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B&B buys loan portfolio from GMAC-RFC

Bradford & Bingley subsidiary Mortgage Express has bought a loan portfolio of 6000 mortgages for £650 million from GMAC-RFC.

B&B says this acquisition will complement its growing selective lending business and improve return on equity for shareholders.

This will increase the group&#39s managed assets, which stood at £19.1 billion on June 30 by 3 per cent.

Of the mortgages approximately one third by value is buy to let, one fifth is self certified and the remainder consists of standard mortgages.


Income deal on ScotMut property fund

Scottish Mutual is launching a commercial property plan investing in the Westbury Property Fund which aims to generate income of 7 per cent a year. The minimum investment in the 10-year plan is £75,000 or £7,000 in an Isa wrapper. Initial commission is 4 per cent, with 0.5 per cent trail. The plan has a […]

FIS appoints head of fixed interest

Friends Ivory Sime has appointed Andrew Tunks as head of fixed interest of the new Isis brand that follows the integration of Royal & Sun Alliance Investments into FIS.FIS chief executive Robert Talbut says: “I&#39m delighted to be able to announce Andrew&#39s appointment, not just because it signals the end of an intensive restructuring process […]

Gartmore – Alphagen Volantis Fund

Thursday, September 26, 2002Type: HedgefundAim: Growth by investing in UK smallercompaniesMinimum investment: Lump sum $100,000,Euros 100,000 or £75,000Place of registration: CaymanIslandsInvestment split: 100% in UK smallercompaniesIsa link: NoCharges: Annual1.5%Commission: NoneTel: 0800 212433

&#39Tied must reveal costs&#39

The FSA must force tied and multi-tied agents to disclose distribution costs to prevent them claiming they give free advice, says Clerical Medical.Pensions strategy manager Nigel Stammers says failure to disclose distribution costs in the tied sectors would go against CP121&#39s basic principle of transparency.He says the FSA will have to work out a clear […]


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