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SJP’s comms catch and an IFA accounts blunder: FN wealth this week

Wealth Management

Wealth Management Correspondent

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St James’s Place’s fund revamp has attracted a lot of buzz. The UK wealth giant has not been afraid to kick serial underperformers to the kerb, including Somerset Capital and Columbia Threadneedle.

Catch up on the top news in wealth management this week

Kristen McGachey

Investing

The European funds winning assets from the global AI craze

AllianzGI, DWS ride tech wave as AI fund assets swell to record high

UK’s investment minister says companies ‘queuing up’ to IPO in London

Senior GIC private equity lawyer joins Dechert in London

https://images.fnlondon.com/im-14432569?size=1.5

US law firm hires private equity specialist from key client

Barclays poaches Citi managing director for wealth private credit push

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Dale Walsh will accelerate growth of the private bank and wealth management’s lending business

Northern Trust taps UN pension fund for head of international role

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Pedro Guazo, who joins in August, will also oversee the $1.3tn asset manager’s responsible investment platform globally

The country’s Competition and Markets Authority chose not to pursue a deeper investigation into the merger.

Aviva Takeover of Direct Line Gets Green Light From U.K. Antitrust Watchdog

The hedge-fund billionaire also paid a record $43.2 million for a copy of the U.S. Constitution four years ago.

Ken Griffin Pays Record $13.7 Million for Lincoln’s 13th Amendment Ending Slavery

The ​Senate is continuing a marathon session to pass President Trump’s tax and spending package, as the GOP races to get the legislation to the president’s desk by July 4.

By Richard Rubin, Lindsay Wise and Olivia Beavers

Republicans’ Effort to Pass Megabill Stretches Into a New Day

The brokerage will allow European customers to trade more than 200 U.S. stocks and ETFs as digital tokens and is developing its own blockchain.

Robinhood Goes All In on Crypto With Major Product Push

Financial services companies like BNY and JPMorgan say AI’s capabilities are taking more and more cues from the way humans work.

Central bankers have conceded that they underestimated the impact of interruptions to supply on prices, having been more used to focusing on demand surges as a source of inflation.

ECB’s New Strategy Emphasizes ‘Forceful’ Responses to Inflation Shifts

The S&P 500 has now added more than 9% since President Trump announced sweeping tariffs.

From Tariff Pain to Record Highs, a Wild Quarter on Wall Street

The buyback program delivers on UBS’s plans to hand money back to shareholders after the Swiss government proposed tougher capital rules for the bank earlier this month.

The firm had big ambitions for three resorts with views of the Aegean Sea. It recently sold the properties, barely breaking even.

Goldman Sachs Scraps Plans to Build Hotel Brand in Greece

Blockbuster tie-ups continued in the second quarter in industries relatively insulated from tariffs.

By Ben Glickman, Miriam Gottfried and Corrie Driebusch

Wall Street Hangs On to Hopes for a Boom in Deals

Sixth Street’s Alan Waxman thinks his publicly traded rivals are turning private credit into a commoditized, lower-returning business.

By Miriam Gottfried | Photographs by Jason Henry for WSJ 

A Pioneer in Private Credit Warns the Industry Is Ruining Its Golden Era

Carney and Trump will try to reach an agreement by July 21, a Canadian spokeswoman said.

By Vipal Monga in Toronto and Paul Vieira in Ottawa 

Canada Rescinds Digital-Services Tax to Salvage Trade Discussions With U.S.

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