View more on these topics

Aberdeen sacks Murray Johnstone VCT chiefs

Aberdeen Asset Management has sacked the heads of its subsidiary Murray Johnstone Private Equity and taken management of the four Murray VCTs back in house.

Jonathon Dickinson and John Simpson have left the group after a failed management buyout.

The four portfolios, which have combined assets of £77.4m, according to Trustnet, are now being run by Aberdeen Private Equity fund managers Hugh Little and Bill Nixon.

Performance on the Murray VCTs has languished for several years and a failure of the Murray and Aberdeen private equity teams to integrate has been blamed for their departure.

A decision has yet to be taken on whether the Murray trusts are merged together, but their branding is expected to remain distinct from the Aber-deen VCT stable.

The improved tax breaks for VCT investors, announced by the Chancellor in his last Budget, have raised the profile and reinvigorated the VCT sector.

Estimates on how much will be raised this tax year vary from £400m-£600m typically, up from £50m in each of the last two tax years. Aberdeen declined to comment.


Fast-track approval process from First4Brokers for ARs

First4Brokers is launching a fast-track approval process for broker firms of any size. With the creation of this process, F4B says it will confirm within 48 hours whether a due diligence process is required for the firm. Following completion of the full application form, F4B will then undertake the due diligence procedure and give full […]

NU axes jobs in move to India

Norwich Union is to outsource 7,000 jobs to India by 2007 in a move that will see life and pension policyholders&#39 queries put through to overseas centres. NU says the move will cut admin costs by around 40 per cent and will allow it to respond to customer demand for direct contact with call-centre staff […]

Closed funds under scrutiny

Charging structures on closed with-profits funds are to be scrutinised by the FSA to ensure that investors are not being ripped off. FSA sector leader for insurance David Strachan told a Cazalet Consulting conference in London this week that he expects charges on with-profits funds to fall after they are closed as new business acquisition […]

Julian Gibbs

The Greenchip forestry fund has been launched to take advantage of the prevailing low market values of freehold forests. These reflect the depressed state of the UK timber market where prices are only one-third in real terms of those in 1996. These low prices resulted from a combination of factors but in particular the influx […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm