News

‘Crisis? What crisis?’

The Bank of England has said that there is no sign of a post-Brexit crisis. The monthly survey by the Bank’s regional agents, considered to be the “eyes and ears” of policymakers in Threadneedle Street – found that a majority of firms questioned were not planning to mothball investment or change hiring plans. The jobless […]

Wealthy have much higher digital expectations

The majority of today’s high net worth investors (HNWI) and ultra-high net worth investors (UHNWI) have grown up, or at least worked in, the digital age. As a result, digital age expectations now filter into all aspects of their lives, including their interactions with wealth managers. FactSet, together with Scorpio Partnership, surveyed over 1,000 HNWIs and UHNWIs […]

Call for scrapping of UK corporation tax

Politicians should use Brexit as a chance to “reboot Britain”, scrapping corporation tax and reforming swathes of government in an effort to reignite the economy, a think tank has recommended. Madsen Pirie, president of the Adam Smith Institute, said that leaving the European Union provided “a unique chance of the sort that occurs perhaps once […]

Surge in UK equity release

Retired UK homeowners cashed in more than £934m of property wealth in the first six months of the year, as a buoyant housing market continued to boost retirement incomes, according to Key Retirement. This equated to £76,300 each – an increase of £7,850 on the same period last year – however, the provider’s findings revealed […]

Italian bank crisis could destroy euro

When other countries such as the UK, Ireland and Spain ran into trouble, they bit the bullet and cleaned up their banks quickly. Italy did not. In a way, Italy’s authorities had good intentions. When loans turn bad and banks lose money, someone has to pay. It should be the banks’ investors, the shareholders and […]

B of A profits plunge thanks to wealth management revenues

Bank of America, the second-biggest US bank by assets, said second-quarter profit fell 21 percent as the firm took an accounting charge and posted a decline in wealth-management revenue. Net income dropped to $4.23 billion (€3.82 billion), or 36 cents a share, from $5.13 billion, or 43 cents, a year earlier, the Charlotte, North Carolina-based […]

Cluff calls for UK sovereign fund

British oil tycoon Algy Cluff is calling on the UK government to create a sovereign wealth fund to save the North Sea industry and invest in a gas supply for the country after Brexit. Cluff, who founded and runs Cluff Natural Resources, wants the government to take charge and invest in the face of the […]

Asia’s wealthy flock to private banks

More rich Asian people are asking private banks to manage their wealth amid increasing volatility in financial markets, a new survey shows, in an encouraging sign to firms such as UBS Group and Credit Suisse Group that are expanding their businesses in the region. About a quarter of high-net-worth investors in Asia were clients of […]

Iconic stamp dealer ponders move back to UK

Stamp dealer and collectibles auctioneer Stanley Gibbons is losing its chief executive and finance director as it looks to relocate its business back to the UK. The Aim-listed company, which is headquartered in Jersey, said it was “reconsidering” the benefits of its offshore status and would be moving senior executives back to the UK, where it now does […]

Australian police move to seize assets

A prominent Adelaide biker is the target of the first unexplained wealth order to be pursued by police. The man, who cannot be identified for legal reasons, has been the focus of a major covert investigation examining his assets and income sources for more than a year. Police will shortly launch the action in the […]