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Britannic offers big bonuses to secure managers&#39 loyalty

Britannic Asset Management is believed to be offering fund managers loyalty bonuses of half their basic salaries in a bid to retain key staff while it seeks a merger.

Parent company Britannic announced it was looking to link up with another mid-sized firm in March after releasing results which showed its profits fell to £145.4m in 2000 from £174.5m the previous year.

But it is believed to be concerned that BAM – which IFAs regard as the most attractive part of the group – could fall victim to the recent spate of fund manager moves which has hit rivals including ABN Amro and LeggMason.

BAM is believed to have offered managers a bonus of 50 per cent of their salaries if they are still with the company in a year&#39s time. But IFAs believe firms should avoid paying such bonuses across the board.

Chelsea Financial Services managing director Darius McDermott says: “BAM has got some good fund managers and it will not want to lose them. But it would only really be worth paying bonuses to the best managers and not to those who consistently underperform.”

A Britannic spokeswoman says: “We do have a long-term incentive plan in place for our investment team but we have one of the most stable teams in the industry anyway.”


SLHC makes appointments to regional teams

Standard Life Healthcare has announced a number of appointments to its regional development team responsible for business relations with IFAs.Ian Cuthbertson and Phil Knight join as regional development managers for Birmingham and Leeds while Martin Chubb, Paul Young and Simon Young join as account managers.Chubb will operate in Reading and Southampton, Paul Young in Nottingham, […]

Nationwide says housing market &#39not overheated&#39 despite record price rises

House prices are rising at a record rate, with the average home now costing £100,473 – £14,000 more than last year – according to the latest house price index from Nationwide.House prices went up by 3.4 per cent in April, says Nationwide. The annual increase is 16.5 per cent.However, the building society says the market […]

Standard pulls out of FSAVCs as sales Plummet

Standard Life is pulling out of the FSAVC market due to falling demand for the product since the introduction of concurrency under stakeholder.The company has also repriced its existing FSAVC plans, its retirement annuity contracts and section 32 buyout transfers to within 1 per cent.It says this means that around 85,000 customers will have a […]

Rathbones – Ethical Bond Fund

Wednesday, May 8, 2002 Type: Unit trust Aim: Income by investing in ethical investment-grade bonds Minimum investment: Lump sum £1,000, monthly £100 Investment split: 100% in ethical investment-grade bonds Yield: 6.2% gross a year Isa link: Yes Pep transfers: Yes Charges: Initial 4%, annual 1.25% Commission: Initial 3%, renewal 0.5% Tel: 020 7399 0399

China’s economic bounce may already be over

By Mike Riddell (17 May 2016) Most people would explain the rally in global risky assets since mid-February as being primarily down to the spectacular volte-face from the Federal Reserve, where Janet Yellen (and others) dramatically toned down their narrative that the Fed would be hiking rates as many as four times in 2016. This explanation […]


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