Money Marketing
31 October 2001

'IFAs have an important role'

1 Nov 2001

MM: There is a perception in the industry that the Government appears to be listening more these days. Do you think this is the case and if so, why? RK: I certainly approach things with an open mind and I am always keen to talk to the industry to hear what it has to say. MM: You made some fairly positive comments about the value of independent advice in recent weeks. How important are IFAs? RK: I think independent financial advice is always going to have an important role to ...

'Relaunched share plan means role for IFAs'

1 Nov 2001

IFAs are well placed to advise individual and corporate clients about the Government's relaunched share incentive plan, says Trades Union Congress general secretary John Monks. The scheme allows employees to buy up to £1,500 of shares pre-tax and employers to give up to two free shares for each share purchased by the employee. In addition, the emp-loyer can give up to £3,000-worth of free shares to employees each year. In total, this means employees can get more than ...

21st Century Health Plans - Hospital Advantage Plan

1 Nov 2001

Thursday, November 1, 2001.

AA unveils telephone advice plans

5 Nov 2001

The AA’s has unveiled details of its plans to offer telephone-based independent financial advice.

ABI research reveals red tape halving sales time

1 Nov 2001

Potential sales per week for IFAs have dropped by nearly half between 1995 and 2000, according to ABI-commissioned Oliver Wyman & Company research. The research, which is instrumental in shaping the ABI's stance on polarisation reform, shows potential sales per week have dropped by nearly half to six a week in 2000 from 10 a week in 1995. Sales time per client has increased to six hours in 2000 from 3.5 hours in 1995. Over the same period, charges to consumers have fallen by ...

Actuaries call for carry-forward to stay

31 Oct 2001

Actuaries are calling on the Government to reverse the withdrawal of carry-forward as part of proposals designed to improve the returns from personal pensions for low-income savers. The suggestion is contained in a paper presented to the Institute of Actuaries this week which aims to show how a reinstated carry-forward period of 25 years would enable savers to claim a tax rebate at the basic rate on any wealth or earnings they take as an annuity on retirement.  

Aifa report focuses on value of advice

1 Nov 2001

Aifa highlights the value of advice and encourages people to focus less on cost in its annual report for 2001. Chairman Lord Hunt says in the report: "In recent times, we have heard much about the cost of advice. Now we need to hear about the value of advice." The report says there are positive signs that the public and the regulators are starting to appreciate the role of advice more in ensuring they buy the most appropriate product for their needs. It says although many in ...

Are you XPerienced?

1 Nov 2001

A couple of months ago I was talking to our office network manager about buying a new PC for a member of my family. The question was did I buy it then or wait until Windows XP was released. His immediate reaction was: "Why would you want to buy a PC with an unproven operating system?" Although the point was made tongue in cheek, it is true that an increasing number of organisations have adopted a policy of always waiting until the first "service pack" release of any Microsoft product ...

Autif to merge with FMA

31 Oct 2001

Autif is set to merge with the institutional trade body, the Fund Managers Association.

Axa sounds out IFAs on linking up for multi-tie

1 Nov 2001

Axa has been canvassing IFAs' support for multi-ties, warning those left behind may have to accept fees and encouraging them to discuss their future with Axa. The insurance giant has been writing to IFAs, saying major change to the market is on the way. IFAs are asked to complete a questionnaire which asks if they would consider multi-tying their firm. The IFAs are then asked if they are willing to discuss the future of their business with Axa and when would they like to ...

Ban on commission would widen savings gap

1 Nov 2001

Abolition of initial commission would force 28 per cent of IFAs out of business and widen the savings gap by £4bn, according to the ABI-commissioned Oliver, Wyman & Co report. Many of the rest would be driven to become multi-ties to survive while a wholesale ban of initial and fund-based commission would drive half of IFAs out of the market. The full report seen by Money Marketing makes a number of key policy suggestions, such as compelling employers to pay for advice to ...

Berry Birch set to merge with BIA

1 Nov 2001

National IFA Berry Birch & Noble is set to merge with Berkeley Independent Advisers network to create one of the UK's biggest IFA distribution groups worth around £80m. The IFA hopes the move will allow it to make economies of scale while maintaining its independence. BBN is one of the few IFAs listed on the main London Stock Exchange. It is valued at £6.5m and has 50 RIs, It has suspended its shares and announced a planned reverse takeover of BIA's holding company, ...

Bond to succeed

1 Nov 2001

Perhaps not surprisingly, much of the focus in the pension industry in recent months has been centred on the group market with the implications that emp-loyers faced by October 8. Providers and IFAs have been directing their attention to employers and the designation of personal pensions for employees. As a result, the individual market has been neglected. The changes introduced by the new tax regime introduced in April of this year apply not only to group pensions but also to ...

Business sense

1 Nov 2001

Creating and realising value in the IFA sector can be an extremely stimulating and rewarding activity, particularly in such a changing market with significant and major opportunities for growth. As the race for growth and business consolidation accelerates, many IFA companies, both big and small, may be looking for suitable acquisition opportunities. Buying a business can be a successful significant step forward but get it wrong and it can turn out to be disastrous for the acquirer. Identifyin

Chris Haines

1 Nov 2001

Buying an IFA means buying something that is in essence intangible. While it might be difficult to put a price tag on the goodwill of clients, there remain many things to be carefully evaluated when buying an IFA practice. The specific nature of IFA business means the contract between the parties is something that has to be drawn up with care. The important thing to remember is that agreements never need to be tested unless they go wrong and if the agreement is not robust it will ...

Consumer confidence counts

1 Nov 2001

The Finanaicl Services and Markets Act did not simply set up the FSA but made provision for one ombudsman and several other panels. Last week's article examined bodies, such as the OFT, GISC and the Treasury which fall for the most part outside the provisions made in the Act which gives the FSA its authority. But the legislation, besides outlining the responsibilities of the FSA, details the other bodies which operate at arm's length from the regulator. These too contribute ...

Consumers' Association says FSA fails orphan test

1 Nov 2001

The Consumers' Association has criticised the FSA over its proposals for inherited estates, saying they fail to address who owns the funds or what they are worth. The proposals, which are part of the FSA's with-profits review, set out how life offices should handle the process of attributing and distributing inherited estates. The FSA's consultation paper outlines options for improving policyholder representation when a company looks at attributing its estates. These ...

Derivation of danger

1 Nov 2001

Why are some of the most useful inventions on the planet also some of the most dangerous? Electricity, for example. All of us would struggle to live without it but we realise that it must be treated with respect. If it is not, beware the consequences. Derivatives fall into the same category. Used properly by competent individuals they can be very useful financial management tools. Used by the unwary they can be lethal. Early use of derivatives was in relation to crop production ...

Don't rush out of equities, says Dresdner fund manager

6 Nov 2001

Private investors looking for income should be considering equities rather than bonds, according to Dresdner RCM UK Equity Income Trust fund manager Nigel Lanning.

Endowment ruling means IFAs face redress claims

1 Nov 2001

IFAs face compensation cla-ims from disgruntled end-owment policyholders even if the client has not suffered a financial loss, following a recent ruling by the Financial Ombudsman Service. It follows a decision han-ded down by the FOS last week, which ruled that a client of IFA Home Buyers' Advi-sory Service had been missold a Norwich Union mortgage endowment. The award was made des-pite the fact the client was guaranteed an annual rate of return of 6 per cent by NU, the level ...

Expectations lowered

1 Nov 2001

I am a middle-aged investor with £100,000 at my disposal for clear investment. I want to make the most of this to strengthen my case for an earlier retirement. I have a knowledge of the share privatisation issues but would like to leave the detailed investment planning to you. I want to minimise the risk of my investments going down in value every time the stockmarket sneezes or when there is an international military event in the news. I suppose I am a cautious to balanced investor ...

Fees for all

1 Nov 2001

As long as IFAs are paid by commission, there will always be a hint of suspicion, in some quarters, that product bias is in operation. In an ideal world this could be completely removed simply by all IFAs charging on a fee basis. However, the real world is rarely an ideal one and if fees were the only option, it is quite clear that many consumers would simply not receive advice as they would be unwilling to pay an up-front fee. This will increase the level of "financial exclusion" ...

Friends Provident sees life and pension sales fall 10 per cent

31 Oct 2001

Friends Provident new life and pensions sales fell 10 per cent to £246m EPI from £274m EPI for the first nine months of the year. Group pensions business, however, was up 34 per cent to £97m EPI from £71.4m EPI on the same period last year. Friends has 3,600 group defined contribution schemes with 71,000 contributing members written on its stakeholder-style group pensions contract.

Gaining ground

1 Nov 2001

Recent research shows that awareness of the option to sell endowment policies is growing and so is the market and investment opportunities in Teps. In the 10 years since it was established, the Tep market has grown from nothing to £500m. This has been driven by the increasing number of policies being cashed in by policyholders and the growing recognition of the market. The best option for greatest financial benefit is always to keep an endowment policy through to maturity ...

Godfrey in call for more disclosure on split-caps

1 Nov 2001

AITC director general Daniel Godfrey has called for greater disclosure across the splitcapital investment trust industry in a bid to prevent a repeat of the market panic of the past month. Godfrey says that while much of the information on split-cap trust holdings is already publicly available through stock exchange ann-ouncements, he believes there is a case for making details of cross-holdings more easily accessible. He stresses, however, that any greater disclosure regulations ...

Henderson adds to the hedge fund rush

2 Nov 2001

Henderson Global Investors is jumping on the hedge fund bandwagon with its UK equity market neutral fund.

IFAs as important as doctors and nurses, says Swiss Life

5 Nov 2001

Independent view

1 Nov 2001

Recent events have brought into focus the world's media and the levels to which some people will stoop to use it to their advantage. But this is, of course, to be expected from the Taliban propaganda machine and our Government's beloved spin doctors. Were I responsible for military strategy, the frustrations of seeing almost every last detail broadcast to the world at large would be considerable. Perhaps it is good propaganda to demonstrate combined strength but there must ...

Inside Edge - Tony Kempster

1 Nov 2001

"Is increasing revenue the key business issue for IFAs rather than reducing costs?"No doubt many readers will recognise this as one of the questions posed by the Sandler review. It is indeed an important question and how it is interpreted is even more important. But let's say any provider in the industry was to ask this question, how would it be interpreted by IFAs? Well, knowing IFAs as I do, there is a possibility that it is interpreted as the provider saying "focus more on reducing ...

Inter-Alliance in deal with online general provider

31 Oct 2001

Insure.co.uk, a website selling motor, home and travel insurance products, and national IFA Inter-Alliance have reached a deal to provide each others services on-line.

Isis goes ahead with zero fund despite volatility

1 Nov 2001

Friends Ivory & Sime's retail arm Isis is pressing ahead with a new fund of zeros despite volatility in the sector. The Isis progressive growth fund, launched this week, is the fourth fund in the Isis Oeic. Managed by global equity directors Peter Hewitt and Julie Dent, it will invest in a small portfolio of 20 to 30 zeros. The fund will aim to produce a conservative gross redemption yield of 7.5 per cent by investing in the safest and highest-quality zeros. Initial charge is 4.75 ...

Jersey calls for terrorist financing controls

2 Nov 2001

Jersey has brought in anti-terrorist legislation almost identical to that introduced in the City in recent weeks and is moving to adopt the UN Convention for the Suppression of Terrorist Financing as soon as its domestic law has been amended.Jersey Finance chief executive Phil Austin says: "We are calling on all jurisdictions both onshore and offshore to examine their regulations against financial crime and, where necessary, improve them as a matter of urgency." 

Kean Seager

1 Nov 2001

Lives: Bristol with wife Janet and four children Born: Lowestoft, Suffolk, 1951 Education: Lowestoft Grammar then Kingston Polytechnic, BSc Honours degree in Economics Career: 1973 to 1975: junior analyst with merchant bank Guinness Mahon, 1975 to 1976: analyst with stockbroker Messell & Co, 1976 to 1979: fund manager ICI Pensions, 1979 to 1982: manager of investment department RoyalWest Trust International (Nassau), 1982 to present: managing director and then chairman of Whitechurch ...

L&G adds Dresdner RCM Global investors to panel

2 Nov 2001

Legal & General is adding Dresdner RCM Global Investors to its panel of external pension fund managers.

LifeSearch targeting IFAs with new service

1 Nov 2001

Term insurance broker LifeSearch has set up a dedicated service which it says will give IFAs access to the most competitive premium terms. IFAs can refer regular non-regulated term insurance, life cover, critical-illness cover and permanent health insurance business to the LifeSearch service and keep half the commission earned on each sale. LifeSearch employs three FPC3-qualified advisers in its new business to business division and is looking to take on another adviser each month ...

Lumsden to take over at Standard

1 Nov 2001

Standard Life chief executive designate Iain Lumsden will take the reins of the mutual from December 15 following the retirement of current chief executive Jim Stretton. Group managing director and mutuality stalwart Scott Bell will not step down until March 2002 after more than 40 years at the life office, after which Lumsden will take over responsibility for the whole group. Standard Life Investments chief executive Sandy Crombie will become deputy group chief executive. His ...

Man peers over the hedge

31 Oct 2001

Man Investment Products has unveiled Man multi-strategy series 3, a fund of hedge funds that is structured as a capital guaranteed bond.

McLatchie to be MD at Aegon

1 Nov 2001

Aegon Asset Management is set to appoint Colin McLatchie as its new managing director, replacing current boss Russell Hogan. McLatchie is chief operating officer at AAM and is thought to have won over Aegon bosses ahead of external candidates for the role. Hogan is stepping down as managing director in January to take up a theology course in Glasgow. He will be staying on with Aegon to work in a part-time advisory capacity. McLatchie joined what was then called Scottish Equitable ...

Merrill Lynch HSBC reduces telephone trading charges

1 Nov 2001

Merrill Lynch HSBC is reducing the level of its telephone trading charges on its direct investing service.Merrill Lynch HSBC clients can now trade online or over the telephone for a flat fee of £19.95 per trade for transactions of any size.Merrill Lynch HSBC UK managing director Victor Dodig says: "Whilst the trend towards investors trading online continues we recognise that there remain a large portion of investors that still want to trade over the telephone."

Moore's code

1 Nov 2001

"Do you think this is it?" a colleague asked despairingly as we picked up copies of Ronnie Baird's fascinating report into the FSA's handling - or should that be mishandling - of the Equitable Life mess. I had to reply in the negative. After reading the report, however, my interest was tweaked anew. Sir Howard Davies is not the only employee of the regulator who should have a knighthood by the end of the year, if there is any justice. Baird, for his courage in producing a no-holds-barred,

Mortgage Express appoints new product development manager

1 Nov 2001

Mortgage Express is appointing David Connolly as its product development manager, working from its New Barnet headquarters.

Nationwide cuts fixed rates

1 Nov 2001

Nationwide is reducing the rates on its three and five year fixed rates by 0.15 and 0.2 per cent respectively.The changes mean Nationwide's three year fixed rate is now available at 5.3 per cent and five year fixed rate available at 5.45 per cent.Nationwide marketing and commercial director Stuart Bernau says: "Downward movement in the money markets has given us the opportunity to reduce the rates on our three and five year products."

Newcastle Building Society - Capital Safe Bond

5 Nov 2001

Monday, November 5, 2001. Type: Guaranteed equity bond. Aim: Growth by investing in the FTSE 100, Eurostoxx 50 and Nikkei 225 indices. Minimum-maximum investment: £5,000-no maximum. Term: Five years. Guarantee: Capital returned in full at end of term regardless of movement in indices. Return: Capital with up to 85 per cent of growth in indices. Closing date: December 7, 2001. Commission: Initial 3 per cent. Tel: ...

NU offers 57 varieties of external links

5 Nov 2001

Norwich Union has introduced 57 external fund links to its investment bonds, from 12 managers including Aberdeen Asset Management, Baring Asset Management, Gartmore, Merrill Lynch, Schroders and Soc Gen. The funds include index trackers, managed funds, fixed interest, UK and international equity, specialist equity and specialist managed and bring the total number of funds available to 86.

Outside edge

1 Nov 2001

It has been quite hilarious to witness the reaction to last week's suggestion that the charging cap on stakeholder pension may be altered from 1 per cent. It has been remarkable to see providers get so excited that you would think such an approach would rem-ove them from the hole in which many find themselves. Do providers really feel that reducing the break-even point from, say, 14 years to 12 years will markedly improve their business model? Does it really make such a difference ...

Pensions on the line

1 Nov 2001

One of the ironies of the Equitable Life affair is the relative good health of its high-income fund. In a recent survey of pension fund performance, Equitable came out as the top performer. According to CAPS, the fund lost only 5.2 per cent over the last year compared with a median of 21.5 per cent. The FTSE All-Share index lost 20.8 per cent over the same period. When Equitable, hit by its defeat in the House of Lords and failure to find a buyer, closed for new business, one of ...

PIA Ombudsman - judge, jury and executioner

1 Nov 2001

I wish to express my sincere thanks to all the IFAs and professionals within the financial services industry who have contacted me offering unanimous support following the publication of my letter (MM, September 27).What is frightening is the colossal number of wholly and utterly illogical and unjust judgments by the PIA Ombudsman.Judgments which only reiterate my view that the PIA Ombudsman has a complete lack of understanding as to how certain aspects of the financial ...

Pink Home Loans - The Chameleon Mortgage 75 Per Cent

1 Nov 2001

Thursday, November 1, 2001. Type: Tracker mortgage. Tracker term: Term of loan. Tracker rate: Bank of England base rate plus 3.75 per cent. Minimum loan: £25,001. Maximum loan: Up to 75 per cent of loan subject to a maximum of £1m. Income multiples: 3.5 times principal income plus second or three times joint. Arrangement fee: £395. Redemption fee: 6 per cent of amount repaid in first three years. Conditions

Pink Home Loans - The Chameleon Mortgage 85 Per Cent

5 Nov 2001

Monday, November 5, 2001. Type: Tracker mortgage. Tracker term: Term of loan. Tracker rate: Bank of England base rate plus 4.75 per cent. Minimum loan: £25,001. Maximum loan: Up to 85 per cent of valuation subject to a maximum of £500,000. Income multiples: 3.5 times principal income plus second or three times joint. Arrangement fee: £395. Redemption fee: 6 per cent of amount repaid in first three ...

PMI comparitor launched

2 Nov 2001

Financial services comparison website Moneysupermarket.com is launching a new supermarket comparing all the private medical insurance policies on the market .

Polar Capital heads east to the sinking sun

2 Nov 2001

Polar Capital is investing in the rising sun with the introduction of the Polar Capital Japan fund.

PPP Healthcare chief exec to resign

6 Nov 2001

PPP Healthcare has announced its chief executive Mark Adams is leaving the company as of the end of November.

Product matters

1 Nov 2001

We will all have clients who are not yet brave enough to invest in today's turbulent investment climate despite the historical outperformance from equities over the longer term. If the current prolonged bear market has made you doubt whether this is still true, take a look at the Autif quarterly chartpack for October. I can't say I'm a fan of investment products investing over a specific period because stockmarkets simply do not work to a pre-determined timescale but JP ...

Pru to ditch Scot Am brand

2 Nov 2001

Prudential is to ditch the Scottish Amicable brand as part of a major re-structuring.

Sales of investment funds slump by 97%

1 Nov 2001

Net sales of investment funds plummeted by almost 97 per cent in September compared with the same month last year as the impact of terrorist att-acks in the US radiated across the retail investment industry. The figures, published by Autif, reveal that September's net retail sales fell by £1,329m to £47m from last September's total of £1,376m. Gross retail sales fell by 46 per cent to £1,585m from £2,931m last year. Month on month, the figures ...

Sarasin funds on Cofunds

2 Nov 2001

Sarasin Investment Management is joining Cofunds, with its Equisar Global Thematic and Ex-UK Global Thematic, Globalsar Balanced and Websar Global e-commerce funds all available on the fund supermarket.

ScotEq back on the road again

1 Nov 2001

Scottish Equitable is launching the biggest-ever series of pension roadshows to be held at 19 venues up and down the country during November and December. The roadshows aim to provide IFAs with technical and legislative updates as well as a forum to discuss topical issues such as stakeholder and the situation since October, compulsory pensions and transfer regulations. Presentations will also include a round-up of issues such as pensions simplification, pension credit, ...

Seager attacks 'fat cat' network chiefs

1 Nov 2001

IFA and Network Whitechurch Securities chairman Kean Seager has slammed big network chiefs, accusing them of being "fat cats dining on the cream" by overcharging IFA member firms. Seager, who set up the Whitechurch Network last year, attracting 50 firms, att-acks the bigger networks for "milking" IFAs through high charges, saying firms get little in return and only accept the situation because of the pressure of the sudden inc-rease in compliance over the past few years. Seager ...

Skandia gets supermart deal from Framlington

1 Nov 2001

Skandia has sealed the exclusive supermarket rights for the launch of Framlington's new biotech fund in a bid to keep itself at the fore of the competitive IFA distribution arena. The deal means that Skandia will be the only fund supermarket to offer the new product, which launches on Monday, until the end of December. It will also have the exclusive rights to link to the fund on the life and pension side until the end of the current tax year. The move comes as Skandia gears ...

Stakeholder is a lousy deal

1 Nov 2001

I was very dismayed to read your leader of October 18. In my view this is precisely the sort of thing that gives the industry a bad name. I eschew stakeholder in its intended form for a very simple reason - it is a lousy deal for the target market. We all know it trips over the minimum income guarantee, that the pension credit is in effect a 40 per cent tax. Then there is the issue of how much the policyholder will have to contribute to make any pension, let alone a stakeholder, ...

Sun Bank cuts rates

1 Nov 2001

Sun Bank is reducing interest rates across its mortgage products in response to the lowest bank base rates since 1963. Flexible mortgages with a discount to July 1, 2002 are now at 3.99 per cent. Fixed rates of 3.99 per cent are available to January 1, 2004. Other rates apply for different terms. Discounted variable rates are available from 3.99 per cent, including a discount of 2.25 per cent for loans with an LTV less than 75 per cent or 4.24 per cent including a discount of 2 ...

Support US disaster fund

1 Nov 2001

IFA Redcliffe Associates managing director Tony Gordon is calling for the UK financial services industry to lend its support to those affected by the September 11 terrorist attacks on the US. The IFA is attempting to rally support from the financial services community following the tragic events in which around 100 British employees of financial services companies lost their lives. Gordon is a past president of the Million Dollar Round Table, an organisation representing 25,000 ...

Swiss Life links up with IFAP

1 Nov 2001

Swiss Life is teaming up with IFAP to launch a bespoke Find an IFA service on its website aimed at consumers and businesses seeking local independent advice across a range of financial products. The new online directory carries details of over 10,000 IFAP member firms across the UK and allows users to find their nearest IFA with matching selection criteria. A selection can be made across 17 generic product areas, including group pensions and protection. Users can state how they ...

Take good care of the house

1 Nov 2001

The chances are that your clients all have their homes insured and would not contemplate for a moment leaving them uninsured. You will have made sure that they do not. But what are they insured against? Fire? Earthquake? Flood? Explosion? Probably all of them. But how many people do you know whose homes were lost as a result of one of these catastrophes? Probably not that many. Moreover, you and your clients probably have no idea what the risk of any of these events is. Yet they ...

Tep toe through the tumult

1 Nov 2001

The past few weeks have seen yet another sharp fall in the UK stockmarket, with many billions of pounds being knocked off the price of shares in the wake of the tragic events of September 11. This is not the first time in the past year that investors have been on the receiving end of the consequences of volatility in equities. As a result, many professional advisers and their clients have felt the need to reassess their investment objectives and to change the make-up of their portfolios. ...

The Daley Update

1 Nov 2001

Gartmore is offering a 2 per cent discount for all Isa and Pep transfer business into its European selected opportunities fund. The discount, until the end of December, will cut the initial charge to 3 per cent. The fund, managed by Roger Guy, has a Standard & Poor's AAA rating. Friends Ivory & Sime has made three appointments to its global portfolio construction and fund of funds teams. Robert Pemberton is to be head of global portfolio construction, Richard Philbin will manage ...

Tracking online from Scottish Life

1 Nov 2001

Packager Scottish Life Mortgages is offering an online tracking service which allows brokers to monitor the progress of loan applications. The service, linked to SLM's in-house system, provides brokers with a caseload summary and a status check of every case submitted 24 hours a day. SLM says brokers need only submit one application form for each borrower - which will be accepted by all the lenders on its panel, including Bank of Ireland, Bank of Scotland, Birmingham Midshires, ...

View the pension landscape

1 Nov 2001

Managing New Stakeholder Realities is a one-day conference held by Money Marketing looking at how to react to the marketing opportunities. Chaired by Bacon & Woodrow partner Kevin Wesbroom, the conference will look at how the pensions landscape has changed, forming alliances to promote brand strength and the experience of stakeholder so far. Speakers will include Profunds Systems director Malcolm Reynolds, Prudential practice head group pensions Andy Barton and Scottish Life head ...

When will the tech market misery end?

1 Nov 2001

With Framlington's NetNet investment trust set to take its last breath before the year is out, technology investors may well be wondering if there will ever be an end to the TMT industry's relentless flow of bad news. While most investors in the Framlington fund had already written off their hopes of seeing any recovery several months ago, NetNet's collapse has also come as an unwelcome reminder to other TMT investors of the current state of the market. Eighteen months after ...

Winterthur to administer Pru's general insurance

1 Nov 2001

The Prudential is set to announce a deal which will see its general insurance division administered by Winterthur.The deal, which is could be announced as early as today, will see the Prudential receive up to £450m in cash. A National paper reported today that Winterthur beat off rival bids from Direct Line, Royal & SunAlliance and CGNU. It will assume responsibility for administering the division, including taking on the staff. 

Yorkshire Fund Managers techs a gamble

1 Nov 2001

Yorkshire Fund Managers is issuing new shares in the British smaller technology ompanies venture capital trust (VCT) 2. This VCT aims to deliver growth by investing in small UK technology companies in areas like software development, telecommunications healthcare and electronics. It will cover companies at all stages of development, from start-ups through to those that are well established, if they can show they have the potential to grow within the next five to seven years. Technology ...