According to a UBS staff memo seen by Investment Week, the firm will consolidate all its global wealth management units into one department called GWM Solutions. The division will be led by Yves-Alain Sommerhalder, former managing director at Credit Suisse, and will begin operations on 1 July. Sommerhalder will be based in New York and Zurich and will report to Khan and Karofsky while being part of the GWM management team. UBS appoints head of UK wealth management GWM Solutions will include the global investment management, unified global markets, global lending unit and global fam…

So says the chief investment officer of Artemis, who has recently passed his second anniversary at ‘the profit hunter’, joining the partner-led business following a decade at Fidelity International. Paras Anand brought a strong pedigree to the firm on his arrival, with a wealth of experience across asset classes and fund structures. He headed European equities at F&C investment trust for a spell that encompassed 2008 and wore multiple hats with Fidelity, including CIO for European equities, CIO for all operations across Asia Pacific and he also headed the group’s sustainability strate…

Trading is supposed to commence today (27 June), with a market capitalisation of around £130m and a fundraising target of £30m, although £24.5m has already been “irrevocably committed” by 15 investors. The move left industry players split as to what the rationale behind shunning London for a European market may actually be. Although the FTSE All-Share was hardly affected by the decision, considering it was up 0.5% when the London Tunnels revealed its plans on Monday (24 June), Russ Mould, investment director at AJ Bell, noted the small size of the deal could be one of the reasons behi…

Trading is supposed to commence today (27 June), with a market capitalisation of around £130m and a fundraising target of £30m, although £24.5m has already been “irrevocably committed” by 15 investors. The move left industry players split as to what the rationale behind shunning London for a European market may actually be. Although the FTSE All-Share was hardly affected by the decision, considering it was up 0.5% when the London Tunnels revealed its plans on Monday (24 June), Russ Mould, investment director at AJ Bell, noted the small size of the deal could be one of the reasons behi…

The recently created team will work with entrepreneurial multi-family offices, independent advisers and wealth managers, providing a platform for order management, as well as the option to book in the UK, a streamlined account opening process and a range of products from complex alternatives to wealth planning. Ian Wright, EFG UK’s head of the independent asset managers, will lead the IAM team. Wright has 25 years of experience in the financial services industry, having joined EFG in March 2023 as IAM lead for the UK. EFG AM’s Joaquin Thul: UK economic outlook in a changing policy env…

In a stock exchange notice today (27 June), the board said the fundraise would be undertaken by way of a fully underwritten placing, overseas placing and open offer of 1.1 million new shares at an issue price of 10p per share.  This represents an 82.3% discount to the last published net tangible assets per share of 56.4p at December 2023 and a 50.4% discount to last night’s closing price of 20.2p. The capital raising is being fully underwritten by Bridgemere Investments, part of the Bridgemere group of companies that were the cornerstone investors in the original funds that were restr…

While the world’s major equity regions – headlined by the US – have continued to tick higher in recent months, fixed income investors have found conditions far more challenging. Active ETF AUM hits record $889bn in May As we near the halfway mark of the year, it is a good opportunity to assess the current state of play within markets and examine the likely drivers of returns for the remainder of the year and beyond. Prudent to increase value exposure We began 2024 with an overweight position in equities and still believe there is more upside to come, as corporate profits on both …