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Capita set for admin sale as it sets aside £30m for Arch cru

Capita has revealed that it is in active discussions to sell off part of admin arm Capita Financial Managers as it set aside £30m for potential losses arising from the Arch cru debacle.

As part of its full-year results statement published last week, Capita says its has undertaken a strategic review of CFM and decided that the balance bet-ween risk and reward in some of the ACD business does not serve its shareholders well.

Capita has also set aside £30m for potential losses following the suspension of Arch cru’s two open-ended investment companies in March 2009.

The £30m is for losses already incurred and expected to be incurred after the underlying assets in the Oeics plunged in value.

Last December, Capita published estimates for the net asset values of the underlying cells, which showed a loss of £140m between March 13, 2009, when the range was suspended, and September 30, 2009.


Cause for complaint

I am sure that many of your readers share my frustrations and irritations with these so-called vulture funds. Our clients are ripped off and treated abominably. (No bonuses on WP, for example) and we are treated with a disregard and distain of truly biblical proportions. This little experience might help readers to redress the balance […]

75% Of IFAs say simplified medical forms could hit enhancement

Nearly three-quarters of advisers believe that simplified medical forms for enhanced annuities could result in a lower enhancement, according to Just Retirement. The firm surveyed 272 advisers and found 36 per cent believe that a high proportion of people that could qualify for an enhancement could miss out through limited application forms. Only 9.5 per […]

Mark Page: why my biggest overweight stock is a discount Spanish retailer

Artemis European Opportunities Fund manager Mark Page is questioned about the merits of investing in Spanish supermarket group, Dia. Dia is a 7,000-store Spanish discount supermarket chain. But with cheaper food prices coming on to the market and an improving Spanish economy, journalist Alexis Xydias questions Mark about its inclusion in the Artemis European Opportunities […]


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