Can IFAs and vertically integrated firms co-exist?
More firms favour a restricted advice approach
More firms favour a restricted advice approach
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But FCA and CII refresher for financial advisers not rejected by the wealth manager
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Boutique manager replaced on sub-advised funds totalling more than £750m
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Both St James’s Place and Man Group delivered record flows over the first half of the year but the latter’s funds under management were impacted by weak performance from some of its key absolute return funds.
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St. James’s Place has dropped Aberdeen Standard Investments (ASI) and appointed Impax Asset Management to run its £286m ethical fund after a sustained period of underperformance.
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Though it is still early days for the digitalisation of the wealth management industry, some commentators have argued that firms which aren’t investing in tech now may as well shut up shop.
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St James’s Place’s partnership with Neil Woodford is unlikely to end any time soon, despite many discretionary fund managers and platforms dropping the star fund manager on underperformance.
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St James’s Place has dumped Stuart Mitchell as manager on two European equity funds, as it announces a raft of changes to its sub-advised funds.
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The FCA has slapped a fine and prohibition order on a former St James’s Place trainee financial adviser who repeatedly lied and faked a document in a bid to advise retail investors without gaining the necessary qualifications.
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Weak stock markets have hit St James’s Place (SJP) funds under management, which dropped in the first quarter of 2018.
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St James’s Place and Standard Life Aberdeen have been backed as top buys by several stockbrokers, amid gloomy predictions for the asset management sector generally.
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