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Artemis breaks off New Star talks at last minute

Artemis broke off its acquisition talks with New Star this week over fears a merger would undermine its boutique culture.

It pulled out of the reputed £42m deal on Sunday night after concerns grew that the two firms had too great an overlap in their fund ranges and that Artemis&#39 brand and strong reputation would be compromised by the deal.

Artemis chief executive Mark Tyndall said his firm had built its reputation as an owner-managed business with a strong commitment to clients.

New Star chief executive Howard Covington said the deal had been all but signed when Artemis pulled out but insisted that the two firms remain on good terms.

Tyndall says: “This was not a deal in any way that we solicited. They made an approach to us. This was worth looking into as we could see that the retail fund management industry is in a certain amount of disarray and, with two of the fastest-growing retail brands, we thought we may be able to put two and two together and make five.

“But by the end of last week, we just could not see how we could still continue to offer the same selling proposition to our investors.”

Covington says: “As far as New Star was concerned, this was a nice, small opportunistic acquisition. It makes no difference to us if we do not have it. We certainly intend to keep looking for a bigger acquisition.”


First State launches UK midcap product

First State Investments is launching a &#39British Midcap&#39 product early in 2002, to be run by its head of UK equities Derek Lygo.The fund will hold medium-sized UK companies and will be benchmarked to the FTSE Mid-250 (ex-investment trusts). First State chief investment officer Stuart Paul says: “The new British Midcap product and the First […]

PIA fines IFA Eurosure Investment Services for compliance and pension review failings

The PIA has hit IFA Eurosure Investment Services of 35 Market Place, Boston, Lincolnshire with a £10,000 fine for compliance and pensions review failings. Following visits from the regulator in 1997 and 1998, it emerged the firm had failed in a number of areas including not accumulating sufficient information to establish the competence of its […]

Bull Brown casts aside the caution

Keith WadeDespite the usual scares about higher taxes, the Chancellor has used the pre-Budget report to give the economy a further boost and to take some of the pressure off the Bank of England&#39s monetary policy committee.His earlier caution on growth means that the Government finances are still pretty much on track and he has […]


Habib Akudi

Lives: Dewsbury, West Yorkshire.Born: 1972, Dewsbury.Education: Degree in economics, University of Greenwich.Career: 1994 – clinical auditor, Leeds NHS, 1995 – telesales, 1997- travelled extensively before joining Parsoli.Career ambition: To become the leading provider of Islamic financial services.Personal ambition: To take the company to being fully international.Likes: Playing football, Manchester United.Dislikes: Bad manners.Peers say: “Keeps cool-headed […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]


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