So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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Mon, 8th Mar 2021 08:23
(Alliance News) - Equiniti Group on Monday said it has agreed to sell the EQi direct-to-consumer business of Equiniti Financial Services to interactive investor for GBP48.5 million.
Equiniti said the sale of the business to ii, already one of the largest share trading platforms in the UK, is expected be completed by the summer. It will receive GBP47.5 million in cash on completion and up to a further GBP1.0 million contingent on the timing of migrating customers onto the ii platform.
Equiniti said it will use the money to reduce debt, with interest costs expected to be reduce by GBP400,000 as a result. It will book a GBP13.0 million accounting profit on the deal and pay GBP2.1 million in corporation tax.
Digital Banking Challenger Starling Secures £272M via Series D led by Fidelity, Reports £1.1B Pre-Money Valuation
UK-based Fintech challenger
Fidelity Investments.
Starling Bank reported a £1.1 billion pre-money valuation. This latest investment round diversifies Starling’s slate of institutional investors to include some of the largest financial firms.
As confirmed in a release shared with CI, Starling’s Series D was led by Fidelity Management & Research Company (Fidelity), along with contributions from the Qatar Investment Authority (QIA), RPMI Railpen (Railpen), the investment manager for the £31 billion Railways Pension Scheme, and the global investment company Millennium Management.
Starling is notably among the UK’s fastest-growing banking platforms. Since launching operations back in 2017, the Fintech firm has opened over 2 million accounts, including over 300,000 SMB accounts.