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Colonial rebranding to be top 10 IFA firm

Colonial First State Investments is to ditch the 100-year-old Colonial

name from its UK brand in the first step of a multi-million-pound relaunch

into the IFA market.

The fund manager, which will rebrand as First State Investments, is also

looking at the possibility of launching an online IFA platform based on

technology from Australia.

First State Investments chief executive Rob Adams criticises the UK fund

management industry for not catering sufficiently for the IFA market.

Adams says First State will look to build its brand based on the needs of

the IFA. It will introduce new technology to cater for the intermediary and

provide greater client support.

Backed by capital from its parent, Commonwealth Bank of Australia, Adams

says First State is looking to become a top 10 player in the UK IFA market

within five years.

He predicts that the firm will be a strong rival to the likes of New Star

Asset Management as one of the fastest-growing investment brands in the UK.

As part of its restructure, First State will undertake a rationalisation

of its fund range, merging several funds and disbanding the Stewart Ivory

brand from all but its wealth management service.

Commenting on the change of brand, Adams says: “The Colonial brand is not

suited to this marketplace. Colonial conjures up thoughts of something 200

years ago and not the here and now.”


Old Mutual to split chief executive and chairman

Australian financial services group Old Mutual is set to split the roles of its chief executive and chairman in response to pressure from institutional investors. Mike Levitt, who has held both positions since the group demutualised and floated on the London Stock Exchange in 1999, will remain non-executive chairman. Jim Sutcliffe, who currently runs Old […]

Equitable slashes bonuses but MVA is halved to 7.5%

Equitable Life is slashing with-profits pension funds by 16 per cent andlife policies by 14 per cent by cutting terminal bonuses. A fund quoted at December 31, 2000 to have a value of £50,000 willfall to £42,000. If the guaranteed value of the fund is higher, thatvalue will be paid. No reversionary bonus will be […]

Value added tax

If there is one message that comes through time and time again in thissection of Money Marketing it is that tax planning can substantiallyimprove the net return on investments and substantially improve the bottomline for investors. Tax planning and sound financial advice areinextricably linked. Arguably, giving financial advice, rather than merely facilitating thepurchase of a […]

National Savings rates change

National Savings is increasing the rates available on many of its fixed rate products, including Pensioners Bonds, Fixed Rate Savings Bonds and Saving Certificates.Upward movements in market rates for fixed term investments, following increases in gilt yields, will allow National Savings to increase rates by up to 0.30 per cent.National Savings commercial director Gill Cattanach […]


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