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CGU threatens pull-out of Gartmore race

CGU is threatening to pull out of the race to buy Gartmore because the asking price is too high.

The fund manager was originally estimated to be worth about £550m but the valuation has risen dramatically to £900m.

Old Mutual, whose bid of around £550 m for Gartmore was thought too low, said this month that it was no longer interested.

Gartmore has almost £6 bn funds under management, and Dutch bank ABN-Amro, Italian group Unicredito Ohio based Nationwide Insurance and Credit Suisse Asset Management are still thought be in the running.


Abbey to launch rival to Woolwich Open-Plan

Abbey National is launching Flexible Finance, a banking service which allows customers to switch money between their accounts on-line. The Abbey&#39s current account will continue to be used for normal bank account services, such as settling bills, paying standing orders and checking balances. But from April, Flexible Finance will allow customers to access any or […]

Allied Irish gets mobile

Allied Irish Banks today announced that it is to rollout a new mobile phone banking service to customers from next month. Its “24 hour mobile” service is the latest development in the implementation of AIB&#39s strategy for “mobile” commerce. Subsequent phases will see a range of transaction based financial services using Wap technology. This will […]

Pru transfers £12bn to Deutsche

Prudential, the UK&#39s largest fund manager is transferring £12bn of its fund management mandates to Deutsche Asset Management.The life office says it is to focus on retail and pensions, following last year&#39s £1.9bn acquisition of M&G, the niche fund manager.Up to 50 clients will be affected by the move and not all are likely to […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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