North America
SEC bid to protect investors scorned by own commissioner
With a recent appeals court ruling putting the Obama-era fiduciary rule in limbo, new proposals from the US regulator to protect retail investors have been heavily criticised by one of the Securities and Exchange Commission’s own.
Morningstar launches adviser fund selection tool
Morningstar has set up a business unit for financial institutions and advisers seeking to outsource fund selection and asset allocation.
PEOPLE MOVES: Guernsey Finance, AIC, Aviva
Guernsey Finance has hired a London representative to promote the island’s financial services industry, the Association of Investment Companies appoints a board director and Aviva Investors poaches from Standard Life.
US asset manager buys majority stake in Hermes IM
One of the biggest US fund managers Federated Investors has bought a 60% stake in Hermes Investment Management from the UK’s BT Pension Scheme in a £246m ($350m, €284m) deal.
PEOPLE MOVES: RSM UK, Stonehage Fleming, FASEA
RSM UK promotes to fill chief operating officer role, Stonehage Fleming appoints a director to its Jersey office and an Australia adviser standards agency has named an acting managing director.