2009

In an organisational restructure Applewood became Equilibrium Asset Management.

A new business model was launched which abolished commission. Our new structure also incorporated five guiding principles when setting our fees: no bias; transparency; control; added value and a consistently fair approach. We still use this approach today and also provide all clients with a fee guarantee. As part of this commitment we promise to refund any fees that have been paid during the year if a client is not entirely satisfied with our service at their annual review.

Key events

• Applewood became Equilibrium Asset Management
• A new fee structure was implemented

What else happened in this year?

In finance…

Annual UK Inflation: 2.83% CPI
Bank base rate:

• 8 January 1.5000 %
• 5 March 0.5000 %

IHT threshold: £325,000

In the charts…

• Lady Gaga made her debut with the release of her album The Fame which reached number 1 on the album charts and stayed there for 4 weeks.
• In December, Britain’s got Talent sensation Susan Boyle released I Dreamed A Dream to widespread success, becoming the year’s best-seller worldwide.

On the screen…

• James Cameron’s epic sci-fi drama Avatar was released in December, becoming the highest-grossing film of the year and the highest grossing film of all time (knocking Titanic off the top spot it had held since 1997).

Around the world…

• June 25 – Legendary music artist Michael Jackson dies aged 50, leading to a worldwide outpouring of tributes.
• August 12 – Pioneering guitar maker and player Les Paul dies aged 94.

In the UK…

• 6 January – After 100 years of operation, the closure of Woolworths was completed across the UK.
• 16 January – The Financial Services Authority lifted the ban on the short selling of stocks in UK financial sector companies.
• 5 March – The Bank of England reduces the base interest rate to 0.5%, its lowest ever level. It also announces plans to begin quantitative easing by injecting £75 billion into the British economy.