Gladman founded Hurst Point six years ago, accumulating £10bn of assets under advice and management under his tenure, and acquiring Hawksmoor and Harwood Wealth.

See also: Sarah Soar to depart Hawksmoor parent company

“I have led the group in an executive capacity for five years now, since Carlyle’s original investment, so this a good time for me to pass on the baton of day-to-day management of the business, and to transition into what was originally intended to be my role as Chairman, giving me the bandwidth to consider the widest range of opportunities to grow and develop the Group,” Gladman said.

“I will continue to work closely with Andrew and his team in my new role, not least in the first instance to ensure a seamless transition, and I will remain a committed shareholder in the business.”

Westenberger has been CFO at Hurst Point since January 2024, and was previously group CEO at Brewin Dolphin and Evolution Group. He spent nearly a decade with Barclays, where he ran a global finance team. Hurst Point said it has found a replacement for the CFO role.

See also: PA Live A World Of Higher Inflation 2025

“The need is growing for expertise in financial advice and investments being available to, and equally delivering good outcomes for, consumers in the UK. Our business is well placed to benefit from this trend,” Westenberger said.

“We aim to deliver valuable outcomes to our clients, to help them achieve their goals through our financial advice and investment expertise, and we are continuing to invest significantly in systems, processes and people which will enable us to better support that goal. I look forward to our clients and our firm continuing to enjoy a mutually beneficial relationship.”

Currently, BlackRock believes that AI remains in its ‘buildout’ phase, which it believes will be followed by an ‘adoption’ and ‘transformation’ phase, which could bring further benefits to the market.

While the DeepSeek innovation has brought questions about capital expenditure for AI, BlackRock said that more funds are likely needed to continue developing the technology. As of 2024, the capital investment made by the magnificent seven is almost equal to US government research and development, nearing $250bn each.

See also: BlackRock launches two US equity ETFs to European Investors

Jean Boivin, head of the BlackRock Investment Institute, said: “Beyond the buildout phase, we have yet to see the adoption phase begin in earnest, even with more players in the mix. Yet the rise of new AI models signals we could move through AI’s phases quicker than anticipated, especially if efficiency gains from those models are indeed significant.

“Efficiency gains could ease earlier market fears that AI capacity won’t keep up with rising demand. The spread of simpler, cheaper AI models could spur wider adoption by companies that need greater transparency over AI’s output.”

BlackRock tracks the transition to the adoption phase by keeping a pulse on job sectors where a large portion of the workforce would be aided by AI efficiency. However, Boivin said the ‘winners’ will come through who is able to capture revenue.

See also: PA Live A World Of Higher Inflation 2025

“One possible outcome: the big tech players now powering the AI buildout could reap most of the benefits. Yet last week’s developments show there is another path: cheap, efficient and commoditised AI models that could benefit AI’s end users instead of big tech. Across all three phases, following the revenue helps us to uncover investment opportunities,” Boivin said.

Buildout will also have to contend with geopolitical tensions, as the US and China struggle for control. BlackRock Investment Institute holds an overweight in both China and the US. So far, the US had looked to safeguard its innovation through restrictions to China on advanced tech and hardware.

“DeepSeek’s apparent breakthrough has raised questions for some about the effectiveness of this approach. The new administration has emphasised AI leadership is key for US economic and national security. We expect a continued focus on export controls, data security and concentrating the AI buildout in the US,” Boivin said.

The LTAF will start with almost £150m from Aviva in a mix of assets and cash and will have no fixed lifespan. It will invest with a UK bias in Europe and North America across fintech and insurtech, healthtech, science and technology, and climate and sustainability.

Aviva has targeted an overall return of 15% per year on a five-year rolling basis. It will make its venture investments through third-party funds and other evergreen vehicles.

Dame Amanda Blanc, group CEO at Aviva, said: “Aviva is investing more and more in the UK, to support growth and back Britain’s flourishing early-stage companies. This new fund will provide vital finance to some of the UK’s most promising, high-growth businesses, aiming to deliver great returns for our customers.”

This will be the fourth LTAF launched by Aviva, following the Multi-Sector Private Debt LTAF in November.

See also: PA Live A World Of Higher Inflation 2025

Mark Versey, chief executive officer at Aviva Investors, said: “This fund marks another step in our ambition to unlock the benefits of Private Markets for more investors, and to be the go-to provider for the UK’s DC and Wealth markets. We are incredibly pleased to expand our LTAF range further, making it easier for investors to allocate more to these asset classes and to enjoy the returns and diversification they can offer.

“Targeting venture returns, we expect our new fund to help the companies of tomorrow get ready for the future, driving innovation and growth through investments that also have the potential to have a positive societal and environmental impact.”

LIFT is based primarily in Manchester, with offices in London and Edinburgh. The deal will bring an additional £1.6bn in assets under advice to Brooks Macdonald’s financial planning business, for a total of £6.4bn.

As it comes under the Brooks Macdonald umbrella, LIFT founder Michael Holden will become chief executive of financial planning for Brooks Macdonald.

See also: PA Live A World Of Higher Inflation 2025

Holden and Joel Adams, founders of LIFT, said: “We are incredibly proud of everything LIFT has achieved. We are confident the acquisition by Brooks Macdonald is the right step for the future of the business, our clients, and our team. Brooks Macdonald shares our values and commitment to excellence, and we are forming the best combination for further success.”

Holden added: “Looking ahead, I’m excited to lead the Financial Planning business. Building a solid, Chartered business and investing in the next generation through initiatives like the Adviser Academy has always been a passion of mine. With Brooks Macdonald, I’m eager to build on this foundation and help drive the Financial Planning business forward.”         

Mumford created the Opportunities fund in 1988 and the AIM fund in 2005, and holds over 60 years of experience in the UK investment industry. He spent the majority of his career with Cavendish Asset Management until it was acquired by Stonehage Fleming in 2020.

See also: Stuart Parkinson becomes Stonehage Fleming CEO

Burchett has worked with Mumford for the last seven years on the funds. Previously, he spent almost three decades at Investec where he was head of dealing.

“I feel very honoured to be taking full charge of the TM Stonehage Fleming Opportunities fund and the TM Stonehage Fleming AIM fund. I am enormously grateful to Paul for his support as I take them forward.  The prospect of seeking further opportunities for the medium-to-long-term benefit of investors is an immensely exciting one,” Burchett said.

See also: PA Live A World Of Higher Inflation 2025

Graham Wainer, CEO of Stonehage Fleming Investment Management, added: “Nick has demonstrated his deep knowledge and investment experience managing two of our flagship funds alongside Paul. It is only natural, therefore, that Nick steps up to take on the leadership role. I would like to take this opportunity to thank both Paul and Nick for their hard work and ongoing commitment to the firm.”

O’Hara and Ross were co-portfolio managers of the Henderson European trust, which generated a share price total return of 64.3% over the past five years, compared to a sector average of 37.8%, according to the Association of Investment Companies. The Henderson European trust board announced the resignation of the duo this morning.

Barker was a research analyst for the European equity team since 2021, and previously an equity research analyst at Bank of America Securities.

The trio, led by O’Hara, will manage the GAM Star European Equity and GAM Star Continental European Equity Funds. The funds were previously managed by Niall Gallagher, Chris Sellers and Chris Legg, who announced last November they would be joining Jupiter by summer 2025.

See also: PA Live A World Of Higher Inflation 2025

“Over the decades GAM has nurtured some of the finest investment talent for the benefit of clients. Its strong heritage in European Equities has directly shaped my approach to investment. It is a privilege to accept this responsibility, and I look forward to contributing to the renaissance of GAM under new, long-term focused majority ownership,” O’Hara said.

Elmar Zumbuehl, Group CEO at GAM, added: “I am delighted to welcome Tom, Jamie and David to GAM. We are confident that their strong investment track records and proven investment approaches will lead to excellent client outcomes. Attracting such exceptional investment professionals underscores GAM’s distinctive and attractive culture, our strategy, and long-term promise.”

O’Hara has been with Janus Henderson since 2018 while Ross joined the company in 2007 as a graduate trainee. Henderson European trust is a result of the merger of Henderson Eurotrust and Henderson European Focus Trust that occurred last year.

The duo will be succeeded by Robert Schramm-Fuchs and Nick Sheridan, who have been part of the company’s European Equities team since 2014 and 2009, respectively.

See also: PA Live A World Of Higher Inflation 2025

The trust has a share price total return of 64.3% over the last five years, compared to a sector average 37.8%, according to the Association of Investment Companies. It trades at a 9.4% discount, and has been conducting share buybacks in an effort to shrink the percentage.

“The board will, via Deutsche Numis, be soliciting shareholder views on the strategic direction of the Company, and intends to review the Company’s position in light of the feedback received,” the board stated.

• Purchasing managers’ indices (PMIs) for manufacturing in Japan, Asia, Europe, the UK and USA
• EU inflation
• US car sales
• OPEC+ meeting
• In Japan, quarterly results from Mizuho Financial, Hoya and Murata
• In the US, quarterly results from Palantir, NXP Semiconductors, Tyson Foods, Clorox and Rambus

Tuesday 4 February

• Full-year results from Crest Nicholson
• Trading statements from Vodafone and Staffline
• US Job Openings and Labor Turnover Survey (JOLTS)
• US factory orders
• In Japan, quarterly results from Mitsubishi UFJ Financial and Nintendo
• In Europe, quarterly results from UBS, BNP Paribas, Intesa SanPaolo, Dassault Systems, Infineon Technologies, Coloplast and Publicis
• In the US, quarterly results from Alphabet, Merck, PepsiCo, AMD, KKR, Pfizer, Amgen, Spotify, PayPal, Mondelez, Ferrari, Simon Property, Cummins, Marathon Petroleum, Super Micro Computer, Electronic Arts and Estée Lauder

Diageo will release its first-half results on Tuesday as shares sit at a five-year low.

Following a period of prosperity for the company during Covid-19 lockdowns, Diageo has faced an onslaught of difficulties. Tariffs and health warnings in the US have led to a slowdown for brands including Don Julio and Casamigos.

Inventories in the Latin America business have also presented issues for chief executive Debra Crew, who took over in 2023.

Russ Mould, AJ Bell investment director, Danni Hewson, AJ Bell head of financial analysis, and Dan Coatsworth, AJ Bell investment analyst, said: “A profit warning from America’s Constellation Brands back in January has also left analysts on alert.

“The brewer of Modelo and Corona and owner of the Casa Noble tequila brands lowered sales growth estimates for beer and wine and spirits, as management cited subdued overall demand for alcohol and trading down among brands by drinkers.”

For the first half of the fiscal year, analysts anticipate organic sales growth of 0.5%, net sales of $10.7bn and a 2% year-on-year drop in organic operating profit. Diageo has not yet provided any guidance for 2025, but has targeted increasing organic sales and operating profit from 5% to 7% year-on-year.

Diageo has managed to continue dividend growth, with annual increases going back to the 1990s. For the full fiscal year, analysts anticipate an increase of 2.5%.

“It remains to be seen whether shareholders start to turn up the heat on the company and its CEO, especially as activist investors continue to take greater interest in UK equities,” the AJ Bell team said.

“Diageo has already denied market chatter that it may consider the sale of Guinness, or even its full range of beers, and its 34% stake in Moët Hennessy.”

Wednesday 5 February

• Full-year results from Pressure Technologies
• Trading statement from DCC
• Purchasing managers’ indices (PMIs) for services in Japan, Asia, Europe, the UK and USA
• US ADP payrolls survey
• US oil inventories
• In Japan, quarterly results from Toyota Motor and KDDI
• In Europe, quarterly results from Novo Nordisk, TotalEnergies, Banco Santander, Equinor, Credit Agricole, Assa-Abloy and Alfa Laval
• In the US, quarterly results from Walt Disney, ARM, Uber, Fiserv, Microstrategy, Emerson Electric, Metlife, Johnson Controls, Ford and Yum! Brands

Thursday 6 February

• Trading statements from Compass, Anglo American and Watches of Switzerland
• Bank of England interest rate decision
• Purchasing manager’s index (PMI) for the UK construction industry
• Challenger Gray & Christmas US job cuts survey
• US weekly initial unemployment claims
• In Japan, quarterly results from Tokyo Electron
• In Asia, quarterly results from Bharti Airtel
• In Europe, quarterly results from L’Oréal, AP Møller-Maersk, Siemens Healthineers and ING
• In the US, quarterly results from Amazon, Eli Lilly, Linde, Philip Morris, Honeywell, ConocoPhillips, Bristol-Myers Squibb, Thomson Reuters, Motorola, Hilton Worldwide, Fastenal, Roblox, Hershey, Take-Two Interactive, Microchip and Monolithic Power Systems

AstraZeneca will release its full-year results on Thursday as the pharmaceutical industry faces uncertainty with Trump’s selection for secretary of health and human services, Robert F. Kennedy Jr.

However, in its third quarter results AstraZeneca raised its guidance, causing a boost in stock price. Analysts will keep an eye out for 2025 predictions by AstraZeneca. Markets currently believe total sales for 2025 should be $55.6bn while core earnings per share should hit $9.50.

“Geographic sales trends will be of interest, too. The US, Emerging Markets, Europe and Rest of World all showed good, double-digit percentage sales growth in the third quarter, but investors may look for any comments on China, where executives have been the subject of regulatory investigation amid allegations of fraud and data privacy breaches, with one individual detained by the authorities. AstraZeneca itself has not been accused of any wrongdoing,” Mould, Hewson and Coatsworth said.

The yearly results could also provide updates on manufacturing investment plans in the UK and an increased research and production budget in the US. Chief executive Pascal Soriot has set a goal of $80bn of sales by 2030.

“A key plank of that ambition will be ongoing support of the drug development pipeline, which as of the third quarter in November contained 199 projects across Phase I, II and III trials and also life-cycle management (LCM) programmes to extend product marketability up to and beyond patent expiry,” the AJ Bell team said.

Friday 7 February

• Halifax UK house price index
• German industrial production
• US non-farm payrolls, wage growth and unemployment rate
• In Japan, quarterly results from NTT and Honda Motor
• In Asia, quarterly results from Mediatek
• In Europe, quarterly results from Danske Bank, Saab, Banco Sabadell, Skanska, Schibsted and Yara

Over a quarter of specialist funds earned a five-crown rating, while the US struggled with just 2.6% achieving the position. This difficulty for active managers was likely due to the dominance of the magnificent seven in this market.

See also: Is it time to re-consider thriving China funds amid their rally?

FE fundinfo recognised the success of managers with a valuation focus in the current environment. Artemis earned seven five-crown ratings in the rebalance, up from five in June, while Invesco earned 14, up from 10 in June.

By percentage of funds, Man Group topped the table with 41.7% of funds earning a five-crown rating, following by Aegon at 38.5% and Artemis at 31.8%.

See also: PA Live A World Of Higher Inflation 2025

Charles Younes, deputy chief investment officer at FE fundinfo, said: “Inflation remained persistently above target in the second half of 2024, compelling central banks to maintain restrictive policies, while portfolios with high-interest rate sensitivity faced another difficult six months. 

“Against this backdrop, funds such as Man Group’s Sterling Corporate Bond Fund and Royal London Global Equity Select Fund delivered exceptional performances. Both achieved 5-star Crown ratings for their ability to deliver consistent returns for investors and maintain foresight in volatile economic environments.” 

The products will include the iShares Nasdaq 100 Top 30 UCITS ETF, which has holdings in the 30 largest companies, while the iShares Nasdaq 100 ex-Top 30 UCITS ETF will encapsulate the other 70 stocks in the Nasdaq 100.

See also: BlackRock enters pact with Saba to ‘not seek to control or influence the board’

While the Top 30 is aimed at exposure to some of the largest tech companies, targeting market leaders, the ex-Top 30 will offer a less volatile exposure with more diversification from tech. Both funds will have an expense ratio of 0.3% and are listed on Euronext Amsterdam.

The ETFs follow the launch of the iShares S&P 500 Top 20 UCITS ETF in late 2024. BlackRock also expanded its active ETF range for Europe this January.

See also: PA Live A World Of Higher Inflation 2025

Manuela Sperandeo, head of Europe & Middle East iShares product at BlackRock, said: “European investors can now use iShares ETFs to access both the S&P 500 and the Nasdaq-100 with precision, enabling them to easily customise their portfolios and capitalise on growth potential whilst maintaining diversification.”

Meagher joins the team from Ruffer, where she spent the first 18 years of her career. At Ruffer, she was first promoted to investment director and then became director of private wealth, a position she has held since November 2023.

See also: PA Live A World Of Higher Inflation 2025

She ran portfolios for private clients, trusts, companies and charities across the UK, Channel Islands, and the Isle of Man.

Edward Allen, investment director and head of Tyndall’s private client practice, said: “Our team has grown steadily since launch, attracting talented professionals dedicated to delivering investment excellence, tailored to each client’s particular circumstances. 

See also: Downing Strategic Micro-Cap sets out latest proposals for voluntary liquidation

“We have created a culture where our clients’ financial objectives are our primary consideration and where all investment managers have the autonomy to invest with conviction to meet those objectives.

“Throughout her career, Lucie has clearly demonstrated that she shares these principles on which Tyndall was founded. Coupled with her deep experience in managing client portfolios, this makes Lucie an outstanding complement to our team.”

Wilson began his career as a private client manager at Greig Middleton, where he remained for 15 years before a stint at Morgan Grenfell Investment Funds. He started at AXA IM in 1999 as an investment sales manager and worked his way to head of global financial institutions, UK, a position he has held for over a decade.

In the new role, Wilson will head the newly-created UK retail sales team which unites the wholesale and adviser teams under one unit. He will report to Phil Baker, head of distribution.

See also: EdenTree launches government-focused ESG bond fund

“At this time of evolution within the sustainable investment industry, our ability to build and nurture strong and supportive client relationships is of utmost importance,” Baker said.

“Rob’s significant sales expertise and deep understanding of the UK retail landscape make him ideally positioned to lead our growth ambitions in this focus area of the market for EdenTree. His genuinely client-centric approach and extensive client network will help foster our existing relationships while opening up new and exciting distribution channels.”

See also: PA Live A World Of Higher Inflation 2025

Wilson added: “I am excited to join EdenTree at this pivotal time for the industry, and look forward to working with the sales and investment teams to bring the company’s significant sustainable investment expertise to a broader client base.”