People Moves
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Departing Allianz GI bond fund manager Riddell joins Fidelity
Riddell will be lead portfolio manager for Fidelity’s strategic and total return bond strategies
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Mike Riddell to exit Allianz GI in July
The Allianz Strategic Bond manager departs after eight years with the firm
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SJP hires Kunal Oak as director of investment products
Kunal Oak joins with 22 years of experience
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European Assets Trust names lead manager
Mine Tezgul, CT head of European small cap equities, succeeds Sam Cosh
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Canaccord appoints David Muncaster to newly-created group head of distribution role
Muncaster moves from role as head of distribution
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HSBC chief executive Noel Quinn to retire
Bank joins a total of eight FTSE 100 companies with CEO changes so far this year
Product
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Janus Henderson to acquire Tabula IM as part of European ETF market push
US asset manager also announces deal for NBK Capital Partners
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IA: UK investors dip into market in March after two months of outflows
US equities experience £1.5bn in inflows for first three months of 2024
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Dimensional rolls out Sterling Short Duration Real Return fund
Seeks to offer investors protection from unexpected UK inflation
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FE Fundinfo: Gold and commodities top the charts for April
Nine of the 10 best performing funds specialised in gold or commodities
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Censuswide: Lower fees and client interest alignment are the most important boutique attributes
While research commissioned by Nedgroup Investments found ownership and structure was a particular risk when using a smaller firm
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Coutts partners with JP Morgan to launch alternatives fund
Coutts Diversifying Alternatives Multi-Manager fund aims to generate returns with low sensitivity to traditional markets
Regulation
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FCA enforcement investigation proposal is ‘radical departure’ from norm, warns AIMA
In response to FCA’s proposal to release enforcement investigation information before a decision is made
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Financial services sector leaders warn against FCA’s proposal to publicise enforcement investigations
Investment Association, UK Finance, PIMFA among others to sign letter to Jeremy Hunt against proposal
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PwC: Half of EMEA firms think AML regulations need more clarity
20% of respondents were concerned about lack of uniformity in applying regulations
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Will the FCA’s response to Link failures change the role of ACDs?
TTF challenges regulator’s claim its Weif enforcement action will raise industry standards among ACDs
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Woodford: Link avoided £50m FCA fine due to redress scheme
Regulator said it would have proposed a penalty of up to £50m if Link had not settled on a scheme of arrangement
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FCA to take action against Neil Woodford and WIM
Also found Link Fund Solutions failed to act with due skill, care and diligence in its management of the Woodford Equity Income Fund
Companies
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Janus Henderson to acquire Tabula IM as part of European ETF market push
US asset manager also announces deal for NBK Capital Partners
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St James’s Place sees net inflows shrink while FUM grows in Q1 2024
Inflows fell by 64% compared to Q1 2023 as outflows remained ‘elevated’
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Blackstone hits back in Hipgnosis bidding war with £1.26bn counteroffer
Trust’s board has recommended the bid and withdrawn support for Concord Music’s offer
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Harcus Parker mulls legal action against Home Reit sister fund
Home Long Income fund launched in 2018, two years before Home Reit’s IPO
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Mattioli Woods shareholders give green light to Pollen Street acquisition
The deal values AIM-listed Mattioli Woods at £432m
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Quilter assets climb to £111.6bn as IFA inflows jump 400%
Review of appointed representative firms to commence shortly
Macro
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Weekly Outlook: Bank of England monetary policy decision and BP quarterly results
Key events for UK wealth managers for the week starting 6 May
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Fed holds interest rates, drops redemption cap in May decision
Industry commentators weigh in on the decision to hold
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Strong eurozone growth paves the way for June rate cuts
‘Meaningful’ economic growth in the eurozone in the first quarter is a ’cause for optimism’
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Weekly Outlook: Federal Reserve meeting and Amazon Q1 update
Key events for UK wealth managers for the week starting 29 April
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US economy underperforms expectations in Q1 as inflation grows
Real GDP grew 1.6% compared to consensus expectations of 2.4%
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Morningstar: Sustainable funds pull in $900m for first quarter of 2024
US sustainable flows deplete by $8.8bn
Videos
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Interview with Mark Burridge, managing partner and fund manager at Baker Steel Capital Managers
Will miners be able to meet the historic demand forecasts critical for the green energy transition?
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Q&A with Randeep Somel, deputy fund manager at M&G Investments
How do the M&G Sustain team align their portfolios to the Paris Agreement?
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Portfolio insights: Video interview with Dale Nicholls
Fidelity International manager Dale Nicholls highlights earnings as a major focus for Chinese equity investors in 2024
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Portfolio insights: Video interview with Marcel Stotzel
Fidelity International manager on what he will be looking out for as we head into 2024
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Video: Marco Lenfers, Vontobel Asset Management on decarbonisation
Metrics in impact investing provide the yardsticks for change.
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Video: J. Safra Sarasin’s senior portfolio manager Jayadev Mishra on fixed income
The value of diversification and the case for global high yield