Britannic Group has recorded profits of £41m before tax for the first half of 2004, up by 6 per cent from £38m in the same period in 2003. Continued focus on capital management has resulted in £374m in capital resources, an increase from £331m in 2003. In excess of £170bn of assets already reside in closed funds. Britannic group CEO Paul Thompson says the management team has been actively pursuing a number of closed life fund acquisition opportunities in the UK.
The surprise resignation of Work and Pensions Secretary Andrew Smith will force Prime Minister Tony Blair to plough ahead with a Cabinet reshuffle. Smith, who is seen as a close ally of Chancellor Gordon Brown, was app-ointed two years ago. The vacancy could be filled by any number of willing candidates. Trade Secretary Patricia Hewitt […]
FSA chief executive John Tiner is warning that IFAs could be hit by enforcement proceedings faster if the regulator succeeds in its plans to reduce case times. The FSA is aiming for a further 30 per cent reduction in the average case time over the next 12 months. In the last two years, the regulator […]
Up to 4.5 million working women do not save enough for retirement and another 4.5 million women are not saving at all. The facts about women and retirement are brought together for the first time in an ABI report, The Gender Pensions Gap – Encouraging Women to Save for Retirement. It is rare these days […]
The FSA is warning life insurers that they may not be recognising all potential with-profits liabilities, particularly for older products. The regulator has written to the chief executives of all life insurers and friendly societies about its review of processes, systems and controls for with-profits insurance contracts. The letter highlights two main concerns – that […]
The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes
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Transact saw funds under direction marginally increase to £29.8bn in the second quarter of 2018, according to a stock exchange announcement from parent IntegraFin Holdings. IntegraFin listed on the London Stock Exchange in March with a £650m valuation. In a Q2 update today, the company says funds under direction at the close of the three-month […]
The impact of weaker markets saw funds under management at St James’s Place drop in the first quarter of the year, when compared to its Q4 2017 result. In an update this morning, SJP says funds under management at 31 March 2018 were £89.9bn, down from £90.8bn in the previous quarter. On a year-on-year basis, funds under […]
The Department for Work and Pensions expects to spend £96.6bn on the state pension in 2018/19, a 3 per cent increase on the year before. The DWP has detailed its cost estimates in a memorandum sent to the work and pensions select committee, published on its website yesterday. The latest forecast for state pension costs […]