Clients of collapsed advice firm to have claims examined Investing Claims from the collapsed advice firm Tenet will be investigated by the Financial Services Compensation Scheme (FSCS) at the start of next year. Earlier this year, the firm’s administrators said 9,645 clients were “considered as being at higher risk of having received unsuitable advice”. Tenet, which billed itself as the largest independent financial adviser network [...]
How Abrdn became the most shorted company in the UK Investing Abrdn is now the most shorted company in the UK, as the Edinburgh-based asset manager has struggled to convince the market it has staying power in the industry. The FTSE 250 fundhouse has been a perennial member of the most shorted stocks for a while, but has succeeded in taking the top spot thanks to [...]
Pennon water flips to a loss after parasite outbreak Energy Losses at water company Pennon widened significantly as the group struggled to pay millions to fix a parasite outbreak that led to diarrhoea. Today, the South West Water owner said its underlying profit before tax had jumped from £19.1m in profit the first half of last year to £18.6m in losses. The results were in [...]
Inheritance tax receipts rise as Brits warned to ‘make plans to pass on wealth’ November 21, 2024 Inheritance tax receipts have risen again as experts are warning Brits to better plan for the passing on of wealth, after the Autumn Budget changes. Fresh figures released this morning show inheritance tax receipts for between April and October of this year are £5bn, which is £500m higher than the same period last year. This [...]
Abrdn shakes up top team in turnaround push November 19, 2024 Abrdn’s new chief executive Jason Windsor has revamped his leadership team today as part of efforts to breathe life into the beleaguered asset manager after years of sluggish performance. In an statement today, the vowel-stripped FTSE 250 investment house revealed it had promoted its client head, Xavier Meyer, to chief of investments, and Richard Wilson, [...]
Another investment trust bites the dust: Abrdn’s Asia Dragon set to merge October 28, 2024 Abrdn’s chronically underperforming Asia Dragon trust is set to merge with Invesco’s Asia investment trust. Despite being the larger of the two trusts, the £682m Asia Dragon trust will be taken over by the £219m Invesco Asia trust, which analysts said was due to the latter’s better performance. Abrdn’s Asia Dragon launched a strategic review [...]
Investor sentiment split by age as older generation’s views sour October 25, 2024 Investor sentiment has split by age over the last six months, with young people’s confidence in investment increasing significantly as the older generation remains sceptical. While the desire to save and invest has jumped by double digits among 18-34 year olds, those aged 35-54 have increased by just a few percent, while for the oldest [...]
Abrdn shares plunge as growth at Interactive Investor fails to offset bad news October 24, 2024 Abrdn’s share price fell by more than seven per cent upon market open this morning after the company published its third quarter numbers. Investors pulled billions from Abrdn’s funds in the last quarter, although inflows into its Interactive Investor do-it-yourself (DIY) investing platform helped offset some of the losses. Overall, the company’s assets under management [...]
Inheritance tax receipts hit record high ahead of expected Budget reforms October 22, 2024 The government raked in £4.3bn from inheritance tax in the six months to September, a nine per cent rise on the same period last year, as Rachel Reeves lines up reforms to the unpopular tax in her Budget next week. According to figures released by HMRC on Tuesday, the Exchequer received £736m from inheritance tax [...]
Scrap FTSE 250 share tax to save small UK companies, says City October 17, 2024 Urgent measures like cutting stamp duty on FTSE 250 shares are needed to save smaller British companies, a group of City heavyweights have argued. In seven of the past 10 years, more listed small companies have left the UK stock market than joined it, and this trend will continue unless serious action is taken, a [...]