People Moves
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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
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Nikhil Rathi reappointed as FCA chief executive
Rathi took up the role in October 2020
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Chikara names portfolio manager on CC Japan Income & Growth Trust
Wyld has been promoted to portfolio manager/analyst on the investment trust and its sister fund
Product
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HSBC AM launches pair of emerging market equity index funds
They are exposed to 24 emerging market economies covering 85% of the free float-adjusted market capitalisation in each country
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Bitwise lists set of crypto ETPs on London Stock Exchange
Some of Europe’s largest crypto ETPs are now available in the UK as ‘institutional investors increasingly allocate to digital assets’
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Franklin Templeton launches ESG versions of S&P 500 and S&P World
The ETFs will re-weight the original indices based on ESG scores and exclude controversial companies
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Neil Woodford to launch investment strategy platform
Woodford resurfaced last year following the collapse of the Woodford Equity Income fund in 2019
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Amundi expands US equity range with new S&P 500 Equal Weight ETF
Amundi S&P 500 Equal Weight UCITS ETF charges management fees of 0.12%
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WisdomTree launches 3x Leveraged European Defence ETP
Follows the launch of the WisdomTree Europe Defence UCITS ETF last month
Regulation
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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
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FCA unveils plan to ‘significantly streamline’ its operations
It will automate roles undertaken by employees, but some expressed ‘nervousness around the extent to which consumer protections are diminished’
Companies
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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
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Schroders announces £150m annual cost savings target in strategic shift
New three year targets announced in Richard Oldfield’s first results since taking over as CEO last November
Macro
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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
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Weekly Outlook: Barratt Redrow and Sainsbury’s to report
Key events for wealth managers in the week beginning 14 April
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Fed has ‘no room for complacency’ as US inflation falls to 2.4%
Fall from 2.8% ‘smooths the way’ for interest rate cuts in the coming months, says Principal AM’s Seema Shah
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Markets rise in relief on Trump tariff pause
S&P 500 rose 9.5% to record its best single day trading since 2008
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Markets fall further as US/China trade war escalates
Imposition of additional tariffs sends another ‘jolt of pessimism’ through markets
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.