Catch up on Money Marketing‘s most popular stories this week, such as Quilter launching a Cash Hub savings service for platform customers and the ‘choppy ride’ equity markets can expect in 2024. Read more below:
Quilter launches Cash Hub savings service for platform customers
Quilter has launched a new Cash Hub savings service for platform customers. Powered by Bondsmith, it provides access to a variety of banks and savings accounts with competitive interest rates. The options include easy access, notice periods and fixed-term offerings.
Equity markets in for ‘choppy ride’ in 2024
Managing Partners Group (MPG) predicts a “choppy ride” for equity markets in 2024 due to the influence of the higher yield market. The international asset management company foresees rate cuts of 1.5% and 2% in the US throughout the year. Additionally, a 0.5% cut is anticipated in the UK in Q1, as the Bank of England (BoE) has the flexibility to reduce rates to 4% by the end of 2024.
Four anti-money laundering changes to watch out for in 2024
Discover key anti-money laundering changes for 2024, including proactive intelligence gathering with enhanced NCA powers, a crypto crackdown covering cryptoassets, Companies House strengthening its investigation abilities, and the importance of engaging with AI and blockchain.
Andrew Tully: The final countdown to lifetime allowance upheaval
Andrew Tully highlights the UK’s rapid abolition of the lifetime allowance (LTA) on April 6, introducing a £268,275 lump sum allowance with variations. A £1,073,100 lump sum and death benefit allowance is set. Advisers, facing tight timelines and seeking clarity amid uncertainties, navigate challenges. The Labour party’s intention to reverse the policy adds complexity.
Aegon AM hires senior sales director
Aegon Asset Management has welcomed Martin Canavan as Senior Sales Director in its UK wholesale distribution team. Operating from the Edinburgh office, Canavan will oversee accounts in the North of England, Scotland, Ireland and the Isle of Man. His focus will be on working with Aegon AM’s client base, including wealth managers, financial advisers, family offices and global fund institutions.
Fintech platform Timeline surpasses £4bn AUM
Fintech platform Timeline has achieved £4 billion in client assets under management (AUM), doubling its adviser firm partnerships in 2023. Established six years ago by CEO Abraham Okusanya, Timeline has emerged as a prominent player in the financial advice sector. It secured a place in the top 10 model portfolio services (MPS) list by independent research firm NextWealth.
Söderberg & Partners acquires stakes in two more UK advice firms
Söderberg & Partners strengthens its presence in the UK financial services sector by acquiring minority stakes in two advisory firms. The group has invested in Vintage, a London-based wealth management firm, securing a stake in exchange for an undisclosed sum.
Seccl CEO: ‘Now it’s time for growth’
Seccl’s CEO, David Ferguson, says that the time for growth is now, following the release of the company’s full-year results to April 2023. The results show a significant increase in assets under management (AUM) from £509 million to £905 million. Seccl, owned by Octopus Investments, also reported a rise in active clients from 91,713 in April 2022 to 128,703 in the same period in 2023, and a substantial growth from 19,063 in 2021.
Succession adds £165m with latest IFA purchase
Succession Wealth has completed the acquisition of DFP Health and Wealth Management, an independent financial advice business based in Plymouth. Established in 2002, DFP specialises in retirement planning and investments, managing approximately £165 million in assets for clients in the south and southwest of England. Currently affiliated with Quilter Wealth and Quilter Mortgage Planning, DFP adds to Succession Wealth’s growing portfolio.
Quilter brings in former Hargreaves Lansdown boss as independent NED
Quilter has named Chris Hill as an independent non-executive director, effective from March 7. Upon his appointment, Hill will become a member of both the board Audit committee and board Remuneration committee. A prominent figure in the financial services sector, Hill currently sits on the Financial Conduct Authority Practitioner panel.
