Aberdeen Asset Management's private equity team is poised to leave the group, taking £150-200m of fund contracts with them, according to sources. The team - which joined AAM after it acquired Murray Johnstone - is planning to set up its own business, which is likely to include the management contracts it runs for Murray venture capital trusts and some institutional investors. AAM is understood to be considering taking a stake in the new company.
Employers will suffer a fallout from the switch to defined-contribution pension schemes when today's workers find out they have not saved enough to retire, says Hewitt Bacon & Woodrow. Research by the employee benefits consultancy shows only 3 per cent of employers think DC members have a good understanding of the funding levels needed to […]
Legal & General is rumoured to be planning the launch of an offshore life office offering an investment bond. L&G has had no offshore presence other than its structured products which are Dublin-based unit trusts. It is believed to be looking at an open-ended life wrapper although no details of where such a product would […]
Mortgage networks looking to grow quickly and sell on their businesses to IFAs after depolarisation could face serious financial problems, warn leading industry experts. Mortgage Intelligence managing director Sally Laker fears that new mortgage networks pulling in members with low membership fees are not looking carefully enough at their long-term costs. She says she is […]
The FSA and the ABI are preparing for a new surge in mortgage endowment complaints, toughening up their rules for complaint handling and seeking to make successful complainants put any redress they get back into their shortfall. But many believe their actions will provide the momentum for the wave. The regulator and the ABI recently […]
This guide from Johnson Fleming, entitled ‘Choosing an auto-enrolment provider’, will take you through some key questions you need to ask and what information you want to be finding out in response to these.
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Concerns have been raised about the independence of two directors at Neil Woodford’s £855m Patient Capital Trust after a report in The Times reveals they have jobs at companies in which the fund owns a stake. According to The Times, Patient Capital Trust chairwoman Susan Searle is also deputy chairwoman of Mercia Technologies, a quoted […]
Lloyds Banking Group’s pre-tax profits have jumped 23 per cent to hit £1.6bn for the quarter, latest results show. For the three months to the end of March, the bank has reported net income of £4,3bn, up 4 per cent year on year, as Lloyds sounded a bullish note on the prospects for the UK […]
Metro Bank’s chairman Vernon Hill has been re-elected despite opposition from activist shareholders such as Royal London. Hill has received criticism from a number of major shareholders over payments to his wife’s company Interarch totalling £21m since Metro Bank’s inception in 2010. The board at Commerce Bank previously ousted Hill from his former role at […]