Aberdeen Asset Management has ruled itself out of the race to buy Gartmore, with managing director of Asia Hugh Young saying the firm has its hands full with integrating Deutsche.Young, who is on the Aberdeen board, told Money Marketing that rumours linking the firm to Gartmore, valued by analysts at 600m, overlook its 265m acquisition of Deutsche Asset Management’s UK arm. AAM is integrating Deutsche’s institutional business, closing down retail brand DWS and consolidating the fund range. Young says: “We have our hands full with Deutsche and we have got the structure we want.” Other firms linked to Gartmore include Morley, Henderson, Schroders, and New Star, with first-round bids due in February. None of these firms will confirm they are in the running, but any bid for the firm is lik- ely to depend on the contractual obligations of fund manager Roger Guy, who runs 6bn in hedge funds. Leaked details of Gartmore’s accounts reveal the firm saw earnings grow by 130 per cent last year, with its flagship hedge fund division seeing returns up by 13.5 per cent.
Scottish Equitable Protect is moving into the pension term assurance market with a simple life product.
Interest rates Mortgage Express chief economist Peter Charles argues that with interest rates at historically low levels and nothing on the horizon that is likely to change the picture, prospective buyers do not have to rush into making a deal.
Home information packs are likely to be scrapped if they are not introduced by the Government’s target date of June, says John Charcol senior technical director Ray Boulger. Boulger says he doubts that Hips will be launched by the Government on time and also questions whether there will be enough home condition inspectors for a […]
Over half of people willing to postpone state pension
Royal London Asset Management UK Equity Fund Managers Martin Cholwill and Richard Marwood look at the compounding effect of dividend growth for UK equities and how it drives returns over time. Read the article in full The value of investments and the income from them is not guaranteed and may go down as well as […]
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Standard Life Aberdeen has sold its insurance arm to Phoenix in a £3bn deal. In the first results since the merger of Standard Life and Aberdeen Asset Management, the firm has said it has decided to exit the insurance market. Phoenix will pay a total of £2.3bn in cash for the business. Standard Life Aberdeen […]
Acquisitions are continuing apace this year but will that trend continue or will the market slow?
Latest statistics show personal pensions, in particular, get a bad rap The recently published preliminary estimates from the Office for National Statistics’ Wealth and Assets Survey make for interesting reading with regards to how people view pension savings and how safe they are. The next round of this survey will be even more interesting in light […]