Leading investment advisers would not be in favour of a merger between Gartmore and Jupiter after reports that Gartmore’s private equity backers are lining up a bid for the fund firm.There are concerns that any move by Gartmore for Jupiter would result in an exodus of fund managers from the Commerzbank-owned fund house and that the two firms have too much overlap to be a good fit. There are also worries it could damage Jupiter’s culture and undermine the new sense of purpose pro- vided by Gartmore’s new partnership structure. A Gartmore insider insists that its majority shareholders Hellman and Friedman are in discussions with Commerzbank although the German company denies this. A merger would create a 40bn giant but advisers say the two firms’ strengths in UK and European equities and multi-manager would not be complementary. Hargreaves Lansdown head of research Mark Dampier says: “I am not crazy about it because I do not like fund house mergers unless they instinctively link together. Jupiter have their own people and I do not see them matching well with Gartmore. “You would see half the managers leave and funds under management will disappear.” Chelsea Financial Services managing director Darius McDermott says: “As a fit I think they are both too big. It took three or four years for Invesco and Perpetual to settle down after their merger.”
Kensington Mortgages is offering free valuations on all products in its core range placed direct with the lender, and is working with its key packager partners to provide incentives on packaged products.Brokers placing business direct with Kensington on its Simple and Extra Choices ranges will be able to offer their clients a free valuation. Kensington […]
The Reits and Quoted Property Group is looking to develop an adviser Reit diploma but some in the industry suggest the subject should be introduced as part of existing exams. RQPG, the group behind the reita.org website, says it is looking for partners to develop a specialist diploma focusing on Reits. It has started approaching […]
If Scottish Widows Investment Partnership head of UK distribution Simon Wombwell ever tires of life in financial services, he always has the option of applying for the manager’s job at his beloved Sheffield Wednesday.
TV presenters Ant and Dec have taken out life insurance in case either of them dies but Scottish Widows protection marketing manager Nick Kirwan believes that they should have considered critical-illness cover. If either of the pair dies, the other will receive a payout of at least 2m. But Kirwan says as Ant and Dec […]
A period of exceptional uncertainty started last Friday for the UK, including a fierce leadership battle in a deeply divided Conservative party, the timing of the trigger of the EU’s Article 50, as well as a potential referendum in Scotland, and Northern Ireland. Click here to read the full article
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Claims management companies must be more specific on separate permissions and competency when they under the remit of the FCA, according to HM Treasury. Under rules proposed in the Treasury’s latest consultation paper, claims management companies will operate under six sectors – housing disrepair, industrial injuries disablement benefit, personal industry, financial products and services, criminal […]
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