Financial Services News

SJP faces FTSE 100 uncertainty - St James's Place could lose its place in the FTSE 100 after a sharp fall in its share price reduced its market value below several of its listed peers.

Quilter opens MPS range to wider market - Quilter has expanded distribution of its £14bn WealthSelect model portfolios, making them available through external adviser platforms for the first time.

Abrdn cuts advice jobs amid restructuring - Abrdn has confirmed further restructuring within its financial planning business, including a significant write-down and a reduction in adviser division headcount.

Industry remembers Lord Jacob Rothschild - Tributes have been paid to Lord Jacob Rothschild following his death at 87. The financier co-founded St James's Place and played a key role in the firm's development.

FSCS declares Blankstone Sington in default - Clients of Blankstone Sington may now be eligible for compensation after the FSCS formally declared the discretionary fund manager in default.

Mattioli Woods reports revenue growth - Mattioli Woods has delivered higher first-half revenue despite challenging market conditions, supported by acquisitions and continued business growth.

Deep Dive launches new planning business - Former Buckingham Gate adviser Peter Ditchburn has launched Deep Dive Financial Planning, focusing on holistic financial and estate planning for families.

Quilter adds firms to advice network - Quilter Financial Planning has expanded its adviser network with the addition of two new appointed representative firms.

Isio posts strong annual performance - Isio has exceeded £155m in annual revenue after reporting another year of growth driven by acquisitions and increased client demand.

Vanguard launches adviser learning platform - Vanguard has introduced a new digital hub offering training resources, events and CPD opportunities for financial advisers.

M&G Wealth releases LTA calculator - M&G Wealth has launched a planning tool to help advisers calculate clients' tax-free lump sum allowances ahead of pension tax changes.

Benchmark eyes further expansion - Benchmark says it remains focused on growing its advice business following a record year for acquisitions and technology partnerships.

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Mergers & Acquisitions

London & Capital and Waverton agree merger - London & Capital Group and Waverton are combining to create a wealth management firm with around £17bn in assets, backed by fresh private equity investment.

Abrdn exits Virgin Money partnership - Abrdn has sold its remaining stake in Virgin Money Investments, bringing the joint venture to an end after several years.

Perspective attracts new investment - Perspective Financial Group has secured new backing from Charlesbank Capital Partners, replacing its previous private equity investor.

Movers

​Royal London appoints new COO - Royal London has named former Barclays executive Peter Josse as Chief Operating Officer following the departure of Will Pritchett.

Coutts strengthens research team - Coutts has appointed experienced fund analyst James Clark to its investment research team following his move from Dubai-based Aditum Investment Management.

Rathbones recruits Brooks Macdonald duo - Rathbones has expanded its London investment team with the appointments of Charles Williams and Nathan Delaney from Brooks Macdonald.

Sarasin hires Nomura portfolio manager - Tom Wildgoose is joining Sarasin & Partners from Nomura Asset Management as a Senior Portfolio Manager specialising in global equities.

Sarasin expands charity investment team - Sarasin & Partners has strengthened its charity division with two experienced hires from Close Brothers and Cantab Asset Management.

Oberon appoints wealth entrepreneur - Smythe House, part of Oberon Investments, has recruited Adam Young as Private Office Director alongside senior relationship manager Kelly Morgan.

Investment manager returns to Redmayne Bentley - Carolyn Black has rejoined Redmayne Bentley after almost a decade away, taking up an investment management role in Leeds.

Investec names Head of ESG - Investec Alternative Investment Management has promoted Alicia Forry to Head of ESG for its alternatives business.

Evelyn Partners adds investment director - Evelyn Partners has appointed former Quilter Cheviot investment professional Daniel Lewis to support its East Anglia growth plans.

Waverton hires former Odey director - Waverton Investment Management has recruited Alexander Cottrell as a Portfolio Manager following the closure of Odey Wealth.

Progeny appoints new CFO - Progeny has named Tom Wood as Chief Financial Officer as the business continues preparations for future investment.

Progeny strengthens leadership team - Tim Gillman has joined Progeny as Chief Operating Officer, bringing senior operational experience from financial services and banking.

Benchmark leadership change - Benchmark Capital has confirmed the departure of Managing Director Tim Sargisson, with Peter O'Sullivan returning to lead the advice business on an interim basis.

Rathbones Bristol appoints new regional head - Amos Nelson has taken over leadership of Rathbones' Bristol office following the retirement of long-serving Regional Director James Fox.

Partners Wealth Management announces promotions - 7IM-owned Partners Wealth Management has promoted Fiona Oliver to Managing Partner, while co-founder James Roberts moves into a wider strategic role.

Abrdn planning chief departs - Sarah Deaves has left her role as Head of Financial Planning at Abrdn after two years with the business.

PFS appoints new board director - Chartered Financial Planner Ben Wright has joined the Personal Finance Society board for an initial four-year term.

Vision IFP reshuffles leadership - Vision Independent Financial Planning has promoted Zoe King to Chief Executive Officer as part of a wider leadership restructure.

Openwork welcomes new non-executive director - Sara Bennison has joined The Openwork Partnership board as an Independent Non-Executive Director following a career spanning advertising and financial services.

All information provided in this Market Digest has been gathered from Money Marketing and Citywire Wealth Manager.