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Close bolsters multi-manager business with Aon acquisition

Close Investments has bought Aon Asset Management’s 2bn multi-manager business.

The move follows Close’s acquisition of Escher, now called Close Teams, in July 2005. The two businesses will be combined and rebranded Close Multi-Manager.

Launched in March 2003, the Aon business is headed by Adrian Swales and has six Dublin-based Oeics offering access to numerous global asset classes. Its clients include Norwich Union. Swales will take over as chief executive of Close Multi-Manager, with Steve Delo of Close Teams becoming managing director and Aon’s Tommy Garvey chief investment officer.

Close Investments head of distribution Stuart Alexander says: “This is an interesting acquisition as it is a strong business that virtually mirrors Close in terms of its investment style and process. We therefore complement each other well.”

Alexander says gaining approval from regulatory bodies in the UK and Ireland was straightforward as Close has a Dublin-based Oeic so the business was well-known to the Irish Financial Services Regulatory Authority.

On the integration, Alexander says Aon has already moved into the Close Investments offices, with Close Teams soon to follow. He says: “We will be looking at integrating overlapping funds while we will also look at new funds across all sectors. While both are strong in the institutional arena, Aon does a small portion of retail business, something we may look to harness in future.”


Conservative letter calls for cross-party solution to occupational pension crisis

The Conservatives have written to Work and Pensions Secretary John Hutton calling for an urgent meeting in the aftermath of the High Court ruling on occupational pensions.Tory Shadow Work and Pensions Secretary Philip Hammond says the letter follows up leader David Cameron’s call to find cross-party consensus on the issue at yesterday’s Prime Ministers Questions.Hammond […]

Critical maths that Pru must prove

Prudential has fallen off a lot of other insurance companies’ and IFAs’ Christmas card lists.The life office issued research last week saying that a breath-taking 43.9bn of critical-illness claims have not been paid in the last five years.It also says – advisers take note – that it does not matter whether the policy was bought […]

Porting chance for retention

Northern Rock has strengthened its mortgage retention strategy.The company already pays a full proc fee to brokers for retaining home moving customers and has now extended the 150 fee it pays for online applications to all porting cases and situations where existing customers are retained when moving home.It will also allow porting to be carried […]

2Plan sets up technology subsidiary Figure Out

2Plan, the new distribution firm being launched by three former Positive Solutions directors, looks to have another subsidiary arm called Figure Out.It is understood that 2Plan will be the distribution arm of the business and will be the brand name that faces advisers while Figure Out will be the technology side of the business.Money Marketing […]


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