This call to allow firms sufficient time to implement the final rules, the trade body said. “While PIMFA is supportive of the intended purpose and spirit of the proposals put forward by the Financial Conduct Authority, they fail to sufficiently take account of the unique requirements of the market for portfolio management and of retail investors.” Square Mile revises 3D investing methodology amid incoming SDR labels This comes as a response to the regulator’s consultation, where PIMFA highlighted its “significant concerns” around the timing of the implementation. The trade body …

This surpassed the record of five mergers seen across 2021 and 2022, respectively, data from the Association of Investment Companies revealed. So far, there was one merger apiece in January and February with the Henderson High Income and Henderson Diversified Income trusts combining, and then JPMorgan UK Smaller Companies and JPMorgan Mid Cap trusts, respectively. Number of investment trust share buybacks hits record high but effectiveness called into question There were three mergers in March between Fidelity China Special Situations and abrdn China; JPMorgan Global Growth & Incom…

In this update, shareholders will receive the sum – representing around 38p per share – via a “bonus issue” on a pro rata basis of B shares followed by the redemption of those shares. abrdn Diversified Income & Growth eyes managed wind-down ADIG chair Davina Walter explained the scheme would be the “fairest and most efficient way of returning substantial amounts of cash to shareholders”. This is because it would reduce costs for the trust, unlike for tender offers, and if approved, the scheme would not require any additional action from shareholders. Investors will be consulted at …

As part of the transition, Emma Mogford and Mahgul Ansari will replace Barnett as managers of the TM Tellworth UK Income and Growth fund, with the change effective from today (17 June). Mogford and Ansari currently manage the Premier Miton Monthly Income fund and the Premier Miton Optimum Income fund. Having joined the Premier Miton team in 2020, Mogford was awarded fund manager of the year (small to medium firms) at Investment Week’s Women in Investment Awards 2023. Premier Miton shutters sustainable European fund after three years Mike O’Shea, CEO of Premier Miton, said: “Investo…

According to the regulator’s Financial Services Register, the authorisation became effective on 11 June, with the LTAF named CG Arcmont LTAF, while its sub-fund has been called CG Arcmont Private Credit Europe LTAF. FCA approves Legal & General’s first private markets LTAF Arcmont Asset Management is a private debt asset manager, which was acquired by Nuveen in 2023. It has offices in London, New York, Paris Munich, Madrid, Milan, Stockholm and Luxembourg. The LTAF is open-ended product, set to provide an element of liquidity to investors and exposure to European direct lending opp…

According to the regulator’s Financial Services Register, the authorisation became effective on 11 June, with the LTAF named CG Arcmont LTAF, while its sub-fund has been called CG Arcmont Private Credit Europe LTAF. Arcmont Asset Management is a private debt asset manager, which was acquired by Nuveen in 2023. It has offices in London, New York, Paris Munich, Madrid, Milan, Stockholm and Luxembourg. Nuveen promotes president William Huffman to CEO Carne Group provides UCITS and non-UCITS management services, as well as alternative investment management and authorised corporate dire…

Reform’s manifesto, which it is calling a “contract” with the people, stated that BoE reform would be one of the “critical reforms needed in the first 100 days”, should the party be elected. Lib Dems push for BoE independence, steady inflation and financial inclusion Prominent figures in the Reform UK party had already suggested that the BoE should stop paying interest on the remaining £700bn of commercial bank deposits created by years of quantitative easing, ideas leader Nigel Farage reiterated at the launch in Wales today. According to the manifesto, “this approach would save ar…

Henceforth known as Salica Investments, a spokesperson said this “emphasises the firm’s reliability and developing strength as well as its organic growth potential”, taking its inspiration from the Latin and Greek words for ‘willow’ and ‘fruit’, respectively. BNY Mellon undergoes name change amid extensive rebrand Andrew Wyke, chief executive, said he was “delighted” to reveal the new name. “We believe our new branding accurately represents what the firm has achieved so far, as well as our ambition for the future. This is another positive step for the company.” The rebrand comes…

According to UBS, the payout will allow investors to exit from their positions and will be funded through the purchase of units of the feeder subfunds. The offer to repay investors, which was unveiled today (17 June), will give investors 90% of the funds’ NAV determined on 25 February 2021, and will be open until 31 July. UBS said it will take a $900m provision in the second quarter of 2024 to repay investors which, according to the bank, will not affect its financial results or CET1 capital. UBS appoints head of UK wealth management “The offer aims to give fund investors certainty…