and LatAm top fund sectors in April tariff storm
European bond sectors were among the top-performing sectors in April, according to FE fundinfo data
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US economy contracts 0.3% as companies race to beat tariffs
Annualised 0.3% fall was largely attributed to companies building inventory ahead of the 2 April tariffs announcement
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FTSE 250 recovers from Liberation day sell-off
But further market turbulence remains likely
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Weekly Outlook: HSBC, Apple and shell report
Key events for wealth managers in the week beginning 28 April
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US trade tariffs trigger rocky ride for dollar
Capital Economics’ Neil Shearing spoke to delegates at the Portfolio Adviser Spring Congress about US trade tariffs, Europe’s stagnant economy and the outlook for inflation and interest rates
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UK inflation eases to 2.6% in March
The print, which came in below expectations, could pave the way for further interest rate cuts
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.