Good morning and welcome to your Morning Briefing for Tuesday 7 January 2025. To get this in your inbox every morning click here.
Close Brothers CEO steps down three months after medical leave
Adrian Sainsbury, chief executive of Close Brothers Group, has stepped down three months after taking medical leave for an undisclosed illness.
Sainsbury left the role to focus on his health following a consultation with the board.
He is “recuperating well and is expected to make a full recovery”, Close Brothers said in a market statement today (7 January)
Sainsbury has been replaced by finance director Mike Morgan, who has been acting CEO in his absence.
How MPS limitations could see bespoke portfolios rise again
Model portfolio services (MPS) have been a runaway success with advisers and clients – but they do have some important limitations, especially after the recent tax changes, writes Annalise Toberman, associate research director at Platforum.
Assets in model portfolios have been growing at an impressive rate over the past decade, averaging a consistent 15-20% a year.
Advisers have been increasingly directing client assets to MPS managed by external wealth managers, attracted to the admin efficiencies, best-of-breed asset management and specialist expertise.
Quote Of The Day
While markets may not repeat themselves, they do rhyme – staying calm, sticking to the fundamentals, and maintaining a long-term view will be key to navigating 2025 successfully for the sector
– Mark Campbell, head of Isio Wealth Planning, comments on the outlook for the Wealth, DC and Employment markets
Stat Attack
Latest mortgage report from adviser tech Twenty7tec comparing December 2024 to November 2024 shows that:
Purchase mortgage searches were down 37.7%
Remortgage searches were down 32.9%
Buy To Let purchase mortgage searches were down 35.0%
Buy To Let remortgage searches were down 35.5%
Residential purchase mortgage searches were down 38.4%
Residential remortgage searches were down 32.0%
Searches by First Time Buyers were down 36.66%
Source:Twenty7tec
In Other News
The Chartered Institute for Securities & Investment (CISI) has appointed Steven McBurnie CFP Chartered FCSI as the new chair of the CISI Paraplanner Interest Group (PPIG).
McBurnie replaces Dan Atkinson, who steps down as PPIG chair after five years.
The PPIG is open to all CISI members and non-CISI members who have a drive and passion for the profession of paraplanning.
The PPIG runs events over the year, with its practitioner committee playing a key role in the organising of the CISI annual Paraplanner Conference. The group was created by CISI to support Paraplanners in the UK and around the globe who wish to network, share ideas, insight and information with other paraplanners.
Steven McBurnie is a paraplanner with Glasgow-based Wright, Johnston & Mackenzie and has been on the CISI PPIG committee for five years.
Templeton Emerging Markets Investment Trust (TEMIT) has appointed Sarika Patel as non-executive director.
Patel will take on the role of chair of the Audit and Risk Committee (ARC) and will work closely in the coming months with Simon Jeffreys, current chair of ARC to ensure an orderly handover of the role.
Jeffreys was appointed in 2016 and will retire from the Board following the conclusion of the AGM in July 2025.
Angus Macpherson, chair of TEMIT said: “I am delighted that Sarika has joined the Board. She brings proven judgement and a wealth of experience, which will be of considerable value to the Trust. I would also like to thank Simon Jeffreys for his contributions to the Board and wish him well in his retirement.”
Ms Patel is currently chair of Abrdn Equity Income Trust and chairs the Audit and Risk Committee of SDCL Energy Efficiency Income Trust.
From Elsewhere
UK retailers may have to cut thousands of jobs after bleak Christmas (The Guardian)
Asia shares benefit from doubts about Trump tariffs (Reuters)
Nvidia chief calls robots ‘multitrillion-dollar’ opportunity (Financial Times)
Did You See?
I spoke at a conference at the end of last year where I asked over 100 IFAs attending a simple question: “What advice would you give your younger self?”
There were some fascinating answers, but the most common responses can be grouped into three themes, writes Ben Peele, managing director of PortfolioMetrix.
Think big picture and trust your team.
Running a business and advising clients is not an easy job: it takes a lot of time and energy to keep everyone happy.
But in all the frenetic activity of the day to day, it’s important to take a step back to see where your business is heading and what most needs your attention.
Read the full article here.
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