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CI pulls out of Amvescap takeover bid

Shares in Amvescap, owner of Invesco Perpetual, have fallen 42p to 373p following the withdrawal of Canadian firm CI Financial from a proposed 3.4bn takeover of the group.

CI say they cannot develop an offer proposal without the full co-operation of Amvescap. Analysts say the firm’s resistance to take-over is likely to deter further hostile bids.

The withdrawal of CI’s bid follows news that new Amvescap chief executive Marty Flanagan is to be paid up to 28m this year.


IFA shuns CMI over ‘hidden’ MVA on WP bond

A London IFA says he is boycotting Clerical Medical International because it is burying vital clauses within lengthy product policy descriptions. Opal Mortgage Life and Pensions director David Gomez claims Clerical Medical International has started to apply a “hidden” market value adjuster to regular withdrawals from its with-profits bond. Gomez says one of his clients […]

Keydata Bond sells 4m in 3 days.

Keydatas secure income bond sold 4m in its first 3 days of launch last week, the highest uptake of any product launched by the provider. The bond aims to pay 7.5 per cent annual income over a five year term without relying on equities. It invests instead in a mix of cash and corporate protection […]

Price joins Financial Objects

Financial Objects has appointed Nicola Price as marketing director, with her role including overseeing the integration of the recently acquired Wealth Management Software.Price joins from TIBCO Software where she was responsible for field marketing and lead generation activities across Northern Europe.Price says: “I am delighted to join Financial Objects during this exciting period of change […]

FCSC sets out bond miselling figures

Defunct companies Berry Birch & Noble Financial Services, David Aaron Partnership and RJ Temple generated the most successful claims for precipice bond misselling, according to recent figures from the Financial Services Compensation Scheme.


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