Non-Bank Stress Test
Non-Bank Stress Test
The Bank of England has concluded that more work is needed to understand the implications of the non-bank sector. Fifty institutions took part on the System-Wide Exploratory Scenario (SWES). The results revealed that increases in sovereign and corporate bond yields could lead to problems with pension and hedge funds liquidated their holdings causing market stress.
UK – Active M&A Hub
The United Kingdom has become Europe’s most active hub for merger and acquisition activity following the announcement of £5.3 billion in potential deals just this week. Greater certainty provided by the Budget has seen a major increase in activity. According to Dealogic, the last six months saw a 57 per cent increase in deal to £306.3 billion.
Ex-HSBC CFO Joins Wealth Manager
The former CFO of HSBC, Ewen Stevenson, has joined Progency as its new chair. He will support the wealth manager in expanding overseas and supporting non-doms wanting to exit the UK.