There's a big story in the world of platform tech and advisers may want to understand if it will have implications for any platforms they might use. As Citywire New Model Adviser reports 215 FNZ shareholders have been demanding answers from board over a $3bn dilution.
At the heart of the matter is a £770m preference share issue which dilutes ownership rights including those of some employees.
NMA had previously reported that some FNZ shareholders have seen their equity diluted by up to $3bn (£2.3bn) following a new equity issue by the platform tech provider.
FNZ’s new CEO Blythe Masters informed shareholders, in a letter seen by Citywire that the issue of preference shares had hit the value of all holdings, with some classes of shares taking a bigger loss.
Must say this really is sterling journalistic work by Citywire New Model Adviser.
It does however suggest financial stability, which will be what most advisers would worry about.
It does beg the question about whether we need more debate about market concentration among underlying tech providers.
In other news, annuity rates for 65-year-olds have increased by almost 8 per cent over the year, adding £12,960 to the total lifetime income of a woman and £11,020 for a man, according to the Standard Life annuity rates tracker as Corporate Adviser reports.
The Royal Mint is experiencing an unprecedented surge in demand for gold bullion coins, with investors piling into the market like never before. According to new data, revenues from gold bullion sales skyrocketed by 153% in the fourth quarter of 2024, driven by geopolitical uncertainty, falling interest rates, and a growing desire for tax-efficient investments, IFA Magazine reports. Remarkable times, of course.
The UK economy unexpectedly shrank in January following a decline in the manufacturing and construction sectors.
Friday’s monthly GDP figure from the Office for National Statistics (ONS) was weaker than expected, and came after the economy had grown by 0.4% in December reports Money Marketing.
Fascinating article in FTAdviser this week.
“Being blind meant Sam Hoskin, financial adviser at Royston Fox Associates, had to become comfortable talking to different people from a young age, which he says helps him when giving advice.”
