Industry
Moneyfarm to expand advice offering on £40m investment
Moneyfarm plans to expand its investment advice offering as the robo-adviser lands a £40m ($53.2m, €45.6m) investment in a funding round led by Allianz Asset Management.
Two industry heavyweights make major announcements
Standard Life Aberdeen is planning to return £1.75bn (€1.99bn, $2.33bn) in capital to its shareholders after selling its UK and European insurance business, while Old Mutual looks to offer up to 9.6% of shares in Quilter as part of its managed separation.
Adviser charged for ploughing A$5.9m into sea snail scam
An Australian financial adviser who funnelled his clients’ money into a failed abalone farm has been charged with six counts of fraud totalling approximately A$5.9m (£3.3m, €3.8m, $4.4m).
Alan Shearer adviser banned for taking insolvent company assets
A UK-based IFA, whose former client was England striker Alan Shearer, has been banned from holding a directorship for sneaking £76,000 from his insolvent advice firm.
Schroders takes stake in Singapore digital adviser
Asset management firm Schroders has taken a minority equity stake in WeInvest, a Singapore based digital wealth adviser.