Investment management company Quilter has made new hires to strengthen its investment solutions team. Ryan Medlock and Filipo Madonia, both formerly of Royal London, and Nick Davison, previously at Liontrust, have joined Quilter as investment directors. They will report to lead investment director Andy Miller. The aim of these hires is to promote Quilter's investment solutions to advisers and external audiences [fe004163].
In other news, ownership of UK government bonds by private investors has reached its lowest level since 1996. Currently, £3 billion of UK government debt is held by individuals, representing a 44% decline over the past three years. This decline in ownership is concerning and may have implications for the UK government's ability to raise funds through bond issuance [fe004163].
International investment platform Novia Global has launched its own Stocks and Shares Isa to address the issue of expats' savings being left in 'suspended animation'. The Isa allows UK expats to have their Isas managed alongside their other assets, providing them with more control and flexibility over their investments [fe004163].
EdenTree Investment Management has appointed Will Oulton as the Chair of its Responsible Investment Advisory Panel. Oulton, who currently serves as the Chair of the European Sustainable Investment Forum (Eurosif), will bring his expertise and experience to guide EdenTree's responsible investment strategy [fe004163].
The UK's tax authority, HM Revenue and Customs (HMRC), has opened 1,091 serious tax investigations in the past year. This includes 417 investigations into the most serious suspected cases of tax evasion and 674 civil investigations into those believed to be avoiding tax. The tax gap, which is the difference between the amount of tax owed and the amount collected, stood at £4.7 billion for the 2021/22 fiscal year. These investigations and the tax gap highlight the ongoing challenge of tax evasion and avoidance in the UK [fe004163].
A new report emphasizes the importance of retirement advice in financial planning. With an ageing population and economic uncertainty, retirement advice remains a cornerstone of financial planning. Over two-thirds of advisers believe that people living longer is changing the demand for retirement advice. Factors such as the cost-of-living crisis, higher interest rates, and volatile markets also impact the demand for retirement advice. Affordability is identified as the main factor suppressing demand [fe004163].
Ord Minnett, an investment management company, has taken steps to address the talent shortage in the finance industry by launching its inaugural graduate program. The program aims to attract and develop new talent by providing graduates with rotational opportunities in various areas of the company, including operations, research, corporate finance, and private wealth. This initiative comes in response to government legislation in 2017 that introduced new requirements for financial advisers, leading to a significant reduction in the number of advisers in the industry. Ord Minnett received over 250 applications and selected four candidates for its graduate program, two in Melbourne and two in Sydney. The graduates will work closely with senior management, including CEO Karl Morris, and contribute to the company's equities and research teams. While all four graduates selected this year are male, Ord Minnett is committed to developing internal employees and attracting more women to the industry [d8a59391].
This news follows recent developments in the finance industry, with banks like Goldman Sachs, UBS, and RBC Capital Markets also launching graduate programs to address the talent shortage. The shortage of talent in the industry is a result of government legislation that requires advisers to pass a national exam by 2023 and obtain a relevant tertiary degree by 2026. As a result, almost 40% of advisers left the industry. Ord Minnett's graduate program is part of its efforts to support its equities and research teams, including involvement in initial public offerings. The company has also signed an agreement with Morgan Stanley to service the US wealth manager's clients with less than $1 million in assets [d8a59391].
Nick Milton is a senior account manager at Foxtel Media, a video network in Australia. He has been with the company for just over three years, starting as a TV Account Manager and later moving to a converged sales team. Milton has been in the media industry for five years, starting at Sports Entertainment Network. He stumbled into media after pursuing a degree in communications. His right-hand person and manager is Hayden Micallef, who is well-loved internally and externally. Milton enjoys the people in the industry and the conversations he has with them. The biggest challenge he faces is market volatility. In the future, he looks up to Julie Eckersley, who heads up scripted content at SBS. Milton finds inspiration in live gigs and critically acclaimed films. He is currently learning Norwegian. In five years, he sees himself married with children and still working in the industry, mentoring the next generation [4fd8f596].
Mark Avison has joined Tattersalls as Paddocks Manager, replacing Jason Treverrow. Avison has had a distinguished career in the Ministry of Defence and has experience as a Riding Master and Operations Manager. He was also the director of Equine Care Horse Trust for eight years. Avison expressed his excitement about the new role and his admiration for Tattersalls. The next sale at Tattersalls will be the Tattersalls July Sale from 9th - 11th July. Spencer will miss Newmarket's July meeting after receiving an eight-day whip ban. Rosallion is leading the race to be crowned Cartier Horse of the Year. Three races have been transferred from Turf to All-Weather at Lingfield Park on Saturday. Hot weather provisions are in place at UK racecourses. The BHA will launch an investigation following fatalities at Newton Abbot on Tuesday. ThoroughbredNEWS is an independently owned and operated industry news platform.