People Moves
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Fidelity head of wholesale to retire
John Clougherty will continue into 2023 to ensure a smooth transition
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Titan names consumer duty champion
Appointment of Alex Robinson as a non-exec described as a ‘coup’ by the firm’s COO
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Brewin appoints Arbuthnot Latham wealth duo
Edward Brown and Adam Gentry will join the firm’s ‘1762’ offering based in London
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Finsbury Growth and Income recruits former Brewin non-exec
Pars Purewal’s 38-year career also includes a stint on the board at Federated Hermes
Product
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Chrysalis ditches stake in struggling Revolution at nearly 90% loss
In just over a year the value of the investment had plummeted to £5m
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Shares in fintech trust take 30% haircut
Augmentum Fintech trades at a wide discount but NAV held steady during the half
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Downing renewables trust discount widens
The ‘article 9’ trust saw NAV grow 1.5% during the three months to 30 September
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Woes continue for Chrysalis as Starling keeps heading south
NAV has fallen more than 40% in a year
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Regulation
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FCA shuts down thousands of promotions in just three months
Regulator warns unauthorised firms and individuals are looking to take advantage of the rising cost of living
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FCA enforcement director to step down
Mark Steward has been in the role for seven years
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Link sale sinks after FCA demands £356m
It is not yet clear what this means for Woodford investors
Companies
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Nucleus eyes Curtis Banks acquisition
But there is no guarantee that an offer will be made
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Hawksmoor unveils Worcester office
Taking its number of regional hubs to seven
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Record rebalancing year for Premier Miton fund range
Bonds added to diversified dynamic and growth funds for ‘first time since manager can remember when’
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Progeny snaps up UK financial planning firm
Deal takes assets under management to nearly £7bn
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Macro
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Fears ‘blunt instrument’ windfall tax could undermine UK net zero goals
Chancellor Jeremy Hunt increased the energy profits levy while scrapping the vehicle excise duty exemption for electric vehicles
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Markets steady as Hunt pledges to ‘face into the storm’
But ‘no winners’ for investors after cuts to capital gains and dividend tax thresholds
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Oil companies star as dividends surpass third-quarter record
Surging oil dividends drove global pay-outs to £350bn for Q3, the third quarterly record in succession this year
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‘On fire’ UK inflation reaches 41-year high
As industry commentators look ahead to the Autumn Statement
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