GAM Holding sets out plan to pay back investors amid £5.8bn fund crisis August 28, 2018 GAM Holding, the embattled Swiss asset manager, will begin next month to liquidate funds that had been frozen after it suspended the investment director who ran them, the group said today. The asset manager announced earlier this month that it would liquidate nine funds, representing total assets worth SFr7.33bn (£5.82bn). Shares in GAM tumbled last [...]
Credit Suisse freezes £4bn linked to Russia after US sanctions August 22, 2018 Banking giant Credit Suisse has frozen 5.1bn Swiss francs (£4.02bn) linked to Russia following US sanctions. The Zurich-headquartered bank reported in its second quarter results that it had identified impacted client relationships and transactions to ensure compliance. It added that the sanctions compliance group is closely monitoring the developments. Read more: Russia hits out at ‘unacceptable’ US [...]
World Cup win to boost business confidence as England edge closer to final July 7, 2018 The UK will be hoping for an economic boost from consumer spending as England moves on to the semi-finals of the World Cup, beating Sweden in a comfortable 2-0 win this afternoon. Goals from Harry Maguire and Deli Alli pushed England into the last four of the Fifa World Cup for the first time in [...]
DEBATE: In light of the FCA’s retirement outcomes review, is pension drawdown working? June 29, 2018 In light of the FCA’s retirement outcomes review, is pension drawdown working? Alistair Wilson, head of retail platform strategy at Zurich Insurance Group, says YES. Drawdown has given hundreds of thousands of retirees greater freedom and flexibility in retirement. Before the pension reforms, most people reaching retirement were forced to buy an annuity, which many [...]
These have been named the most expensive cities in the world for expats June 12, 2018 Europe dominates the rankings of the world's most expensive cities, according to new analysis out today from ECA International. European cities accounted for nearly a third of the most expensive spots around the globe for expatriates, according to ECA's cost of living survey. It compared a basket of like-for-like consumer goods and services commonly purchased [...]
Mind Gym flexes muscles with £140m London listing June 10, 2018 Training firm Mind Gym is planning to flex its market muscles through a £140m listing on London Stock Exchange arm AIM. The company, which is owned by Octavius Black, an Eton peer of former Prime Minister David Cameron, has brought in Liberum Capital to handle the listing. City A.M understands that an announcement on the [...]
Uh-oh millennials: London is now the second-priciest city in the world for avocados May 29, 2018 The average price of goods overall has dropped in London since Brexit, but avocados will still set you back big time, according to a new study of global cities by wealth manager UBS. The UBS Prices and Earnings report compares the cost of living in 77 cities worldwide, and this year found that Zurich is [...]
UK inflation dips to 13-Month low in April, adding to Mark Carney’s interest rate puzzle May 23, 2018 Inflation in the UK dropped to its lowest levels since March 2017 last month, according to the latest figures from the Office for National Statistics (ONS). Consumer price inflation cooled to 2.4 percent in April, down from 2.5 percent this March. The drop in consumer prices has once again dampened expectations of a Bank of [...]
M&S passes on £1.4bn of its pension liabilities to Aviva and Phoenix May 17, 2018 Nearly £1.4bn of Marks & Spencer’s pension liabilities were today passed to insurers Aviva and Phoenix. It follows a trend of organisations including National Grid, Pearson and Smith Group transferring pensions calculated on worker’s final salaries over to insurers. Read more: Zurich completes deal to cover £2bn of National Grid pension liabilities Around £925m will [...]
Zurich completes deal to cover more than £2bn of National Grid pension liabilities May 15, 2018 Zurich has agreed a longevity swap of more than £2bn of pension liabilities from the National Grid in its Electricity Supply Pension Scheme. The insurance agency said the transaction would protect National Grid against “risk of rising costs” that have come about from 6,000 pensioners and future dependant members living longer than expected. It will [...]