Confusion surrounds the future of Sesame’s parent firm Misys as three former directors try to take control and break up its three divisions.Ross Graham, John Sussens and Mike O’Leary, who between them have a 4.5m stake in the firm, are worried Misys could be sold too cheaply and want to maintain its listing and split the banking, healthcare and financial services divisions. Current directors of Misys meet this week to look at several bids, including the offer from the former directors, a management buyout thought to be led by chief executive Kevin Lomax and several offers from private equity firms. The ex-directors are being advised by Bridgewell Securities and aim to break up the firm within six to 12 months. The move would pose further questions about the future of Sesame. Misys abandoned its attempts to sell the network in March after failing to achieve an acceptable sale price. Bell Lawrie small-cap analyst Ian McArthur says the network is most likely to be bought by a strategic investor, either a provider or syndicate of providers, rather than private equity investment or management buyout.
The CII has proposed a new approach to its corporate governance to reflect best practice in the 21st Century, strengthen accountability and increase membership engagement.
In uncertain market conditions, it is very difficult to advise investors where to put their money. I believe that Close Brothers Private Bank, the offshore company of the Close Brothers Group, has found the best solution so far.
UCB Home Loans is now texting brokers with updates on mortgage cases to improve service.The lender is using both e-mail and text messaging to enable brokers to track the progress of mortgage applications.The system enables brokers to view progress on cases 24/7, receive text and e-mail updates at key stages of the application process, and […]
The UK should regulate financial services products rather than advice, says Scottish Widows protection marketing manager Nick Kirwan. He says advisers have a tough time remaining compliant on largely personalised products and they get little support from the FSA, which often makes retrospective decisions. Kirwan says product regulation is successful in other European countries and […]
By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]
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Royal Bank of Scotland has joined rivals like HSBC in launching an automated investment advice service for more than five million customers. The bank claims to be the first bank in the UK to launch a “fully regulated” robo-advice service, which will be under its NatWest brand. The service, live from Monday, is targeted at […]
There is nearly £8.5bn in “drifted” legacy UK equity income funds that have underperformed against the sector over the past decade, research has found. As the fund management industry awaits Mifid II next year, Morningstar has analysed the competitive UK Equity Income sector on behalf of Money Marketing and found about 10 per cent of the sector’s […]
Old Mutual Global Investors has appointed Freddie Woolfe head of responsible investment and stewardship, reporting into chief executive Richard Buxton. Woolfe joins from Newton Investment Management, where he was a responsible investment analyst primarily covering the healthcare and technology, media and telecommunications sectors. Previously he held roles at Hermes Equity Ownership Services and HSBC. Woolfe will […]