Platform Wealthtime is in talks to buy Craven Street Wealth as New Model Adviser reports. CSW has £1.8bn in assets under advice and would be the first purchase for the platform, which is backed by private equity investor Anacap.
It will be interesting to see how much of a significant player Wealthtime becomes in terms of buying advisory firms. It does, of course, already own Novia, which it has rebranded.
The investment trust sector has won a significant concession which means the double counting of costs, inherited from EU legislation will be a thing of the past.
Money Marketing explains that the disclosure rule requires trusts to publish the costs of financing, operating and maintaining real assets.
However, many of these costs are already published in regular company updates and reflected in the value of the share price for all investment companies.
This created a “double counting of costs”, which investment trusts have long been saying has put investors off. This system looks set to end next year.
Paymentshield has launched a “refer and protect” proposition, allowing an immediate automated quote to be sent digitally to clients, reports FTAdviser.
Something of a bad break up here. Tavistock has issued an update calling Titan Wealth’s High Court claim against it ‘vexatious and retaliatory’.
A legal dispute has been rumbling on since the summer.
Tavistock terminated its 10-year strategic investment partnership agreed on 14 June 2021 with Titan Wealth, this July citing “unacceptable performance.”
Titan says it terminated the contract as ‘certain individuals associated with Tavistock deliberately acted contrary to the terms of the partnership.
A nasty spat indeed.
Close Brothers Group has agreed to sell its wealth management business, Close Brothers Asset Management (CBAM) to Oaktree Capital Management for up to £200m.
Hargreaves Lansdown’s private equity acquisition just added several private credit managers and banks, including Pimco and HSBC Bank and Oaktree, to its group of lenders as New Model Adviser reports.
