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7IM profits soar 82%

Seven Investment Management saw profits leap by 82 per cent last year to £3.1m from £1.7m in 2010.

It increased its platform assets under administration by 18 per cent from £2.2bn to £2.6bn.

The results show 7IM had to pay a £22,000 Financial Services Compensation Scheme levy for the year to March 31 and it put aside an addit ional £50,000 to cover any future FSCS costs relating to 2010 and 2011.

The results say: “Levies from the FSCS continue to be significant in the context of the company’s profit.”

Chief executive Tom Sheridan says: “The results are just about bang in line with our budget. The whole industry is facing a challenging time at the moment, which is going to be more difficult in the second half of this year, as it was last year. We are pleased with our performance.”

Yellowtail Financial Planning managing director Dennis Hall says: “The results here are testament to 7IM’s business plan and proposition, which it set out at inception a few years ago. The firm continues to perform well.”


Coventry enters securitisation with £1bn issue

Coventry Building Society has entered the securitisation market for the first time with a £1.1bn issue. The issue, called Leofric No.1, is backed by a pool of prime owner-occupied mortgages originated by the society and its intermediary lending arm Godiva Mortgages. The average loan-to-value ratio of the pool is around 64 per cent. Both Moody’s […]

Omam introduces dollar exposure for global fund

Old Mutual Asset Managers head of fixed income Stewart Cowley has introduced dollar exposure into the £629m Old Mutual global strategic bond fund in anticipation of a flight to safety towards dollar assets. He has brought in a 24 per cent US dollar exposure to the fund through forward foreign exchange contracts. Fifty-two per cent […]

FSCS starts payouts to MF Global investors

The Financial Services Compensation Scheme has started paying compensation to MF Global UK customers, with over £130,000 paid out of an estimated £27m-worth of claims. The FSCS has sent compensation claim forms to over 10,000 customers, including over 4,000 investors with individual accounts.Investment advisers have been hit with a £60m interim levy for 2011/12, with […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


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