UK leapfrogs Japan to second place in pension asset rankings

Charterbridge

googleplus linkedin

UK leapfrogs Japan to second place in pension asset rankings

Pensions & Life Assurance

UK leapfrogs Japan to second place in pension asset rankings
According to research released by Towers Watson, the UK now outweighs Japan in terms of its pension fund assets, and has become the world’s second largest market in 2013. In the last 10 years, UK pension assets have grown by about 11 per cent each year, against Japan’s one per cent.
City AM London, p. 4

Pension levy reform to raise £11bn, research claims
Reforming the taxation of pensions could raise an extra £10.8bn a year, according to the Institute for Fiscal Studies.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3

Unit & Investment Trusts and OEICS

Royal Mail delivers for Hargreaves Lansdown
Hargreaves Lansdown, the country’s largest investment broker, recruited a wave of new investors off the back of last autumn’s controversial Royal Mail flotation, it disclosed yesterday.
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times Companies and Markets, p.20, The Times, p.39, The Daily Telegraph Business, p.6, Financial Times, p.14

Weavering Capital founder pleads not guilty to 16 criminal counts
The founder of Weavering Capital has pleaded not guilty to 16 criminal counts of fraud, false accounting, and forgery.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

Mortgages & Residential Property

Challenger Handelsbanken joins boom in mortgage loans
It has emerged that British profits at Handelsbanken soared in 2013, the Swedish lender said yesterday, driven by strong increases in business and mortgage lending. Overall lending in the UK increased 17 per cent on the year to £12.26bn. Mortgage lending jumped 29 per cent to £3.58bn, while business lending increased 13 per cent to £8.68bn
City AM London, p. 8
Also appeared in : The Times, p.40, Independent i, p.41

Share Dealing Services

Swap rules threat hits ICAP
ICAP has reported slower-than-expected trading over the last quarter amid a downturn in activity.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20
Also appeared in : Independent i, p.42, The Daily Telegraph Business, p.5

Appointments

Ashcourt Rowan Asset Management
Stewart Murray has joined the asset management business as an investment director. He was most recently at Vintage Asset Management, where he was chief investment officer and chairman of its investment committee.
City AM London, p. 16

Old Mutual Global Investors
Asset management firm Old Mutual Global Investors has hired Simon Stratford as chief technology officer.
City AM London, p. 16

Round Up

RBS will move to London if Scots vote for independence, says Cable
Royal Bank of Scotland’s future as an Edinburgh-based bank could be jeopardised by a break up of the United Kingdom, with Vince Cable claiming the firm would move to London in the event of Scottish independence.
The Guardian, p. 2
Also appeared in : The Independent, p.55, Independent i, p.41, The Times, p.2, The Independent, p.59, The Daily Telegraph Business, p.1, Financial Times, p.2, Independent i, p.5

Court told Anglo Irish Bank loan practices ‘illegal’
Anglo Irish Bank decided to do something “absolutely illegal” by lending money to individuals so they could buy the bank’s own shares, prosecutors claimed yesterday.
City AM London, p. 15
Also appeared in : The Guardian, p.25, The Daily Telegraph Business, p.3, Independent i, p.22, The Times, p.40, Independent i, p.2, The Independent, p.25-26, Financial Times, p.5

Banks warned cyber attacks still a big threat
Banks need to better co-ordinate their response to any future cyber attack if they are to resist the assault and keep key systems functioning, a test of the industry’s capabilities suggests.
City AM London, p. 8
Also appeared in : The Guardian, p.27, Independent i, p.40, Financial Times, p.4, The Independent, p.57, The Times, p.38, The Daily Telegraph Business, p.5

Regulator orders banks to hand over foreign exchange papers
Benjamin Lawsky, New York’s financial services superintendent, has demanded documents from more than a dozen banks due to concerns that some employees shared information about their currency positions with counterparts at other companies.
The Guardian, p. 27
Also appeared in : The Daily Telegraph Business, p.3, The Times, p.39, City AM London, p.1,Independent i, p.42, Financial Times, p.1

Europe told to ward off deflation
A number of economists are urging the European Central Bank to act against what they say is a growing threat of falling prices, which could derail the euro zone’s recovery.
International New York Times, p. 1
Also appeared in : International New York Times, p.13, Financial Times, p.6

Fed president wants faster taper
Charles Plosser, the president of the Federal Reserve Bank of Philadelphia, suggested in a speech yesterday that US quantitative easing should be clipped at an even faster pace, and the entire programme could come to an end by the middle of the year, before unemployment reaches the Fed’s 6.5 per cent threshold.
City AM London, p. 2
Also appeared in : International New York Times, p.7, Financial Times, p.14

Lloyds to sever 150-year auditing link with PWC
Lloyds Bank is stepping up plans to sever the longest audit relationship in the City with PWC.
The Independent, p. 56
Also appeared in : Independent i, p.42

Lazard thrives as mergers rocket
Lazard the investment bank and asset manager yesterday reported a better-than-expected 35 per cent rise in fourth-quarter profit yesterday as merger advisory revenue rose in a recovering M&A market. Lazard’s financial advisory revenue increased two per cent from the same quarter last year to $315m (£193m), driven by an eight per cent increase in M&A and other advisory fees.
City AM London, p. 13
Also appeared in : Financial Times Companies and Markets, p.16

US giants pay £1bn in settlements
Two major US banks handed over a total of $1. 86bn (£1. 14bn) to US authorities on Tuesday night.
Independent i, p. 42

Handelsbanken boss’s warning over tax ruling
Anders Bouvin, chief executive of the UK arm of Handelsbanken, has complained that the company’s ownership scheme has fallen foul of the British tax authorities.
The Guardian, p. 26

KPMG fears harm to recovery as regulators drag out bank reform
A report by KPMG has concluded that regulations in the financial sector are poor and make it impossible for lenders to abide by them on a global scale.
City AM London, p. 4

EU questions BoE regulators over sidestepping of bonus caps
The Prudential Regulation Authority is facing EU pressure to explain why it is approving novel forms of “fixed pay” that investment banks are using to sidestep the bonus cap.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

JPMorgan nears commodities sale
JPMorgan Chase moved closer to a sale of its physical commodities business yesterday.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Ghana sets forex controls to defend the cedi
Ghana’s central bank has introduced a number of foreign exchange controls in an attempt to halt its currency’s depreciation.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 8

Carney must avoid another unforced error
Chris Giles discusses Bank of England Governor Mark Carney’s error over forward guidance.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 11

The above articles appeared on 06.02.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Lifestyle Financial Planning, Thornbury, Bristol BS35 2FN.

Committed to improving financial awareness.