This week's top stories from Ignites Europe - 30 August, 2023
Hello and welcome back to News Brief, a weekly summary of some of the most important stories on Ignites Europe.
Liontrust's failed takeover of Gam is the latest twist in the saga of the embattled Swiss asset manager. The UK firm was forced to admit defeat last week after a majority of Gam's shareholders declined to support the bid.
Gam has now turned to two of its triumphant activist investors, who ferociously opposed the deal, for rescue financing. NewGAMe, controlled by Rock Investment, and Bruellan are in the driving seat as Gam's existing board prepares to step down. Alf Wilkinson has the latest here.
Abrdn is to make "a number of improvements" in the way it communicates with retail investors, following the introduction of the consumer duty regulation in the UK.
Making sure customers understand their investments is one of four good outcomes firms subject to the new rules must ensure.
Adam Shanks, head of UK governance at Abrdn, says the firm plans to simplify investment language and use less jargon. Read the story here.
Asset manager's net zero strategies are "vague" and "full of holes", according to CarbonTracker, an organisation that researches the impact of climate change on financial markets.
Its assessment follows submissions by 18 asset managers to a UK parliament call for evidence into the role of Glasgow Financial Alliance for Net Zero in winding down financing of fossil fuels and reducing carbon emissions.
The think tank argues there is a lack of detail on how firms measure and enforce their transition plans. Amie Keeley reports.
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Chart of the week: European asset manager profits take a hit
Cost cutting at asset managers amid challenging market conditions is not keeping pace with the decline in their revenues, putting a squeeze on their profit margins, according to McKinsey. Chloe Leung explores the numbers here.
Other top stories
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