Discretionary Portfolio Management

Pensions consultant and wealth manager Mattioli Woods has bought Atkinson Bolton Consulting (ABC) in a £6m deal.

Her Majesty's Revenue & Customs (HMRC) has upheld the VAT exemption on discretionary fund manager transaction fees.

T. Rowe Price has hired Arif Husain, director of European fixed income and UK and portfolio management at AllianceBernstein, as its new head of international fixed income.

Fund managers can expect the axe from discretionary fund managers (DFMs) if they fail to perform within the first 12 months of being granted a mandate, according to research by Coredata.

Psigma Investment Management has cut the AMC on its discretionary fund range from 1% to 0.5% in a move to broaden its reach into the intermediary market.

The FSA has warned advisers to check mismatches in investment risk when outsourcing to discretionary fund managers.

Swedish banking group Handelsbanken has acquired UK wealth manager Heartwood for an undisclosed fee.

Brooks Macdonald co-founder Jonathan Gumpel is to stand down from the group's board, marking the end of a quarter which saw discretionary funds under management rise 6.5%.

Independent financial adviser Paradigm Group is to launch an asset management business offering discretionary fund management services.

Principal Investment Management has acquired discretionary investment manager Iain Nicholson Investment as it expands its presence in the regions.