29th October 2024

Key Highlights:

?? Investors flee small companies over inheritance tax fears

?? Rachel Reeves aims to raise up to ￡20bn from national insurance rise

?? UK consumer and business confidence weaken ahead of Budget

?? UK inflation fading faster than expected, says BoE governor

?? IMF upgrades UK growth forecast in boost to Reeves

?? FCA issues warning to wealth manager ‘outliers’ over vulnerable clients

?? Moneybox, digital wealth manager secures ￡70m funding

?? RBC Brewin Dolphin’s ￡7.5bn MPS edges ahead of the pack

?? Titan completes a deal for Ravenscroft’s Channel Islands arm in offshore push

?? Evelyn Partners AuMA Hit High In 2024

?? New platform launched to help entrepreneurs develop broking businesses

?? Marsh-owned business snaps up ex-WTW leader as new London base established

?? Clear Group acquires ￡10m GWP broker

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Macroeconomics

28 October 2024: Northern Ireland on track for ￡769mn budget overspend

-?????????? Northern Ireland anticipates a budget overspend of ￡769 million this year due to underfunding across essential services like health, education, and policing. This overspend risks triggering repayment of ￡559 million in loans from previous years, adding pressure to balance the budget

-?????????? Economy Minister Conor Murphy and Finance Minister Caoimhe Archibald remain doubtful that Chancellor Rachel Reeves’ upcoming Budget will provide the needed financial support. They highlight that additional funding is crucial for stabilising Northern Ireland's economy and public service provision

-??????????Despite a recent ￡60 million uplift as part of an agreement to restore the Stormont executive, funding remains insufficient. Key projects like urban development and stadium renovations are impacted, underscoring the need for a more equitable funding formula from the UK government

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27 October 2024: Faulty jobs data leaves UK hiring picture uncertain, economists say

-?????????? Chancellor Rachel Reeves is expected to introduce a pay rise for young workers on the minimum wage and increase employer national insurance contributions. This could lead to higher costs for employers, potentially affecting employment rates

-?????????? Economists and the Bank of England are concerned that the unreliability of the Labour Force Survey (LFS) data, which has been impacted by low response rates, is creating an unclear picture of the UK’s labour market. This makes it harder to assess the potential effects of wage hikes and other labour policies on employment

-?????????? Alternative data, such as tax records and job adverts, suggest a different labour market trajectory than the LFS. For instance, while the LFS shows a low 4% unemployment rate, other sources indicate higher unemployment and hiring slowdowns, potentially due to economic uncertainty and high borrowing costs

-?????????? The discrepancy between data sources complicates the Bank of England’s interest rate decisions and the Low Pay Commission’s setting of minimum wage levels. With significant changes anticipated in the Budget, the lack of reliable data is making policy judgments riskier for both institutions

-?????????? The Office for National Statistics is working to improve LFS response rates, aiming for better data quality by early 2025. In the meantime, policymakers rely on a combination of alternative data sources to inform decisions

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26 October 2024: Investors flee small companies over inheritance tax fears

-?????????? Speculation is growing that Chancellor Rachel Reeves may abolish inheritance tax relief on AIM shares in the upcoming budget, which allows shares to be passed on tax-free if held for at least two years before death

-?????????? Analysts warn that removing this tax relief could lead to a significant market crash for small companies on AIM, potentially resulting in a 20-30% drop in share values and the loss of up to ￡20 billion in investor value

-?????????? Approximately ￡6 billion is currently invested in AIM through specialized funds benefiting from this tax relief, and its removal could trigger a mass sell-off, further destabilizing the market

-?????????? The AIM market has already seen a decline, with 92 companies delisting over the past year. Removing the tax relief could exacerbate this trend and undermine the economic growth that AIM has historically supported

-?????????? While some analysts believe that abolishing the relief would contradict the government's pro-growth agenda, others argue it could generate additional tax revenue. However, the long-term consequences for the market and economic stability are viewed as highly detrimental

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26 October 2024: Rachel Reeves aims to raise up to ￡20bn from national insurance rise

-?????????? Chancellor Rachel Reeves plans to raise employers’ National Insurance Contributions (NICs) by up to 2 percentage points, aiming to generate around ￡20 billion. This move, targeting company profits, would cover approximately half of a ￡40 billion budget gap, with Reeves emphasising the funds will be directed towards the NHS

-?????????? Besides raising the NICs rate, Reeves is expected to reduce the income threshold for NICs, further increasing revenue. However, the government will reimburse public sector employers, such as the NHS, for these additional costs

-?????????? Alongside tax increases, Reeves will introduce a “corporate tax road map” to provide long-term clarity on tax policy for businesses, with a corporate tax cap of 25% until the end of the parliamentary term. Additionally, she proposes a new HMRC unit offering “advance clearance” to aid large investors with tax implications on major projects, aiming to enhance the UK’s investment appeal

-?????????? To support green energy, infrastructure, and public services, Reeves will also increase borrowing by ￡20 billion, adjusting fiscal rules to allow greater debt for capital investment purposes

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25 October 2024: Private equity tax squeeze could raise up to ￡1bn says study

-?????????? A study by the Tax Policy Associates suggests that changing the tax treatment of carried interest in private equity could raise between ￡440 million and ￡1.13 billion annually for the UK government

-?????????? Currently, carried interest is taxed as capital gains at 28%, but the study argues it should be treated as income and taxed at up to 47%

-?????????? The Labour Party has pledged to close this "loophole" if elected, estimating it could raise ￡440 million per year

-?????????? The study indicates that the potential revenue could be significantly higher, reaching up to ￡1.13 billion annually, depending on how aggressively the changes are implemented and how the industry responds

-?????????? The private equity industry argues that changing the tax treatment could lead to a loss of talent and investment in the UK, potentially offsetting any gains in tax revenue

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25 October 2024: UK consumer and business confidence weaken ahead of Budget

-?????????? The GfK consumer confidence index fell to -21 in October, reaching its lowest level of 2024 as concerns over possible tax increases have prompted a focus on savings over spending. This drop reflects the impact of economic uncertainty, despite recent improvements in inflation and wage growth

-?????????? The S&P Global UK PMI composite output index also showed weakening business confidence, declining to an 11-month low of 51.7. Businesses have begun reducing staff, marking the first such move this year, as they anticipate changes in the Budget

-?????????? Chancellor Rachel Reeves is expected to address a ￡40 billion funding gap, possibly through extended freezes on personal tax thresholds and higher employer national insurance contributions, though she has ruled out hikes in income tax, VAT, and employee national insurance rates

-?????????? Although inflation has fallen to 1.7% and mortgage rates have eased, the ongoing concerns about tax policy and public service funding are dampening sentiment, especially as public dissatisfaction with NHS services has hit a record high of 61%

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24 October 2024: Reeves confirms change to UK fiscal rules to help fund ￡20bn of annual investment

-?????????? UK Chancellor Rachel Reeves will adjust fiscal rules to enable ￡20 billion in annual investments through increased borrowing

-?????????? This change is aimed at maintaining steady public sector investment, counteracting planned cuts by the previous government

-?????????? Conservatives had proposed reducing public sector investment from 2.4% to 1.7% of GDP by 2028-29, equivalent to a ￡24 billion cut

-?????????? Reeves emphasised she will not reduce capital budgets to cover operational costs, aiming to secure long-term investment stability

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23 October 2024: UK inflation fading faster than expected, says BoE governor

-?????????? UK inflation is decreasing faster than expected, reaching 1.7% in September, below the Bank of England’s 2% target

-?????????? BoE Governor Andrew Bailey highlighted that services inflation remains above target levels, posing a risk to sustained low inflation

-?????????? Falling airfares contributed to the recent drop in services inflation, but further reductions are needed to align with BoE goals

-?????????? The rapid disinflation has spurred speculation of additional rate cuts, though Bailey warns that persistent domestic price growth could complicate inflation control

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22 October 2024: IMF upgrades UK growth forecast in boost to Reeves

-?????????? The IMF has raised its UK economic growth prediction to 1.1% for 2024, attributing this to stronger-than-expected domestic demand fueled by declining inflation and easing interest rates. This forecast revision reflects a positive shift in economic conditions as the UK recovers from recent stagnation

-?????????? By 2025, the UK’s growth is projected at 1.5%, making it the third-fastest growing economy in the G7. This suggests a robust recovery, though still behind the anticipated growth rates of Canada and the US, indicating the UK’s potential to catch up with its G7 peers

-?????????? With inflation slowing, the IMF sees room for the Bank of England to accelerate interest rate cuts, which could stimulate economic activity further. This aligns with BoE Governor Andrew Bailey’s recent comments on potentially more aggressive rate reductions if inflation trends continue favourably

-?????????? Chancellor Rachel Reeves faces a dual challenge of fostering economic growth while reducing public debt, a balancing act complicated by a forecasted ￡40 billion gap in the Budget. She may need to make substantial fiscal adjustments to meet these goals while maintaining economic momentum

-?????????? The IMF recommends fiscal consolidation alongside investment in infrastructure and the green transition to spur private sector involvement. These investments aim to strengthen the UK’s economic foundation, aligning with IMF’s broader goals for sustainable, long-term growth amid global fiscal pressures

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21 October 2024: UK workers’ rights reforms to cost businesses ￡5bn a year

-?????????? Labour’s proposed workplace reforms are set to cost UK businesses up to ￡5 billion per year, impacting mainly companies in sectors with high reliance on flexible contracts. Smaller businesses are also expected to bear a higher proportion of these expenses due to administrative and compliance adjustments

-?????????? Businesses will face costs from new requirements, such as expanded sick pay, zero-hours contract bans, and shift cancellation notices. The policy changes aim to transfer funds from employers to employees, enhancing job stability but adding administrative burdens

-?????????? Although the reforms are expected to minimally impact economic growth overall, they will primarily benefit low-paid, insecure workers by improving job quality and protections, particularly in disadvantaged regions

-?????????? Business groups, like the British Chambers of Commerce, argue the reforms could burden companies financially, whereas unions believe worker benefits justify the cost, citing long-term economic and social advantages

-?????????? With some policies under ongoing consultations and staggered over two years, the government has introduced discussions on specific issues like sick pay and zero-hours contracts, allowing businesses some time to prepare for the changes.

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UK Wealth Management

28 October 2024: London & Capital Expands Its European Headquarters

-?????????? Todd Cowan, an executive director with over 25 years of experience in wealth management, has been relocated from London to London & Capital’s European headquarters in Barcelona. His expertise includes US-EU tax-efficient strategies, cross-border financial planning, and international investment management, enhancing the firm’s capabilities for clients with global ties

-?????????? With Todd’s specialisation in US-connected clients, London & Capital aims to expand its services tailored to cross-border families, expatriates, and globally mobile individuals. This addition strengthens their expertise in handling complex international wealth needs for high-net-worth individuals and families

-?????????? This move aligns with London & Capital’s broader strategy to bolster its presence in Europe and deliver comprehensive, world-class financial solutions. The firm is regulated by major authorities, including the UK FCA, US SEC, and Spain’s CNMV, to ensure robust oversight across its international operations

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26 October 2024: UK’s largest wealth manager St James’s Place to embrace crypto after fund management overhaul

-?????????? St James’s Place is signalling an openness to diversify into emerging asset classes such as crypto, digital assets, tokenization, and private equity. Chief Investment Officer Justin Onuekwusi emphasises the need to embrace innovation while balancing cost constraints and legacy structures

-?????????? SJP’s recent shake-up included pulling a ￡2bn mandate from Somerset Capital, which led to the latter’s closure. The move is part of a broader reshuffle and reallocation to ensure clients have the best-performing managers overseeing their funds

-?????????? To comply with new Consumer Duty regulations, SJP is revamping its fee structure. This overhaul aims to enhance transparency, making it easier for clients to assess and compare costs and value. Onuekwusi hinted at potentially backdating separated fees to allow better evaluation of fund performance

-?????????? While pushing for more innovative, high-growth investments, SJP faces the challenge of maintaining lower fees amid a ￡500m cost-cutting target. Onuekwusi reassured that innovation would be managed within existing resources

-?????????? As the largest UK wealth manager, SJP is keen to remain competitive and responsive to market changes, reflecting an evolving strategy to sustain its industry leadership

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25 October 2024: Brooks’ MPS business is booming – does it deliver performance to match?

-?????????? Brooks Macdonald is experiencing significant growth in its Managed Portfolio Service (MPS) division, contributing to a total funds under management exceeding ￡18 billion, despite facing net outflows of ￡200 million in the last quarter, a decrease from ￡300 million previously

-?????????? The company reported a 1.4% return on investments, surpassing the benchmark MSCI PIMFA Private Investor Balanced index's growth of 1.1% during the same period, indicating strong performance in its investment strategies

-?????????? The firm is undergoing strategic shifts, including the appointment of Katherine Jones as CFO and plans to sell its international business to Canaccord Genuity Wealth for up to ￡51 million, aiming to enhance client services and broaden market reach

-?????????? Andrea Montague is set to become the new CEO, succeeding Andrew Shepherd, as the company redefines its strategy to focus on growth and client engagement

-?????????? With a more stable political environment and expectations of lower inflation and interest rates, Brooks Macdonald anticipates improved conditions for managing outflows and enhancing overall performance going forward

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25 October 2024: FCA issues warning to wealth manager ‘outliers’ over vulnerable clients

-?????????? The Financial Conduct Authority (FCA) has expressed concern over wealth management firms' identification of vulnerable clients, noting a significant discrepancy between reported figures and expected levels based on their Financial Lives survey data

-?????????? Portfolio managers identified only 5% of their clients as having vulnerability characteristics in the FCA's 2023 wealth survey, while stockbrokers reported less than 1%. These figures are substantially lower than the nearly one-third of UK adults with ￡50,000 or more in investible assets who exhibit at least one vulnerability characteristic

-?????????? The FCA emphasises that vulnerability is not limited to financial circumstances but can include factors such as bereavement, ill health, and other life events that may affect a client's ability to manage their finances effectively

-?????????? The regulator is calling for wealth management firms to take a more proactive approach in identifying and addressing vulnerability among their clients, stressing that this is crucial for delivering good outcomes and meeting regulatory expectations under the Consumer Duty

-?????????? The FCA warns that firms failing to adequately consider and address client vulnerability may face regulatory scrutiny and potential intervention, as the agency plans to increase its focus on this area in the wealth management sector

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25 October 2024: Barclays’ Private Bank, Wealth Arm Pre-Tax Profits Slip

-?????????? The bank’s private banking and wealth management division reported a 22% decline in pre-tax profits, reaching ￡98 million, impacted by structural changes and an increase in operating expenses to support business growth

-?????????? While operating costs decreased by 4% to ￡222 million, net interest income dropped by 14% due to a challenging rate environment. Conversely, net fee, commission, and other income grew by 16%

-?????????? Invested assets for the private bank and wealth management unit grew to ￡122.4 billion, up from ￡105.4 billion the previous year

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25 October 2024: Evelyn Partners AuMA Hit High In 2024

-?????????? Evelyn Partners' assets under management and advice (AuMA) reached a record high of ￡62.7 billion in Q3 2024, representing a 12.8% year-on-year increase

-?????????? The firm reported an 11.1% year-on-year increase in group operating income to ￡181.8 million for Q3, with growth across all three operating segments

-?????????? Gross inflows of new assets were ￡1.9 billion in Q3, higher than previous quarters, with year-to-date gross inflows of ￡5.4 billion representing an annualised growth rate of 12.2%

-?????????? Evelyn Partners completed the acquisition of Haines Watts' Northern offices in August, continuing its professional services acquisition program

-?????????? The firm anticipates opportunities arising from potential tax and pension changes in the upcoming UK budget, expecting increased client engagement and demand for financial planning and tax advice

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24 October 2024: Titan completes a deal for Ravenscroft’s Channel Islands arm in offshore push?

-?????????? Titan Wealth has acquired Ravenscroft Investments, a wealth management services business operating in Jersey and Guernsey, increasing Titan's total assets to $27.2 billion

-?????????? Ravenscroft Investments will rebrand to Titan Wealth International in 2025, focusing on providing offshore operating capabilities

-?????????? This acquisition follows Titan's previous purchase of Ravenscroft's UK investment management business last year, aligning with Titan's strategy to expand its international presence

-?????????? The deal excludes Ravenscroft's corporate finance and property management businesses, which will remain under founder Jon Ravenscroft's control within the Ravenscroft Group

-?????????? Titan Wealth aims to enhance its client-to-custody offering across multiple international jurisdictions, including investment management and funds in Ireland and the Channel Islands, as well as financial advice capabilities in the UAE and Europe

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23 October 2024: Lombard Odier Names New UK CEO

-?????????? Lombard Odier has appointed Mark Goddard as the new UK CEO, effective from November, pending regulatory approval. He will be based in London and succeeds Duncan MacIntyre, who served in the role for eight years and will remain with the firm as a limited partner and UK region head

-?????????? Goddard will lead Lombard Odier’s private client division in the London office, overseeing a team of bankers and investment specialists. His focus will be on expanding the bank’s presence and client base, particularly among UK entrepreneurs

-?????????? Goddard brings substantial experience in wealth management, having started his career at Coutts and subsequently held senior roles at UBS, where he served UK high-net-worth individuals, especially entrepreneurs

-?????????? Lombard Odier highlighted Goddard’s experience with entrepreneurial clients as key to driving growth in this segment of the UK market. The firm currently manages client assets totaling SFr318 billion ($367 billion) across 28 offices worldwide

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23 October 2024: Moneybox, digital wealth manager secures ￡70m funding

-?????????? Digital wealth management firm Moneybox has secured ￡70 million in funding from asset management giants Fidelity International Strategic Ventures and Polar Capital

-?????????? The investment values Moneybox at approximately ￡350 million, marking a significant increase from its previous valuation of ￡143 million in 2022

-?????????? Moneybox, which offers services such as savings accounts, pensions, and mortgages, has experienced rapid growth, with assets under administration rising from ￡3.8 billion to ￡5 billion in the past year

-?????????? The company plans to use the new funding to expand its product offerings, enhance its technology platform, and accelerate customer acquisition efforts

-?????????? Notably, Moneybox has backing from Anthony Bolton, a legendary fund manager formerly with Fidelity, who serves as an advisor and investor in the company

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23 October 2024: Patria Private Equity impresses analysts with ￡180m asset sale

-?????????? Patria Private Equity has announced the sale of its stake in the Brazilian company, Grupo GPS, for ￡180 million, which has garnered positive reactions from analysts

-?????????? The sale aligns with Patria's strategy to focus on high-quality assets and enhance returns for investors, reflecting a disciplined approach to portfolio management

-?????????? Analysts have praised the transaction, noting that it demonstrates Patria's ability to unlock value and effectively manage its investments in a challenging economic environment

-?????????? The proceeds from the sale are expected to strengthen Patria’s balance sheet and provide additional capital for future investments and growth opportunities

-?????????? This move positions Patria favourably within the private equity sector, as it continues to seek attractive investment opportunities while navigating market volatility

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23 October 2024: Titanbay hires BlackRock veteran for CEO post?

-?????????? Titanbay has appointed Michael Gruener, the former head of retail for EMEA at BlackRock, as co-CEO, joining current CEO Ossama Soliman to lead the firm

-?????????? The company has surpassed $1 billion in assets under management (AUM), achieving significant growth since launching its B2B platform just a year ago

-?????????? Gruener will concentrate on the commercial side of the business, while Soliman will focus on technology and operations, aiming to enhance Titanbay's offerings in private markets

-?????????? Titanbay has experienced six-fold year-on-year growth and established 30 strategic partnerships across 41 countries, positioning itself as a key player in private market investments

-?????????? Both leaders express optimism about Titanbay's potential to reshape how wealth managers and private banks access private markets, with Gruener emphasising the company's strong momentum and innovative platform

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22 October 2024: How RBC Brewin Dolphin’s ￡7.5bn MPS edged ahead of the pack

-?????????? RBC Brewin Dolphin's Managed Portfolio Service (MPS) has grown to ￡7.5 billion in assets, with its balanced portfolio outperforming the sector average over one and three years

-?????????? The MPS's success is attributed to its active management approach, which allows for quick adjustments to market conditions and opportunities, as demonstrated during the 2022 market downturn

-?????????? The investment team, led by Toby Vaughan, employs a flexible strategy that includes both active and passive funds, with a focus on cost-effectiveness and performance potential

-?????????? RBC Brewin Dolphin's MPS has benefited from the firm's strong research capabilities and its ability to access high-quality fund managers, contributing to its competitive edge in the market

-?????????? The service offers a range of risk-rated portfolios, from cautious to global equity, catering to diverse client needs and risk appetites across various platforms?

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UK Insurance Broking

28 October 2024: ABG secures deal with commercial insurer to grow scheme

-?????????? The collaboration aims to expand ABG’s teachers’ liability insurance, specifically for educators who work independently or offer private tuition outside of their primary jobs. This insurance scheme addresses the unique liability risks of self-employed teachers, who don’t benefit from traditional employer liability protections

-?????????? ABG has sought a partner with a deep understanding of the education sector’s insurance needs, selecting Peach for its agile approach and expertise in the niche market. Peach’s flexibility and willingness to make quick decisions impressed ABG, making it an ideal partner to support the scheme’s growth

-?????????? This partnership aligns with Peach’s strategy to form long-term broker relationships that target niche professional markets. While no major changes are planned for ABG’s existing scheme, Peach intends to ensure it receives ongoing support for continued expansion

-?????????? Ryan Bendelow, Peach’s Head of Commercial Trading and Distribution, emphasised Peach’s commitment to working with brokers who understand their clients’ specific needs. ABG’s long-standing role in the teaching sector and its partnerships with teachers’ unions demonstrate its expertise in identifying key risks that educators face in private practice

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28 October 2024: Hiscox opens new office to expand regional presence for brokers?

-?????????? Hiscox has opened a satellite office in Bristol's Generator Building in Redcliffe. This addition aims to enhance the company's regional reach, specifically targeting brokers in the south west of England

-?????????? The new office provides brokers with more accessible options to discuss commercial, art, private client, and schemes business, directly supporting Hiscox’s commitment to regional broker relationships

-?????????? Following a 2023 reorganisation, the south west region, previously managed from Maidenhead, is now under Hiscox's southern region. The Bristol location addresses the need for a more local presence in this area, allowing the team to better connect with brokers and capitalise on regional opportunities

-?????????? Chief Distribution Officer Gareth Hemming highlighted that brokers prefer quick and easy access to decision-makers, which the new local footprint in Bristol aims to facilitate, aligning Hiscox’s services with broker needs and fostering closer relationships in the region

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25 October 2024: FCA reveals extent of sexual harassment and intimidation within London market

-?????????? The FCA survey highlights a rise in non-financial misconduct within London’s insurance sector, including sexual harassment and intimidation

-?????????? Reports of such issues increased notably from 2021 to 2023, with intermediaries experiencing the highest rates

-?????????? The FCA noted that high reporting rates could signal a healthy transparency culture but advised caution in interpreting these figures

-?????????? This report aims to encourage firms to prioritise respectful workplace practices and prevent misconduct

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25 October 2024: Redington sold to insurance giant Gallagher

-?????????? Redington, an investment consultancy serving clients like St James’s Place, has been sold to Arthur J Gallagher & Co., a major US-based insurance brokerage, for an undisclosed amount

-?????????? Founded in 2006, Redington provides consultancy services to pension funds, wealth managers, and endowments, and offers a software licensing service. Arthur J Gallagher, listed on the NYSE with a market cap of approximately $63 billion, is a global leader in insurance brokerage and risk management

-?????????? Redington's CEO Sylvia Pozezanac and her team will stay in their current roles, working under David Piltz, who heads Gallagher’s UK employee benefits and consulting arm

-?????????? Patrick Gallagher, CEO of Arthur J Gallagher, described Redington as a strong cultural match and highlighted how its expertise in investment modeling and market research will enhance Gallagher’s consulting capabilities

-?????????? Previously owned by Phoenix Equity Partners, Redington reported a profit after tax of ￡3.7 million on ￡33.9 million in revenue in 2023, though it reduced its workforce from 233 to 199 employees last year

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25 October 2024: Clear Group acquires ￡10m GWP broker

-?????????? Clear Group has acquired Vision Insurance Services, a broker based in Surrey, as part of its strategy to strengthen its presence in the South East of England. Vision serves a diverse clientele, including sole traders, small and medium enterprises (SMEs), and large corporations, with a gross written premium (GWP) of ￡10 million

-?????????? Vision’s founders, David and Claire MacKinnon, along with their 17-person team, will join Clear Group as part of the acquisition

-?????????? Clear Group's CEO, Mike Edgeley, emphasized that the acquisition aligns with Clear's goal to support regional brokers and create a sustainable, long-term business. He highlighted Vision’s quality service and strong growth through both organic and acquisition-based expansion

-?????????? David MacKinnon noted that Clear Group’s culture and commitment to investing in its people made it the ideal partner, especially given the interest Vision had attracted from other potential buyers

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24 October 2024: Marsh-owned business snaps up ex-WTW leader as new London base established

-?????????? Marsh-owned reinsurance brokerage, Guy Carpenter, has appointed former Willis Towers Watson (WTW) leader, Laurent Rousseau, to head its newly established London base

-?????????? Rousseau brings expertise from his roles in global reinsurance and international business

-?????????? This hire supports Guy Carpenter’s strategy to enhance its London market presence and boost reinsurance offerings

-?????????? The move reflects Marsh McLennan’s commitment to strengthening key market positions amid ongoing industry competition

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22 October 2024: Markerstudy expands distribution arm as acquisition announced?

-?????????? Markerstudy’s financial backer, Pollen Street Capital, has agreed to acquire Collingwood Insurance Services, a firm based in Gibraltar with a UK office in South Shields. Collingwood specialises in niche insurance sectors, including coverage for learner drivers, young motorists, taxi drivers, and couriers

-?????????? Under the acquisition terms, Collingwood’s broking operations will be integrated into Markerstudy’s distribution division, while its insurance branch will be managed directly by Pollen Street Capital. The deal aims to enhance Pollen Street’s ability to attract UK motor insurance business

-?????????? This acquisition follows Markerstudy’s recent purchase of Atlanta Group, a major UK broking business, in a deal backed by Pollen Street and Bain Capital. The integration with Atlanta creates a large personal lines platform within Markerstudy, offering various insurance products

-?????????? Markerstudy Distribution’s CEO, Ian Donaldson, expressed enthusiasm for these acquisitions, which aim to position Markerstudy as a leading player in UK insurance by combining talent and expertise across its brands

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22 October 2024: New platform launched to help entrepreneurs develop broking businesses

-?????????? Movo Partnership launched "Movo Accelerator," a platform to help entrepreneurs establish broking businesses by covering initial expenses like salaries and infrastructure, in exchange for equity

-?????????? The platform addresses barriers to entry, especially in the critical first year of trading, and provides customised support tailored to each broker’s needs

-?????????? CEO Lea Cheesebrough emphasised that Accelerator enables driven professionals to start businesses by removing financial obstacles

-?????????? New business development director James Hart noted that the platform offers essential services to brokers, expanding opportunities for those entering the competitive market

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Sources include Financial Times, Insurance Times, City Wire and Wealth Briefing

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