The ‘AAAf’ rating assigned signifies the extremely strong protection the underlying holding within the EFA provides against losses from credit defaults. The ‘S1+’ volatility rating in turn recognises that the underlying pool of assets will demonstrate extremely low sensitivity to changing market conditions.

Finance director, Paul Atherton, said: “This ‘AAAf’ rating by S&P Global is a significant milestone for Capital International Bank’s Excess Fiduciary Account. These accounts have proven popular with our clients and provide a competitive net return in sterling, euros and U.S. dollars and also offer same-day liquidity access.

“The rating reflects the strong compliance framework and treasury management of the Excess Fiduciary Account here at Capital International Bank.”

S&P Global Ratings noted in their assessment that the EFAs are managed by Capital International Bank, which is a wholly owned subsidiary of Capital International Group Ltd. Capital International Group has approximately $4bn in assets under administration.

In their opinion, the EFAs are conservatively managed by a suitably experienced cash and treasury management team at Capital International Bank; supported by a risk management and compliance team to oversee banking and treasury operations.

In managing the EFAs, the treasury team will control interest rate risk by investing in short-term deposits and limit credit risk by focusing on high-credit quality names, in order to maintain a credit profile consistent with a rating of ‘AAAf’.

Managing director, Werner Alberts, also said: “We are thrilled to receive this rating for our Excess Fiduciary Account. This recognition reinforces our dedication to providing innovative, secure and trusted banking services.

“For our customers, it means peace of mind knowing their Excess Fiduciary Account deposits are backed by one of the strongest credit ratings in the industry. We are a bank committed to providing unparalleled trust and value, this credit rating reflects that commitment and sets the stage for our next phase of growth in 2025 and beyond.”

Capital International Bank holds a Class 1(2) banking licence in the Isle of Man, focusing largely on corporates and trusts and is part of the Capital International Group. The Group employs over 200 staff in the Isle of Man and is based at Capital House in Douglas.

Whilst a fund credit quality rating methodology has been used by S&P Global Ratings, the EFA is not itself a fund, but rather a pooled account supporting the financial products known as fiduciary deposits.

This collaboration combines Fairstone’s extensive client base and advisory expertise with JP Morgan Asset Management’s global investment capabilities, it said in a statement on 22 January.

The partnership will see Fairstone utilise JP Morgan Asset Management’s global equity and global bond capabilities as core components of its new NOVA MPS (Managed Portfolio Service) range.

The NOVA MPS will provide institutional-grade investment capabilities to retail clients at institutional pricing, “delivering significant value at just 55 basis points”. Set to launch for new clients on 1 March, the range is designed to deliver proven investment solutions at a highly competitive price.

Fairstone will seed the new range with over £500m on day one and anticipates that the exceptional quality and price of the offering will drive incremental assets into the Fairstone MPS ranges of £2bn over the next 12 months.

The strategic partnership extends beyond the NOVA MPS range, as Fairstone and J.P. Morgan Asset Management collaborate to develop further product innovations.

Pictured above are: Lee Hartley, Fairstone CEO; Claude Kurzo, JP Morgan Asset Management Country Head UK; and Nick Stebbing, Fairstone COO.

Speaking at the launch event, held at JP Morgan’s offices on London’s Embankment, Lee Hartley, CEO of Fairstone, said: “Fairstone Investment Management was established to act as professional buyers of investment solutions, ensuring clients remain at the heart of our approach.

“The NOVA range, managed by Fairstone’s in-house investment management team, will feature segregated mandates run by J.P. Morgan Asset Management as cornerstone solutions. J.P. Morgan Asset Management was selected for their outstanding track record, with 88% of their global mutual fund assets under management outperforming their peers, and for the expertise of their team of over 1,300 global investment professionals.

“To remain the most trusted wealth management company and to continue delivering exceptional service to our 125,000 clients, we recognise the importance of partnering with leading suppliers. In J.P. Morgan Asset Management, we are confident we have found the right partner.”

Claude Kurzo, UK country head at JP Morgan Asset Management, added: “We’re excited to partner with Fairstone on launching an innovative new MPS solution that is expected to provide strong client outcomes at a very attractive price point. We also look forward to supporting Fairstone in helping their clients achieve their financial objectives, which includes leveraging our Guide to the Markets and training programs to support Fairstone’s advisers.”

Nick Stebbing, chief operating officer at Fairstone, said: “This partnership delivers institutional-grade investing to retail clients, bridging a significant gap in the market. By working with J.P. Morgan Asset Management, we’re able to offer solutions that bring together robust performance and competitive pricing. This collaboration underscores our commitment to ensuring clients benefit from professional-grade strategies that were previously accessible only to large institutions.”

In a statement on 22 January, it said the consideration for the acquisition is £210,000 with a three year earnout, capped and paid for with funds from the group’s own resources.

The December 2023 chairman Jim Mellon’s statement stated that it would “look at accretive acquisitions to continue developing a robust and diversified financial services group to support the ongoing objective of continuously enhancing shareholder value”.

“Albeit currently small, this business with its accompanying UK FCA licences, will provide an excellent platform from which we can build upon to provide general insurance products, together with full financial planning and investment services, to both retail and SME customers based in the UK”, the statement said.

This will include the 100,000 plus customers of Payment Assist Limited. In addition, Cam Wealth would provide synergies in conjunction with the Group owned Isle of Man IFA, Edgewater Associates Limited.

Douglas Grant (pictured), the Group’s CEO said: “The acquisition of CAM Wealth is a significant building block for Manx Financial Group. By integrating CAM Wealth’s expertise into our operations, we unlock opportunities to provide our UK customers with a comprehensive suite of financial planning, investment services, and insurance solutions. This acquisition aligns perfectly with our objective of enhancing shareholder value while exploring new avenues for growth within the UK’s financial landscape.”

Lizz Ewart, director of CAM Wealth Group Holdings Limited said: “I, and my fellow Director, Derek Gawne, are absolutely delighted to become part of the MFG Group of companies and look forward to the enhanced growth prospects afforded with this new relationship.

“We believe this is a real opportunity for us to assist MFG and their customers by providing a broader range of services and skills. We look forward to a mutually successful future”.

The three firms are Francis Clark Financial Planning, Qi Financial Solutions Ltd and Radcliffe & Co Independent Financial Advisers.

Francis Clark Financial Planning is based across the South and South West of England with nine offices from Bristol to Truro.

Established in 2002, the firm advises on more than £900m of client assets and is ranked among FTAdviser’s top 100 financial advisers.

Francis Clark’s 65-strong chartered financial planning team focuses on building long-term plans with its clients, advising on all areas of financial planning to help them achieve their objectives, and keeping these regularly reviewed to adapt when life changes. The firm advises individuals as well as corporate clients and trusts.

Qi Financial Solutions Ltd is an independent, chartered financial planning firm based in Croydon. The business has a long history of serving individuals and families based primarily in London and the South of England.

Qi Financial Solutions prides itself on building trusted, long-term relationships with clients. The firm advises on over £165m of client assets and employs seven staff, including three chartered financial planners.

Radcliffe & Co Independent Financial Adviser is  based in Southampton and has served clients since 1959. Radcliffe & Co manages £1.5bn in assets and serves more than 3,500 personal clients and 150 corporate employer schemes.

The firm focuses on delivering tailored solutions, with clients’ objectives at the heart of everything. Over the years, Radcliffe & Co has built expertise in working with high-net-worth individuals, business owners, the aviation sector, and independent schools.

Gustaf Rentzhog, chief executive officer at Söderberg & Partners, said: “We are thrilled to announce our investment in three more successful financial advice firms. The UK market is home to many entrepreneurial financial advice businesses which demonstrate strong customer service and an innovative approach to financial planning. We are pleased to be able to support these businesses as they grow.”

Chris Reah, managing director of Francis Clark Financial Planning, said: “We’re really excited to embark on this partnership with Söderberg & Partners. We look forward to working together to develop a market-leading technology platform tailored to the needs of our clients and our people. This will put us at the cutting edge of how financial planning is delivered in the future, enhancing our ability to provide clients with insightful, personalised advice.”

Paul Annys, managing director of Qi Financial Solutions, said: “We are delighted to have the opportunity to partner with Söderberg & Partners and are particularly excited to work with them on integrating new technologies to help support our client proposition. We are constantly striving to improve the services we offer to clients and believe this strategic step will help us enhance what we can offer, both now and in the future, ensuring the best outcomes for our clients.”

Neil Igglesden, managing director of Radcliffe & Co, added: “We have had our share of approaches from industry consolidators and other interested parties, eager to acquire our business. However, it became clear that most of these offers prioritised our revenues from assets under management rather than preserving our unique character and commitment to dedicated client relationships.

“Söderberg & Partners, however, offers a refreshing approach that allows us to maintain our unique identity and business model. We believe this will help address our concerns around ensuring continuity for both clients and staff in an ever-evolving financial landscape.”

These investments form part of Söderberg’s long-term strategy to invest in UK advice firms and support their growth.

This will enable NRIs and global investors to access the vibrant Indian market with ease, the statement today (14 January) said.

It will also offer India-based clients access to global markets for portfolio diversification. This move strengthens ASK’s commitment to delivering tailored, innovative wealth management solutions on a global scale.

Rajesh Saluja, Co-founder, CEO & MD, ASK Private Wealth, said: “The launch of our DIFC office underscores ASK’s commitment to scaling our international footprint. The Indian diaspora has global ambitions, and we would like to partner them in their outreach.

“This move will enable us to offer overseas investors a gateway to India’s dynamic markets while supporting Indian clients in diversifying globally.”

Prateek Pant, market head for Middle East & Africa, ASK Wealth Advisors (DIFC) Pvt Ltd, added: “Dubai’s strategic location and robust financial ecosystem make it an ideal base to connect investors in Middle East & African markets with India’s compelling growth story. Through ASK DIFC, we aim to provide professional clients in these regions with diverse wealth solutions backed by ASK’s legacy of excellence and innovation.”

Salmaan Jaffery, chief business development officer, DIFC Authority, said: “We would like to extend a warm welcome to ASK Wealth Advisors to DIFC. ASK joins the Centre at an exciting time – a period during which we are seeing unprecedented global inflows of private capital as well as of wealth and asset managers to Dubai, making it the centre of gravity for wealth in the Middle East. The opportunities available to ASK from DIFC are endless, and we would like to thank them for choosing us as their new home in the region.”