News 23 Feb 18
Standard Life offshore bond survives sale to closed book firm
The offshore bond sold by Standard Life will still be available via Phoenix Group after the firm’s life insurance business is acquired, a company spokesperson told International Adviser.
PEOPLE MOVES: Mirabaud, Milestone, Franklin Templeton
Mirabaud boosts its Iberian coverage, Milestone pivots towards America with a senior reshuffle and Franklin Templeton appoints a consultants chief.
How new Isle of Man pension freedoms differ starkly from the UK
The Isle of Man budget on 20 February introduced the concept of pension freedoms to the island’s pensions legislation, setting out some stark differences to the already established UK rules.
News 23 Feb 18
Phoenix £6bn offshore bond grab opens market to last players
The acquisition of Standard Life Aberdeen’s UK and European insurance arm will net closed book insurer Phoenix Group around £6bn ($8.35bn, €6.8bn) in offshore bonds, Phoenix Group’s head of corporate communications, Shellie Wells, confirmed to International Adviser.
SJP launches discretionary wealth management service in Asia
St James’s Place Wealth Management has launched discretionary managed accounts in Hong Kong, its first such offering in Asia.
Generali to invest €3.5bn into ‘green’ sectors
Italy’s Generali Group is to increase investments in “green” sectors by €3.5bn (£3.1bn, $4.3bn) by 2020, mainly by ploughing money into bonds that finance environmentally beneficial projects and investing directly in cleaner infrastructure.
M&G not liable after son steals from account
In a cautionary tale for investors passing down family names, the UK Financial Ombudsman Service has rejected a complaint from a man whose identically named son was able to fraudulently withdraw money from his M&G Securities account.