text:
Last month's N2 deadline of 1 December 2001 – when the Financial Services Authority (FSA) at long last became sole regulator of all financial services activity in the UK – meant different things to different members of the legal fraternity. But nowhere was it more nervously anticipated than among the small number of firms that have fully embraced investment services.
Of the 250 firms that were regulated by the Law Society to do discrete investment business (DIB firms), around 180 have decided to take the plunge and opt for life under the FSA. In the long run-up to N2, there was much agonising from such firms as to whether they should stay in the game and bear the additional costs of extra regulation, or hive off their investment practices into self-contained units, or even give up financial services altogether.
The Solicitors for Independent Financial Advice (Sifa) represents 225 firms engaged in this line of work. "Sifa members have stood solid," claims managing director Ian Muirhead. "We've had only a couple of indications so far that firms are wobbling and wondering about getting out."
The 44 members of the Association of Solicitor Investment Managers (Asim) that handle securities business can expect much closer FSA scrutiny than the typical Sifa firm, which mainly deals in packaged products. The doom and gloom that was prevalent among many solicitor investment managers over the past 18 months has largely gone, according to Asim chief executive Heather Martin. She believes those firms that have recently split off their investment divisions have done it for "commercial reasons", and not because they were at all apprehensive about the FSA.
"People are still nervous," she concedes. "Compliance may be expensive, but the costs of non-compliance are even more expensive." Certainly, dealing with the FSA could cost many firms dear post-N2, and Martin reckons that as many as a third of her member firms have taken on extra staff to deal with the new regulatory issues.
"Compliance may be expensive, but the costs of non-compliance are even more expensive"
Heather Martin, Asim
According to Muirhead, compliance under the Law Society used to be a matter of "filling in pieces of paper", with firms having to run parallel client and compliance files. However, he believes that the FSA "hasn't got the patience, the time or the inclination" to scrutinise a firm's files.
"As far as the FSA's concerned, it's a question of the substance of solicitors' advice that's important. It's not concerned with people filling in paper after the event," Muirhead explains. "The proof of the pudding is in the advice that's given to the client, and that's all the FSA needs to see."
Consequently, lawyers can no longer treat compliance as a separate issue from advice. "Compliance is part and parcel of every piece of advice that's given," Muirhead adds.
With this in mind, Sifa has developed its own software in the form of a CD-Rom (called Fincenta) to help its members negotiate the new regulatory minefield.
According to Martin, the vast majority of her members decided to keep their investment businesses in-house, despite the anxiety initially felt when the new regime was being consulted upon. "The FSA has genuinely listened and a lot of the problems have been ironed out," she says. The main stumbling block was the capital adequacy rules, which require firms to hold a sum equivalent to the firm's turnover during a 13-week period as evidence of solvency. It is not difficult to see how much of a turn-off such provisions would be to, for example, a City firm whose investment business might represent as little as two per cent of its turnover. However, the FSA granted law firms an exception from this rule.
Not everyone was dreading the new regime. For example, West Midlands firm Armstrong Neal, which claimed to be the first firm to specialise solely in financial services and tax when it was set up in 1999, views N2 positively. Solicitor Malcolm Graham believes it is a time for entrepreneurial firms "to go out and generate more work" as 70-odd DIB firms drop out of the scene.
"There's an opportunity to go out there and really attack the market," he says. "But one of the things solicitors have to wake up to is that they're no longer in competition with solicitors, but with business as a whole." Thesis Asset Management, which is wholly owned by the partners of South East firm Thomas Eggar Church Adams, claims to have acquired the investment management portfolios of three smaller solicitor investment managers in the past year.
Sifa has come up with a solution for some firms that want to remain involved – a chain of solicitor-owned Solicitors' Financial Centres (SFCs), which are based upon the Solicitor Property Centres in Scotland. According to Muirhead, firms need the "critical mass" to take on the new regime and to set up the administrative systems required.
"If you're operating with a single financial adviser in-house, you're on a hiding to nothing, because the economics will become non-viable," he warns, saying that they can either "beef up" their own departments or join forces with other firms and form an SFC. Such a venture is a franchise operation that enables solicitors to jointly own financial services units to which participating firms can refer their clients.
So far there are three centres, based in Teesside, Exeter and Wokingham, Berkshire, which went live to tie in with N2. "In all cases, they have exclusive territory and they're given the right to farm the legal community in that defined area and offer them the opportunity to get involved," explains Muirhead. He envisages that there could be as many as 50 such centres opening over the next five years.
In the end a very small – but very notable – collection of firms have hived off their investment businesses in preparation for the FSA. Cripps Harries Hall in the South East separated out its wealth management services on N2 day. The firm had £375m of funds under management and now trades as Cripps Portfolio. In the run-up to the deadline, Cambridge firm Hewitson Becke + Shaw joined forces with Ipswich-based Birketts to launch Affinity Investment Management, while Maidstone-based Brachers set up Ashcourt Asset Management 18 months ago.
Simon Lough, a director at Cripps Portfolio, reckons that its recent demerger was inevitable, notwithstanding N2. "It was a move we'd have had to have made at some point," he says. "Ideally, we'd have wanted to wait a year or two." He believes that one of the main problems for law firms that employ investment managers is how best to incentivise them when non-solicitors cannot become partners. At Cripps, every member of staff in the new entity has been rewarded with equity.
Lough is also expecting compliance costs to shoot up. Two years ago, Cripps had one person working on regulatory issues part-time; now the firm has three full-time staff.
"The paperwork involved in, for example, opening a portfolio for a client has undoubtedly increased enormously, which is raising the costs of doing business, which means you have to charge more for your services or you have to deal with larger and larger clients," he says. "But we'd also have to say that much of the regulation has a lot of merit; but the cost of compliance is still a concern."
John Morton, chief executive of Ashcourt and a former Asim chair, has no regrets about hiving off. "We've managed to take the pain and the agony of the new regulations in two steps," he says, adding that when Ashcourt was established it fell under the remit of the Investment Management Regulatory Organisation (Imro), which was taken over by the FSA last month. "Such a lot of the new regulation is, as far as fund managers are concerned, modelled around Imro, and we've managed to spread the burden," he says.
Both Morton and Lough enthusiastically believe that there is a value in retaining strong connections with the legal profession. According to Lough, the synergy between lawyers and financial advisers was the reason for Cripps Portfolio keeping the firm's name, which required a special Law Society waiver.
Morton believes that it provides clients with reassurance. "It gives the clients the comfort of the importance of client care as opposed to the stockbroker end of the industry, where there occasionally can be accusations of churning clients' portfolios," he concludes.


text:
Courtesy: Canisius College Athletics
Women's Basketball Adds Ayanbeku To Staff
Courtesy: Canisius College Athletics
Release: 06/25/2012
"We are so excited to have Kassy join our program," Zeh said. "She brings an incredible work ethic and love for the game. She will be an excellent role model for our student-athletes."
Ayanbeku comes to Canisius after spending the 2011-12 season as an assistant coach at Roxbury Community College. While at Roxbury, Ayanbeku served as the recruiting coordinator and helped with player development for the Lady Tigers. Last season, Roxbury posted a 27-4 record and won the NJCAA Division III Region 21 Championship.
Ayanbeku graduated from Montclair State University in May 2011 with a Bachelor's Degree in business administration. While at Montclair State, Ayanbeku was a two-time captain on the women's basketball team and received the school's Female Student-Athlete of the Year award in 2010. A two-time NJAC First-Team All-Conference selection, Ayanbeku scored more than 1,000 points in her career.
Ayanbeku was one of 325 student-athletes selected for the 2009 NCAA National Student-Athlete Development Conference and also was selected by the Women's Basketball Coaches Association for the 2011 "So You Want To Be A Coach" program.

subset: commoncrawl


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A three-part meal -- meat, grain and vegetable -- comes together in a snap and is healthful, besides. The lime juice lends an interesting but not overpowering tang to the thin pan sauce. Add variety if you like by substituting one of the packaged couscous mixes that include red pepper, roasted garlic or other flavorful ingredients.
Servings: 4
- 1 tablespoon olive oil
- 1/3 cup finely chopped onion
- 1 1/4 cups low-sodium chicken broth
- 3 tablespoons chopped parsley
- 1 5.7-ounce package couscous
- 4 4-ounce turkey cutlets
- Salt
- Freshly ground black pepper
- 2 1/2 cups broccoli florets
- 2 tablespoons water
- 3/4 cup white wine
- 1 tablespoon freshly squeezed lime juice
- 2 tablespoons minced garlic
- 1 tablespoon unsalted butter
Heat the oil in a large nonstick skillet over medium heat. Add the onion and cook for 4 or 5 minutes, stirring occasionally, until the onion has softened and lightly browned.
In a medium saucepan over high heat, combine the chicken broth, parsley and about one-third of the sauteed onion and bring to a boil. Add the couscous, cover and remove from the heat. Let the couscous sit for 5 minutes and then fluff with a fork. Re-cover and set aside.
Use a slotted spoon to remove the remaining onion from the skillet (leaving the oil in the skillet), and set aside. Pat the turkey dry and season with salt and pepper to taste. Heat the skillet on medium heat and add the turkey. Cook for about 3 to 4 minutes on each side, until no pink remains. Transfer to a plate and cover loosely with aluminum foil to keep warm.
Combine the broccoli and water in a microwave-safe dish. Cover and microwave on high for 4 minutes, until tender. Set aside.
While the broccoli is cooking, add the wine, lime juice, garlic and the remaining sauteed onion to the skillet; increase the heat to medium-high. Bring to a boil and cook for 3 minutes. Add the butter and stir until it has melted, then return the turkey to the skillet, along with any accumulated juices, and return the sauce to a boil to reheat the turkey, turning the turkey once to coat it in the sauce.
Divide the turkey, couscous and broccoli among individual plates, pour the sauce over each portion, and serve immediately.
Recipe Source
Adapted from "The 3-Hour Diet Cookbook," by Jorge Cruise (HarperCollins, 2007).
Tested by Jane Touzalin.
Email questions to the Food Section at email@example.com.


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text:
The Censor Board has old-fashioned people: Vivek Agnihotri
The young Bollywood director got irked after the Censor Board asked him to beep the Paoli Dam's explicit sex talk in the controversial promo of the movie Hate Story. In an interview with an English daily, the young Bollywood director hurled his anger against the Board.
Vivek Agnihotri says that there is no taboo for Television and soap operas to show sex and lovemaking, but the people in Censor Coard are objecting it and they are asking filmmakers to blur or beep. The director questions this practice and warns to fight against them if they do not stop. He says, "I will not cut anything and will fight till the end. Mine is an adult film. It is not for kids and not meant for adults who think like kids."
However, Vivek's Hate Story is an erotic thriller film, which revolves around a reporter who becomes a victim of forced abortion and later turns into a whore to plot a vengeance scheme against the man who ruined her life. Paoli Dam has played the lead role in this much anticipated movie.


text:
Metro is a dutch newspaper that has 2.000.000 readers. On page 2 1 minute with Marco van de Kamp, nice website plugs TFT and TFTHostels:
Monday, June 9, 2008
TFTHostels.com in the Metro
Metro is a dutch newspaper that has 2.000.000 readers. On page 2 1 minute with Marco van de Kamp, nice website plugs TFT and TFTHostels:
3 comments:
- neeg said...
Attn: TFT,
Please delete the site Neegal Cliffton Noronha in the TFT. Its by mistake it is there.
Neegal Cliffton Noronha
- October 1, 2008 at 11:36 PM
- sophie said...
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- September 16, 2011 at 8:59 PM
- otr214422 said...
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- September 4, 2014 at 8:35 PM


text:
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(1 results)
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