View more on these topics

Aegon is shelving direct sales plan

Aegon has shelved plans to open a multi-million-pound direct-selling arm offering Oeics and Isas until the investment market shows signs of recovery.

The new subsidiary, headed by former Scottish Amicable marketing director Gavin Stewart, was due to open in Stirling in the summer. It was intended to lead Aegon&#39s push into the Isa market but it has been put on the back-burner until the firm believes investment conditions have imp-roved sufficiently to support the business.

The move comes as many fund managers are reporting their worst Isa sales to date, with investors reluctant to plough savings into the stockmarket following sustained falls since 1999.

The Dutch insurer, which owns Scottish Equitable, is believed to have sunk several million pounds into the venture after spending more than a year working on product development, research and branding.

But it says the money has not been wasted as it has every intention of opening the subsidiary at a later date.

Head of public affairs Scott White says: “The project was always subject to market conditions and, with CP121 to contend with, at the moment they still are not right. It will only be postponed until market conditions dictate we can launch.”

Informed Choice managing director Nick Bamford says: “It could be argued that if you are launching a new business, it is now – and not later – that represents the right time.”

Recommended

Futures bright with Man

Man Investment Products has introduced Man AP strategic series 2, a Bermuda-based capital guaranteed bond that invests in managed futures and hedge funds.Like the first series of the product, Man AP strategic series 2 is available in euros or dollars or investors can choose a combination of the two. The target return is between 14 […]

RJ Temple calls for distinction between multi-tie and whole of market adviser

A clear distinction between an intermediary advising on the whole of the market and a multi-tied adviser is the key to a level playing field for financial services, according to RJ Temple.In the firm&#39s response to the FSA&#39s CP121 RJ Temple argues it is more important for consumers to understand the difference between whole of […]

Scottish Life takes stance against defined payment

Royal London and its marketing division Scottish Life are taking a stance against the FSA&#39s view that an IFA must use a defined payment system to be classed as independent.The group&#39s response to CP 121, Reforming Polarisation, says it is market choice and a best value and suitable product that characterise independence, not the method […]

Make tracks for the net

As we all know, it is the natural tendency for markets to overestimate both the upside and downside of any event. It is, therefore, reasonable to consider that the current malaise around the use of the internet as a method of attracting financial services business is an understandable recoil from the overexuberance of just a […]

Great expectations for Japan

By James Dowey, Chief Economist and CIO Turnaround stories are an investor’s best friend. If successful, they prompt a widespread and possibly radical re-evaluation of the fair value of the associated assets. If one is brave enough to re-evaluate early on in the process then the returns can be very large. For over two decades […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment