Satellites move further away from B&B
Babcock and Brown Power (BBP) has taken control of staff previously employed by Babcock and Brown (B&B) in a move it said is key to ensuring "the continuity of its business going forward”.
BBP has now become the direct employer of management personnel who have provided management services to BBP, but who were previously employed by Babcock and Brown. The cost of the employment of this staff will now move to BBP.
Other B&B satellites are also in the process of moving away from their former parent company. Babcock & Brown Infrastructure (BBI) has sought to create further distance from its former parent, B&B, with the former saying the internalisation of its management arrangements will be completed within weeks.
In December, B&B agreed to separate with Babcock & Brown Wind Partners, while in November last year, B&B announced it would terminate its management rights with Babcock & Brown Capital.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
