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Cofunds makes trail commission deal

Fund supermarket Cofunds has struck a deal with fund managers including Schroders which will see the groups pay trail commission to IFAs introducing unwrapped business.

The four fund managers, also including Baring Asset Management, Rathbone Unit Trust Managers and Liontrust Asset Management, have agreed to the move even though none pay trail for directly placed business.

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The Diary hears

The Diary hears a swarm of Bees were last month seen buzzing off to Amsterdam. Scottish Life pension guru Steve Bee apparently flies between Edinburgh and London so much, his Air Miles tally meant he could take a party of 10 to the Dutch culture capital for the weekend.

Philip Scott

Philip Scott runs a small apple co-operative in Norfolk producing cider. He is also executive chairman of Norwich Union Life and director of global insurance giant Aviva.Scott&#39s path to the top has been slightly unusual. He was studying engineering at Kings College when the sudden death of his father meant he had to return home […]

Group reshuffle at Misys

Misys has appointed Charles Bryant to head its IFA portal and its financial services division as part of a reshuffle across the group which sees Assureweb chairman Helen O&#39Dea become CEO of its risk management services division.Bryant is promoted to AssureWeb chairman and director of Misys&#39 financial services division. He will be responsible for preparing […]

Supermarket&#39s not so clean sweep

I read with interest the article about Norwich Union closing its fund supermarket after one year, having spent £230m to get 250 Isa customers.If the figures are correct, that amounts to about £920,000 spent to attract each Isa customer who will be paying annual management charges of about £70 a year each, assuming that their […]

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