Nutmeg has convinced around 1000 customers to crowdfund the business to the tune of £2.5m. As Money Marketing, reports for £25,000, investors are entitled to VIP customer support, and for £50,000 Nutmeg will lower its fees for the duration of the investment. For £100,000, crowdfunders will be able to take part in a roundtable with the firm’s chief investment officer.
Not quite sure if this is the right sort of alignment of firm and investor interest.
Merian Global Investment’s Richard Buxton warns of unsettled markets ahead with weakening economic data and little likelihood that the EU and China will come to an accommodation.
Quilter Private Client Advisers has added £211m in assets under advice after acquiring London financial planning businesses Petrus Financial Services, ROC Consultants and M.J.S Wilson & Co.
The FCA director of supervision Megan Butler says the FCA will be closing down firms if their pension transfer processes prove to be lacking and they do not improve them. The big issue is the rate at which transfers are happening – around 55 per cent after triage.
New Model Adviser says the Woodford share sales have hit £270m. The manager is having to deal with lots of redemptions in his Income focus fund. The question is whether this is an existential crisis for the fund manager. Hargreaves Lansdown’s CEO Chris Hill says he is angered with the lack of resolution of the Woodford crisis. Maybe we should save that emotion for later.
It's not bad news for everyone - Jupiter’s Ben Whitmore replaces Neil Woodford on the Omnis fund.
The FSCS pays out £95 million to GPC Sipp clients. It has also opened an inquiry into the failure of the Connaught Income fund which cost investors tens of millions.
Natalie Ceeney, the former chief executive of the Financial Ombudsman Service says we are danger of sleepwalking into a cashless society which could be very bad news for vulnerable. I think this is a really big issue but how on earth to you stop the move to digital?
