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Aegon settles with EU Commission

Aegon has concluded its approval process with the European Commission after its €3bn bailout in October 2008.

The Dutch insurer has already handed the Dutch Ministry back €1bn and will repay €500m this month. It will repay the remaining balance by June 2011. The premium on the package has been set at 40 per cent.

Aegon has also revealed that it will not be pursuing further acquisitions except in the Spanish market.

Aegon chief executive Alex Wynaendts says: “We are pleased to have concluded this process with the European Commission, which is expected to approve the capital support.

“Going forward, we will continue to pursue our actions to ensure continued financial strength, greater cost and operationalefficiencies and an improved risk profile.”


RAB Capital to close European dynamic fund

RAB Capital is to close its £2.8m European dynamic fund as it is no longer economically viable to run. European dynamic is a Dublin-domiciled Ucits III Oeic launched in 2003. It is structured as a sub-fund of RAB Investment Funds. The fund, which has an absolute return mandate, had been a strong performer until the […]

Northern Rock cuts Everyday range rates

Northern Rock has reduced the rates its everyday buy-to-let range by up to 60 per cent. The lender’s two-year buy-to-let fixed-rate for customers wanting to borrow 70 per cent loan-to-value now start from 5.59 per cent with a flat product fee of £1,995. Northern Rock has also amended the rates of some of its Everyday […]

Rating company slams ‘redundant funds’

Morningstar has issued a warning on sector-specific and region-specific funds. Head of personal finance Christine Benz says the funds are likely to be redundant in most portfolios and poor investment timing by clients often damages returns. Regional funds include Fidelity’s recently launched China special situations investment trust managed by Anthony Bolton while sector funds include […]


Hargreaves call on performance fees is on the money

Maybe it’s me, but sometimes I get the impression that not many people in the industry like Peter Hargreaves, not that he cares one jot, of course. A few years back, I wrote lampooning Peter over his claim that IFAs’ determination to retain indemnity commission as their primary source of income meant they would soon […]


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