Money Marketing
31 December 2003

  • Abbey offers early release bond

    6 Jan 2004

    Abbey has established a second issue of the protected growth plan, a guaranteed equity bond that will return investors' original capital regardless of the performance of the FTSE 100 index.The bond has a term of five years and six months, but will mature in the third year if the index has risen by at least 30 per cent on February 26, 2007. If it has not, the product will run full term.To calculate the returns where the product runs full-term, the closing ...

  • Aberdeen sells NVM in management buyout

    5 Jan 2004

    Northern Venture Managers has been sold to its senior staff for around £3m by Aberdeen Asset Management, which acquired it as part of a deal for Edinburgh Fund Managers last October. The buyout was led by managing director Alistair Conn and investment director Tim Levett, who say they are relieved to have put the company back in the hands of its employees. As AAM already wns a well established venture capital operation, it is believed to have been keen to offload NVM, which ...

  • AMI produces guide to cold calling

    6 Jan 2004

    The Association of Mortgage Intermediaries has produced a factsheet about cold calling, which will be banned once statutory regulation kicks off in October.The guide concentrates on what AMI's members will be allowed to do with regard to cold calling, and has been produced following discussions with the FSA, a review of the final rules and guidance from the regulator.Director Chris Cummings says: "There has been much said about the cold calling ban. Most of it has focused ...

  • Axa Sun Life cuts regular bonus rate

    6 Jan 2004

    Axa Sun Life is cutting payouts on its former Equity & Law conventional life and pensions policies by 1 per cent, effective from this month. The regular bonus rates for 2003 and interim rates for 2004 are 2 per cent, down from 3 per cent in 2002.The announcement affects around 10 per cent of Axa's with-profits policies, with the main policy declaration taking place in March. Chief actuary Peter Shelley: "Although investment returns have increased during 2003, the effect of the ...

  • Banks still cheapest mortgage lenders - Defaqto

    6 Jan 2004

    Defaqto's latest annual survey of mortgage costs reveals that banks were the cheapest lenders in 2003, with four banks in the top five places.The survey shows that for standard variable mortgage costs or their equivalent, Egg and HSBC occupy the top spots, followed by Nationwide, Intelligent Finance, Direct Line and Standard Life Bank.Special deals or privilege rates were excluded from the survey - Defaqto says that if these were included, West Bromwich Building Society ...

  • Baronsmead drinks up

    5 Jan 2004

    ISIS EQUITY PARTNERSBARONSMEAD VCT 4Type: Venture capital trustAim: Growth by investing in unquoted companies in the business services, media, healthcare and IT sectorsMinimum investment: Lump sum £1,000Opening-closing date: November 24, 2003/January 30, 2004Investment split: 80% unquoted companies, 20% fixed-interest securitiesCharges: Initial 5%, annual 2%Commission: Initial 3% or initial 2%, renewal 0.5%Special ...

  • Bupa creates new group risk business unit

    6 Jan 2004

    Bupa has set up a new London based group risk business unit, aimed at moving forward its group risk market.Former Swiss Life group risk business managing director Graham Clark has been appointed director, with 10 former Swiss Life employees recruited to the new commercial management team. Bupa director of sales and distribution Steve Flanagan says: '"Bupa Health Assurance has been operating in the group risk marketplace for five years, and we have plans to grow our business ...

  • Christows put ETFs in funds of funds

    5 Jan 2004

    Christows has converted three offshore funds of investment trusts to onshore funds of funds that invest mainly in exchange traded funds (ETFs).David Franklin managed the three offshore funds and will now run the onshore funds, which are aimed at the IFA market. As well as ETFs, Franklin will also hold investment funds and quoted securities. He can also hold cash to reduce risk when markets are volatile.The managed growth fund is designed to outperform ...

  • Consumers' Association head McKechnie dies

    5 Jan 2004

    Consumers' Association director Dame Sheila McKechnie has died of cancer after a long period of illness. McKechnie, who died at the age of 55, had lived with cancer since 1997. She joined the Consumers' Association in 1995 after a nine-year spell as director of housing charity Shelter. In 2001 she was made president of the European umbrella consumer body BEUC. She was awarded an OBE in 1995 for her services to housing and homelessness and made a Dame in 2001 for her work ...

  • EU release implementation of international financial reporting standards information

    5 Jan 2004

    The Committee of European Securities Regulators has published its recommendation for regulators on how listed companies can manage the communication of the financial impact of transitioning to international accounting standards in 2005. CESR says it considers it essential the transition is carefully monitored by regulators, ensuring every company continues to meet its reporting requirements and investors are able to understand the effect of the new reporting standards on the financial ...

  • Friends Provident - UK Safeguard Optimiser Fund

    6 Jan 2004

    Type: Unit-linked fundAim: Growth by investing in the ISIS FTSE All-Share Index Tracker fund and the Barclays Global investors Liquidity Plus FundMinimum investment: Lump sum £5,000Investment split: 70% ISIS FTSE All-Share Index Tracker fund, 30%Barclays Global investors Liquidity Plus FundCharges: Annual 0.6%Commission: Initial up to 5% through Investment Portfolio Bond, extra 0.5% for online applicationsTel: 0845 7573036

  • Happy New Year from Money Marketing

    1 Jan 2004

    Everyone at Money Marketing wishes you a prosperous and Happy New Year.Online news coverage resumes on January 5th.

  • Legal & General high income trust tops £350m

    5 Jan 2004

    Legal & General's actively managed high income trust launched three years ago now has over £350m invested.

  • Leggmason to launch onshore US small cap fund

    6 Jan 2004

    Leggmason is waiting for FSA approval to launch an onshore version of its Dublin-domiciled US small cap fund, which is up 102 per cent since launch in November 2001.The new fund will be run by the same manager, Chuck Royce, who runs the offshore fund in the US through his company Royce Associates, a Leggmason subsidiary. It will hold between 70 and 80 stocks but will differ from the offshore version, which invests in small and micro caps, by targeting small and mid cap firms, ...

  • Nationwide - 3 Year Tracker Mortgage

    6 Jan 2004

    Type: Tracker mortgageTracker term: Three yearsTracker rate: Up to 95% of valuation - Bank of England base rate plus 0.69%, up to 90% of valuation - base rate plus 0.29%, up to 75% of valuation - base rate plus 0.19%%Minimum loan: £1Maximum loan: Up to 95% of valuation subject to a maximum of £200,000, up to 90% of valuation subject to a maximum of £300,000, up to 85% of valuation subject to a maximum of £400,000, ...

  • NDF Administration - Secure UK Options Plan

    5 Jan 2004

    Type: Capital-protected bondAim: Growth linked to investors' choice of the FTSE 100 index and Halifax House Prices indexMinimum-maximum investment: £10,000-no maximum, Isa £7,000Return: Up to 100% growth in indices at end of termGuarantee: Original capital returned in full regardless of performance of indicesClosing date: January 16, 2003Commission: Initial 4%Tel: 01727 734315

  • Norwich Union - Fixed Income Plan 4

    5 Jan 2004

    Type: Capital-protected bondAim: Income linked to the FTSE 100 index Minimum-maximum investment: £3,000-no maximum, Isa £3,000-£7,000 Term: Five years Guarantee: Original capital returned in full provided the FTSE 100 does not fall by more than 30% and returns to at least its starting level Return: 0.44% income a month, 5.65% income a year, 31.28% rolled up income at end of term Closing date: February 6, ...

  • Personal Touch Insurance receives network status

    5 Jan 2004

    Personal Touch Insurance has announced it has been granted IFA network status by the FSA and is now moving to set up a network. It describes the move as the "final piece in the jigsaw" of its plans of offer intermediaries access to a "financial supermarket" offering regulated products, including pensions, investments, mortgages and general insurance.PTI head of sales Martin Wilson says: "We intend to attract the members of other networks who are unhappy with poor product choice, ...

  • Platform appoints new business development manager

    6 Jan 2004

    Platform has appointed James Higgs as a business development manager covering the south west region.He joins Platform after eight years at Cheltenham & Gloucester where for the past two years he worked as a mortgage development representative. Head of sales Jeremy Duncombe says: "We are really pleased to welcome James to the Platform team. This year has seen the appointment of Platform to a number of lending panels resulting in an increase in demand for our one product ...

  • Portman and Staffordshire complete merger

    5 Jan 2004

    Portman Building Society has completed its merger with Staffordshire Building Society.The combined society will operate as Portman Building Society but the former Staffordshire branches and head office will operate under the name of The Staffordshire.

  • Scottish Life offers new vision of pensions marketing

    6 Jan 2004

    Scottish Life has launched a new proposition to let Independent Financial Advisers tap into income streams inside company-based pension by servicing demand among corporate clients for more extensive employee benefit packages.The idea of offering a wider range of benefits to employees has traditionally only been taken up by larger, blue-chip companies. But Scottish Life says attitudes are changing and small to medium sized enterprises are increasingly interested in the concept.Scottish ...

  • Skipton launches new savers' bond

    6 Jan 2004

    Skipton has launched a new escalator bond for savers. The new 2-year step up bond will be offered at a rate that will increase to 6.25 per cent gross per annum for investments for only £500 an upwards.

  • Standard Life starts writing business in China

    6 Jan 2004

    Standard Life has started writing new business in China through a joint venture operation with TEDA Investment Holding Co.Under the venture Heng-An Standard Life Insurance Company will offer a range of savings, investment and protection products in the Tianjin region of China.Standard Life group chief executive Iain Lumsden says: "We are delighted to be writing new business in China again, where we first had a presence in 1846. The region of Tianjin offers us an excellent ...

  • Stonebanks nears target

    5 Jan 2004

    A second attack against Standard Life's mutual status looks imminent with carpetbagger David Stonebanks announcing he has collected 1506 request forms to hold a special general meeting to vote on demutualisation. Stonebanks has written to company secretary Marcia Campbell saying he expects to meet his target of 2000 forms within a month. He believes holding the special general meeting at the same time is the upcoming annual general meeting would save £2m and has requested ...

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