Online - January 2010
Conservative leader David Cameron has challenged Gordon Brown over his “economic mistakes” and the loyalty of his party.
McKenzie Taylor Wealth Management director Ken Taylor questions the role of fund supermarkets post RDR.
Gartmore is preparing to launch a long/short pan-European fund for John Bennett and his team.
Ignis Asset Management has appointed Tim Roberts as chief operating officer.
Marshall Wace is set to launch a publicly listed exchange traded fund to track its Tops fund strategy.
T. Bailey is capping the total expense ratio of its new international equity fund at 0.99 per cent.
Skandia predicts up to £8bn could soon exit with-profits bonds as a result of the opportunity to avoid market value reductions on the tenth anniversary of the policy.
More than one million householders have used credit cards to pay their mortgage or rent in the last 12 months.
1st - The Exchange has launched an enhanced workflow capability to its real time annuity platform.
CISI data shows nearly two thirds of financial services practitioners believe the super tax on bankers’ bonuses is unjustified.
The comparison site found that two thirds of investors are investing their money without seeking financial advice.
A survey by the compliance firm found that senior banking figures expect another financial crisis to strike by 2015.
Seven Investment Management has built a new trading and portfolio management system for its wrap.
Results show that nearly a quarter of the 309 firms surveyed are considering leveling down their pension benefit when auto-enrolment comes into force.
Regardless of whether markets rise or fall, advisers and their clients are in for a tricky and testing year.
IFA network Alpha to Omega has been placed into administration, Money Marketing can reveal.
Aberdeen Asset Management is to pay Royal Bank of Scotland £85m for around half of its asset management business.
Aberdeen eyes up RBS fund division, reports suggest.
The ABI is calling for a more competitive and business friendly environment to keep businesses in the UK.
Jarrett takes up the role following the retirement of David Rogers at the end of 2009.
Aegon Asset Management has added to its European equity team with the hire of Pauline McPherson as a senior investment manager.
Aegon is working with wrap technology provider GBST on the development of its platform, which Money Marketing understands could launch within a year.
Tim O’Connor was responsible for researching platform opportunities for the provider.
Trade body says IFAs and mortgage brokers pay proportionately too much in FSA fees.
Wave chief executive Colin Snowdon and director of product development and credit Richard Spinks join the bank.
Aldermore hasn entered into the fixed rate Isa market with the launch of three new products.
Former Henderson New Star sales director joins Artemis.
Legacy Asset Systems will sound out any clients suitable for asset migration to the platform.
AVD looks to raise £50-100m in its first year of trading.
Aviva buys Kentucky-based equity manager.
Enhancements include lump sum and pay direct options, and increases in free cover limits.
Aviva has enhanced its income protection plan by adding an own occupation definition for surgeons.
Aviva has launched a Financial Adviser Academy fellowship to recognise high achievers.
Polices which have cancer or multiple sclerosis exclusions will be reduced.
Aviva has announced it is reducing its with-profit income rates for new business, but maintaining regular and final bonus rates.
The firm says the products will help advisers tackle the RDR.
Aviva has appointed two co-managers on its UK Income & Growth fund following the departure of Richard Colwell, the former manager.
But the firm says it is not the provider’s role to police adviser remuneration.
AWD Chase De Vere has appointed Patrick Connolly as its head of communications.
Axa Framlington has appointed Dan Harlow as a portfolio manager in its UK equities team.
AXA Investment Managers has appointed Jon Bailie as the global head of distribution.
The firm claims the new rules will dent the attractiveness of annuities.
Axa is removing the 1.5 per cent initial charge on the bundled pricing model of its Elevate platform.
Axa has contacted all IFAs who use the Elevate platform informing them of the closure.
MPC decides to hold at 0.5% and to continue with £200bn QE programme.
Bank of Ireland has entered the Credit Institutions Eligible Liabilities Guarantee Scheme.
The International Monetary Fund says banks must raise billions more in capital to fend off a recession relapse.
Bank executive director says changes need to be made to avoid borrower pain.
Barclays Wealth is reissuing its target growth plan structured product with changes to its payoff and capital protection structure.
Baring Asset Management has appointed Colin Ng to the new position of head of Asian equities.
Bestinvest acquires HW Financial Services bolstering the group’s total client assets over £4bn.
Darren Lloyd Thomas asks whether there is substance to the platform tools on offer.
Former MPC member says committee is “not fit for purpose”.
Blue Sky is forecasting strong growth for structured products.
Research by investment bank Evolution shows the Bank of England lost £3.6bn as a result of the quantitative easing programme.
A spokesman for the Major of London said Johnson has reservations about Barack Obama’s proposed Financial Crisis Responsibility Fee and his proposed “Volcker rule”.
Sir Richard Branson has approached US private equity firm Blackstone about backing a bid for Northern Rock.
The five-year deal sees Bravura provide Lloyds Banking Group with a back office solution until 2015.
Britain’s economy is “on the brink of leaving recession”, says the British Chambers of Commerce.
Experts are warning of a further slump, sparking fears of a double dip recession.
Brokers say scrapping the SVR ceiling could undermine consumer confidence.
PM Gordon Brown will today tell the Labour party that a fourth election victory is still within grasp.
The provider has added more than 130 own occupation definitions to its individual IP proposition including dentists, surgeons and college lecturers.
In this extract from the Taxbriefs book Business of Advice, author David Shelton explains some of the rules behind marketing your business.
In this extract from the Taxbriefs book Business of Advice, author David Shelton explains how to improve the effectiveness of your management information process.
Lib Dems Shadow Chancellor Vince Cable has criticised David Cameron for stirring up an undesirable debate on the budget deficit.
Specialist structured products provider Altus argues that the FSA should issue tougher guidelines on the sector.
The discount is available to some small schemes transacted via the provider’s online portal.
Fidelity says capital adequacy requirements for platforms will increase as they become a more significant part of the regulatory framework.
Capita Financial Software has launched a new version of its Synaptic Research software.
The new service, code name Platform Comparator, will now include a pricing and quantitative tool, developed by Capita.
Cazenove reports strong inflows into investment funds business.
Charles Stanley has appointed Andrew Atkins as head of new fund sales and distribution.
Bodies are seeing a global movement towards higher qualifications.
The service will speed up the application process and reduce the risk of non-disclosure.
Close Asset Management hires Paul Chambers as its new chief financial officer.
Government may need to provide mortgage market with ongoing support, warns CML.
CML cautions against FSA interference in arrears and other charges.
Sales and marketing director Alastair Conway says the platform plans to offer the pricing structure towards the end of 2010.
IMF says commodity prices will continue rising at a solid pace.
Its latest house price index shows that the average house price in January was up 0.4 per cent on last month and up 4.1 per cent year-on-year.
ABI research shows that one in three consumers expect the economy to worsen in 2010.
IMA stats reveal a second month of outflows for corporate bonds in November as property continues to top retail fund sales.
Credit Suisse has been accused of running a “predatory” loan-to-buy scheme that allegedly defrauded investors.
Cru Investment Management managing director Marc Ainscough leaves the firm, which is on the brink of liquidation.
Tories says child trust funds are failing poorer families.
Dalton Strategic Partnership is planning to launch a Ucits III mirror of its offshore Melchior European hedge fund next month.
Hargreaves Lansdown head of research Mark Dampier has reiterated his concerns over Anthony Bolton’s new China fund launch being offered in a closed-ended structure.
IMA chairman, deputy chairman and board member appointed.
Govt says it will go back to the drawing board to create new rules for eligible 2012 schemes.
The CBI says if the economy fails to meet growth expectations by 2012 it will be impossible to restore public finances.
Axa has added model portfolios and rebalancing capabilities to its Elevate platform.
Pensions analyst Laith Khalaf says the 5.5 per cent increase is not locked in therefore it could be taken away from investors.
ETF assets invested in Q4 2009 compared to the same period the previous year increased by 31 per cent.
Obama announcement already hurting RBS and Barclays shares.
Peter Birch seeks private equity backing from Blackstone to launch a new bank.
Former ACCA president Dennis Yeates escaped jail this week after pleading guilty of theft at Warwick Crown Court.
PricewaterhouseCoopers brings in David Kenmir to expand its financial services regulatory practice.
The Consumer and Data Cleansing Centre will specialise in protection leads.
The Federation of European Independent Financial Advisers aims for further expansion in 2010.
Fidelity has opted to structure Anthony Bolton’s forthcoming China fund as an investment trust.
Fidelity says it will consider issuing separate share classes for its funds available on platforms.
Fidelity head of UK fund partners Ed Dymott says the platform market could become a multi trillion pound industry.
Fidelity says its FundsNetwork platform will have the same commercial arrangements for each of its fund partners regardless of size.
Fidelity confirms two fund manager suspensions in Hong Kong over a potential breach of its internal code of conduct.
Martin McKenna joins from Sesame Bankhall, where he was head of ebusiness.
Former Credit Suisse Asset Management UK chief executive David Norman teams up with Folio Partners founder Gary Mairs to launch TCF Fund Managers.
The partnership means Simplybiz members now have access to the provider’s protection products and application systems.
The Financial Ombudsman Service has appointed Natalie Ceeney as chief ombudsman and chief executive.
The Financial Ombudsman Service expects a 27 per cent increase in cases, but costs to the industry will be frozen at 2009/10 levels.
Franklin Templeton Investments is opening its Templeton emerging market bond fund to UK retail investors with the addition of a sterling share class.
Financial services is the hardest hit in the private sector, losing out on an annual £3.8bn.
Fraud cost UK companies nearly £2.1bn last year, according to research from BDO Stoy Hayward.
The FSA hopes the new role will deliver better consumer outcomes and strengthen the regulator’s understanding of consumer issues.
The FSA has banned insurance broker Fabien Risk Services director Stephen Allen.
Synergys Ethical Limited director Mark Hazelwood has been banned for lying and failing to pass on almost £400,000 of insurance premiums.
FSA deems mortgage broker Olayinka Oladipupo not fit and proper and cancels his firm’s permission.
Firms with more than 500 complaints in six months must publish details of their complaints handling process.
Regulator sets out new rules on arrears management and confirms that all brokers will be individually regulated.
FSA fines Sett Valley Insurance Services £28,000 for breaches and its partners £10,500 each.
Standard Life is fined for using misleading marketing material for its pension sterling fund.
Director of Durham-based mortgage broker exposed 300 customers to risk of unsuitable advice.
FSA issues final notice to Mortgage Times, revealing it is in breach of regulatory capital requirements.
The FSA has cancelled Brian McGee’s permissions after he failed to pay a FOS award.
The FSA has suspended Alpha 2 Omega from all regulated activities until it addresses concerns around compliance arrangements.
The FSA says it will crack down on sale and rent back marketing strategies, sales tactics and promotional literature.
The FSA has published proposals that extend the significant influence function regime to apply to more individuals.
The FSA is to re-review its approach to platforms following concerns from the asset management industry about the implementation of adviser charging.
The FSA has written to major insurance brokers and investment firms over concerns with the handling of client money and assets.
FSA’s Dan Waters issues an update on regulatory trends and priorities for the asset management industry following the financial crisis.
The Financial Stability Board has launched a peer review of regulators around the world to monitor bank remuneration.
FSCS appoints ex-Treasury’s Mark Neale as new CEO.
Gartmore has appointed Richard Turner as account director for its UK retail distribution team.
Gartmore shareholders today voted against proposals to merge its £24m Japan Opportunities fund into the forthcoming Japan absolute return fund.
Neptune founder claims deal is bad for all involved.
GHC Fund Management has appointed Richard Harper to run all eight of its Oeic funds.
City Financial says gilt market consensus was wrong last year and may be wrong again.
Investment bank says Government bond problems may affect the market.
Investment bank bullish about UK prospects over next two years.
Bank to review operation following increased regulation on bankers.
IFA Life has revealed that a number of IFAs will be speaking alongside Google, YouTube and LinkedIn representatives at its internet marketing conference this week.
The Government has published a document on proposals for reforming the UK tax treatment of controlled foreign companies.
Gold specialist Graham Birch has decided to quit BlackRock after taking a sabbatical from the firm.
UK rules out aid to Greece as markets turn away from indebted nation.
Principal Investment Management has relegated Newton higher income and Standard Life UK equity higher income from its white list of funds.
Minister for women and equality Harriet Harman has announced proposals to scrap compulsory retirement.
Henderson is to re-open the New Star international property fund on February 12, 2010.
HMRC looks to close down mortgage network.
HM Revenue and Customs is closing 130 regional offices, putting thousands of jobs at risk.
The contract will provide the Santander Group with services across the risk, treasury and marketing areas of the bank.
Paul Lothian looks back at 2009 and forward to the year ahead.
Hornbuckle Mitchell is closing its London office and transferring its Sipp administration services to Leicester.
House prices and forward sales increased during the last six months of 2009, Barratt reveals today.
A RICS survey shows that house prices in December increased slowly due to the narrowing gap between supply and demand.
The average house price in January was £163,481, up 0.8 per cent on December.
Vertex’s Stuart Hayman looks at improvements insurers can make to their business through better use of technology to benefit clients.
HSBC Global Asset Management is looking to add a passive offering to its Openfunds multi-manager range.
Thousands of Icelandic voters petition against Icesave payout.
Iceland’s president calls for referendum on Icesave bill following public opposition.
Britain warns Iceland it could be left in the cold after its President yesterday rejected a deal to repay over £3bn of compensation.
Threesixty becomes the first non-product provider accredited by the IFP as a CPD provider.
Ignis Asset Management has appointed Chris Fellingham as the chief investment officer, fixed income.
The Investment Management Association has redefined what is a global emerging market equity in its global emerging markets sector.
IMA welcomes draft rules that will remove 20 per cent tax from investments by UK authorised funds in non-reporting offshore funds.
The International Monetary Fund head has warned that the global economy could experience a ‘double-dip’ recession.
CPI figures leapt 1% between November and December 2009.
The East Anglia-based IFA firm has 24 advisers and £200m in funds under management.
George Soros says both Mervyn King and Lord Turner should be praised for developing good policies.
What happens to the Edinburgh Declaration now that the FSA has decided to manage professional standards internally?
The majority of us will not receive a bonus this year, let alone five-figure sums for a job arguably less than well done.
JLT has completed the acquisition of iimia Wealth Management in a £7.25m deal.
JO Hambro Capital Management is launching a subsidiary business, James Hambro & Partners, to expand its private client investment management activity.
JOHIM and Credit Suisse launch two UK large-cap funds.
The new business will be aimed at selling loans and commercial banking services to corporations.
The British book of the collapsed bank is worth £2bn.
Pru Protect director of protection Kevin Carr is leaving the provider to set up his own consultancy firm.
Bank of England governor tells MPs reform is needed to stop a future crisis.
Immediate cover is now available on life cover with a £3m maximum sum assured.
Churchill will take on the role when the trustee corporation is established in July.
Liberal Democrats say that Conservative proposals to cut inheritance tax and stamp duty would cause a £7bn shortfall.
Lib Dems Shadow Chancellor Vince Cable wants more local banks and mutuals and tax cuts for those earning under £10,000.
Liberal Democrats leader Nick Clegg sets out plans for a fairer Britain while blasting Labour and Tories.
Adrian Collins replaces Bernard Asher as non-executive chairman of Liontrust.
Unite warns Lloyds to avoid the “disastrous strategies” of 2009.
Lloyds chief ‘can’t remember’ whether Govt admitted that HBOS was on verge of forced closure the day it was sold.
The Local Government Pension Scheme could face a deficit of more than £60bn next year, research by the Liberal Democrats reveals.
Mortgage broker to offer advice through comparison site’s helpline.
Business Secretary says EU should collectively define financial markets regulation.
The City minister said a review into how investment banking has “permeated “ society must be undertaken following this year’s general election.
Former Aviva investment development manager Andrew Naylor joins as business development manager for the north of England and Scotland.
Cru founder Jon Maguire is setting up his own action group to tackle what he alleges has been the mis-management of the Arch-cru fund range.
Bank’s historical analysis says smaller isn’t necessarily safer.
Merchant Investors unveils new offshore bond in conjunction with Royal London 360.
The Bank of England governor says the MPC has yet to decide on whether there will be further quantitative easing in 2010.
Meteor to buy NDF and DRL investment books from administrator.
Ex-Edeus chief executive officer Michael Bolton has joined Clayton Euro Risk as director of sales and marketing for Europe.
Mint Financial Services chief executive officer Paul Gains is to leave the firm next year.
US apartments which Hometrak invested in for the income property bond products are in negative equity and the investment is unlikely to be returned.
Morgan Stanley unveils FTSE-linked Ucits III structured product.
Experts warn that inflationary fears spell bad news for mortgage borrowers coming out of a recession.
Bank of England figures reveal further mortgage improvement in 2009.
The CML says the year on year comparison is positive for the first time since October 2007.
Chris May and Paul Carmody have set up Carmody & May on the same premises as Mortgage Times.
PSigma income manager Bill Mott says investors will become yield hungry in the next 12 months as the ‘nifty fifty’ market returns.
Andrew Sentance says UK business has ‘bouncebackability’ and will continue to grow regardless of policy fears.
The communities and local government select committee calls on FSA to regulate financial advice to public sector bodies.
The Treasury select committee has warned that a tightening of monetary policy could threaten property prices.
City Minister Lord Myners defends UK banking response, while Shadow Chancellor George Osborne backs Obama’s plan.
The Asset Protection Strategy, offering brokers and advisers training in asset protection which they can run alongside their normal business practices.
Nationalised lender splits retail and wholesale business.
Legal & General will provide life protection and investment products.
Northern Rock says the tie-up is apt as the bank and football team are in “a similar position” given recent difficulties.
The National Skills Academy for Financial Services has appointed Therese Reinheimer-Jones as regional director for London.
F&C Investments’ Barry Neilson joins as business development director, replacing Philip Martin.
Nucleus has appointed former Standard Life Savings chief operating officer Aileen Mathieson as its new chief financial officer.
Tories and Lib Dems quick to back President’s sweeping reforms.
US President promises to recover “every penny” of the recent bank bailout through bank tax.
President Barack Obama’s £55bn Financial Crisis Responsibility Fee could cost UK banks £6.7bn.
CBI director general Richard Lambert says Barack Obama’s proposals to curb investment banks risky activities are “unilateral” and “vague”.
Ruling victory for HMRC on offshore scheme.
Andy Milburn asks whether the ABI’s decision to end its arrangement with the BMA on agreed fees for GPRs is a good thing.
Dasgupta replaces outgoing chair Margaret Snowdon.
The firm says the new recruits will help it “aggressively expand” the market.
Lawrence Churchill is one of several pension industry figures to feature in the New Year’s honours list.
Regulator has become aware that stock is being loaned without trustees’ knowledge.
Pada says cost of rebrand to Nest is £363,000.
Perspective Financial Group has acquired IFA firm Future Lifestyle, its thirteenth acquisition to date.
Pimco warns there is an 80 per cent chance of a downgrade for Britain if Labour fails to act on public debt.
The financial planning firm will use Ascentric’s model portfolio functionality to run passive investments for clients.
Research by the accountancy firm shows that 282 profit warnings were issued during 2009, 37 per cent less than 2008.
The online provider says the new rates are available with immediate effect.
Tracey Scott talks to protection experts about the potential business opportunities for IFAs in 2010.
Paul Gyseman joins the protection provider from reinsurer Munich Re, where he was chief underwriter.
Prudential has launched five risk-rated multi-asset funds in partnership with Old Broad Street Research.
PSigma has appointed Tom Becket as chief investment officer and Tim Gregory as head of global equities.
PwC takes £1.74m in fees for work on Keydata so far; accrued time costs total £4.68m.
Around 13,000 people are estimated to have taken advantage of Govt tax amnesty.
From next month the intermediary division of RBS will be renamed Natwest Intermediary Solutions.
Research from Prudential shows 39 per cent of advisers are concerned they could face problems justifying investment decisions.
Resolution has appointed three new directors to its board.
RGA is relocating its London office due to continued expansion in both the UK and Irish markets.
Richard Fox is mostly optimistic about the year ahead for the mortgage market.
Retail sales in the UK rose by just 0.3 per cent in volume terms between November and December, according to the Office for National Statistics.
Royal London 360 has appointed Mike Lane as wrap relationship manager.
Smith & Williamson has converted its Cayman-Islands domiciled enterprise fund into a Dublin-domiciled, Ucits III vehicle.
The manifesto outlines six demands which Saga wishes to push through government in a bid to help those over 50.
Santander says 1,000 Abbey and Bradford and Bingley branches will be renamed Santander by the end of January.
Santander UK director of mortgages Nici Audhlam-Gardiner has been appointed director of banking within the company and will be replaced by Phil Cliff.
Savills Private Finance is to offer its mortgage brokers the opportunity to qualify for the ifs School of Finance mortgage certificate.
FSA directors broke the maximum cash limits set out in the regulator’s staff handbook.
Goldspink retired from law firm Morgan Lewis last year, where he was involved in disputes involving fraud.
Sifa compliance director Ian Cockerill says independent and restricted advisers should not share the same code of ethics.
Tim Barker joins Sinfonia Asset Management as head of sales.
Skandia Investment Group has switched the management of its Skandia US large cap growth fund.
New pricing structure to split out adviser, fund group and platform charges.
Skandia head of protection Ian Brown has left the firm.
Skandia has launched a with-profits bond analysis tool to help identify penalty-free exit opportunities and compare performance against alternativetax wrappers.
Two FSSC made redundant, while interim chief Liz Field is confident a licence will be issued in March.
Skipton chief David Cutter says competition from Government-backed banks could force other lenders to increase SVRs.
St James Place has revealed a 50 per cent increase in total single investments for the final three months of 2009.
Standard Life appoints Steve Weeple as managing director for global equities.
Andrew Gillespie left the insurer last week and will be replaced by Bruce Kelsall.
Christian Torkington joins Standard Life from RSA Insurance and Sandy Begbie joins the firm from Aegon.
Scottish Widows Investment Partnership has appointed Mark Connolly as director of fixed income.
Swip launches third multi-manager product.
Ashcourt Rowan will be led by former Lloyds TSB Private Banking chief executive Mark Cheshire.
Protection provider Synergy Protect is closing to new business from January 29.
T Bailey has revealed the holdings of its T Bailey growth fund lite, a passive-only fund of funds investing in exchange traded funds and trackers.
Thames River appoints senior trader to global credit team.
The Law Commission is consulting on reforms which aim to update inheritance legislation
The FSA and the City of London Police arrest three 38-year-old men for suspected insider dealing.
Threesixty partner Phil Young says the firm attracted 5,000 advisers by December 31, 2009.
Treasury Minister Stephen Timms says offshore tax evasion is “morally unacceptable” and places an “unfair burden” on honest taxpayers.
Tisa is now inviting more firms to help drive the initiative through.
In today’s draft manifesto, Shadow Chancellor George Osborne is expected to announce plans to make public sector pensions more affordable.
Conservative shadow chancellor George Osborne has promised immediate cuts in public spending if his party win the General Election.
Conservative MEP Syed Kamall warns the City to engage with the EU or risk being “cut out”.
Towergate takes over Newark-based wealth management and financial planning firm K B Rollitt & Company Limited.
The new active portfolios will be managed by Cazenove Capital.
Towry Law has taken an undisclosed sum from US investment firm Asset Management Finance.
The Treasury is supporting Islamic finance and the issuance of corporate sukuk within the UK.
FSA chairman Lord Turner calls for bad tax on environmentally unfriendly industries.
FSA chairman Adair Turner has called for the creation of a new official body with powers to force banks to curb lending during financial bubbles.
Round table of British economists warn of eight years of economic stagnantion.
Item Club says it may take ten years for the economy to right itself.
The number of people out of work in Britain fell for the first time in 18 months in November, according to the Office for National Statistics.
UK Financial Investments head of market investments John Compton has quit.
Pimco reveals it is to shed UK and US treasury bonds as state borrowing spirals.
Aberdeen Asset Management head of Asia equities Peter Hames is to leave the firm after 20 years.
Former Lloyds TSB boss to head up board as Branson plans to build new Virgin Bank.
Virgin Money has appointed former RBS executive Finlay Williamson as finance director and former Bradford & Bingley director of savings Ian Cornelius as banking director.
US bank bosses tell crisis inquiry that they did not think to stress test house price falls.
Global fund managers have upped their weightings to Japan, according to the latest Bank of America Merrill Lynch Survey, as risk appetite hits highest level since January 2006.
Your structured product questions put to providers this week.
TSC chairman John McFall is named Which? Consumer Champion 2009.
Invesco Perpetual income guru Neil Woodford has warned that the UK faces seeing its AAA rating downgraded if the government does not address the Budget deficit.
The fallout from the global economic financial crisis will change the landscape for finance and growth over the next 10 years, according to a report from the World Bank.
World Economic Forum says unsustainable government debts may lead to collapse in asset prices.
Zurich appoints new CEO in Middle East.
Support materials include training videos, case studies, sales kits and meeting tools.
The provider paid out £62.3m in critical illness claims in 2009.
Zurich Property Investors Unit is changing its name to Real Estate Insurance this month.