Wealth managers

The Absolute Return sector - soon to be renamed Targeted Absolute Return - has often divided investors, particularly during down markets when some funds have failed to deliver a positive return.

Scottish Widows Investment Partnership (SWIP) has seen outflows of £6.6bn from the business in 2012, after investors opted to move out of its insurance products.

AIM-listed wealth manager Brooks Macdonald said today it has seen assets under management soar to £4.6bn in the last three months, boosted by the recent acquisition of Spearpoint.

David Bellamy, the chief executive of St James's Place (SJP), has said the business is "well positioned" to reap the benefits of the trading environment introduced since RDR as he revealed assets under management had reached record levels.

Standard Life Wealth has appointed David Driver as managing director.

David Palmer has joined Ashcourt Rowan as a business director within the wealth manager's asset management arm.

The UK's biggest advice firms have been accused of failing to adequately inform potential clients whether they provide independent or restricted advice.

Ian Porter has joined Sanlam Private Investments (SPI) in the newly created position of head of wealth management, as the firm looks to grow its presence in the retail market.

WEALTH MANAGERS

Smaller companies and recovery stocks were highly featured in wealth managers' best performing funds of the year, much to the chagrin of those continuing to back defensive names.