INDUSTRY

Fraud trial of Lumiere Wealth’s Byrne set for summer 2018

Fraud trial of Lumiere Wealth’s Byrne set for...Lock icon

The former managing director of defunct Jersey-based IFA firm Lumiere Wealth, Chris Byrne, will likely stand trial in summer 2018 for, among other things, fraud and knowingly making misleading or deceptive promises to clients.

Published : 16, Aug 2017
Cost of one child’s education in UAE hits AED1m

Cost of one child’s education in UAE hits AED1m...

The cost of putting one child through education from pre-school through to university could reach almost AED1m (£211,456, $272,241, €232,584)for families in the United Arab Emirates (UAE), research from Zurich – Middle East shows.

Published : 16, Aug 2017
DeVere’s Europe expansion continues with first Austria office

DeVere’s Europe expansion continues with first...Lock icon

DeVere Group is to open its first office in Austria as part of its “ambitious expansion” across western Europe, which saw the company re-open its office in Madrid three years after shutting it down.

Published : 16, Aug 2017
Axa Life Singapore ordered to pay $3m over bad reference

Axa Life Singapore ordered to pay $3m over bad...Lock icon

Axa Life Insurance Singapore has been ordered by the country’s High Court to pay compensation to a former employee for providing an unflattering reference to the Monetary Authority of Singapore (Mas) and his prospective employer, Prudential Assurance Company Singapore.

Published : 16, Aug 2017
Alibaba sets up Hong Kong wealth management firm

Alibaba sets up Hong Kong wealth management firm...

A subsidiary of Chinese e-commerce giant Alibaba has set up a wealth management business in Hong Kong and hired a former UBS director of ultra-high net worth assets as managing director.

Published : 16, Aug 2017
PEOPLE MOVES: Quilter Cheviot, CBA, Stonehage Fleming

PEOPLE MOVES: Quilter Cheviot, CBA, Stonehage...

Australia's largest bank is to lose its chief executive at the end of the next fiscal year, stirring speculation the move might be linked to a money laundering scandal. While, Quilter Cheviot promotes the deputy head of its Birmingham office to the branch's top spot.

Published : 15, Aug 2017
Football clubs feeling the heat of HMRC scrutiny

Football clubs feeling the heat of HMRC scrutiny...Lock icon

Following raids by HM Revenue & Customs on Newcastle United and West Ham and with over 40 players and 12 teams under review, football clubs in the UK are taking a more proactive approach to tax.

Published : 15, Aug 2017
ETF pioneers launch 'white label' platform for asset managers

ETF pioneers launch 'white label' platform for...

Asset managers around the world will be able to sell white-labelled ETFs in Europe when the former co-heads of exchange-traded fund provider WisdomTree Europe unveil what they claim is the continent's first such platform.

Published : 15, Aug 2017
Lloyds Bank may expand into pensions and wealth management

Lloyds Bank may expand into pensions and wealth...

UK high street bank Lloyds, which owns Scottish Widows, may be about to announce a major push into pension and investment products as part of a three-year growth plan.

Published : 14, Aug 2017
Allfunds to open Nordics office

Allfunds to open Nordics office

Mutual funds platform operator Allfunds Bank has announced plans for expansion across the Nordic region with the opening of a local representative office.

Published : 14, Aug 2017
More UK pension trustees to be hit with higher penalties

More UK pension trustees to be hit with higher...Lock icon

The Pensions Regulator is stepping up how it uses its enforcement powers, which includes financial penalties, and expanding who it considers to be a professional trustee.

Published : 14, Aug 2017
Singaporeans are top financial adviser users

Singaporeans are top financial adviser users

Singapore is the country with the highest proportion of investors seeking the help of financial advisers to manage their assets, according to a survey by global investment firm Legg Mason.

Published : 14, Aug 2017
'Dramatic year' fails to dent Praemium's growth

'Dramatic year' fails to dent Praemium's growth...Lock icon

Strong growth both in Australia and internationally pushed funds under administration at Praemium up 28% to A$6.1bn (£3.6bn, $4.7bn, €4bn) in spite of the boardroom turmoil that saw the company’s chief executive sacked and then return a few months later.

Published : 14, Aug 2017
Standard Life Aberdeen creates £11bn investment giant

Standard Life Aberdeen creates £11bn investment...

The formation of investment giant Standard Life Aberdeen has been finalised, the company confirmed on Monday.

Published : 14, Aug 2017
Why the tech sector keeps on giving

Why the tech sector keeps on givingLock icon

Technology shares worldwide had a roaring first half of 2017, but questions are now being asked about the outlook as concerns grow over the prospects for some of the sector’s biggest names.

Published : 14, Aug 2017
Mazars cleared of bad advice charge by UK Ombudsman

Mazars cleared of bad advice charge by UK Ombudsman...Lock icon

A man who had to pay additional taxes after losing his lifetime allowance (LTA) protection on his pension plans was not poorly advised by the financial planning arm of UK accountancy firm Mazars, the ombudsman has found.

Published : 11, Aug 2017
US court upholds IRS penalty on US expat demanding tax refund

US court upholds IRS penalty on US expat demanding...

A US court has dismissed a complaint by an American citizen residing in Canada who claimed to have paid an unconstitutional penalty for failing to file the fiscal documentation required for his offshore business.

Published : 11, Aug 2017
OMI posts sharp rise in Middle East client inflows

OMI posts sharp rise in Middle East client inflows...

Old Mutual International, the offshore arm of Old Mutual Wealth, has seen striking growth in cash inflows from clients in the Middle East during the first half of 2017, according to interim results posted on Friday.

Published : 11, Aug 2017
PEOPLE MOVES: Liontrust, Kames Capital, Legal & General

PEOPLE MOVES: Liontrust, Kames Capital, Legal...Lock icon

Liontrust has been unveiled as the new home for two Kames Capital’s fixed income managers, with their alma mater wasting little time in announcing their replacements. Meanwhile, a former OMGI fund manager has reappeared at Legal & General Investment Management.

Published : 11, Aug 2017
The challenge to advisers posed by low cost platform rivals

The challenge to advisers posed by low cost platform...Lock icon

When Vanguard UK announced a 50% reduction in its UK closed-platform fee structure for online clients recently, it certainly caused a stir, says Paul Gambles, managing director of Thailand-based MBMG Group.

Published : 11, Aug 2017

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Mazars cleared of bad advice charge by UK Ombudsman
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A man who had to pay additional taxes after losing...

Big jump in offshore bond sales at Canada Life International
Big jump in offshore...Lock icon

Sales of offshore bonds rose by 60% in the first half...

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