Good morning and welcome to your Morning Briefing for Tuesday 5 March 2024. To get this in your inbox every morning click here.
Adviser appetite to launch own platform tails off
The number of advice firms planning to launch their own platform has levelled-off, according to NextWealth’s latest report into the trend.
The report highlights that while 24% of firms with £250mn in AuA have a platform, the projected market size (those with a platform and with plans to launch one) has not grown in the past two years.
Nedgroup launches Global Strategic Bond Fund
Global asset manager Nedgroup Investments has launched its Global Strategic Bond Fund.
The fund will be co-managed by Alexandra Ralph and David Roberts, who have over fifty years’ combined industry experience.
Ralph previously worked at Artemis as the manager of the £1.8bn Artemis Strategic Bond Fund and Roberts as head of global bonds at Liontrust and at Aegon Asset Management (formerly Kames Capital) as head of fixed income.
MM Meets Quilter’s CEO Steven Levin
Steven Levin took over as CEO of Quilter in November 2022. When asked about his ambitions for the company, he stresses the need for evolution rather than revolution, “building out our distribution, supporting advisers, enhancing our proposition and driving efficiency in our business”.
Instead of trying to do “too many little things”, Levin says he is focused on the “big dial turners” within these areas.
Quote Of The Day
Consumers will likely take centre stage in this Budget. Not only are household finances a key battleground for political support, but they are an attractive target for a government working with a constrained purse.
-Gene Salerno, Chief Investment Officer, SG Kleinwort Hambros, comments on the upcoming Spring Budget on Wednesday.
Stat Attack
New research released today by Boring Money confirms that the Gender Investment Gap in the UK rose by £54 billion to £567 billion between January 2023 and January 2024. The gap has risen largely because more young men between 25 and 44 are becoming investors for the first time compared to women in the same age group.
In January 2023, the research – from a survey of 6,486 adults – showed:
34%
of British men aged 25-44 were investing in January 2024, up from 28% the previous year.
19%
of women in the same age group were investors in January 2024, up just 1% from the previous year when it was 18 per cent.
18 to 24-year-olds
The gap is most pronounced with a younger cohort. Amongst 18 to 24-year-olds – 9% of women invest, compared to 22% of men.
Men under 44
The gap is most stark in Scotland and Wales where men under 44 are just under three times more likely to invest than women.
Source: Boring Money
In Other News
The Brightstar Group is hosting a variety of activities to mark International Women’s Day on March 8. A highlight of the celebrations will be an International Women’s Lunch, sponsored and hosted by Together, with whom the Brightstar Group enjoys a close working relationship.
In 2024, the campaign theme #InspireInclusion highlights the crucial role of inclusion in achieving gender equality. It calls for action to break down barriers, challenge stereotypes and create environments where all women are valued and respected. Inspire Inclusion encourages everyone to recognise the unique perspectives and contributions of women from all walks of life, including those from marginalised communities.
One of the key pillars of Inspire Inclusion is the promotion of diversity in leadership and decision-making positions – something that the Brightstar Group has continued to focus on, champion and reap the benefits from.
Aligned with the Group’s commitment to supporting diversity and inclusion, everyone across the Group will be involved with the observance of International Women’s Day, continuing to work together to identify positive changes that can be made to help support women in the workplace and make it a more inclusive workplace for all.
Pensions and financial services consultancy Hymans Robertson LLP have promoted Iain Campbell to head of LGPS Investments.
Campbell has played a significant role in the firm’s Investment DB team since joining in 2020. He has provided exceptional support to our LGPS clients on the full spectrum of issues, from investment strategy and pooling to responsible investment. Earlier in his career, Campbell spent time working as an LGPS officer, giving him invaluable insight into receiving – not just providing – consulting advice. On top of his exhaustive experience, he has a passion for helping clients implement the right investment strategy to meet their goals and needs.
Commenting on his new appointment, Iain Campbell said: “The LGPS is in our DNA at Hymans Robertson – it has always been at the centre of what we do and we bring this dedication to our clients. I’m extremely excited to take on the leadership of our fantastic investment work in this space and our enormously talented team of LGPS consultants.
From Elsewhere
UK investors buy US stocks at fastest rate in nine years (Reuters)
Britain isn’t such a basket case anymore, at least to investors (Bloomberg)
M&S boss takes pre-budget swipe at tax burden (Sky News)
Did You See?
Tech guru and FTRC founder Ian McKenna’s recent article on how advice firms can protect themselves from cyber-attack and data breach.
He writes: “While the Financial Conduct Authority is not currently as demanding as the US Securities and Exchange Commission when it comes to an adviser’s cyber security, I think it is a matter of when, not if, this will change. The industry must prepare now for more stringent regulations.
“Perhaps the most significant message is that cyber criminals now recognise what a good target advice firms are. They hold valuable data and, by their smaller nature, are more vulnerable than larger organisations. They are being explicitly targeted for attack.”
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