The global wealth tech provider announced that its chief executive John Wise has left the company.

Richard Lumb, a current director on the InvestCloud board has been appointed interim chief executive.

The board also has initiated a search for a permanent chief executive.

Eastspring Investments

The Asia-based asset management business of life insurer Prudential has appointed Bill Maldonado as its interim chief executive.

Maldonado’s appointment follows the retirement of former chief executive Wai-Kwong Seck, who had held the post for four years.

Seck will stay on at the asset management firm until the end of June to support Maldonado and the team in the transition.

Maldonado, who joined the firm in August 2021 as its chief investment officer, will retain this role to “focus on investment performance”.

Prior to joining Eastspring, Maldonado served as both the Asia Pacific and global chief investment officer for equities at HSBC Global Asset Management.

Responding to queries from our sister publication Fund Selector Asia on when the firm is looking to appoint a permanent chief executive, Eastspring said: “We are undertaking a thorough process to ensure that we find the right candidate for the business and will provide more information at the appropriate time.”

Kingswood

Paul Hammick has joined the international wealth and investment management group as chief risk officer.

He has over 26 years of experience in financial services, previously working at Lloyds Banking Group.

Shard Capital

The wealth and asset manager has appointed James Bushell as head of operations.

Bushell brings 28 years of financial services experience having held roles with Walker Cripps, Lloyds Bank Stockbrokers, Brewin Dolphin and Fiske.

JM Finn

The UK wealth firm has recruited Danny Szabo as an investment manager.

Prior to joining JM Finn, he managed discretionary assets on behalf of private clients and intermediaries at Atomos.

Bespoke Wealth

The UK advice firm has promoted Danielle Pearce to head of financial planning, according to her Linkedin profile.
Pearce was previously head of paraplanning.

JP Morgan Private Bank

The banking giant has hired Kenneth Yeo as ultra-high net worth team lead for southeast Asia, based in Singapore.

Yeo joins from independent asset manager Lighthouse Canton, where he spent just three months as managing director and senior client partner.

Franklin Templeton

The financial services firm has appointed Benjarong Techamuanvivit as its head of Thailand.

Techamuanvivit’s role is newly created and comes as Franklin Templeton looks to expand its presence in Thailand.

It added that the appointment is subject to the approval of the Monetary Authority of Singapore (MAS) as she will be based in Singapore.

Prior to joining Franklin Templeton, she served as the deputy managing director and head of corporate strategy for product, digital and marketing at Eastspring Asset Management (Thailand).

Guinness Global Investors

The investment firm has hired Dennis Mehrtens as head of sales in Germany.

He was most recently managing director for the Dach region at Fiera Capital.

Waverton Investment Management

The DFM firm has made four hires to its Glasgow office.

The team, led by Graeme Brock and Roger Haxton, join from Evelyn Partners where they were both Partners. They are joined by Lauren Craig and Charlotte Ayre.

Brock and Haxton join Waverton as portfolio managers and directors.

Craig has been named as a portfolio manager focusing on running portfolios as well as managing client relationships. Ayre completes the team of four as the team assistant.

Financial Conduct Authority (FCA)

HM Treasury has announced the appointment of Sophie Hutcherson to the board of the UK regulator.

Hutcherson has 30 years’ experience in financial services having worked as senior adviser to the chief executive at Wells Fargo and held various senior positions at Deutsche Bank UK.

Barnett Waddingham

The pension consultancy firm has named Mark Smith as an independent non-executive director to its self-invested personal pension (Sipp) business board.

Smith has over 35 years’ experience in financial services and the personal pensions industry. He spent 10 years at Mattioli Woods as a main PLC board director, departing as chief operating officer in 2018.

Canada Life

The insurance giant has appointed Tim Coulson as managing director of bulk purchase annuities.

Coulson was most recently at Just Group, where he built and led its defined benefit de-risking business.

Head of responsible investment Ben Palmer is set to leave the company in March 2023 after more than a decade.

He joined the investment manager in 2011 as a trainee and took on his current role in August 2020.

BW Sipp

Simon Foster will become chief executive of BW Sipp – Barnett Waddingham’s Sipp business – subject to regulatory approval.

He has worked at the company for three years as head of proposition and implementation. Prior to that, he had been with Zurich for 27 years.

Moneyfarm

The digital wealth manager has named dame Jayne-Anne Gadhia as chair.

She is the founder and executive chair of fintech firm Snoop and was the chief executive of Virgin Money between 2007 and 2018.

She is also chair of HMRC and a director at UniCredit.

Now: Pensions

Claire Bowyer has been promoted to deputy chief executive of the pension provider, part of the Cardano Group.

She has been with the group since 2009 and will continue to be group partner, director and general counsel.

Blackfinch

The investment manager has named Nicholas French as chief distribution officer.

He joins from Marlborough Group, where he served as head of adviser solutions and chief executive of the Select platform for three years.

Carey Olsen

The offshore law firm has promoted Alexa Saunders to head of trusts and private wealth in Jersey.

She joined the firm in 2011 and has been a partner within the trusts and private wealth team since 2016.

Nomura Asset Management

Julian Marks has become head of hybrid bonds within the asset manager’s fixed income team, based in London.

He spent the last 15 years at Neuberger Berman where he was the lead portfolio manager for the corporate hybrid bond strategy.

Channel Capital Advisors

The UK fund manager has appointed Bhoomika Kesaria as head of investor relations.

She joins from fintech investor firm Lendable.

Saffery Champness

The accountancy firm has made a series of hires and promotions across its Guernsey and Geneva offices.

Dominic Lawton-Smith joins as trust director from Crestbridge where he led the Cayman private client business.

Additionally, Sally Hunt and Sophie Walden have become senior trust officer and compliance manager, respectively, in Guernsey.

Also in Guernsey, Claire Tersigni and Simon Ricketts have been promoted to trust managers; Lily Simmons and Denise Brehaut to senior trust officers; and Caitlin Le Gallez to people and culture officer.

In Geneva, Alexia Laird and Saskia Scheelbeek have both been promoted to trust officers.

Tellworth Investments

The UK specialist equity asset manager has recruited Jamie Seed as an investment analyst.

Seed was previously at Jeffreries and Numis and specialises in UK large and mid-cap companies.

The insurer has made several changes to its executive board and global c-suites. 

The global business platforms will be headed by current Apac chief executive Jack Howell, effective from 1 January 2021. 

Ping An Technology top boss Ericson Chan will lead the planning, development and operation of the technological functions and online ecosystem, as the group chief information and digital officer. 

Kathleen Savio, current chief executive of North America, will take on the newly created role of group chief transformation officer from 1 January 2021. 

Kristof Terryn will succeed Savio in the c-suite role; he is currently chief operating officer. 

Tulsi Naidu will take over as Apac chief executive, after leading Zurich’s UK business for the past four years. 

Lastly, Laurence Maurice joins the insurer in the top job for LatAm; she previously held a similar role for Allianz covering Spain and southern European. 

Hargreaves Lansdown 

Head of research Mark Dampier has left Hargreaves Lansdown. 

He was the architect of the firm’s Wealth 150 list and a champion of the Woodford Equity Income Fund before it was suspended in June 2019. 

Dampier said, however, that he will be back from time to time to “share his thoughts” with Hargreaves’ clients. 

Transact 

The co-founder of platform Transact, Ian Taylor, is to retire after more than two decades at the firm.

He will step down as an executive director from 26 February 2021. 

Quilter International  

Hugh McGrenra, head of high net worth distribution, will leave the business in October 2020. 

He is currently based in Dubai and is looking for the next chapter in his career, according to a recent post on LinkedIn. 

Tilney Smith & Williamson 

Newly merged UK wealth management firm Tilney Smith & Williamson has hired John Bunch as chief commercial director for financial services. 

He will relocate to the UK from the US, where he spent 30 years in financial services. 

Most recently, he was chief operating officer and executive vice president of Edelman Financial Engines. 

Edentree Investment Management 

Responsible and sustainable investment firm Edentree has recruited Andy Clark as chief executive. 

He joins from HSBC Global Asset Management where he held the top job for the last eight years. 

Clark will succeed Sue Rond, deputy chair, who has been working as acting chief executive. 

Manulife 

Canada-based Manulife board member Rona Ambrose has resigned. 

She has accepted a full-time employment position, details of which were not disclosed. 

Beaufort Financial 

Financial advisory firm Beaufort Financial has named Gwilym Lloyd Jones as director of its north Wales firm, Beaufort Financial St Asaph & Chester. 

He takes over from managing director and founder Stephen Lyth, who is set to retire after 38 years in the financial planning sector. 

Jones was previously at Sanlam where he served for over 10 years and was most recently a senior financial planner. 

Barnett Waddingham 

David Stoddard has become Barnett Waddingham’s chief operating officer. 

He succeeds Jane Galvin, current partner, who is retiring at the end of 2020 after spending over a decade at the company. 

Stoddard joins the provider of actuarial, administration and consultancy services from independent technology consultancy Baringa Partners, where he led the life and pensions team. 

Succession Holdings 

Independent wealth management and financial planning business Succession Holding Jersey has appointed Patrick Gale as non-executive chairman. 

He has over 30 years’ experience in financial services including several non-executive and advisory roles, as well as c-suite positions.  

The newly appointed chancellor, Rishi Sunak, spent a large part of his speech targeting the current and future impact of the coronavirus and how the government could help people affected.

But the rumoured inheritance and pension tax relief reforms were given much less attention, if any.

Reports that the chancellor could drastically overhaul the inheritance tax (IHT) system by reducing it to 10% with a £30,000 lifetime gifting limit came to nothing.

Little airtime was also given to pensions, with the only measure taken by the UK government being a £90,000 increase in the tapered annual allowance (TAA) to £200,000 ($259,969, €229,008), which is supposed to mainly support doctors who were retiring early to avoid being unfairly hit by higher rates.

At the same time the minimum TAA has been lowered from £10,000 to £4,000.

Lifetime allowance has been raised to £1,073,100, “the minimum they can increase it by under current legislation”, said Claire Trott, head of pensions strategy at St James’s Place.

Rachael Griffin, tax and financial planning specialist at Quilter, said: “The chancellor dodged the intricate maze of complication that is inheritance tax with no mention of any simplification or changes.

“The review of inheritance tax conducted by the Office of Tax Simplification was commanded by Phillip Hammond and it may be the new chancellor doesn’t have any inclination to make changes.

“Although, with the chancellor’s current spending regime, he will have to find money from somewhere and inheritance tax or pension tax relief may be the source of the magical money tree that was used to fund this budget.”

Lost opportunity

Nilesh Shah, specialist in executive pensions at Barnett Waddingham, said: “Tinkering around the edges of pensions taxation is not going to solve the issues. The government have not gone far enough to ‘get this done’.

“While some of the high earners will see their [annual allowance] tax bills reduced by up to £13,500 net; four years after its introduction the complexities are still there.

“The chancellor should have got rid of the complex TAA.”

But Neil Jones, market development manager at Canada Life, told International Adviser the TAA changes will benefit a slightly wider group of people

“The changes […] are not just for NHS staff or doctors, but it appears to apply to everyone – so an estimated 250,000 people,” he said.

“As for IHT – disappointing that they did not take the opportunity to simplify, for example absorb the [residence nil rate band (RNRB)] into the standard nil rate band which would be simple and effective.

“An advantage of the current IHT regime is that it allows planning opportunities, so it is business as usual.

“The impact of coronavirus is obviously high on the government’s priority list, and rightly so. This seems to have driven a lot of what the chancellor of the Exchequer said and changed the priorities, so reform could happen in the future,” he added.

Still too complex

Changes to the TAA, however, do carry some implications, warned Les Cameron, pensions and tax expert at Prudential UK.

“The increased threshold limits will be welcomed by many as this should lift all but the highest net worth individuals out of the ‘taper trap’.

“Having said that, we are still left with a complex piece of pension legislation.

“Reducing the taper charge to £4,000 will see an increase in the annual allowance charge of £2,700 for those who are fully impacted – those with adjusted income of over £312,000,” he said.

“However, annual allowance (AA) charges will still apply. Many of those affected by the old limits were also over the standard annual allowance.

“This change will see a reduction in AA charge of at least £12,000 for these people which will be welcome news,” Cameron added.

Small victory?

Steven Cameron, pensions director at Aegon, said that while NHS staff will benefit from the measures, it still doesn’t get rid of a very difficult system.

“While it’s disappointing that the chancellor didn’t simply scrap the dreaded ‘tapered annual allowance’, the £90,000 increase in the earnings threshold when it kicks in – now £200,000 – is greater than expected and should offer comfort to many more higher earners that they shouldn’t be affected.

“But for those earning above £300,000, an annual allowance of just £4,000 surely makes pensions redundant for them.

“Budget 2020 rightly focused on the nation’s health and economic resilience in response to the coronavirus.

“So, it’s perhaps not surprising that the single pensions change was designed to stop senior NHS professionals turning down extra work or retiring early to avoid a pensions tax penalty.

“The change applies across all occupations and not just to NHS professionals, avoiding making pensions allowances occupation specific.

“Unfortunately, simply moving the thresholds misses the opportunity to start to simplify the fiendishly complex system of pension limits and allowances.

“This may be something the chancellor returns to in a future budget, ideally as part of a wider consultation on how to reform pension tax reliefs,” he added.

This was revealed during a Canada Life survey of 178 UK financial advisers, which looked at the future of IFA businesses.

“Anything that represents risk and potentially increased future liability or affects today’s cost or availability of professional indemnity cover, will impact firm valuation and therefore M&A activity,” Keith Richards, chief executive of the Personal Finance Society, told International Adviser.

“This is currently impacting financial advisers with a back book of DB transfer business.”

While AJ Bell senior analyst Tom Selby has not “heard this specifically”, he told IA that “significant DB deficits would be a factor to consider in any M&A deal”.

Consolidator

Standard Life’s financial planning arm, 1825, has been rather active in the M&A space in the UK.

It recently agreed to buy the wealth advisory arm of accountancy business Grant Thornton for an undisclosed fee.

IA asked 1825 if it had avoided businesses if they offer DB transfers?

A spokesperson for the firm said: “We value firms based on a range of metrics which differ for every firm, as no two are alike.

“The key metrics used for valuing firms are assets under advice, recurring revenue and profitability. We don’t have any standard multipliers or specific criteria we measure on – each deal is considered on its own merits, and we spend a considerable amount of time with a business before we reach a valuation.

“Businesses that do high levels of DB transfers versus low levels of DB transfers may not necessarily affect the price we would pay, but it may influence our decision to acquire a firm based on our view of the level of potential risk in high volume businesses.”

Due diligence

The Financial Conduct Authority has been increasing its scrutiny of the DB transfer market since the British Steel Pension Scheme (BSPS) scandal.

In June 2019, the UK regulator said it was disappointed with the number of advice firms recommending people to transfer out of DB pension schemes.

Simon Taylor, partner at pensions consultancy firm Barnett Waddingham, said to IA: “If we are talking about M&A activity between IFA firms, I should think that there could well be some transactions that are scuppered by the target firm having carried out significant amounts of DB transfers in the past.

“This is especially where these transfers were carried out using processes now frowned upon by the FCA.

“Due diligence is key here.”