What an extraordinary week in hedge fund land. An FT investigation of Crispin Odey relates account after account of inappropriate behaviour by the hedge fund star and Conservative Party funder.
The FT reports, subsequently that the FCA is now investigating Odey Asset Management over non-financial matters.
The partnership has severed ties with its founder as the Guardian reported this weekend.
Now, I have seen advisers on social media criticising how on earth such a culture could be allowed to prevail in any fund management business, though perhaps there is a case to say hedge fund land may be a little different from the mainstream.
There are reports in Reuters of Morgan Stanley and JP Morgan reconsidering prime broking ties with the business.
There have been outflows. It will be interesting to see if there is any DFM exposure, though the Odey style has felt very much outside the sort of investment embraced by advisers.
Doug Brodie, writing in Money Marketing suggests that the advice gap can be closed if we got rid of the FOS. A provocative view but one unlikely to be heeded just yet as FOS is intended to provide a key component on Consumer Duty compliance.
Advisers are well prepared for the Consumer Duty, says consultancy Timeline.
Advisers should be “more open-minded” when it comes to incorporating artificial intelligence (AI) technology applications such as ChatGPT in their advice process says Schroders head of UK intermediary solutions Gillian Hepburn.
This Money Marketing essay argues that the protection sector has a claims problem which goes beyond the healthy published statistics.
A financial adviser has lost a FOS case over the transfer of his defined benefit pension after it was found he effectively advised himself on it and he received commission for it.
The FCA has begun contacting firms as part of its thematic review of retirement income advice, requesting details about firms’ charging structures.
