UK - Edinburgh Fund Managers' Iain Watt has stepped down as chief executive following continued pressure from major shareholders.
Shareholders have been exasperated at the company’s lack of strategic direction, leading to the departure of non-executive directors John Wright, Sir Angus Grossart, Donald MacDonald and Johnnie Blair.
The remaining EFM board members decided it would be “in the best interests of the company” for Watt to also leave.
The shareholder action – believed to have been led by Hermes Pensions Management, Prudential and Legal & General – is to be followed by the fund manager conducting a review of its business which could lead to the firm being being sold off.
Chief investment officer Anne Richards (pictured) and chief operating officer Rod MacRae have taken over as joint managing directors, in addition to their existing roles.
The pair are understood to have the backing of major shareholders, including Hermes, following confirmation that they will review all aspects of EFM’s business.
Despite the upheaval, Richards said that the firm is “extremely confident” that it can deliver performance for schemes in the future, who remain a “core” part of EFM’s business.
She added: “The institutional side remains an important part of our business and we will continue to look at how we can deliver better performance and better service for our clients.”
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.