News round-up: Goldman enters flexible working debate; FCA adds four to exec team; MIFL unveils seeding plans for two US managers

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Goldman enters flexible working debate 

Goldman Sachs’ CEO David Solomon hit the headlines this week as he detailed the ‘enormous impact’ staff working from home has had on the way the business operates. Solomon said he wanted staff to revert away from working remotely this year and was hoping to have all summer interns working from the office.

The impact working from home is having on the financial services industry has been hotly debated at HFM’s virtual events over the past year. Many of our panellists have acknowledged that some long-term flexibility on employers’ parts is now expected, but Goldman’s stance could pave the way for other market players to encourage a full eventual return to the office.

HFM is hosting closed, virtual Boardroom discussions next Tuesday and Wednesday, 9 and 10 March, on the topic of working from home. To apply to attend, please contact Lucy Thompson at l.thompson@pageantmedia.com 

FCA adds four to exec team 

The Financial Conduct Authority (FCA) has made four appointments to its executive board following its announcement in December that it would restructure.

CEO Nikhil Rathi announced that Stephanie Cohen will be the FCA’s Chief Operating Officer (COO) and Jessica Rusu will join as its first Chief Data, Information and Intelligence Officer (CDIIO). Sarah Pritchard will become Executive Director, Markets while Emily Shepperd will take up the newly created role of Executive Director, Authorisations.

The FCA also appointed Clare Cole as Director of Market Oversight and as part of that role she will lead the organisation’s response to Lord Hill’s forthcoming Listings Review.
“As we continue transforming the FCA - building a data-led regulator - their global experience and leadership, drawn from a variety of backgrounds, will be vital in ensuring we can act more quickly to reduce harm to consumers and ensure market integrity,” said Rathi.

“I also congratulate Clare on her appointment as Director of Market Oversight, a role she takes on at an important time for UK markets as the FCA takes forward the work of Lord Hill’s Listings Review.”

As part of its transformation programme to build a data-led regulator, the FCA first announced its plans to restructure in December. This brought together two supervision divisions with the FCA’s policy and competition functions. 

MIFL unveils seeding plans for two US managers

Mediolanum International Funds (MIFL) has seeded two specialist boutique managers in North America to help fund their access to Europe.

The European asset management platform of Mediolanum Banking Group announced two equity mandates with SGA and NZS Capital.

Through the agreement with SGA, a Connecticut based independent investment boutique, MIFL will provide capital of €80m to seed the SGA Emerging Markets equity strategy. The initial investment is expected to grow over the next five years. 

“We are very excited to work with Mediolanum International Funds and offer our Emerging Market Growth portfolio to European investors at a time when many are seeking EM exposure in a bid to participate in the wealth creation of growing middle classes,” said Rob Rohn, Founding Principal, SGA. 

“This partnership will give us privileged and timely access to European distribution across different countries through MIFL’s local ties to distribution networks in Italy and Spain, and strong partnerships in Germany within the IFA business.”

MIFL will also back NZS Capital’s Technology strategy, with a €300m mandate. The firm has a unique philosophy known as Complex Investing, which identifies companies that best adapt to unpredictable outcomes. NZS Capital, a Denver based investment boutique, is minority owned by Jupiter Asset Management which acts as the firm’s exclusive global distribution partner and introduced MIFL to the investment opportunity. 

Stephanie Taylor

Head of Event Content, HFM

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