Author: Lily Harper

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Asset managers made a “huge mistake” in claiming the investment industry could “save the world”, the departing chair of the UK’s Aberdeen Group said, over-egging their role in environment, social and government issues for marketing purposes. Sir Douglas Flint, a former HSBC chair, told a City of London conference this week that their “ridiculously extravagant claims” had opened up asset managers to legal risk. The most grandiose claims by financiers were driven by a mindset of “we’re not really about investing money, we’re just…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Nearly four in 10 UK takeovers were reported in the media before their announcement in the 14 months to May this year, triggering concerns at the financial regulator that the London stock market is becoming leakier.The Financial Conduct Authority has issued warnings to bankers about the leaks, which have come alongside an increase in the amount of unusual trading activity shortly before the announcement of British corporate takeovers.The release of the data in response to a Financial Times freedom of information request…

Stay informed with free updatesSimply sign up to the UK financial regulation myFT Digest — delivered directly to your inbox.Millions of British savers will be able to access “targeted support” under sweeping new rules to help individuals get better returns on their money, as companies including Hargreaves Lansdown and Vanguard gear up to offer such services.Unveiling one of the biggest shake-ups of investment advice for a decade, the Financial Conduct Authority said it would allow companies to make generic suggestions to consumers without having to meet all the costly restrictions involved in providing personalised financial advice.The move, which the FCA…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The biggest US banks have all passed the Federal Reserve’s annual tests of whether they can withstand a future economic and market crisis, opening the door for them to raise dividends and share buybacks.The Fed said on Friday that under its “severely adverse” scenario, in which unemployment surges to 10 per cent, the 22 banks, including JPMorgan Chase, Goldman Sachs and Bank of America, would lose more than $500bn. However, they would suffer a much smaller hit to capital than in recent…

Stay informed with free updatesSimply sign up to the Property sector myFT Digest — delivered directly to your inbox.New non-dom rules led to a plunge in the number of deals in London’s prime housing market last month, as interest cooled from wealthy international buyers.There were 35.8 per cent fewer transactions in May for high-end properties compared with a year earlier and 33.5 per cent fewer than the pre-pandemic 2017-2019 average for the period, according to property firm LonRes. The number of under offer high-end properties — including the capital’s most expensive homes in Kensington, Knightsbridge and Belgravia — fell by…

Stay informed with free updatesSimply sign up to the US financial regulation myFT Digest — delivered directly to your inbox.The US and Switzerland have ended a years-long stalemate over sharing information about client investments, a step that will allow Washington greater visibility into assets held in the European banking hub. The agreement comes amid regulatory examinations of at least eight Swiss companies that do business through a US-regulated entity, said three people with knowledge of the matter. The US Securities and Exchange Commission’s examinations, which included smaller managers as well as larger investment group Vontobel, involved some on-site inspections in…

Top Wall Street dealmakers are aligning with Andrew Cuomo’s campaign for New York City mayor, hoping the disgraced former governor can defeat a slate of leftist hopefuls. Cuomo’s campaign and an independent committee supporting him have taken in millions of dollars in contributions from finance, real estate and other corporate interests that have helped him far out-raise his competitors. High-profile contributors include hedge fund billionaires Bill Ackman and Dan Loeb, financiers Steven Rattner and Anthony Scaramucci and media mogul Barry Diller. While Wall Street and business interests comprise a small fraction of New York voters, they have outsized influence in…

It is the “ticking time bomb” of financial planning. New retirees in the UK risk seriously misjudging their retirement planning because they underestimate how long they are likely to live after stopping work, a professional services firm has warned.Barnett Waddingham issued the alert based on new analysis of data on people in defined benefit pension schemes, a group that lives slightly longer than average. The study found that at age 65 women on such schemes underestimated their life expectancy — which is 89 — by seven years. Men underestimated their figure — 86 — by four years.Jack Carmichael, an actuary…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Elon Musk’s artificial intelligence company xAI was closing in on a $5bn debt financing package to fund new data centres and chips to power its business. Then on Thursday the world’s wealthiest man torpedoed his relationship with US President Donald Trump.Musk’s bankers at Morgan Stanley must now contend with this new complication as would-be investors try to assess the fallout from the dramatic unravelling of Musk’s ties to the president, according to people briefed on the matter. The debt could be more…

Stay informed with free updatesSimply sign up to the Pensions industry myFT Digest — delivered directly to your inbox.Ministers will unveil a sweeping overhaul of Britain’s pensions system on Thursday aimed at unpicking problems created by previous rules and boosting the retirement savings of millions of people. The pensions bill will cover six areas of reform and include a “reserve” power to force pension schemes to invest more in the UK if they fail to meet a voluntary commitment.One of the most notable features of the bill — announced in the King’s Speech last July and the first since 2021…