UK - AXA Investment Managers is transferring £3.5bn of global and European equity mandates from its UK clients to its sister firm, Axa Rosenberg.
The move follows a strategic review of Axa’s operations which found that a move of assets would boost profitability.
It will allow Axa Investment Managers to focus upon building on its core product range of managing UK equities and bonds and takes its funds under management to £12.5bn.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.