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Cofunds says L&G deal may delay break-even

Cofunds says the cost of new business after launching new products with L&G could delay its break-even date although losses of 16m last year were in line with predictions.

This year, the platform has seen assets under management increase by 1.8bn from 3.5bn to 5.3bn. The loss for the 12 months to December is down from 23m in 2003. It plans to launch life and pension products by the end of 2006.

In February, it emerged that the cost of systems to support the addition of bond and pension wrappers following the platform’s tie-up with L&G would cost millions.

Turnover last year more than doubled from 4.3m in 2003 to 8.8m.

Spokesman Dick Eats says: “2007 is still a working assumption, depending on both the level of the stockmarket and on inflows. If we are much more successful than we think, profitability will be deferred a bit. If this happens, short-term costs would be greater but our long-term profitability will be much higher.”

“Assets under management have increased from 3.5bn to 5.3bn and with L&G, we are just launching a new suite of products which we hope will be fairly successful. The current predictions are based on sensible assumptions.”


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Tax adviser attacks HMRC for inflexible stance on annuities

HM Revenue & Customs is being inflexible to the point of authoritarian by forcing people who reach 75 before A-Day to buy an annuity, says tax and business advis- ory group Vantis Financial Management. People whose 75th birthdays fall after A-Day on April 6, 2006 are not required to buy an annuity. Vantis poionts out […]

NU will pick an advocate to bid for 3.4bn orphan assets

Norwich Union has stepped up its attempts to reattribute 3.4bn of orphan assets within two of its with-profits funds by moving to appoint a pol- icyholder advocate to look into the deal. The company says there is no clarity over who legally owns the orphan assets and it is looking at bringing a case to […]


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