One of the issues that plagues investor education and financial service professionals, who are focused on educating retail investors and have a vested interest in a better-informed client base, is that many individuals don’t perceive themselves as investors.
The combination of the financial crisis, events like the Libor scandal, and frequent news stories about financial organizations putting their interests above their clients, it is obvious why some investors may be concerned about the quality of advice and the motivations of their financial service providers.
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Jupiter Asset Management has closed the Jupiter New Europe fund. The fund had been shrinking for years, a spokesperson said, and the company thought termination would be in the best interest of shareholders. Citywire (24 Jun.)
Switzerland will prohibit EU exchanges from trading Swiss shares beginning Monday if the bloc does not extend equivalence for the country's stock market. The EU reportedly has held off on extension because Switzerland has not endorsed a partnership treaty. Reuters (24 Jun.)
The Financial Stability Board has praised Citigroup for obtaining 700 legal entity identifiers for units when only 6.2% of banks provide information on ultimate parents when applying for the 20-digit bar codes. Of 40 million identifiers needed for universal adoption, only 1.4 million have been issued, says Allan Grody, a consultant who serves on FSB advisory panels. MLex (subscription required) (24 Jun.)
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