April 2010
RBS agrees remuneration package for banking jobs
People in banking jobs are learning that Royal Bank of Scotland (RBS) shareholders have overwhelmingly backed a long-term incentive plan for its top bosses at its annual general meeting in Edinburgh.
In a statement, RBS also addressed the issue of pay for its leading talent, a source of anger for some of its shareholders after the package awarded to Sir Fred Goodwin
"We share the public's concerns and we understand that it is impossible to defend some of the historic pay practices of the industry," it read.
However, the company's bosses sounded a note of caution about the undermining the "profitable core" of its operations and that talented people in banking jobs should not feel at a disadvantage compared with peers at other institutions.
Another bank looking at restructuring its pay and remuneration for people in banking jobs is Barclays after it was announced that president Bob Diamond would be awarded a salary and bonus totalling £63 million.
Updated: 30 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Publication says IMF global tax on banking jobs bonuses has flaws
People in banking jobs are learning of a proposal from the International Monetary Fund (IMF) to introduce a global tax on remuneration, as well as profits, for firms in the sector.
However, there are suggestions that such measures could lead to disagreement among tax authorities and in some cases avoidance of payment.
Last week, the IMF formally announced its intention to place a flat rate charge on institutions, as well as taxing profits and bonus payments to those in banking jobs.
However, organisations and experts have given a lukewarm response including the G20, which has asked for a rethink from the global monetary body.
Accountancy Age stated that while the IMF had the best intentions, the plan is "clearly flawed".
"Perhaps the body should call on the detractors to consult on how the plan could be made watertight so no institution sidesteps the levy or the tax on profits and pay," the publication noted.
Updated: 30 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.
FRC tells senior accounting figures to clean up clutter
People in accounting jobs are learning that finance directors (FDs) will be asked to clean up clutter from fiscal statements in new guidance offered from the UK's reporting regulator.
According to Accountancy Age, the Financial Reporting Council (FRC) will publish a paper asking FDs to consider what is necessary when putting together annual performance reports.
The publication noted that the FRC asked the Institute of Chartered Accountants in England and Wales to produce its own guidance on anti-clutter reporting for people in senior accounting jobs, but its invitation was turned down.
Furthermore, the last report on making reporting less complex in June was apparently met with a "lacklustre response" from UK companies.
This comes as the FRC is proposing reforms of Britain's boardrooms including recommending annual elections for company chairpersons.
Its suggestion has been with vehement opposition from the Hundred Group of FDs, most of whom represent FTSE 100 firms.
Updated: 30 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
Global investment bank launches equality strategy
People in banking jobs are learning of a new equality strategy from a global institution.
People Management reports that Nomura has launched its "multi-stranded" initiative breaking with current attitudes in the sector.
The company operates in 18 countries Europe, the Middle East and Africa, employing 4,300 staff, including people in banking jobs at its London office.
Charlotte Sweeney, Nomura's head of inclusion and diversity, told the publication that the programme will involve looking at HR processes such as recruitment and performance management, as well as promotions.
It is hoped the strategy will identify barriers for the company to address and increase diversity across the organisation.
She said that as businesses become more globally focused, diversity policies need to be flexible enough to work in any country in which they operate, but added that, in her view, the banking sector was focused too much on single strand issues with regards to equality.
Updated: 30 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.
IFS say Parties have public spending black holes - HR jobs
People in HR jobs are being told the main political parties in the UK have a public spending "black hole" in their plans for after the general election.
The Institute of Fiscal Studies (IFS) said that none of those competing for votes at next week's general election were willing to set out their ideas for addressing a record deficit of £163 billion.
IFS director Robert Chote said: "For the voters to be able to make an informed choice in this election, the parties need to explain clearly how they would go about achieving it. Unfortunately, they have not."
Research from the Centre for Economics and Business Research yesterday (April 27th) claimed that two-thirds of the current financial crisis was down to public spending, with Northern Ireland and Wales having a high proportion as a percentage of gross domestic product.
Furthermore, shadow chancellor George Osborne told the Institute of Directors today that two-thirds of jobs in the UK were a result of extra government outgoings.
Updated: 29 April 2010.
Categories: human-resources, market-and-industry-news.
IFS say Lib Dem tax policy best rated - accounting jobs
People in accounting jobs are learning that the Liberal Democrats' tax reforms would do the most for redistribution of wealth to middle income households than the two other main political parties.
Analysis from the Institute of Fiscal Studies (IFS) revealed that their plans would give more back than Labour and that Conservative tax ideas would take away money.
Overall, the worst hit by taxation included in election manifestos would be the richest one per cent of the population, according to the IFS.
For example, the continuation of the 50 per cent tax rate for those earning over £150,000 from Labour, or even the Liberal Democrats' "mansion tax", could hurt those working in some accounting jobs in London.
During last month's Budget, Alistair Darling announced that a bonus tax, which affected many people in banking jobs, had recouped £2 billion in government incomes.
Both Royal Bank of Scotland and Barclays have announced their intention to review their pay and bonus structures.
Updated: 29 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Banks must be made safe - banking jobs
People in banking jobs are learning that the Liberal Democrats are looking to make the UK's leading institutions "safe" in the wake of the recent economic downturn.
In a speech to the Institute of Directors, the party's Treasury spokesman Vince Cable said that it was the party's intention to follow advice from the governor of the Bank of England Mervyn King to break up the banks and promote more "traditional" and "personal" lending over "casino activities".
Mr Cable also wanted to channel resources into education, specifically aimed at getting students "trainable" for business, which may please senior figures in finance and accounting.
He added that the Working Time Directive added unnecessary red tape and might hinder the growth of UK companies.
With the general election just over a week away, the Liberal Democrats' popularity has slipped slightly, with some polls putting them back in third place behind Labour after an initial surge had them leading.
Updated: 29 April 2010.
Categories: banking-and-financial-services, finance-and-accounting.
Survey says corporate responsibility good for firms - HR jobs
People in HR jobs are learning that corporate responsibility in business practices is returning investment, according to new research.
Data from Kenexa analysing businesses in the US revealed that 50 per cent of employees stated that they were working for a "responsible organisation".
A point that may interest people in HR jobs concerns findings which showed firms that portray an image of responsibility had workers who were confident, "customer-orientated" and engaged, according the Anne Herman, a research consultant for Kenexa.
Such findings, showing the positive benefits of company image and how it can filter through a company with great success, may be of interest to senior figures in the UK who called for better corporate governance in the light of the recovery.
Earlier this year, Miles Templeman, director-general of the Institute of Directors, believed the level of governance within UK boardroom may be denting an economic recovery.
Mr Templeman was responding to recommendations from the Financial Reporting Council for shaking up boards of senior representatives, including an annual election for chairman.
The Hundred Group recently made public its opposition to this suggestion.
For more information on HR recruitment or HR jobs in London, contact Poolia today.
Updated: 28 April 2010.
Categories: human-resources, london, market-and-industry-news.
RBS to review pay structure for banking jobs
People in banking jobs are learning that Royal Bank of Scotland (RBS) is to review its pay structure and bonuses after pressure from shareholders.
The Telegraph is reporting that its chairman Sir Philip Hampton will tell investors that certain elements of a scheme, which would have led to financial reward for chief executive Stephen Hester, was "mistakenly set too low".
Mr Hester, like many other executives of leading banks, waived his bonus earlier this year.
RBS is currently part-owned by the taxpayer and senior Labour politicians have been asked in pre-election press conferences when the government intended to sell the state's stake in the bank, as well as its share of Lloyds Banking Group.
Last week, Barclays confirmed that it was undertaking a review of it salary and remuneration after the man in its top banking job, chief executive Bob Diamond, was to be paid a package worth £63 million.
Contact Poolia to receive a copy of the Poolia Salary Guide 2010/2011
Updated: 28 April 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.
Expert says people in HR jobs could nurture entrepreneur spirit
People in HR jobs are being told that their peers could lead the way in encouraging entrepreneurial leaders and economic growth.
That is the view of Chris Roebuck, a visiting professor of transformational leadership at the Cass Business School and a former global head of people with UBS.
Writing for HR Magazine, he stressed that people in personnel can help nurture this by making the whole organisation understanding what being entrepreneurial means.
Professor Roebuck also suggested that people -rep in HR jobs could identify those with a particular flair and create a team of "key influencers".
"Once you have created a culture across the organisation where entrepreneurial behaviour can flourish, people will take the initiative," he added.
Last week, at a conference hosted by the Chartered Institute for Personnel and Development in which the figure responsible for HR jobs at IBM Tim Ringo told delegates that its employees had helped rescue the company from possible collapse in the 1990s to an all-time share price high.
Updated: 28 April 2010.
Categories: human-resources, jobs, market-and-industry-news.
Rich List includes people in accounting jobs
People in accounting jobs are learning that a number of industry leaders have made the Sunday Times Rich List.
Its annual rundown of the wealthiest individuals residing in the UK and Ireland includes recognisable entrepreneurs such as Sir Richard Branson or oligarchs like Roman Abramovich.
However, as Accountancy Age reports, many people in accounting jobs and owners of firms in the sector have made the rankings for 2010.
Jasminder Singh, who manages the books of hotels with his family's Edwardian Group, was ranked 204th with a fortune of £330 million.
Among the other entries is Peter Harrison, a chartered accountant who made £10 million last year through the sale of theme parks to add to his wealth, which stands at around £199 million.
However, Mr Harrison donated that profit to his foundation helping disabled and disadvantaged children.
Steel magnate Lakshmi Mittal is at the top of the list, with the publication estimating his fortune to have increased by 108 per cent in the past year and he is believed to be worth £22.45 billion.
Updated: 28 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
Guardian CFO becomes interim chief executive - accounting jobs
People in accounting jobs are learning that the Guardian Media Group (GMG) has promoted chief financial officer Andrew Miller to be its interim chief executive.
Mr Miller replaces Carolyn McCall, who is ending her 24-year tenure with GMG to join low-cost airline easyJet.
The interim boss of the media organisation, which is responsible for the running of the Guardian and Observer titles as well as being part-owner of magazine publisher Emap, gained his accountancy qualifications with big four firm PricewaterhouseCoopers.
In the past, Mr Miller was in the senior accounting job at Trader Media Group - publisher of Auto Trader - and has held high level positions at Pepsi and fellow drinks manufacturer Bass.
During her time as boss of GMG, Ms McCall presided over an investment portfolio of £200 million and the partial sale of Auto Trader, which generated £700 million for the company.
Mr Miller will take over the role on July 1st.
Updated: 26 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
Permanent placement workers considering jobs change says survey
People in permanent placements are learning that more workers in the UK are considering new roles or a change of jobs, according to research.
Figures from HireScores.com revealed a significant rise in the number of individuals who were thinking about a change of position or moving to a different profession.
However, as company spokesperson Lisette Howlett suggested, this may owe much to the recession[,] as companies are concluding savings initiatives including staff cuts and more promising job -rep vacancy data.
The Recruitment and Employment Confederation recently said that the number of permanent placement positions had increased, but its chief executive Kevin Green has repeatedly warned of the possible impact of a public sector drop-off.
Ms Howlett stressed that a strong CV and personal statement, combined with a depth of work experience, is the best way forward for candidates, particularly with more competition for each job, with HR industry figures predicting a war on talent.
Updated: 26 April 2010.
Categories: jobs, market-and-industry-news, permanent-placement.
People in HR jobs helped transform IBM says company figure
People in HR jobs are learning about role of industry professionals in turning around a global computing giant.
Delegates at the Chartered Institute for Personnel and Development's (CIPD) HR Development (HRD) conference, which ended yesterday (April 22nd), were told that IBM's all-time high share price is a direct result of its improved functionality in this area of the business.
Tim Ringo, global leader of human capital management at the software and services provider, told the audience that the turnaround emanated from "a real focus" on altering the HR structure and making it crucial to the company.
CIPD chief executive Jackie Orme said: "IBM has truly found a way of driving business integration supported by HR transformation."
However, People Management reports that not all delegates at the annual HRD conference, which explored ways to tackle learning and development challenges in the industry, will have been pleased by IBM outsourcing of HR jobs that contributed to improved results.
Updated: 26 April 2010.
Categories: human-resources, market-and-industry-news.
KPMG confirms increased graduate intake for accounting jobs
One of the UK's biggest companies has said that it will increase the number of accounting jobs available to graduates in September.
KPMG has announced vacancies going to school leavers, graduates and interns as we will rise from 900 to more than 1,000 places during its upcoming intake period.
The company said that it reflects a growth in market demand for tax and advisory services, as well as expertise provided by those in accounting jobs and the total number of new graduate starters equals recruiting levels before the economic downturn.
Michelle Quest, KPMG's UK head of people, said that the company was pleased to be in a position to take on a greater number younger employees.
Ms Quest highlighted that there continues to be a perception in the current economic climate that very little is available to students looking for work, which could have deterred some for searching in the sector.
She added: "The signs are - in other employers as well as KPMG - that the situation is improving. There are places for the right people."
Earlier this year, KPMG announced its total vacancies for this year would increase from 700 to 3,500 jobs across its many services.
Updated: 26 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
KPMG hires Dickinson as head of people strategy - HR jobs
People in HR jobs are learning that KPMG has appointed a new head of people strategy.
David Dickinson will be involved in the Retail Distribution Review (RDR) practice at the big four accountancy firm, which will aim to help market participants prepare for success in a world after RDR.
He joins the company from the Financial Services Authority (FSA), where held the role of project manager for organisational development in its Human Resources department.
In his senior HR job with the FSA, he helped design a Technical Competency Framework, including a new induction course.
Mr Dickinson has also worked for Deutsche Bank and Axa on its people strategy.
Fiona Fry, partner and head of KPMG's RDR practice believes the appointment brings "invaluable" experience to the organisation and will be a great benefit to its banking clients.
KPMG employs 11,000 people across its 22 offices in the UK, including a number of HR staff.
Updated: 26 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, human-resources, market-and-industry-news.
Barclays pledges pay and bonus review - banking jobs
People in banking jobs may be interested by news that Barclays is looking to change its pay and bonus policy.
The pledge forms part of the company's 2009 Responsible Banking Review, which group chief executive John Varley suggested "are talismans of responsible banking".
Barclays chairman Marcus Agius confirmed that the organisation was reviewing its payment structure for those occupying its banking jobs. He was looking for future measures to "implemented in an appropriate way", People Management reports.
He also warned that rewarding failure was not an option.
Earlier this month, the man in firm's senior banking job Bob Diamond was awarded a salary and remuneration package worth £63 million.
In its most recent Sustainable Banking Review, Mr Varley recognised the damage to the reputation of banking system since the credit crunch and vowed that a firm's success in the sector should not be "at the expense of society".
Updated: 26 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Expert says AIM directors pay and bonus will be key
People in accounting jobs may be interested to know about how executive remuneration will be a key issue for Alternative Investment Market (AIM) companies, according to one industry giant.
Big four firm PricewaterhouseCoopers' paper, AIM - The State of Play, highlighted new rules which came into affect at the beginning of this month mean bonus and pay for individual director needs to be more transparent.
PwC's AIM leader David Snell stressed that the market was at a "significant point" in its history.
He said finding appropriate executive incentives while managing investor confidence will be critical to future success.
"Transparency in this area provided by the recent changes to the AIM rules should encourage investors to provide much needed growth capital," he added.
This follows Barclays announcement that it will review its own pay and bonus structure after the person in its senior banking job Bob Diamond was awarded a package worth £63 million.
Updated: 26 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Montagnon joins FRC - financial services jobs
People in financial services jobs may be interested by news that Peter Montagnon is to join the Financial Reporting Council (FRC).
Mr Montagnon will become a senior investment advisor with the FRC and will take up the post in early June.
Prior to joining the UK's independent regulator responsible for a corporate governance and reporting, he was director of investment affairs at the Association of British Insurers (ABI).
He has also reported for the Financial Times and was handed the role of head of Lex.
Sir Christopher Hogg, chairman of the FRC, believes the new appointment enhances the body's "capabilities across all areas of its work important to investors".
He added that he will contribute to the development of a new UK Corporate Governance Code
Mr Montangon will join former colleague Stephen Haddrill who is currently in the senior financial services job with the FRC as chief executive.
Updated: 26 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Expert says government must address public sector issue - HR jobs
People in HR jobs are being told that the government is not doing enough to curb public spending, according to one expert.
Recent figures from the Charted Institute for Personnel and Development revealed that up to 500,000 public sector jobs could go in the near future and the body criticised the three main political parties for not making clear plans for managing public service costs.
Graeme Leach, chief economist of the Institute of Directors, has called for "appropriate steps" to bring public spending under control with what he called a "yawning gap" between it and the private sector.
Mr Leach highlighted the contrasting fortunes that have resulted with earnings in the private sector being half of that in public service jobs with equally dire fortunes in terms of job losses among privately-owned companies.
However, one point that may interest people in HR jobs is the suggestion that unemployment figures may have "peaked" and that confidence among recruiters and employers could be rebounding.
That is the view of Kevin Green, chief executive of the Recruitment and Employment Confederation, who pointed to the JobsOutlook survey which suggests 96 per cent of employers expected to grow their workforces in the coming months.
Updated: 26 April 2010.
Categories: human-resources, market-and-industry-news.
Finance and accounting giant completes latest acquisition
Finance and accounting giant Deloitte has made another acquisition with the addition of a Swiss management consultancy.
The firm, which completed a takeover of the accounting arm of Drivers Jonas earlier this year is seeking to "broaden and deepen its advisory skills", Deloitte said after completing the purchase of Exsigno.
John Connolly, chief executive and senior partner at Deloitte, stated that the organisation had completed four transactions since the beginning of 2010 which added 750 staff to its ranks as well as 30 new partners.
A report in the Telegraph suggested that Mr Connolly, who had overseen an increase in the finance and accounting firm's fee income of 350 per cent from 1998 levels, is to step down from his position.
Deloitte employs 11,000 people across its operations in the UK and Switzerland.
It is considered one of the big four companies in the accountancy sector alongside Ernst and Young, KPMG and PricewaterhouseCoopers.
Updated: 23 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
International personnel event cancelled due to volcanic ash - HR jobs
People in HR jobs are learning that the airline chaos disrupting most of western Europe has led to the last minute cancellation of a conference, which was due to start today (April 20th).
The International Federation of Training and Development Organisations' event is that the latest to be affected by the continuing volcanic ash cloud from Iceland, which has grounded almost all flights landing and taking off from the UK.
Nina Harman, the head of conference and exhibitions with the Chartered Institute of Personnel and Development (CIPD), which was to host the event, said it was a "great shame" given the programme aimed at sharing worldwide perspectives on best practices in training and development among industry figures.
However, she said that delegates including senior figures in HR jobs would still be attending this year's CIPD Human Resources Development conference, which was unaffected by the widespread cancellations in air travel.
The two-day event, which features numerous seminars advising people in HR jobs about perspectives and approaches that may be applied to personnel practices within their organisations, takes place at London's Olympia, finishing on Thursday (April 22nd).
Updated: 23 April 2010.
Categories: human-resources, market-and-industry-news.
Throgmorton appoints two tax experts to senior accounting jobs
People in accounting jobs are learning that Throgmorton has poached two tax experts from larger firms in the sector.
The company, one of the largest specialist accountancy advisers to hedge funds, corporate finance and private equity organisations in the UK, has appointed Raminder Chowdhary as its new head of VAT.
In addition, Stephen Smith will take up the role of tax manager with Throgmorton having spent 12 years with Mazars, Accountnacy Age reports.
Mr Chowdhary is leaving big four firm KPMG, with whom he specialised in VAT issues affecting financial services organisations in the UK and Europe. Before joining KPMG, he was a VAT manager at Vantis.
According to the publication, Throgmorton has appointed the pair to senior accounting jobs in response to "increased outsourcing by investment managers" looking to cut costs while improving its services.
"The appointments will enable the firm to offer an enhanced service to its expanding domestic and international client base," the firm is quoted as saying.
This week, KPMG announced it had secured a contract to assist Birmingham-based IMI engineering with a strategic review of its £1 billion pension fund.
Updated: 23 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
KPMG appointed IMI pension fund advisor - finance and accounting
People in finance and accounting jobs are learning that big four firm KPMG has been appointed as an advisor to a £1 billion pension fund.
It will act as Investment Advisor for the fund of Birmingham-based IMI engineering, providing monitoring and helping the pension trust identify potential investment opportunities.
The finance and accounting giant will also help IMI as it begins a strategic review in an attempt to reduce risk while preserving returns.
Patrick McCoy, head of investment advisory at KPMG, is thrilled with the company's appointment and securing a contract looking after a prestigious client.
"We look forward to helping the Trustee meet its objectives and control risk within its investments and are pleased that our approach of identifying solutions through proactive thinking," he said.
Nine months ago, KPMG lost IMI's auditing contract to fellow big four finance and accounting organisation Ernst and Young having held it for around 20 years.
Updated: 23 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
HR jobs expert warns of public sector problems ahead
People in HR jobs are being told that public sector cuts will dwarf any promises made in election manifestos, according to an expert.
John Philpott, chief economic advisor for the Chartered Insititute for Personnel and Development, warned that post-election public spending austerity will be "far greater" than any of the three main political parties are willing to admit.
Mr Philpott suggested a probable outcome of the public sector cuts will be the loss of around 500,000 jobs or around ten per cent of the workforce, including those in permanent placement.
However, he said that Conservative move to make cuts straight away, if the party wins the election, would not be good while managing the beginnings of an economic recovery.
"We are concerned that the Conservative plan to push ahead immediately with £6 billion of spending cuts would threaten the economic recovery and increase the risk of higher unemployment," he said.
The second televised election debate takes place on Thursday (April 22nd) with the latest YouGov poll putting the Liberal Democrats in a narrow lead on 33 per cent.
Updated: 23 April 2010.
Categories: human-resources, market-and-industry-news, permanent-placement.
Expert says finance and accounting firms should hire whistleblowers
Finance and accounting organisations in the City of London are being urged to recruit whistleblowers by an industry expert.
Andrew Bath, general manager of banking and financial services at City recruitment specialist Poolia, suggested that companies should look at employees who break ranks to share vital information as heroes rather than disloyal workers.
Writing for eFinancial Careers, Mr Bath implied that far from being a snitch, those employees could be an effective way of managing risk, in an operational and human capital sense.
He compared the current attitude to school yard peer pressure where "grassing up" is frowned upon.
"There is a psychological bystander effect - we're all waiting for someone else to call out the stuff that's wrong, no one wants to stand out from the crowd and say it for themselves," he added.
Mr Bath highlighted the example of whistle-blowing at Lehman Brothers after an accounting executive became concerned with the company's financial situation. The employee in question lost his job around a month after breaking ranks.
Updated: 23 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Banks help boost FTSE - banking jobs
People in London banking jobs are learning that some of the industry's leading firms helped to boost the FTSE 100 at the end of trading on Thursday.
Barclays proved to be a strong market performer after a "big push" from London-based investment management comapny Execution Noble, which raised the banking giant's target price from 386p per share to 454p.
Fiona Swaffield, a market analyst for Execution Noble, suggested that "overly conservative" loan loss guidance figures for this year combined with improving trends in unsecured loans and credit conditions.
Ms Swaffield also said that people in banking jobs should expect to see Barclays' investment banking arm "significantly increase" its market share in the coming years, which has led to further forecasts of 11 per cent growth for the firm in 2012.
This comes after it was revealed that the man in the senior banking job at Barclays Bob Diamond was paid £63 million as part of a much-publicised company reward scheme.
Updated: 19 April 2010.
Categories: .
IFRS a must-have for people in accounting jobs
People in accounting jobs are learning that differences of opinion over adopting a new universal standard of financial reporting could to a "detour" for the worldwide project, according to the UK's leading body.
The Institute of Chartered Accountants in England and Wales (ICAEW) has responded to updates on the progress of adopting the International Financial Reporting Standards (IFRS).
Global convergence is designed to avoid confusion for people in accounting jobs when trying to understand financial results which might require knowledge of a range of different methods.
The largest stumbling has been getting acceptance from the US government for its companies to adopt IFRS, preferring to delay a decision whether to comply.
Commenting on the situation, Dr Nigel Sleigh-Johnson, head of the ICAEW's Financial Reporting Faculty, suggested that differing views, from the International Accounting Standards Board and the US Financial Accounting Standards Board, could lead an unfortunate convergence "detour".
He added that universal ratification of IFRS is a "must-have in today's increasingly global business environment".
Updated: 19 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
People in senior HR jobs are unsure of paternity leave benefit
People in HR jobs are learning that Labour's policy to introduce paternity leave may not encourage workers to take it up, according to industry experts.
As part of its manifesto, Labour plans to increase statutory paternity leave by two weeks if it wins the general election on May 6th.
Members of Personnel Today's HR election panel, including senior management in the sectors, said the introduction of "father's month" may make little difference to the amount of employees who use it.
Liz Bell, who occupies the senior HR job at home improvement store B & Q, said: "The challenge for most fathers is the loss of earnings when paternity leave is capped at a statutory minimum in many businesses."
Whether Labour will get to implement such a plan remains to be seen, as many polls show the party trailing the Conservatives by six per cent and many observers hailing Liberal Democrat leader Nick Clegg the winner of the first televised debate.
Updated: 19 April 2010.
Categories: human-resources, market-and-industry-news.
Pru's AIA buyout brings UK finance and accounting reshuffle
People in financial services jobs are learning Prudential's UK senior management is being reshuffled as a result of its takeover of AIA earlier this year.
Last month, the company, which has more than 25 million customers worldwide and manages assets valued at around £290 billion, agreed to purchase Asia-focused organisation AIA from troubled US insurance giant AIG for $35.5 billion (£23 billion).
Rob Devey, the chief executive of its UK and European operations, has been appointed to oversee the integration of Prudential and AIA insurance services in Asia.
Mr Devey formerly occupied a senior banking job with Lloyds Banking Group and integrated HBOS's retail banking operations.
He will continue to have responsibility for UK and European services but will now be ably assisted by two experienced finance and accounting figures in Andrew Crossley and Barry O'Dwyer, both divisional managing directors, who become deputy chief executives.
The task of integration is one that excites Mr Devey, who believes it will be critical to providing "tremendous growth opportunities" going forward.
Updated: 16 April 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.
Ernst and Young to increase finance and accounting jobs
Leading finance accounting company Ernst & Young is planning to increase its revenue from advisory services over the next few years.
After revealing an £86 million increase in revenue for 2009, a spokeswoman for the big four firm said its target was to reach £300 million for its work in the UK and Ireland in this sector.
"In advisory we have ambitions to double our revenues and to recruit around 1,000 people across the UK and Ireland, from graduates to partners, in the next three years," she said.
Meanwhile, the company has predicted that merger activity will grow significantly with more than half of the 800 global executives surveyed saying they are "likely or highly likely" to acquire other business during the next 12 months.
Although the research found the UK to be one of the least confident in terms of acquisition activity, in comparison to other leading economic powers, its own confidence level was still in line with the global average.
Ernst and Young employs 144,000 people worldwide, across its wide range of finance and accounting products.
Updated: 16 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
City recruiters predicting increase in banking jobs
People in banking jobs are said to be benefiting from an exploding recruitment market in the City of London, according a number of figures within the Square Mile.
According to the Evening Standard, those in the sector are "making tens of thousands of pounds extra" as major companies increase their staff numbers dramatically on the back of a turbulent 18 months.
However, Andrew Bath, general manager of banking and financial service at Poolia Recruitment Specialists, suggests that while the number of vacancies is on the up, some companies may be left with a quandary.
Mr Bath stressed that clients are "very certain about the core skill sets" required by their organisations, an issue that candidates are aware of.
"As such the supply of candidates that mirror roles is not high and this lack of supply drives salaries up," he said.
Furthermore, Mr Bath believes that the dilemma of firms looking to retain their best people means that staff will use it as a bargaining tool to push for pay increases.
Updated: 16 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.
McCormick appointed to senior human resources job
People in HR jobs are learning that food manufacturer Kelloggs has appointed a new European HR vice-president on a temporary basis.
Karen McCormick will cover the maternity leave of predecessor Karen Meehan until January next year, Personnel Today reported.
She said: "I am delighted to take on this role at Kellogg's as it is a great company. As part of the leadership team in Europe and through the HR team I will be helping to build people capability from the strong base which already exists."
Before joining the firm in February, her wide-ranging background in HR jobs included senior roles at the GUS home shopping and The Reality Group.
She was formerly chief executive of Cheshire Building Society helping it become a mutual as well as occupying a senior HR role at Sainsbury's.
The company was voted one of the 100 best firms to work for by a Sunday Times poll this year and recorded more than $13 billion (£8.41 billion) in worldwide sales last year.
Updated: 16 April 2010.
Categories: human-resources, market-and-industry-news, office-support.
Politicians respond over banking and financial services admission
People in banking and financial services jobs may be interested by prime minister Gordon Brown's admission that he did not do enough during the height of the financial crisis.
In an interview to be aired tonight (April 14th), Brown said that he should have been tougher with City bankers. However, this has only induced criticism from opposition parties, the Times reports.
He said his biggest mistake was not regulating the banks but David Cameron has called it an extordinary move that should warn the electorate against giving the Labour government another five years in office.
Launching their manifesto this morning, the Liberal Democrats were also quick to criticise the prime minister for recognising his faults with finding ways of avoiding history repeating itself.
With just over three weeks until people go to the election, Labour is now trailing by just three points, according to a Populus poll for the Times which was released last night.
However, Mr Brown must deal with a shrinking supply chain of support from leading business figures.
Updated: 16 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Expat finances 'tougher' thanks to pound - banking jobs
People in London banking jobs are learning that expats may find life tougher thanks to the falling value of the pound, according to one expert.
Some city headhunters had suggested that the increase in the top rate of income tax to 50 per cent may induce an exodus of banking and financial services workers to other international business destinations such as Geneva.
However, according to the co-founder of an expat lifestyle magazine, the deterioration of sterling against both the euro and the dollar may lead to expats suffering as a result of poor exchange rates if they are paid in pounds.
Rhiannon Davies of Shelter Offshore said any further fall in the currency's value in the coming months could mean those living away from the UK find it more difficult to afford to live.
Figures from the Consumer Credit Counselling Service recently suggested that some expats are considering returning to the UK due to financial difficulties.
Indeed, Independent columnist David Prosser recently dismissed rumours of a potential exodus of people in banking jobs saying it would better resemble a "trickle".
Updated: 16 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Banking and financial services figures oppose boardroom elections
People in banking jobs are learning that the Hundred Group of finance directors is firmly opposing the introduction of annual elections for company chairmen.
The group cited the possibility of too much power in the hands of speculative shareholders, Accountancy Age has reported.
In his latest response to the Walker Report, which calls annual elections for company chairman, Peter Williams, Daily Mail and General Trust finance director labelled the recommendations "unnecessary" as the risk to the long-term health of a company may be compromised.
Mr Williams, who also sits on the group's investor relations committee, said in a letter to the Financial Reporting Council (FRC) how shareholders have not always acted in the best interest of a company, sometimes opting for short-term profit.
In a previous letter to the FRC, he argued that Sir David Walker's recommendations were more of guide to "better articulate and codify" good corporate governance rather than making substantial alterations to boardroom level.
The group consists largely of FTSE 100 bosses, including those in senior banking jobs in the city of London.
Updated: 16 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Chartered accountant touted as supermarket chief executive
A former finance and accounting trainee with one of the UK's big four firms could soon be appointed as the chief executive of a leading supermarket.
Reports from a number of media outlets claim that Asda's current financial director Judith McKenna could be in line to replace Gary Bond as chief executive, after his unexpected resignation.
Ms McKenna trained and qualified in accountancy with KPMG and although highly tipped to move into finance and accounting jobs, but opted to move into the brewing and pub retail industry with roles at Carlsberg Tetley and Allied Domecq.
She has been with Asda for the past 14 years, including her current role as chief financial officer, which she has occupied since 2001.
As far back as November, Retail Week was touting Ms McKenna as a potential successor suggesting her personality matches the company's ethos.
Should she succeed Mr Bond, the 43-year-old will become the first female boss of one of Britain's big supermarkets and at a time when Professor Charles Goodhart called for greater female representation in corporate governance.
Updated: 14 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
Banking operations must 'improve graduate confidence levels'
People in banking jobs are being told that financial institutions need to do more improve confidence levels in graduates looking for a job.
That is the view of HSBC, one of Britain's biggest banks, as London's major finance and accounting institutions prepare for a busy recruiting period over the coming months.
A spokesperson for the bank told Recruiter that "positive sentiment is increasing for entry level and graduate roles" with numbers holding or in some cases increasing.
The representative added: "We need to make sure that we work to increase confidence of people entering the sector, which did take a knock in 2008/9."
HSBC may be aware, as could people in London banking jobs, that many organisations are gearing up for a 'war on talent' as competition hots up for the best candidates.
Last month, KPMG's UK head of people Michelle Quest confirmed that the number of permanent jobs available to graduates would increase during 2010 as the recruitment market recovers significantly.
Updated: 13 April 2010.
Categories: market-and-industry-news, permanent-placement.
Branding key to 'war on talent', says human resources boss
People in human resources jobs might be interested to read about the significance of "employer branding" to recruiting the brightest talent to their organisations.
Speaking at a meeting of industry practitioners and leaders on Thursday (April 8th), Vera Janssens, vice president of corporate and marketing communications for south-west Europe at Siemens, admitted that previous "bouts of negative publicity" had affected relations with employees.
Ms Janssens commented that the technology giant, whose clients include the IT services of the BBC, was working to maintain a clear vision and strategy that employees and recruits could identify with.
She added: "The important thing is to explain the direction of the company, its core activities and focus for the future and how an employee's career will look in a new structure."
It seems many employers and leading figures in human resources are gearing up for fierce competition to secure talented individuals looking for work.
KPMG's UK head of people Michelle Quest recently told Personnel Today that the recruitment market has "exploded" in the last few months as companies battle to attract promising workers with greater numbers of positions available.
Updated: 13 April 2010.
Categories: human-resources, market-and-industry-news, recruitment.
FIL appoints Waterhouse to senior financial services job
People in financial services jobs are learning that Ben Waterhouse is to join Fidelity International (FIL) as a Head of UK Wholesale Sales.
His role will include building on FIL's existing relationships with insurers, wealth managers and the discretionary market.
Mr Waterhouse spent 11 years in a senior financial services job with Legal and General as head of sales. In the past five years his responsibilities have included overseeing the company's mutual fund interests in the UK.
Gary Shaughnessy, FIL's UK managing director, is delighted with the appointment and believes the experience Mr Waterhouse brings in mutual fund markets and strong business relationships will help the firm grow in years to come.
He added: "This is an important and growing part of the market for us and with Ben's expertise we will be able to focus in greater depth on the services that we offer and on tailoring our investment expertise to the needs of these clients."
FIL's worldwide assets in its investment management operations are estimated to be around $179 billion (£116 billion).
Updated: 13 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.
Overseas markets hold potential for UK finance jobs
People in UK finance jobs could find that they are able to capitalise on the benefits made available to them by expansion into overseas markets.
The British Bankers' Association (BBA) has published its latest issue of Balance, a quarterly periodical covering developing trends in the banking sector worldwide.
In it, the organisation notes a number of overseas jurisdictions in which there is potential for expansion of British financial services providers' operations, boosting the prospects of UK finance jobs in the wake of the international recession.
Within Europe, Russia is one area earmarked for growth, as an increasingly financially aware middle class looks for more variety in its retail banking options.
However, with the domestic banking sector said to be undercapitalised, the BBA suggests that UK financial firms could seek to offer the necessary products and services instead.
In South America, Brazil is also mentioned as a potential gateway, where firms that manage to find a secure foothold can expect to see greater success in other countries on the continent.
The BBA has also been looking to the international stage as part of its Next Steps series, which calls for debate between countries to help maintain global competitiveness when setting macro-prudential policies in the banking sector.
Updated: 13 April 2010.
Categories: banking-and-financial-services, market-and-industry-news.
London 'back on top' in Europe - finance jobs
A strong first quarter of initial public offerings, or IPOs, has placed those in London finance jobs back on top in terms of the continent's exchanges, according to a new report from PricewaterhouseCoopers.
The business analyst explains that London saw a greater number of IPOs than other European exchanges during the first three months of 2010, with the total value of the offerings issued also greater than on the continent.
Richard Weaver, a partner in PricewaterhouseCoopers' capital markets group, says: "London has regained its pre-eminence among the European exchanges."
He admits that some IPOs were aborted during the three-month period, but adds that the current "buyer's market" helped to raise interest levels seen by those in London finance jobs.
"Other [IPOs] have been successful and raised substantial sums where pricing has proved attractive," he explains.
The figures show that this is the fifth consecutive quarter of stable growth for European exchanges in terms of the overall volume of IPOs made.
Updated: 13 April 2010.
Categories: finance-and-accounting, london, market-and-industry-news.
Permanent placements 'highest for 12 years'
People looking for permanent jobs may be interested to hear that the level of long-term recruiting is at its highest for 12 years, according to new figures.
The monthly Report on Jobs, put together by the Recruitment and Employment Confederation (REC) and big four finance and accounting giant KPMG, revealed the number of permanent placements to be at its highest since October 1997.
Similarly, temporary staffing levels are at a 34-month high with increased demand for short-term appointments from employers.
Bernard Brown, partner and head of business services at KPMG, said that the UK jobs market appeared to be going from strength to strength and that "private sector confidence is returning and the UK is exiting recession at a pace".
However, Mr Brown did urge caution with an impending public sector recession that may influence the current "upwards trend" of recent months.
Last month, REC chief executive Kevin Green also stressed how the public sector recession could be a contributing factor in halting the strong recovery in recruitment levels.
Updated: 12 April 2010.
Categories: finance-and-accounting, london, market-and-industry-news.
Male dominance in City should be addressed - finance and accounting jobs
People in London banking jobs are learning that a leading expert of female representation in business is calling for greater gender diversity in the City of London.
The vice-president of the World Association of Women Entrepreneurs Tatjana Hine agreed with the Women in the City report which claimed that the financial crisis might have been averted had more female been working in senior finance and accounting jobs.
Professor Charles Goodhart suggested greater representation on the boards of London's leading banking operations would be a good start as only nine per cent of FTSE banks have female boardroom presence.
Ms Hine said: "The City is definitely still the last bastion of problems as far as women are concerned. It is still very much male dominated and I think it will be for quite a while."
However, she also suggested that one of the reasons for a lack of women in the Square Mile may have owed much to the notion that they "didn't want to play that game", as opposed to a glass ceiling preventing anyone from reaching senior positions.
Updated: 12 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, london, market-and-industry-news.
Finance and accounting expert criticises 50p tax rate
Leading finance and accounting experts are saying that a 50 per cent income tax rate likely to affect high earners in the city will do little to improve the UK's "poor" revenues.
Organisations such as the Institute of Directors (IoD) have said the new rate, which is being incorporated into an increasingly compromised Finance Bill being rushed through before the end of this parliament, could lead to lower revenue for the Treasury despite its appeal to the public at large.
The IoD's head of taxation Richard Baron acknowledged the "superficial" appeal of increase in tax on high earners such as those in London banking jobs.
However, Mr Baron said the benefits of such a measure were questionable "once we dig deeper".
"It will not help the people one would expect on lower incomes, but will create a further deterrent to new international capital coming to the UK, thereby impoverishing all of us indirectly over time," he added.
Many media outlets are reporting that other key aspects such as a broadband tax and a proposed withdrawal on relief for those owning second homes has been scrapped in a rush to get the bill approved by parliament.
Updated: 12 April 2010.
Categories: .
Garo appointed CFO of London oil firm - accounting jobs
People in accounting jobs are learning that Patrick Garo has been appointed chief financial officer of Global Energy Development (GED).
The London-listed company, which focuses on petroleum exploration in Latin America, has appointed Mr Garo, who was previously in one of the senior finance and accounting jobs with food and facilities management company Sodexo.
In addition, he also spent six years as general manager of Perenco, a leading oil and gas company in the region.
Between 2006 and 2008 he was based in London, working as Perenco's chief financial officer.
GED chairman Mikel Faulkner said that his appointment represented a "invaluable addition to the company" as the firm is currently undertaking a three-year plan to significantly increase growth.
Mr Faulkner added that Mr Garo's previous experience in Latin America and links to the Colombian oil industry would be a great benefit, where GED currently has contracts.
He will take up his post at the firm's London headquarters at the end of the month.
Updated: 12 April 2010.
Categories: finance-and-accounting, market-and-industry-news.
Finance and accounting giant agrees merger with US firm
UK's eighth largest finance and accounting firm wades into US market with Weiser merger
People in accounting jobs are learning that the Mazars has agreed to merge with American firm Weiser.
Mazars, which is the eighth largest accountancy firm in the UK by audit fee income, is to expand into the US market after a change of heart.
Chief executive Patrick de Cambourg told Accountacy Age in January that the company "felt at ease with the move" after worries about the risk of litigation that might affect both Mazars and other companies in the sector.
Founded almost 90 years ago, Weiser has developed into one of America's top finance and accounting firms with an annual turnover of more $135 million (£89 million).
According to Accountnacy Age, the combined company will have around 12,500 staff across more than 50 countries, including the UK.
Updated: 12 April 2010.
Categories: finance-and-accounting, jobs, market-and-industry-news.
Government 'paid out £1.7bn in consultancy fees' - accounting jobs
Whitehall consultancy contracts have offered significant rewards to leading finance and accounting firms, according to the Liberal Democrats
People in accounting jobs are learning that central government paid out around £1.7 billion in fees to consultants, according to reports.
The Liberal Democrats have compiled data which they claim shows that government departments have employed consultants over the past six years with £178 million fees for 2010 so far.
According to the Financial Times, leading London finance and accounting firms such as Deloitte, PricewaterhouseCoopers and Accenture have profited substantially since April 2004.
The party's Treasury spokesman Lord Oakeshott said the figures showed a government that is "consultaholic".
Despite pledges from the authorities that they will cut consultancy bills, Accenture told the newspaper that much of its expense covered the design and day-to-day running of large-scale IT systems.
Claims of Whitehall over-expenditure come after the Liberal Democrats kick-off their election campaign. Over the weekend the party also criticised policies over pay for people in London banking jobs.
However, Lloyds chairman Sir Win Bischoff recently said that bankers should be allowed to earn a competitive rate of salary and that recent economic problems should not solely be blamed on London's banking operations.
Updated: 08 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, london.
Bringing greater stability to people in building society finance jobs
Stability is a watchword for people in finance jobs at building societies, according to a Treasury discussion paper.
A new government document will seek to secure more stability for those in finance jobs at building societies.
The discussion document from the Treasury aims to deal with employees working in building societies, which are subject to certain restrictions that do not apply to banks, including limitations on raising funds from non-members.
Although those in such finance jobs have fared relatively well because of the strong response from building societies to the financial crisis, the discussion paper should help ensure long-term stability.
The paper will take views from investors, members and societies on various issues from modifications to existing capital instruments to the need to enhance the government's role in supporting societies.
Paul Myners, the financial services secretary to the Treasury, noted the important position that building societies have long held in the industry.
Mr Myners said: "The sector encourages a diverse financial system and offers a strong business model. The government is keen to ensure that this remains the case in the long term."
As the UK's economics and finance ministry, the Treasury is primarily responsible for the formulation and implementation of financial and economic policy with the aim of producing measured growth.
Updated: 12 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.
Task force to help businesses access funding - finance jobs
People in finance jobs could find a task force helps them to ensure they are treating business customers fairly.
A new task force to help people in finance jobs ensure that they deal fairly with businesses seeking credit has been announced.
The task force's remit will be to ensure small companies are fairly treated when attempting to acquire finance from banks.
Enterprise champion Lord Alan Sugar, outgoing Federation of Small Businesses chairman John Wright and Mike Fairey, formerly of Lloyd's TSB, will make-up the task force announced by the Department for Business, Innovation and Skills.
Lord Mandelson drew attention to the impressive level of experience that the task force had in finance jobs and how that manifested itself in a helpful understanding of the pertinent issues.
"There is a perception among small-business owners that banks are unfairly denying them credit. This task force will help us understand the root of these concerns," added Lord Mandelson.
Lord Sugar has gained further fame in recent years on the television programme The Apprentice, having previously been best known for creating the company Amstrad in 1968.
Updated: 07 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Human resources 'must lead the way' in public service reform
An expert says people in senior HR jobs should lead by example by making public sector performance more efficient
People in HR jobs are learning that bosses in the industry are being encouraged to take a lead on public sector job cuts.
Noel O'Reilly, a former editor of Personnel Today, said that human resources chiefs must respond after Alistair Darling committed the government to cutting £11 billion from public services in his Budget speech last week.
Mr O'Reilly also stressed that measures must be taken to address the fall in productivity within the public sector since Labour swept to power in 1997.
He recommended a remodelling of how people in HR jobs deliver services to organisations and advocated the sharing of HR services as suggested by the Local Government Association last week.
He added: "The profession must develop credible performance measures on absence and productivity and share good practice on leadership and organisational design."
Last week, Dr Ros Altmann criticised the government for its approach to cutting public spending and the measures it has taken in the Budget.
Dr Altmann said that rather than cutting expenditure, this Labour government had increased spending and was relying on economic growth to rescue the situation.
Updated: 12 April 2010.
Categories: human-resources, jobs, market-and-industry-news.
Alison Carnwath to join Barclays board - banking jobs
People in London banking jobs may be interested to know that Alison Carnwath has been appointed as non-executive at Barclays
Barclays has appointed Alison Carnwath to one of its senior banking jobs.
Ms Carnwath will take up a post as non-executive director in August having handed over the chair of financial services firm MF Global to Jon Corzine, himself a boss of Goldman Sachs.
According to the Telegraph, she is viewed within the City as a "serial" experienced figure and is one of just three woman chairman companies in the FTSE 100 list.
She is also a director of finance and accounting company Paccar and continues to sit on the board of MF Global.
As chair of Land Securities, she was given the job of turning the company's fortunes after it announced losses of £4.8 billion last year.
Barclays chairman Marcus Agius expressed his delight in Ms Carnwath's appointment and her value to the banking giant
He said: "Her experience in the financial services industry and broader business knowledge will be of great value to the Barclays board."
Updated: 07 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
Administrators take steps to save rail firm - finance and accounting
People in accounting jobs are learning that insolvency practitioner Deloitte is taking decisive steps to a UK rail business
Finance and accounting firm Deloitte, in its role as administrator to rail infrastructure business Jarvis, has said it will cut jobs to preserve its future.
The big-four accountancy giant had four of its leading insolvency practitioners called in on Monday to help steady the ailing company.
In total, 1,100 jobs will go at Jarvis' offices in Newcastle, Doncaster, Glasgow, Peterborough and Leeds as well as the firm's head office in York.
Deloitte's joint administrators Neville Kahn, Nick Edwards, Phil Bowers and Ian Brown told Accountancy Age that there was a significant amount of interest in Jarvis' facilities management arm, known as Jarvis Accommodation Services.
Mr Edwards said: "Our immediate priority will be to work with stakeholders to stabilise the business while we identify which parts of the business we can continue to trade and seek buyers for as going concerns."
The finance and accounting firm's insolvency expertise forms just part of its operations in the UK and Switzerland and employs more than 11,000 people.
Deloitte recently bought out the accounting arm of Drivers Jonas earlier in the year and last month merged its real estate interests.
Updated: 07 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.
Fund sales 'strongest start' - investment management
The body for investment management operations has revealed record fund sales
The leading voice for investment management operations in the UK has revealed fund sales enjoyed their strongest start to a year over January and February.
According to figures from the Investment Management Association (IMA), fund sales in February were the highest ever for that month at £1.9 billion, which follows on from the strongest January performance by the sector.
Funds under management up to last month stood at £484.7 billion, an all time high.
Jane Lowe, director of markets at the IMA, said that the Sterling Strategic Bond market is accounting for most of the retail sales in the bond sectors, "which otherwise slipped in popularity" in recent months.
She added: "Investors may find the additional flexibility offered by these funds attractive in times of uncertainty or change."
The news comes as a former member of the Bank of England's monetary policy committee Sushil Wadhwani, together with financial services firm GAM, launched a quantitative strategies fund aimed at onshore investors.
Updated: 12 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.
