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The Morning Briefing: Iress sells portfolio management business and P1 Platform launches bolt-on | Money Marketing


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Good morning and welcome to your Morning Briefing for Thursday 9 May 2024. To get this in your inbox every morning click here.

Iress sells portfolio management business

Iress has today signed a binding agreement to sell Pulse, its portfolio management software, to SecuritEase Holdings UK Limited, a member of the New Zealand-based SecuritEase group.

The transaction is expected to be completed within 30 days of signing and requires no financing or regulatory approvals.

P1 Platform launches bolt-on

P1 Investment Services has launched ‘Invest Pilot’, a bolt-on feature to its platform that allows investment managers to create and manage model portfolios within their own Microsoft environment rather than logging into the P1 Platform.

Built on Microsoft’s Power Platform and integrated with P1’s API, Invest Pilot works within the operating system most businesses use every day, Windows.

Suffering in silence

Ask the average person on the street if life is getting easier or harder and I suspect barely one in a thousand would opt for the former, says Tom Browne in his Editor’s View column.

It’s been a tough couple of decades. The financial crisis, austerity, Brexit, Covid, lockdown, the Truss Mini-Budget, numerous political scandals, renewed conflicts abroad… just listing them is enough to induce a panic attack.

Quote Of The Day

Although the Bank of England is set to keep rates on hold yet again later, hopes are high that a summer interest-rate cut will be on the agenda.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, comments on the Bank of England’s rate decision set for today (9 May)

Stat Attack

New research by PensionBee has found the value of pension pots has increased by 16% across the UK, but the gender pension gap persists.


The average pension pot rose from £17,379 in March 2023, to £20,077 in March 2024.


Savers in the North West experienced the biggest increase in their pension wealth, with their average pot size rising from £13,270 in March 2023 to £15,651 in 2024.


Residents in the South East continued to save the most into their pensions, surpassing the national average by 28%.


In Greater London, the average pension pot exceeded the national average by nearly a fifth (17%).

The gender pension gap remained a persistent issue across all regions.


Women in Northern Ireland face the largest gender pension gap, with average retirement savings for men totalling £16,390, compared to £13,844 for women.


In London, although the gap is lower than the government’s national gender pension gap figure (35%), men’s retirement savings total £26,646, compared to women who saved £18,786.

Source: PensionBee

In Other News

BareRock has unveiled Sense Network as the inaugural recipient of its ‘Club 20’ Membership.

The designation signifies the “highest level” of premium discount available and celebrates Sense Network’s “unwavering commitment to excellence” in advice and exemplary practices in risk mitigation.

BareRock’s approach, available exclusively on a direct-offer basis and not via insurance brokers, is to gain a deeper and unparalleled understanding of the inner workings of advice firms.

Overlayed with robust underwriting techniques, BareRock identifies the best advice firms who demonstrably take the risk management of their practice seriously and foster a culture centred on optimising end-client outcomes.

Once a firm has completed BareRock’s digital application form and successfully meets the stringent entry criteria, their expert underwriters, augmented by BareRock’s proprietary risk diagnose and assessment tools, evaluate eligibility for membership into the BareRock Club – an exclusive community of top-performing advice firms.

The board of The North American Income Trust Plc has announced that the company has agreed heads of terms to appoint Janus Henderson as its new AIFM and investment manager.

This follows an extensive review of its existing management arrangements and engagement with a number of management groups.

Fran Radano will remain portfolio manager of the company.

Radano has resigned from his role at Abrdn and has agreed to join Janus Henderson, where he will continue to manage the company’s portfolio supported by Janus Henderson’s US equities team.

Bridgewater’s chief says he has ‘rewired’ world’s largest hedge fund (Financial Times)

Bank of England weighs when to cut UK interest rates (Bloomberg)

TSB to shut 36 branches and cut hundreds of jobs as full list of closures announced (Sky News)

Did You See?

Superficially, the market shares of adviser platforms look stable and unchanging, with the large players continuing to take the lion’s share of business, says Platform’s Lottie Bussell-Ahern.

But under the surface, the potential for major change has been building, according to our UK Adviser Platforms: Market Overview report.

The tectonic plates are shifting under pressure from consolidators and the impact on the surface could be sudden and substantial.

A platform market that grew through serving SME advice firms now needs to pivot towards larger firms, whose requirements can be quite different. Half of advisers now work in firms with more than 50 advisers.

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