December 1, 2021

Jupiter appoints new institutional head in UK 

Jupiter Asset Management has appointed Rachel Perini as head of institutional in the UK, further strengthening its institutional business.

The appointment comes as the firm seeks to build out its UK institutional client base following the restructuring of its Institutional business last year.

Perini will be part of Jupiter’s Global Institutional team and collaborate with the head of global consultants Tom Gardner to grow the company’s institutional business in the UK.

She will report to Jupiter deputy global head of distribution Warren Tonkinson.

November 29, 2021

AJ Bell to launch new app-only investment platform for retail investors

British investment platform AJ Bell has launched a new app-only investment platform, dubbed Dodl by AJ Bell, to make investing more accessible for retail investors.

The app will provide Individual Savings Account (ISA), Lifetime ISA, Pension, and General Investment Account to users.

Investors will be able to use Apple and Google pay to pay money into accounts, in addition to debit card payments and direct debits payments.

It will offer a range of popular shares in UK-listed companies for those who are looking to invest in the brands they love. The company plans to add US-based companies to this list in the future.

Furthermore, the app will feature ‘themed investments’ which comprises funds focusing on core areas including healthcare technology, responsible investing and robotics.

The fund range will also include AJ Bell’s low-cost multi-asset funds, which invest in six different risk levels along with the company’s Responsible Growth fund.

November 26, 2021

Mizuho chief executive resigns after reprimand over system failures

Mizuho Financial Group CEO Tatsufumi Sakai and three other senior executives will resign after the bank has been reprimanded by the Japans’ banking regulator over technical system failures.

Financial Services Agency (FSA) of Japan issued a business improvement order on the bank in connection with the system glitches, highlighting its defect in governance and corporate culture.

In addition to Sakai, other executives in charge of the group’s systems and compliance will step down in April to take responsibility for the system outages and regulatory actions.

November 26, 2021

Citigroup to separate ops and tech units of institutional client division

Citigroup is considering splitting up the technical and operational functions of its Institutional Clients Group (ICG), which houses its markets, houses banking, and securities services among others.

The revamp of the group, which delivered around 63% of the lender’s total revenue in Q3 2021, was announced by Paco Ybarra in an internal memo, Reuters reported.

A spokesperson for Citi confirmed the content in the memo when contacted by the news agency.

According to the memo, the operations and technology teams ‘will continue to work closely’ with the businesses to develop innovative solutions that make it simpler for our clients to work with us’.

November 26, 2021

Moneyfarm introduces digital wealth tool for UK advisers

European digital wealth manager Moneyfarm has launched a new digital service to help advisers cater to the needs of smaller clients.

Supported by Moneyfarm’s investment team, the new offering is designed to provide low-cost advice and portfolio management to less affluent customers of banks, independent financial advisors and building societies.

It is said to comprise end-to-end service including onboarding, investor profiling as well as mapping to suitable portfolios. It includes access to Moneyfarm’s multi-asset portfolios as well as third-party portfolios as preferred by the clients.

The solution is expected to help advisers serve clients with smaller pots while maintaining their focus on large clients with complex needs.

Under the new service, Moneyfarm will take over the clients referred by advisers until they wish to re-engage with them.

Advisors will have access to dashboard featuring the client details and can decide when to re-engage with the client. Additionally, they will receive an alert via e-mail once the client assets reach a specific threshold.

November 23, 2021

Wealthspire buys Private Ocean to expand US RIA business

US-based independent investment adviser Wealthspire Advisors has brokered a deal to buy California-based fiduciary wealth management Private Ocean.

The deal, whose financial terms are not disclosed, is part of Wealthspire’s strategy to expand its registered independent adviser (RIA) business across the country.

Founded in 2009, Private Ocean was formed through the merger of Salient Wealth Management and Friedman & Associates.

The firm also acquired Lakeview Financial in Seattle and Mosaic Financial Partners in San Francisco.

It currently manages $2.7nb in assets with additional offices in San Francisco and Seattle.

November 23, 2021

Kingswood snaps up Metnor Holdings Limited

Kingswood Holdings, the wealth and investment management group, has announced its acquisition of Metnor Holdings.

Metnor is based in Harrogate and is the holding company for IBOSS Asset management and Novus Financial Services.

IBOSS is a provider of managed portfolio services and other investment solutions.

Furthermore, in the 12 months to 31 October 2021, the IBOSS Group generated revenue of £3.3m ($4.4m) and EBITDA of £1.3m. The IBOSS Group currently employs 29 people and has over 6,000 clients with over £1.4bn of AuA/M. On 31 December 2020, the IBOSS Group had net assets of £3.1m.

November 23, 2021

UOBAM launches world’s first Asia Pacific green REIT ETF

UOB Asset Management (UOBAM) has listed the UOB Asia Pacific Green Real Estate Investment Trust (REIT) Exchange-Traded Fund, the world’s first.

The ETF enables individuals to invest in quality green REITs across Asia Pacific with dividend yields. It also attracted S$80m ($58.6m) in assets during the initial offering period.

Projected demand for office space across Asia Pacific is expected to grow 65% by 2030, according to Cushman Wakefield.

As a result, the UOB APAC Green REIT ETF aims to replicate the performance of the iEdge-UOB APAC Yield Focus Green REIT Index, which UOBAM created in partnership with Singapore Exchange (SGX) and GRESB.

December 1, 2021

STP buys Tower Fund Services to bolster alternative investing capabilities 

Investment operations service provider STP Investment Services has acquired US-based third-party fund administrator Tower Fund Services.

The deal, whose financial terms have been not disclosed, ramps up STP’s alternative fund administration value proposition for its clients.

Tower offers an outsourced solution for alternative investment managers and family offices. This solution enables fund administration for cryptocurrency funds, private equity funds, venture capital, hedge funds, real estate, fund of funds, and direct lending funds.

STP CEO Patrick Murray said: “This acquisition will bring additional clients and funds to STP, allowing us to be more intentional about growing our fund administration business across all asset classes and funds.”

The deal will enable STP to expand its operational services and technology to more fund managers and strengthens its space in the investing space.

Tower co-founders Vincent Sarullo and Kinjal Amin will lead the integration of the business into STP and ensure a smooth transition.