HSBC, Key retirement, Moneyfarm, Scorpio and Axa on Investments this week
- HSBC’s China fund management venture has been punished for misconduct related to IPO subscriptions, as part of a broad campaign by regulators against financial corruption. Nine funds from HSBC Jintrust, a joint venture between HSBC Global Asset Management and Shanxi Trust Co, are among the 1,012 funds and individual investors banned from buying IPO shares for up to 12 months
- Key Retirement has announced the completion of its £208m acquisition by Partners Group from Phoenix Equity Partners, following regulatory approval of the transaction. Following the completion of the deal, CEO Colin Taylor has retired. He is succeeded by Simon Thompson, who recently served as Deputy CEO
- Moneyfarm has filed its 2016 financial statements, which show that it now has 10,000 customers in the UK and £260m in global assets under management. The firm, which reported total losses of £6.4m for 2016, expects to be profitable by 2019. The company doubled its customer numbers in H1 2017 and is adding 10% to its AUM each month on average
- Scorpio Partnership has published its latest Global Private Banking Benchmark, which shows that operating income across 200 global wealth managers grew by an average of just 0.04% in 2016, despite assets under management increasing 4%.
- Axa has reported a 1% rise in net income to €3.3bn, with group revenues remaining flat at €54bn. The French insurer also indicated that it could look for acquisitions in asset management to help increase growth
- Coutts has launched a US Investment Management Service. The service is part of a suite of products providing UK-based Americans with all of their banking, borrowing and investment needs in one place
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