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Autif/FMA merger is set for February

The merger between Autif and the Fund Managers&#39 Association is set to go ahead on February 1, with the new body to be called the Investment Management Association.

Autif director general Rich-ard Saunders will head the IMA as chief executive. Current Autif chairman, Standard Life Investment&#39s head of mutual funds Alan Burton, will chair the trade body, with FMA chairman and Barclays Global Investors chief executive Lindsay Tomlinson taking the post of deputy chairman.

The IMA&#39s board will comprise a combination of members from the current Autif and FMA executive committees, including Fidelity vice-chairman Barry Bateman, M&G chief executive Michael McLintock and Zurich Scudder chief executive Simon Davies.

The new body will have two executive committees – the inv-estment fund committee and the asset management committee. The investment fund committee will chaired by Burton and will principally cover the retail side of the industry, looking at issues such as product regulation, tax wrappers and disclosure. The asset management committee will be chaired by Tomlinson and will mainly cover issues surrounding the institutional management.

The IMA will represent institutional and retail fund companies with assets totalling more than £2trillion.

Burton says: “We are speaking with a single voice now, which we think give us more power with the regulator, and as an organisation.”


Schroders takes triple approach to Isa

Schroders is giving investors access to three UK funds within its Schroder UK select Isa.The Isa will invest 50 per cent in the Schroder UK equity fund, 30 per cent in the Schroder UK mid 250 fund and 20 per cent in the Schroder UK smaller companies fund,The Schroder UK equity fund invests in a […]

Bankhall building up strength

Bankhall has made six senior appointments to reinforce “its long-term commitment and support to the IFA sector”. The move has fuelled speculation that the support firm wants to stay independent and could be preparing an management buyout. Parent Lynx said it was in talks with a potential buyer recently. The Bankhall board has around a […]

NU calls for scale of fees as it warns against axing commission

Norwich Union expects commission to stay after the Sandler review but under a regime of greater disclosure, where the commission is expressed and paid as a fee. The company says it is encouraged by Sandler&#39s understanding of the importance of commission and says abolishing it would be a “nail in the coffin” of financial services. […]

Scarborough Building Society – One Year Fixed Rate Bond

Thursday, December 13, 2001.Type: High interest account.Minimum-maximum investment: £1,000-£250,000.Interest rates: 4 per cent gross a year, 3.75 per cent gross amonth.Term: 12 months.Offer period: Until further notice.Withdrawal penalties: No withdrawals permitted during term.Tel: 0845 4584458.


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