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...Legal & General’s new chief executive António Simões promised a strategic overhaul that would create a “simpler investment case” for the FTSE 100 insurer, asset manager and housebuilder, as he presented...
...Mifid 2 already It is starting to feel like at least parts of Mifid II were a really weird dream....
...“Climate change was not even in the dictionary,” said Andy Batchelor, 63, the operations manager who started work on the barrier the day it was opened by Queen Elizabeth II on May 8 1984....
...“This may have been the case with True Confidence.”...
...Unbundling research, as required by Europe’s Mifid II regulations, delinked research from trading costs in another bid to erase conflicts of interest....
...Renewables is a relative bright spot and a case study for how a climate subsector can go from small and fringey to large and mainstream....
...“When managers increase the minimum share of so-called sustainable investments, in most cases, they are inflating the share of the company, which already had a low carbon footprint,” he said....
...They later became subject to Europe’s Mifid II rules, which required wealth and fund managers to aggregate fund costs and present them as one number to their client, as a percentage of NAV....
...Small-caps also face particular issues as active managers consolidate and minimum liquidity requirements rise....
...The product for that’s called Confluence; is, you know, similar to say, Google Docs or Microsoft Word....
...McNeil said that the recent launches in the US with managers such as BlackRock and Invesco getting involved, meant the asset class was now mainstream....
...You have already given me lots of ideas for Volume II. (Though I might just wait a hot minute before starting on that 😅.)...
...A market abuse case like this relies on circumstantial evidence....
...But fundamentally, we remain unconvinced of the structural case for the industry....
...There are plenty of case studies and warnings about specific pitfalls, such as the pipeline problem when it comes to building a diverse workforce and the tendency for managers to go it alone....
...But this collective case of the vapours is all a sign that nature is healing. If you cast your mind back to this time last year, UK markets were in full-blown crisis....
...markets known as Mifid II....
...European asset managers have cut research spending by three quarters from pre-Mifid II levels, according to research by Frost Consulting....
...The aim was to end what some feared were overly cosy relationships between banks and fund managers that obscured costs and the exact services end-clients paid for....
...There’s no doubt Mifid II has caused pain and cost jobs. Brussels officials thought asset managers would pass the costs on, not bear them as most did....
...Current estimates from the Chartered Management Institute — which came up with the concept of the “accidental manager” — suggest almost 80 per cent of UK managers fall into this category....
...All too often senior managers fail to consider the worst-case scenario. Why don’t they listen to doubters?...
...The S&P purchasing managers’ index for October, published Monday, fell deeper into contraction, led by declining services activity....
...Nevertheless, central bank purchases are likely to remain an important piece of the arsenal for dealing with market function in extreme cases....
...I’ll give you unvarnished advice: no HR guff or ‘best case scenarios’ here....
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