Good morning and welcome to your Morning Briefing for Monday 21 August 2023. To get this in your inbox every morning click here.
Openwork takes Tenet ARs
Following a strategic review of its business, Tenet has said it will transfer appointed representatives from its wealth and investment network to Openwork.
Meanwhile, LSL Property Services – the owner of mortgage network PRIMIS – has acquired TenetLime – the regulated mortgage and protection advisory network with 133 ARs.
It is expected all moves will be completed by mid-2024.
Bigger is better
The world of pensions legislation and regulation has been busy this summer, thanks to a flurry of both Department for Work and Pensions and HM Revenue and Customs activity.
Days before we got the detail of the new tax regime for pensions (which is most definitely not a small tweak for advisers and providers to incorporate before April next year), the chancellor announced the government’s Mansion House reforms.
Quote Of The Day
Recognising investor types enables wealth managers to tailor their messages and advice to address people’s views and help them.
– Michelle White, co-head of Investec’s private office, comments on research which shows there is an investment gender gap but stresses that it should not necessarily be a prescriptive guide for advising female and male investors
Stat Attack
At least half of retirees could be missing out on hundreds of pounds of interest each year through keeping their savings in accounts with rates of 3% or less a year, according to new research by PensionBee.
42%
Of British pensioners aged 66 to 80 have substantial cash savings, ranging from £20,000 to over £200,000, after a lifetime of work
A quarter
Of working age adults in Britain have less than £1,000 in cash savings, with only
17%
Of this demographic reports cash balances exceeding £20,000
1%
Of working age adults have savings worth £200,000 or more
5%
Of over 65s have savings worth £200,000 or more
Source: PensionBee
In Other News
Evelyn Partners has agreed terms to relocate its Bristol office next door to new premises at CEG’s EQ development at 111 Victoria Street.
The EQ building is Bristol’s first new office development to target delivering Net Zero carbon in operation in accordance with the UKGBC framework.
The new offices at the EQ building, in the heart of Bristol and just a few minutes’ walk from Temple Meads train station, will provide working accommodation for the firm’s 250-strong team based in the city and also allow space to continue with its ambitious regional growth strategy.
The office will provide flexibility for colleagues to work both at desks and in collaborative areas. Clients will benefit from the suite of first-class meeting rooms as well as the building’s amenity spaces, which include an auditorium and terrace.
On 17 August 2023, Rock Investments SAS wrote to the GAM board proposing short-term bridge financing from Rock to be made available should the Liontrust Asset Management public exchange offer for the entire share capital of GAM Holding AG be declared unsuccessful.
GAM has written to Rock setting out its response and the key points in that letter are set out below.
Rock has stated that it plans to propose, at an extraordinary general meeting to be held in the future, a CHF 25 million convertible bond which they state will replace their proposed bridge financing.
GAM said that, in its assessment, the proposed convertible bond is insufficient to maintain the company as a going concern.
From Elsewhere
Asking prices for UK homes suffer sharpest August drop since 2018 (Financial Times)
Evergrande files for US bankruptcy protection as China economic fears mount (Reuters)
Did You See?
Catch up on Money Marketing’s most popular stories last week. Consumer Duty should end active management and Monzo moves into the pensions market. Read more here.
