News
China sets new rules for insurance companies
China’s foreign exchange regulator has officially implemented a new capital and risk regime for insurance companies, according to the Chinese news agency Xinhua.
Investment | news 2 Feb 16
DIFC mis-selling case set to drag on after deadline missed
One of the two defendants involved in a long-running financial mis-selling case in Dubai has failed to comply with a Dubai International Financial Centre (DIFC) court demand to deposit its share of a damages award pending an appeal.
ESMA finds strong evidence of ‘closet tracker’ funds
The European Securities and Markets Authority (ESMA) said a study it undertook found that up to 15% of large, actively-managed Ucits equity funds are potentially just tracking the underlying market index.
Tax & Regulation | news 2 Feb 16
Legg Mason cuts trail commission from UK authorised fund range
Global asset management firm Legg Mason has announced plans to cut out trail commissions on its UK authorised funds effective from 1 April 2016 in line with the rules set down in Retail Distribution Review (‘RDR’).
Outflows dampen UBS fourth quarter and annual results
Outflows from Europe and emerging markets dented UBS Wealth Management’s fourth quarter results, while annual inflows ebbed dramatically standing at less than a third of their 2014 levels.