Investec (INVP) shuts robot savings adviser after losses mount. The rise of the robots hit a glitch on Thursday after wealth adviser Investec killed off its “robo-advice” service due to sluggish demand. Click & Invest, launched in June 2017, will shut with immediate effect after plunging to a £12.8 million loss, the second consecutive year in the red. The unit employs 54 people and some of the jobs are at risk. Robo-advice, which manages savings with algorithms instead of humans, has been hailed in some quarters as the future of wealth management due to its low costs.
Landlord Grainger (GRI) boosted as Brits in their forties head to rental homes. A rising number of Brits in their thirties and forties priced out of the housing market are embracing renting, the boss of property firm Grainger said on Thursday. Helen Gordon said her business, the UK’s largest listed residential landlord, has seen a rise in the number of renters in the 35-44 age bracket, particularly in the capital. She added: “That is partly because our flats are seen as an attractive alternative to people priced off the housing ladder. But, there has also been a mindset change in society: not everyone feels the need to own anymore.”
Burberry looks to Riccardo Tisci designs to boost lacklustre sales. Burberry Group (BRBY) on Thursday outlined plans to raise cost-savings targets and roll out more of star designer Riccardo Tisci’s collections, as the fashion firm looks to improve on lacklustre sales. The FTSE 100 trenchcoats maker saw revenue slip 1% to £2.7 billion in the year to March 30. It reported higher UK sales but had only “low-single-digit” percentage growth in China. That contrasts with rivals such as Hermès, which recently reported strong demand there. Operating profits were down 6% and the shares lost 86.5p to 1835p. The luxury goods firm was upbeat about longer term growth. It will close 38 shops not close enough to high-spending shoppers, and it increased its guidance for cost savings to £135 million by 2022 from £120 million after beating its target last year. It also today announced a £150 million share buyback.
