Carolyn's Feed
Oct 27, 2015

St James’s Place third-quarter net inflows hit record 1.5 billion pounds

LONDON (Reuters) – British wealth manager St James’s Place (SJP.L: Quote, Profile, Research) on Tuesday reported record net inflows of 1.48 billion pounds for the third quarter, up 17 percent, as investors sought returns in a low interest rate environment.

The company, which also provides services through its Partnership network of financial advisers, has benefited from government reforms which give individuals more tax-free savings and freedom over how to use their pension pots.

Oct 27, 2015

St James’s Place Q3 net inflows hit record $2.3 bln

LONDON, Oct 27 (Reuters) – British wealth manager St James’s
Place on Tuesday reported record net inflows of 1.48
billion pounds ($2.27 billion) for the third quarter, up 17
percent, as investors sought returns in a low interest rate
environment.

The company, which also provides services through its
Partnership network of financial advisers, has benefited from
government reforms which give individuals more tax-free savings
and freedom over how to use their pension pots.

Oct 23, 2015

Honeymoon over for Prudential boss facing boardroom, regulation woes

LONDON (Reuters) – After five uneventful months settling into the top job at Britain’s largest insurer, the challenges facing Prudential boss Mike Wells are beginning to mount.

Half-year figures posted at the height of summer reflected a company in rude health, with new business booming and profits topping expectations.

Oct 15, 2015

Ashmore first-quarter assets under management drop 13 percent

LONDON (Reuters) – Emerging markets-focused fund manager Ashmore (ASHM.L: Quote, Profile, Research) suffered a 13 percent fall in assets under management over the last three months, hit by both withdrawals and weak investment returns.

Net outflows were $4.0 billion (£2.6 billion), while a negative investment performance caused an additional $3.8 billion drop in assets under management to $51.1 billion in the three months to the end of September, the first quarter of Ashmore’s financial year.

Oct 15, 2015

Ashmore Q1 assets under management drop 13 pct

LONDON, Oct 15 (Reuters) – Emerging markets-focused fund
manager Ashmore suffered a 13 percent fall in assets
under management over the last three months, hit by both
withdrawals and weak investment returns.

Net outflows were $4.0 billion, while a negative investment
performance caused an additional $3.8 billion drop in assets
under management to $51.1 billion in the three months to the end
of September, the first quarter of Ashmore’s financial year.

Oct 8, 2015

New rules drive life insurers to hedge pension risk outside Europe

LONDON (Reuters) – Life insurers selling higher-risk products like annuities are moving to reinsure or hedge this business outside Europe to soften the impact of new capital rules which could add hundreds of millions of pounds to their costs.

The new European rules, known as Solvency II, which come into force in January, will require European insurers to set aside more capital against annuities, which give pensioners a fixed income for life and are considered higher risk because they are long-term products and people are living longer.

Oct 7, 2015

Head of UK fund industry trade body quits abruptly

LONDON, Oct 7 (Reuters) – The head of Britain’s fund
industry trade body quit his job on Wednesday following reports
that several firms were on the verge of leaving the
organisation.

Daniel Godfrey, chief executive of the Investment
Association, was leaving with immediate effect, the body said in
a statement, giving no explanation for his abrupt departure.

Oct 1, 2015

Insurance bosses call for collective action on climate change

LONDON, Oct 1 (Reuters) – Lloyd’s of London and other
insurers called for collective action to address climate change
on Thursday, after a report from the UK regulator this week
highlighted risks to their industry from global warming.

In an open letter to Bank of England Governor Mark Carney,
15 senior insurance executives said they welcomed the Prudential
Regulation Authority’s (PRA) report, which said the insurance
industry could be hit by climate change in “diverse, complex and
uncertain” ways.

Sep 29, 2015

China blast contamination likely to boost costs to insurers

LONDON, Sept 29 (Reuters) – Contamination from chemicals is
likely to increase the cost to insurers of last month’s blasts
in the Chinese port of Tianjin, costs which are already expected
to exceed $3 billion, insurance specialists say.

While Chinese insurers are likely to bear the brunt, global
insurers and reinsurers are also expected to set aside reserves
for the quarter ending in September to cover any payouts for the
Aug. 12 explosions, which killed more than 160 people.

Sep 21, 2015

RSA shares plunge after Zurich ditches 5.6 billion pound takeover plan

ZURICH/LONDON (Reuters) – Zurich Insurance abandoned its proposed 5.6 billion pound bid for Britain’s RSA on Monday, after forecasting a $200 million ( 129 million pounds) third-quarter loss largely due to the devastating explosions at the Chinese port of Tianjin.

A day before a bid deadline under British takeover rules, Zurich said it would conduct a review to improve the performance of its general insurance business, instead of taking over its London-listed rival, sending RSA shares down by as much 23 percent.

    • About Carolyn

      "I have worked at Reuters for more than 20 years but I switched in Sept 2014 to a new beat - insurance and fund management. I write about insurance deals, fund trends, geopolitical risks insured by Lloyd's and I'm grappling with understanding company accounts."
    • Follow Carolyn