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  1. Yesterday
  2. This could be an interesting development. I wonder how companies will react? IA takes aim at diversity and exec pensions ahead of AGM season WWW.INVESTMENTWEEK.CO.UK Will 'red top' worst offenders
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    Role models can authentic how inclusive an organisation culture is and act as a beacon of inspiration to aspiring talent. Project 1000 has made a good start in under-covering some of the fantastic talent that exists in the asset management sector which was not visible before. The impact of this is that an increasing number of people wish to get involved which will demonstrate appetite for progress across firms. Given that the asset management industry is considerably less visibly diverse than other sectors, there is an opportunity for role models to have an even greater impact. How do you gain buy-in from leadership stakeholders? How do you inspire others to be role models? How do you create a culture of allyship? We will also provide you with a number of takeaways for you to take back to your firms. The session will be documented in a bitesize white paper and distributed to participants to produce a framework for discussion. REGISTER by emailing the Events & Marketing Team: info@LGBTGreat.com Bitesize Learning: The power of LGBT+ and ally role models WWW.LGBTGREAT.COM 22nd February 2019, 8.30am - 9.30am. Warnford Court, 29 Throgmorton Street, London, EC2N 2AT. Overview Role models can authentic how inclusive an organisation culture is and act as a beacon of inspiration to...
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    Overview The business case for diversity and inclusion in general has long been proved. To fully embed an LGBT+ inclusion strategy it is important to clearly set out the business case in numbers and potential return on investment. There are huge advantages for numerous areas but it is important to consider each pillar in turn to be able to convince those around you effectively. Over the last few years there has been a growing number of studies looking at this space and this session will draw on key themes to inform you. We will draw on global research and also consider learning from other sectors. How do you convince the board and business leaders to invest in LGBT+ inclusion? How can you measure the impact of LGBT+ inclusion and track progress? How can you demonstrate ROI to existing employees, aspiring talent, clients and investors? We will also provide you with a number of takeaways for you to take back to your firms. The session will be documented in a bitesize white paper and distributed to participants to produce a framework for discussion. REGISTER by emailing the Events & Marketing Team: info@LGBTGreat.com Bitesize Learning: An LGBT+ business case review WWW.LGBTGREAT.COM Friday 29th March, 8.30am - 9.30am. Warnford Court, 29 Throgmorton Street, London, EC2N 2AT. Overview The business case for diversity and inclusion in general has long been proved. To fully embed an LGBT+...
  5. I just looked again after 2 plus months at the diagram with options for the outcome of Brexit and unfortunately must conclude that not much has changed. All options are still on the table although some mighty argue that the likelihood of a hard Brexit has just further increased. Will the 8 Labour and 3 Tory MP’s that have left their party make a difference? I doubt it. Will the EU shift to get an agreement approved? Equally little change, I believe. So is as many might think, the PM pushing it to the brink ie force a majority of MP’s to vote for her deal as they do not want a Hard Brexit. I think at this stage with 36 days to go, simply time will tell.
  6. Luuk Jacobs

    Recent Brexit updates

    Thank you for this update and clarification My experience with TPR is that if you have for example applied for a 3rd country branch (TCB), you are slightly in no man’s land, as the TPR has slightly different requirements than the TCB (for example CASS). The PRA/FCA is hesitant with clarification of it in the current political climate. Nevertheless in a call with them the verbally confirmed that the target operating model of the TCB would suffice. Let’s say commen seince indeed prevails
  7. Last week
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    It was indeed a great evening, Tim was great. Thanks to everyone who came and helped make it such a fun event.
  9. Andy Milner

    LGBT History Month: A talk with Tim Hailes


    A fascinating evening last night, and an honour to hear from and meet Tim Hailes who could well be the Lord Mayor of London this time next year! Here is one insight from his talk: Thanks to Schroders and to @Paul Came for hosting.
  10. Caroline Sheldon

    Recent Brexit updates

    For those of you who would love to read another Brexit related article... here is are some of the latest updates- including an interesting update with respect to the temporary permissions regime published in the Netherlands! With less than two months to go until the UK leaves the EU, there has been a lot of recent Brexit related developments in the financial services industry, some of which we look at below. THE TEMPORARY PERMISSIONS REGIME UK Financial Conduct Authority (“FCA”) has pushed ahead with its “no deal” planning and has opened its Temporary Permissions Regime (“TPR”) notification window to EEA asset management firms and to investment funds marketing in the UK. The TPR will allow firms currently passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorisation, if the UK leaves the EU on “exit day” (11pm on 29 March 2019) without an implementation period in place. It will also allow certain funds to continue temporarily marketing in the UK on the basis of current European marketing passports and rights, with no need for a hiatus before they are able to comply with UK marketing regimes. The FCA has said that firms should not wait for confirmation of whether there will be an implementation period before they submit their TPR notification, as firms and investment funds that have not submitted a notification within the notification window will not be able to use the regime. All notifications must be made by the FCA’s Connect online system. The FCA has published a guide for the Connect online system available here. The notification window remains open until 28 March 2019. There will not be a fee for making a notification under the TPR. THE FINANCIAL SERVICES CONTRACTS REGIME REGULATIONS On 8 January 2019, the FCA published a consultation paper, CP19/2, which sets out details of the financial services contracts regime (“FSCR”) and the rules the FCA proposes should apply to firms during the regime. The consultation closed on 29 January 2019. The FSCR Regulations aim to further reduce the risk of harm associated with an abrupt loss of permission on exit day. This ensures that EEA passporting firms can still fulfil their existing contractual obligations in the UK for a limited period of time, even if they are outside the TPR following the UK’s withdrawal from the EU, provided that firms must satisfy the conditions of the FSCR. This legislation will be relevant for those EEA firms which passport into the UK to carry on a regulated activity who fail to notify the FCA that they wish to enter the TPR or are unsuccessful in securing authorisation at the end of it, but still have regulated business in the UK to run off. Firms will fall into one of two categories under the FSCR: being supervised run-off (“SRO”)for EEA firms with UK branches or top-up permissions in the UK, and firms who entered the temporary permissions regime but did not secure a UK authorisation at the end, andcontractual run-off (“CRO”) for remaining incoming services firms. The SRO will apply to the following firms: - firms currently operating in the UK via a branch; - firms who enter the TPR but exit without securing full UK authorisation; and - firms that currently hold top-up permissions. As it is the case for firms in the TPR, SRO firms will be deemed to have Part 4A permission for carrying out activities within the scope of their passport as at exit day, to the extent necessary to continue to service pre-existing contracts in the UK. Unlike the TPR, no notification is required for this deemed permission to arise; it will apply automatically. Details of SRO firms will be shown on the Financial Services Register. The FCA's powers over SRO firms under FSMA will continue to apply; however, the FCA will also cover certain matters which were previously handled by the firms’ home state. In addition, SRO firms will be required to maintain their home-state authorisation in order to benefit from the regime. The CRO will apply to firms operating in the UK solely on a services basis (i.e. without a UK branch) that do not enter the TPR and have pre-existing contracts in the UK which would otherwise require a permission in order to service. CRO firms will be treated as exempt persons and will not be UK authorised. Similarly to the SRO, this exempt status will allow firms to perform regulated activities within the scope of their passport as at exit day to the extent necessary to continue to service pre-existing contracts in the UK after exit day. The FSCR will apply for a maximum of 5 years for all contracts, except for insurance contracts which will have a maximum of 15 years. The Treasury may extend these periods, if necessary, based on a joint assessment by the FCA and the PRA. THE FINANCIAL SERVICES AND MARKETS ACT 2000 (AMENDMENT EU EXIT) REGULATIONS At the end of 2018, HM Treasury has published a draft version of the Financial Services and Markets Act 2000 (Amendment EU Exit) Regulations 2019 (the “SI”). The SI makes a number of amendments to the Financial Services and Markets Act 2000 (“FSMA”) to ensure that the financial services framework continues to operate effectively once the UK leaves the EU, in any scenario. However, the SI is not intended to make substantive policy changes. The amendments to FSMA are set out in part 2 of the Regulations; with regard to FMSA, HM Treasury has highlighted particularly that amendments are being made to: - regulated and prohibited activities (Part 2); - permission to carry on regulated activities (Part 4A); - performance of regulated activities (Part 5); - control of business transfers (Part 7); - control over authorised persons (Part 12); and - provision of financial services by members of the professions (Part 20). Please click here to view the explanatory information and the draft instrument. TEMPORARY PERMISSION REGIME PUBLISHED IN THE NETHERLANDS An amendment to current Dutch legislation was published on 4 February 2019 which allows investment firms from the United Kingdom to continue to provide investment services to professional clients in the Netherlands in a no-deal Brexit scenario. Under an existing third country exemption regime (following from article 10 Exemption Regulation FSA) investment firms based in Australia, the United States of America and Switzerland are exempted from the MiFID licence obligation if they (i) exclusively provide investment services to per se professional clients or deal on own account; and (ii) are subject to regulatory supervision in their home state. This regime is amended to temporarily expand the exemption to investment firms based in the UK. The Dutch temporary permission regime (“Dutch TPR”) will enter into effect if and when the UK leaves the European Union without a deal and it is expected to last until 01 January 2021. The Dutch TPR is relevant for investment firms with their registered office in the UK that wish to continue providing investment services to per se professional clients or dealing on their own account in the Netherlands post-Brexit. The Dutch TPR is also of interest to Dutch firms being serviced by UK investment firms as it avoids disruption of current servicing. Firms wish to pursue this option, they should submit a notification form to the Netherlands Authority for the Financial Markets. NEXT STEPS Preparing for Brexit is challenging- particularly as a result of the uncertainty over what type of deal the UK may be left with when the UK leaves the EU on the 29 March. However, the good news is that different European countries are now preparing for a "no deal" Brexit, with a wave of recent national legislation aiming to ensure both financial and regulatory stability. This should provide UK asset managers with additional time and flexibility to adapt to this new regulatory landscape. For more information, and any guidance or advice on the impact on Brexit, Cleveland & Co, your external in-house counsel, are here to help- let us know what you think and if you have any queries! DISCLAIMER No individual who is a member, partner, shareholder, director, employee or consultant of, in or to any constituent part of Cleveland & Co Associates Limited accepts or assumes responsibility, or has any liability, to any person in respect of this document. Copyright in the materials is owned by Cleveland & Co Associates Limited and the materials should not be copied or disclosed to any other person without the express authorisation of Cleveland & Co Associates Limited. This document is not intended to give legal advice and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and practice in this area. Readers must take specific legal advice on any particular matter which concerns them. If you require any advice or information, please speak to your usual contact at Cleveland & Co Associates Limited.
  11. Andy Milner

    The Financial Technologist ISSUE 1 2019

    Version 1.0.0


    The first Financial Technologist of the year is here and it is bigger than ever. Featuring the second ever Definitive List of the Most Influential Fintech Companies 2019, this year the list is bigger than it's ever been, including 175 of the most disruptive companies in the sector and the Power 20. Alongside that, you can hear from some of the companies featured in the list with insightful articles and interviews with their senior figureheads. The Financial Technologist Q1 2019 WWW.HARRINGTONSTARR.COM A new year, a new Harrington Starr magazine. The first Financial Technologist of the year is here and it is bigger than ever. Featuring the second ever Definitive List of the Most Influential Fintech Companies... © Copyright 2018 Harrington Starr
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    In December 2018 the Government published a white paper on the UK’s future skills-based immigration system, followed a day later by The Immigration and Social Security Coordination (EU Withdrawal) Bill. Once enacted, the Bill will end freedom of movement for EU nationals, set a new framework for migration based on skills not nationality and end preferential treatment for EU nationals. This webinar will help you to prepare for the changes in UK immigration rules being brought about by Brexit. We are partnering with Jurga McLuskey, who leads Deloitte’s UK and EMEA immigration practice. She is an eminent leader in the immigration space and has strong government relationships. She has appeared as an Immigration Expert in front of the Parliament Bill Committee to give evidence on the Immigration Bill and the White Paper. https://www.theinvestmentassociation.org/ia-training/webinars/webinar-details.html?wid=9914
  14. Your career goal will be guiding your decisions and approach to get there, but it won’t really tell you how to go about achieving the success you are looking for. I’m often asked for recommendations on what books to read or business titles to subscribe to so here is an eclectic selection of reading matter to add to your list. Please do feel free to add any further titles you’ve found useful in the comments section too. Over the course of your career no doubt you will need to master public speaking and receive mentoring or become a mentor so there are some tips here for these as well. Books to read There are lots of management/self-help books, ‘Passing time in the Loo’ (yes really is a book) sums up a number of them), they don't give a quick fix, but reading a steady stream, enables you to look at things in a different light, builds up your arsenal to cope with what life throws at you and more importantly gives strategies to build your capability. If you only ready one of these read “Who moved my cheese” (watch the video, read the book and find the meaning). It pretty much sums up life's (professional) struggles and the 2 different ways that people and rats approach them. Other books I would recommend are: The Robert Greene Collection, if nothing else there are some great stories in both these books The 48 Laws of Power The 33 Strategies of War The main point is that as you read through these you will start to see where some of these strategies have been played out at work or in life in general. Also, the last section in each chapter gives an example of how the strategy failed and why. Paul Arden is a famous advertising executive, both his books It’s not how good you are it’s how good you want to be Whatever you think, think the opposite Are easy reads, page per subject but really gets you thinking about the art of the possible. Malcom Gladwell, any of his books (Outliers) are a must. The main point is that they show how effort pays off in pursuit of success. Harvard Business Review (HBR), well worth subscribing to. Gives a good insight into business strategy and very topical. Good reference resource for projects and developments, but also to drop into conversations. HBR also do a good line in management books. There are obviously lots of other books out there, so try some others as well. Public Speaking The power and impact of being able to get up and speak in front of an audience should not be underestimated. There are lots of courses you can go on, but all are costly. I would recommend Toastmasters, as not overly expensive and it has clubs all over the world that you can drop into as a guest. I recommend starting out with a local group as then you get experience of talking about subjects other than work. They will teach you about ‘ums’ and ‘errs’, holding an audience and speaking without thinking. Also volunteer if there is ever an opportunity to do any form of public speaking, the more you do the better you will get. Mentoring The AlgoMe Community provides you with the opportunity to find a mentor to support you in the decision making in your career. A mentor can be for you the great resource for knowledge of the Investment Management industry but equally someone that through sharing of experience can give the guidance for the goals you need to set, the thing you will need to consider giving up, how you set your boundaries and deal with how others think. If your mentor is someone from inside your company, (s)he could be a great support in making career progress happen and guide you through the internal potential pitfalls. Lastly: Love, Life and happiness Love is what will drive you and support you and is more important than success or money. You only get one life, so make the most of it. That doesn’t mean to take the easy option, grab every opportunity/challenge that life throws at you. Enjoy the ride. You will succeed because of, rather than in spite of, what life throws at you. Happiness is a state of mind, not a goal.
  15. Andy Milner

    Trans Inclusion in the Workplace


  16. Attended a great event yesterday evening of #InterInvest, the LGBT network for the Investment Management Industry. An insightful panel discussion on trans inclusion in the workplace. No surprise that there is still some way to go. The personal stories of the panel members spoke for itself and are equally an eye opener. The main action to take away for me was to be an ally (hence writing this) and stand up for their rights be it in the workplace or in normal life. It was for me the first time attending a panel discussion on trans inclusion and the personal stories showed the daily exposure to the biases and prejudice in the workplace. Testimony to Rachel and Emma for having become successful in their own right in their companies and for me they are definitely a role model for other transsexual people or anyone else that has to overcome bias and prejudice for the person they are or want to become. So I hope to read on the AlgoMe Community more personal stories of creating inclusion and diversity so that we can all learn and be guided to create this in our own workplace.
  17. Stonewall has recently published its top 100 most LGBT inclusive employers in the UK. It is absolutely amazing to see that a total of 445 companies representing 20 sectors submitted their file, representing a total of 3.7 million employees. Not a small feat and a testimony to the importance of this report. Pinsent Mason has this year taken the top spot after being number 2 in 2017 and 2018. An observation from my side is that the public sector is dominating here and looking at the Investment Management industry, there is only one company featured in the ranking, Bank of America Merrill Lynch on spot 50. It seems that non of the other 200 plus companies have even filed for the ranking. So some work to be done there. My personal experience is that if investment management companies would file, they could score reasonable well. So it would be a great opportunity for the investment management companies to profile themselves as a diverse and inclusive employer. They might say this today within their company profile description but being mentioned in this list would give some evidence of it. Equally it would be an opportunity to better understand where they could get better. So I can only hope that in next years report, more than 1 investment management company will be listed. Top 100 Employers 2019 WWW.STONEWALL.ORG.UK Read our Chief Executive's Introduction The Stonewall Workplace Equality Index 2019, now in its fifteenth year, has been the largest yet. We’re immensely delighted by this year’s Top 100 Employers – and of all the...
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    To celebrate LGBT History Month, SchOUT (Schroders’ LGBT+ network) is holding an evening talk and drinks reception with Tim Hailes. Tim is Managing Director & Associate General Counsel in the Investment Banking Division of JPMorgan Chase & Co and the City of London Corporation’s first openly gay aldermanic sheriff. Along with a brief review of British LGBT history, Tim will be sharing his story of being gay in the City, his experience of coming out, the change the City has seen since he started his career and the reception he received when he became the City of London’s first openly gay aldermanic sheriff. A networking drinks reception will take place after the talk. The event will be open to all Schroders employees along with any interested employees within the investment management industry. We encourage everyone in the industry to attend the event to meet Tim Hailes and network with other LGBT+ employees and their allies.
  19. AlgoMe


    INNOVATIVE FINTECH. REAL-WORLD APPLICATIONS. 1200+ attendees. 65+ demoers. 120+ speakers. Only at Finovate. Cutting-edge fintech demos, real world applications provided by business leaders, hundreds of financial institutions passionate for change, all under one roof. New for this year, a deep-dive Summit Day on AI and Open Banking, a new world class venue, and an AI powered meeting app to help you connect with the people who matter to you. FinovateEurope FINANCE.KNECT365.COM See the future of fintech live on stage. Meet 1400+ senior fintech attendees and witness cutting-edge banking and financial technology in a unique, short-form, demo format. Get advice and insights from...
  20. Following the Trans Inclusion event at LGIM last night, my attention was drawn to this video about LGBT role models and the #hereiam campaign: LGBT Great WWW.LGBTGREAT.COM
  21. Pierre-Yves Rahari

    A guide to planning decisions to help you achieve success

    Great article, Chris. I fully agree on your suggested first step. I frequently use a vision or mood board to do this: Very visual (as the name suggests), and very powerful tool. Much recommended ...
  22. Andy Milner

    Opportunities for robo-advisory

    I posted in interesting report from EY that's worth taking a look at. It refers to a new approach to automation, "Robo-Advisor 2.0" which refers to "human advisors equipped with robust automated capabilities like analytics and digital tools".
  23. A guide to planning decisions to help you achieve success We are still relatively early on in the New Year so change and improvement is likely to be on your agenda. While fitness and diet are probably the first to pick up on our radars, work and careers are not far behind and many of us will be taking stock and giving our life at work a bit of an overhaul too. Being successful is part and parcel of ambition. However, there is no magic pill that will make you successful in your career. Only you can make yourself successful and whatever it means to you is the key. You are the one that sets the bar and puts in the effort and reaps the rewards. As you will be making throughout your career the decisions to create your road to success, what should you be looking at? Here are six questions to pose to yourself which may require some soul searching but are incredibly useful tools too. 1 First and foremost, what does success mean to you? You can’t be successful if you haven’t got a goal, so how would you describe this for yourself? Is it money, position, power, quality of life, work life balance, family, health, friendships, social life or something else or more likely a combination of these? If a combination of all the above, in what sort of ratio do each of these and others fit in? Define the measure of your level of success What level/seniority do you want to reach? Do you want to be top of the bottom (big fish, little pond), bottom of the top (small fish, big pond), or reach for the stars (big fish, big pond)? 2 Are you willing to give up/or to let go or do you want the cake and eat it all? The most likely truth of the matter is you can’t have it all, but I’m happy to be proved wrong on this one. If you want to go after a goal you have to be single minded about achieving it. This doesn’t mean you give up everything else, but you may need to move on from old/stale habits and beliefs. You need to give yourself a personal audit looking at; What’s stale? What’s are you willing to give up (even for a short period), this may even be something you enjoy doing, but can no longer justify the time/cost? 3 Where are your boundaries? This is possibly the most important area of all. As you progress you will unconsciously change, but proceed with caution here. You will want to be an improved version of your current self, not turn into someone you don’t want to be! You will therefore need to set some parameters about your values and ethics. What are the red lines you will never cross? What are your ethics? How will you treat others? How do you payback your good fortune? 4 What others think Some people will celebrate your success others will think you are a show off, getting too big for your boots/selling out. What will you do to take people with you on the journey? Who don’t you mind losing along the way? 5 Building support You will need a support network both at home and at work. Who will these people be? Do you share your goals with them? What is their payback for being on the team? How will you support them? 6 Failure You might not be successful immediately and don’t let yourself be put off by failing, learn from it and try again. If you don’t fail, you might not have tried hard enough.
  24. @Paul Smillie@Andy Milner I've read that Robo-advisory services are providing automated advisory to increasing numbers of retail investors; where do you see the most significant opportunities; asset allocation, portfolio optimisation, trade execution, rebalancing etc?
  25. Andy Milner

    IA's Edinburgh Members' Briefing

    The Members' Briefing will provide an update on the IA’s ongoing work in key areas such as the business implications of Brexit and threats and opportunities for investment management sector; next steps on Disclosure; the importance of industry-wide cyber resilience; the Stewardship Code review and expectations for the AGM season. This briefing will also provide our members with an ideal opportunity to discuss investment management’s vital contribution to the economies and our work in harnessing savings, investing in businesses and financing growth across the UK. https://www.theinvestmentassociation.org/members-area/events/event-details.html?eventtemplate=155-edinburgh-members-briefing-march&event=326
  26. Andy Milner

    Cleveland & Co

    Cleveland & Co External In-House Counsel are your specialist outsourced legal team. We have built a market leading reputation for providing the highest quality legal services in the investment management sector. Based in London, we have worked with a variety of clients globally, ranging from boutique investment firms to some of the market’s leading funds and banks. Our innovative advisory services provide our clients with solutions to all of their in-house legal needs. We work with them to negotiate agreements, launch new funds, deliver strategic projects, structure legal teams, and improve capabilities by providing specialist training courses.
  27. An interesting read: https://citywire.co.uk/wealth-manager/news/share-centre-why-i-believe-brexit-won-t-happen/a1191942?ref=wealth-manager-comment-list
  28. I attended yesterday a presentation of Lord Jonathan Hill in which he gave his views on what the next steps could be re. Brexit. I give here my summary of the presentation What is likely to happen (after another vote next week, which will not conclude no reopening of negotiations Unlikely even small change Will parliament look at other ways to avoid hard Brexit (which is currently the direction) staying in customs union for goods (but not services) Ruling out legally a hard Brexit (this means a bill through both houses) Political system is more volatile than ever and has shown to be extremely flexible in such situation and is likely to go back to process ...... the mood in parliament and business would be the driver Will not be sorted by March 29 therefore EU would grant extension (with election pressure in the back ground) Unlikely a second referendum (unless after a general election) On financial services industry Britain has and had a huge influence on EU regulation. So with UK leaving who would take over? ..... German unlikely as it is not central to their economy. So will it be France ? Barnier is French and if he would be a senior position after EU election, France could be a likely contender. Should the UK align itself with future Eu regulation of financial services, when after Brexit they are without direct influence or should they go their own way and use its technical expertise? So in general no clear answers but only directive in its views. What is your view?
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