Good morning and welcome to your Morning Briefing for Friday 24 May 2024. To get this in your inbox every morning click here.
Abrdn boss steps down
Abrdn is on the hunt for a new group chief executive to replace Stephen Bird, who has announced he is leaving the business.
Group chief financial officer Jason Windsor has been appointed as interim group CEO, subject to regulatory approval, while a formal search process, which will include consideration of external candidates, is completed.
PensionBee US expansion
PensionBee has entered into a final binding agreement with a large, US-based global financial institution, taking it one step closer to its expansion into the US defined contribution pension market.
The US boasts the world’s largest DC market, representing approximately 80% of the global total and $22.5trn in assets.
Exams and real-life situations
“I was sitting on the bus on the way to work. In the past 30 minutes a ball of nervousness had grown in the pit of my stomach,” says Ryan Sharpe in her latest Diary of an Aspiring Adviser.
“I had completely forgotten what today was — until a reminder popped up on my phone. Today was Results Day.”
Quote Of The Day
There is massive demand for digital assets and for too long access to them has been restricted to either the technically savvy or the already wealthy.
– Greg Moritz, chief operating officer and co-founder of Alt Tab Capital, comments on the SEC approving the applications for Ethereum ETFs
Stat Attack
The market has come under pressure as active trading began in the US on a fresh batch of strong economic data. News of the approval of spot ETFs on Ethereum only added to the pressure.
2.9%
Amount the crypto market lost in the past 24 hours
$2.5trn
What its market cap now is
19%
Amount taken off the price of Bitcoin in January after the approval of the Bitcoin ETF
$3,000
Amount the price of Ethereum could pull back to
Source: FX Pro
In Other News
Aviva Investors has appointed Fraser Lundie as global head of fixed income.
In this new role based in London, he will report to chief investment officer Daniel McHugh and will have overall responsibility for the global rates, investment grade, high yield, emerging market debt and global liquidity teams.
Lundie has extensive experience in asset management and joins from Federated Hermes where he was head of fixed income, public markets.
Responsible for the firm’s fixed income franchise and lead manager on several strategies which have demonstrated excellent, long term performance track records.
He also developed a strong focus on sustainability within investing in credit, including the pioneering design and launch of award-winning credit strategies, incorporating engagement and climate goals.
UK consumer confidence extends recovery after inflation drops (Bloomberg)
Coventry Building Society to buy Co-op Bank for $990m (Reuters)
Energy price cap: Average bills to fall by more than £100 – but predictions say they will rise again (Sky News)
Did You See?
Experienced advisers often say they have ‘never stopped learning’. However, new entrants to the profession may not realise how much training is out there after they have qualified.
There are courses that cover everything from in-depth knowledge of financial products to soft skills designed to help strengthen client relationships.
Here, Amanda Newman Smith looks at some of the options on offer.