16th Oct 2026 07:53
(Alliance News) - Aviva has backed its 2027 profit goal for its Wealth arm, Man Group reports net inflows of over USD10 billion in the third quarter, while Wise says it expects net revenue growth around the top of its guided range.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.2% at 10,817.75
GBP: higher at USD1.3309 (USD1.3254 at previous London equities close)
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ECONOMICS
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UK Chancellor John Healey is set to introduce a new tax on banks in his budget later this month, the Guardian reported on Thursday. The Guardian reported that one option being discussed is reversing cuts to the bank surcharge enacted by former chancellor Jeremy Hunt. The newspaper says this could raise more than GBP2 billion per year.
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BROKER RATINGS
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RBC cuts Lloyds to 'sector perform' (outperform) - price target 115 (124) pence
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COMPANIES - FTSE 100
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Insurer Aviva says it is on track for its GBP280 million profit goal in its Wealth arm next year, and further ahead, it sees it growing to GBP500 million. Aviva's Wealth arm includes workplace pensions, advised and direct investments. "The UK wealth market is a major growth opportunity and central to Aviva's long-term strategy," the firm says, ahead of an investor event centred on the Wealth unit. It sees the UK wealth market growing at more than 10% per year, a forecast based on industry research. Aviva says it has made strong progress in Wealth since its last investor briefing on the unit back in 2023, leaving it well placed to achieve GBP280 million operating profit at the unit in 2027, before rising to above GBP500 million by 2032. Wealth operating profit rose to GBP175 million in 2025, from GBP129 million in 2024. "New technology, including the use of artificial intelligence, and new regulation, such as the pension schemes act 2026 and targeted support, are creating exciting new opportunities for growth in a changing UK wealth market. Aviva is uniquely positioned to capitalise on these trends. We are already the number one Wealth player in the UK by assets, with GBP261 billion, and nearly six million Wealth customers. Our trusted brand, unrivalled UK customer base of 21.8 million, proprietary data and lifetime customer wealth offering give us a clear competitive advantage," Aviva says.
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COMPANIES - FTSE 250
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Man Group says assets under management increased in the third quarter, supported by net inflows of around USD10 billion. Assets under management amounted to USD270.9 billion at the September 30 quarter end, a rise of 6.8% from USD253.6 billion in June. Net inflows totalled USD10.1 billion, Man says, with the bulk coming in the long-only equity category. A positive investment performance lifted the assets under management by USD5.9 billion. Net inflows picked up in the third quarter, with the USD10.1 billion topping the USD7.1 billion Man reported for the whole of the first half of 2026.
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A second activist investor has taken a stake in Big Yellow Group PLC, meeting with the board and pushing it to consider putting the company up for sale, the Financial Times reported on Thursday. Irenic Capital Management LP, run by an alumnus of Elliott Investment Management LP, has taken an about 4% stake in Big Yellow and has argued that its shares are undervalued, the newspaper said, citing "people familiar with the matter".
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OTHER COMPANIES
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Money transfer services provider Wise says second quarter revenue increased, with cross-border volumes on the up. Net revenue in the second quarter to September 30 totalled USD739.1 million, a 21% rise from USD610.5 million a year prior. In the first quarter, net revenue had surged 25% on-year to USD714.0 million. Cross-border volumes were 22% higher year-on-year in the second quarter to USD71.7 billion. Wise now expects annual net revenue growth in the upper half of its 15% to 20% medium-term growth range at constant currency. It still expects a pretax profit margin around the top of its 20% to 25% range. For the first half, it expects a margin of around 23%, including one-off expenses equivalent to a roughly 2 percentage point hit. This includes roughly USD15 million stemming from the firm's dual listing. "Further detail will be provided in our H1FY27 results, including the progress we are making in unlocking transactional efficiency and reinvesting these gains to drive future growth," it adds.
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Iodine producer Iofina says it made "significant" strategic progress in the third quarter, but output was weaker than expected. Its Iofina Resources arm produced 205.2 metric tonnes of crystalline iodine during the period, down from 215.8 a year prior. The output was "lower than anticipated due to lower-than-expected total water volumes at our plants, plant maintenance" and delays to the completion of one pipeline and the commissioning of another. "Suppliers to plants in our central Oklahoma core area have implemented new upgrades which initially required certain disposal wells to be shut down while performing this work. The company believes this is just a timing of many factors, and we can confirm that water volumes have improved as we collectively work back to the brine flows to previous levels," Iofina says. Due to lower levels of water at the plants and delays, it now sees second half output closer to 440 to 455 metric tonnes. Its previous forecast ranged between 460 and 485.
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Helix Exploration says it has been approved to resume operations at Rudyard. The Montana Board of Oil & Gas Conservation has via an exemption allowed the helium producer to vent waste gas, "and therefore restart Rudyard operations with immediate effect". "We thank the Montana Board of Oil & Gas Conservation for granting its approval to restart operations at Rudyard. We look forward to bringing the wells back on and restarting the facility while simultaneously advancing our field expansion programme," CEO Bo Sears says. The regulator in September requested a "pause in production". "Due to Helix being the first producer of helium gas in Montana, there are processes in relation to the production of helium gas that have not yet been clearly defined," Helix explained at the time.
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By Eric Cunha, Alliance News news editor
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Related Shares:
LloydsAvivaManWise GroupIofinaHelix ExplorationBig Yellow