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Bestinvest profits boosted by 39%

Bestinvest’s profits have leapt by 39 per cent to 3.6m this year and the firm says it plans to remain independent without investment from product providers.

Turnover rose sharply by 53 per cent from 6.6m to 10.1m, in part boosted by Bestinvest’s acquisition of SMA group last November.

The SMA companies were incorporated for only six months in this set of accounts, with the name now dropped and the 40 staff fully integ-rated within Bestinvest.

Bestinvest’s net tangible assets are 5.4m. The firm’s discretionary management business has more than doubled to 300m and it has invested more than 50m into venture capital trusts, which it says makes it the biggest single VCT introducer.

Chief executive John Spiers says: “Unlike much of the industry, Bestinvest continues to prosper and is in no danger of jeopardising its independence by having to raise capital from life insurance companies.

“Looking ahead, I am con- fident of a further year of strong organic growth and our strong financial position means we can cherrypick profitable acquisition opportunities should they arise.”


Standard sets up pension portal

Standard Life has launched grouppensionzone, an online portal to service employer pension schemes. Advisers can change client payment amounts, sign up new members and administer changes to existing members’ details.

Trustees could be liable for lost compensation

Pension trustees could be held personally liable for hundreds of millions of pounds in lost compensation payouts if they fail to sign up to shareholder class actions, legal experts warn. Irwin Mitchell partner Alan Owens says around $5bn in compensation was paid out from shareholder actions against firms found guilty of fraud last year in […]

Naismith poses tough questions

The Government has to ask itself serious questions about its pension plans, such as whether the target of 60 per cent private provision is right, says Scottish Widows head of pensions market development Ian Naismith. Speaking at a fringe event at the LibDem conference, Naismith said that the Government’s response to the Turner report must […]

Selestia wins battle to be picked as Simply Biz supermart

Selestia has beaten competition from bigger rivals Cofunds and FundsNetwork to be chosen as the preferred fund supermarket for Simplybiz. Simplybiz is recommending that its 2,400 advisers use the Old Mutual-backed fund platform after a review of its IT systems and the wrappers available on the website. The two will stage joint roadshows later in […]

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


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