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Top 10 wealth and asset management stories in 2018

Here are the 10 most popular stories we have had on the Wealth Manager website since the start of 2018.

It has certainly been an eventful year, with fraud investigations, team exits and a number of acquisitions. 

Here are the 10 most popular stories we have had on the Wealth Manager website since the start of 2018. 

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It has certainly been an eventful year, with fraud investigations, team exits and a number of acquisitions. 

Here are the 10 most popular stories we have had on the Wealth Manager website since the start of 2018. 

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Beaufort Securities charged with fraud by US prosecutors

Our biggest story of the year was concerning Beaufort Securities. It was revealed that the United States Department of Justice (DoJ) was probing into alleged securities fraud at collapsed wealth firm Beaufort.

The DoJ is investigating Beaufort in relation to trading in the stock of a number of US companies and international money laundering.

DoJ lawyers compiled a multi-count indictment against Beaufort Securities, investment manager Panayiotis Kyriacou and co-conspirators Arvinsingh Canaye, Adrian Baron, Linda Bullock, Matthew Green, and Aristos Aristodemou in a federal court in Brooklyn. 

The charges include conspiracy to commit securities fraud and money laundering conspiracy.

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Standard Life Aberdeen sells insurance arm to Phoenix for £3bn

Standard Life Aberdeen announced plans to sell its insurance business to Phoenix Group in a £3.2 billion deal.

The decision was revealed in its full-year numbers, with the firm saying the disposal of the 'capital intensive' insurance arm will make it more nimble.

Standard Life Aberdeen will retain its platform and advice arm, 1825, which currently sit within the insurance division.

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Unmasked! The dozen wealth managers quitting Quilter Cheviot

Wealth Manager revealed the names of the dozen investment managers who quit Quilter Cheviot in the summer. The leavers were all ex-Cheviot and are set to join a new venture set up by Cheviot founder Michael Kerr-Dineen.  

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Why Speirs & Jeffrey was forced to sell to Rathbones

Rathbones reached a £104 million deal to buy Speirs & Jeffrey. In a letter to clients, S&J chief executive Russell Crichton outlined why Scotland's largest independent wealth firm is being sold 112 years after it was established in Glasgow. 

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Lloyds pulls £109bn portfolio from Standard Life Aberdeen

Lloyds decided to pull £109 billion in assets run in pension and private client portfolios from Standard Life Aberdeen. 

In October, Scottish Widows ended up awarding the contract to manage £30 billion to BlackRock. The firm also announced a partnership with Schroders, which was appointed to manage £80 billion of the assets. 

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Robby Savage and Danny Murphy lose case against Coutts

Four former Premier League footballers sued Coutts for being in ‘joint enterprise’ with their advisers over a controversial property scheme that left a raft of stars with substantial losses lost their case.

The lawsuit related to investments that were originally made in 2004 for the purchase of apartments in Monte Resina, Spain which cost a total of €7 million (£6.1 million) and investments in Charlotte Harbor in Florida.

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Nutmeg founders launch new venture with heavyweight backers

Nutmeg founders Nick Hungerford and William Todd returned to the industry with a new venture that received backing from Sir Victor Blank, former chairman of Lloyds, and Saracens rugby club owner Nigel Wray.

The new business, which was temporarily named Hulgrave, aims to provide investors with greater transparency and monitoring tools for their portfolios.

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Troubled wealth firm falls into administration

Embattled wealth firm Greyfriars Asset Management (GAM) applied for insolvency protection, with Smith & Williamson appointed to jointly administrate its assets. 

Greyfriars, which has had a number of troubles over the last year, has been shedding its different business units. 

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Charles Stanley Manchester six exit in pay dispute

Six senior investment managers from Charles Stanley’s Manchester office, including office head Paul Lawrence, had their contracts terminated following a dispute with management.

Alongside Lawrence, the departures include senior investment managers Jon Goldstone, Jeremy Rogers, Don Godwin, Philip Hull and John Wood. Charles Stanley said the investment managers’ self-employed contracts have been terminated

 

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The curious case of an 18-year-old unregulated £500m DFM

Mystery surrounds how a wealth firm claiming to run over £500 million has been able to operate unregulated for nearly 20 years.

According to Companies House, Fieldbase Wealth, the trading name of Fieldbase Investments, was incorporated in 2000.

The firm claims to be ‘one of the UK’s leading wealth managers’, offering a wide range of fixed income investments, alongside ‘cryptocurrency wealth management’.

Following our report on the company, The Financial Conduct Authority issued a warning about Fieldbase saying it has been acting without its authorisation. 

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