The UK's financial ombudsman has upheld a complaint against deVere and Partners (UK), in part, after a client accused the international advice firm of “passing the buck”, not providing sufficient advice and making poor investment choices.
The planned Switzerland-Hong Kong mutual fund recognition scheme has already begun to attract interest from Asian fund managers interested in the lucrative Swiss market.
Financial advisers in the UK, Australia, Hong Kong, Canada and the US have reported that working in the industry is getting harder mainly due to regulatory changes, and they expect to see a shake-out in the next three to five years, according to a survey by Vanguard.
Axa Life Insurance has lost its head of international brokers in Singapore, while the private banking arms of HSBC and JP Morgan have named regional heads of various European countries.
US-based Northern Trust Corp is to buy UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland.
Two-thirds of chief executives in the asset and wealth management industry believe technology will reshape their business over the next five years, but just 10% are prioritising the development of digital skills and capabilities within their companies.
Canada’s RBC has appointed a head of wealth management for its businesses in the UK, the Channel Islands and Asia. Gemma Godfrey’s Moola has poached its chief investment officer from BlackRock, while Ascot Lloyd has created a new head of advice role.
Seoul-based ING Life Insurance Korea, South Korea's fifth-largest life insurer, has applied for an initial public offering (IPO).
One of Australia’s biggest and oldest independent financial advice and wealth management companies, IOOF, has posted a 45% drop in net profit for the six months to 31 December 2016.
With perception often speaking louder than truth, Simon Webley, research director for the Institute of Business Ethics, believes preservation of trust within a business, externally and internally, must be a top priority for management.
International product distribution company Provisca has signed a partnership agreement to market and distribute The QROPS Bureau’s independent technical support, due diligence and compliance support service to advisers outside the UK.
Guernsey Finance has appointed its first Hong Kong representative, while Brooks Macdonald has poached an investment manager from HSBC GAM. The acquisition of C Hoare & Co’s wealth management division will see two high profile people step down.
Old Mutual is in talks to sell a stake in its US asset management unit following approaches from China’s HNA group.
St James’s Place, one of Britain’s biggest wealth managers, has come under fire for paying its advisers using an ‘air miles’ type system which rewards them with trips and jewellery for bringing in high levels of client investment.
The Guernsey-based Channel Islands Securities Exchange (CISE) plans to open a representative office in the Isle of Man next month after rebranding as The International Stock Exchange (TISE).
Senior appointments were the name of the game this week with Sarasin & Partners appointing a head of distribution, Natixis Global Asset Management replacing its chief executive, and newly rebranded Tilney Group hiring a chief investment officer.
UK-based ETF Securities has said it will focus on expanding its presence in Australia following the asset manager’s exit from Hong Kong earlier this year.
A training course designed to improve consumer confidence and build professional competence in the broking profession has been launched in Australia and New Zealand.
Guardian Wealth Management is to “aggressively expand” its ultra-high net worth client (UHNW) business, targeting UK residents as part of former deVere UK managing director Mike Coady’s new plans to grow its existing offices around the world in 2017.
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