News
Investment | news 21 Nov 17
Patience running out for Woodford trust as largest holding hit
This week has brought more bad news for Neil Woodford’s Patient Capital Trust, as shares in his largest holding Prothena tanked.
HSBC fined record HK$400m for Lehman Brothers-related failures
A Hong Kong tribunal has upheld disciplinary action taken against the local branch of HSBC Group’s Swiss private banking business for “material systemic failures” in relation to the sale of structured products, including from Lehman Brothers, in the run up to the global financial crisis.
PEOPLE MOVES: Stephenson Harwood, Julius Baer, Intertrust
Stephenson Harwood appoints a new partner in Hong Kong, Julius Baer sees a senior exit in the Middle East and raids Barclays Wealth for UK expansion, Intertrust appoints Netherlands head and Brewin Dolphin appoints Axa’s Kellard as a non-exec director.
DeVere abandons part of South Africa court appeal
DeVere Investment has dropped two of the three points of appeal it lodged after losing a South Africa Labour Appeal Court ruling that it had to pay fired area manager Ross Pennell outstanding commission, notice, and an unpaid bonus.
Chinese regulator sanctions firms for dodgy insurance products
China’s insurance regulator has banned three life insurance firms from applying for permission to sell new products for six months, after it found they had been offering “problematic” policies.