View more on these topics

Britannic boss quits after two months

Britannic Group chief executive Danny O&#39Neil is stepping down after two months in charge for personal reasons.

His resignation comes as the group announces an £800m jump in new business to £2.2bn last year from £1.4bn in 2000 on the back of mortgage and retirement product sales.

O&#39Neil, who has nine-year-old triplets and an 18-year-old daughter, says he is leaving to spend more time with his family. He will continue as a consultant to the group and bec- ome non-executive deputy chairman of Britannic Asset Management.

Group chairman Harold Cottam will fill the chief executive&#39s role until a replacement is found.

The rise in overall group sales for the year ending December 31 has been attributed to Britannic Money&#39s mortgage sales jumping to £1.1bn from £163m. IFAs accounted for £818m while £233m came through direct channels.

Britannic Retirement Solutions grew its new pension annuity business to £166m from £37m but Britannic Assurance&#39s sales were down by almost 50 per cent at equivalent premium income of £22m last year compared with £41.7m in 2000.

It says the slump was in line with expectations due to the closure of its direct salesforce. It will now focus on developing lower-cost IFA and worksite marketing distribution.

Britannic Asset Management&#39s business fell to £751m last year from £788m in 2000. It claims this is a good result in tough market conditions.

Cottam says: “These are good results in light of last year&#39s tough trading conditions and give further evidence of the effectiveness of Britannic&#39s strategic moves as we continue our transformation to a modern financial services group.”


Pension thinktank aims to aid public

A new pensions thinktank has been launched to research retirement provision and improve public understanding of pensions issues. The Pensions Policy Institute is chaired by Royal London director and Aon principal and actuary Tom Ross and aims to find ways of providing better information on pensions and encourage a new framework for long term pension […]

Legg Mason&#39s Miller beats the index for 11th year

Legg Mason&#39s star value fund manager Bill Miller has outperformed the S&P500 index for the 11th consecutive year.Miller, who has run Legg Mason&#39s flagship $11.7bn (£8.1bn) Value Trust since 1990, is the only manager to have outperformed his benchmark for more than a decade.While Miller&#39s value trust is only available to the US market, he […]

Professional introductions under threat in new regime

IFAs face losing some of their most lucrative clients from professional introducers if they multi-tie under FSA plans.Accountants and solicitors would be prohibited from referring clients to all levels of adviser except IFAs charging fees because their professional rulebooks require them to “act independently” in referring clients.The move could see some IFAs lose up to […]

Lazard Asset Management – Lazard Alpha Isa

Friday, January 25, 2002.Type: Oeic maxi Isa.Aim: Growth by investing in the UK alpha and European alphafunds.Minimum investment: Lump sum £2,000.Maximum investment: £7,000.Catmarked: No.Investment choice: UK alpha fund and European alpha fund.Charges: Initial 3.75 per cent, annual 1.5 per cent.Special offer: Initial charge reduced to 3.5 per cent.Offer period: Until April 30, 2002.Commission: Initial 3 […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm