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Appeal to see who will get Lehman cash

The Supreme Court is this week hearing an appeal that will determine which clients of Lehman Brothers’ insolvent UK subsidiary will have access to $2bn-worth of ringfenced funds.

The case centres on a pool of money held at Lehmans Brothers International Europe just before the firm went into administration in September 2008. Before entering administration, Lehmans segregated £2bnworth of client money for a number of its clients, including GLG Investments, but not for others such as CRC Credit Fund.

A December 2009 ruling stating clients whose money was not properly segregated would be treated as unsecured creditors and would therefore not get all their money was successfully overturned by CRC in June 2010.

This meant clients whose money was not properly segregated could still claim from the pool. But GLG argues only clients whose funds were properly segregated should be able to claim the funds.


Domestic science

Cherry Reynard asks four leading fund managers for their views on the prospects for the UK all companies sector


Ian McKenna examines new Friends Life protection offering

This week sees the launch of the new Protect plus from Friends Life. This replaces the individual protection offerings from Axa, Bupa and Friends Provident. None of the afore-mentioned were slouches when it came to delivering technology and, for over a decade, Friends have actually been one of the leading innovators, so it is reasonable […]

No LV= fund managers to join Threadneedle

Threadneedle Investments has announced that no fund managers from LV=Asset Management will be joining the group following its £8bn outsourcing deal. Money Marketing revealed that key LVAM managers Graham Ashby, Paul Kim and Richard Timberlake were not joining Threadneedle last month. In August, LV= announced that it had agreed a deal with Threadneedle to outsource […]

Steer to raise UK growth fund holdings in overseas earners

Artemis fund manager Tim Steer expects to increase overseas exposure in the company’s £303m UK growth fund to 75 per cent as he resumes use of his online screening tool Market. Steer currently has over 30 per cent of the fund in UK-centric companies. He stopped using Market during the recent market turbulence as he […]

Inheritance tax when it is relevant

Neil Jones is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. A trust can offer significant advantages when an individual is […]


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