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Digest

ASB publishes accounting regimeThe Accounting Standards Board has published a standard accounting regime which builds on the FSA’s new regulatory capital regime for with-profits, introduced in November 2004. The standard, which will increase the transparency of with-profits funds, will be introduced in December 31, 2005.

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Selestia introduces new charging structure

Selestia is replacing its existing pricing structure, which is effectively a percentage of client’s assets under management, with an explicit annual fee.From 1 April 2005, Selestia will levy a 75 annual fee per client, as opposed to the existing circa 25 basis point levy on their funds under management.At the same time, advisers will be […]

Britannic agrees to buy Allianz Cornhill’s closed life operations

Britannic Group plc today announces that it has agreed to acquire Allianz Cornhill Insurance plcs life operations for an estimated 110 million cash. The acquisition is to be funded from Britannics shareholders retained capital.Allianz Cornhills Life Operations are closed to new business and comprise approximately 506,000 policies, predominantly life non-profit and unit-linked business, with total […]

Europe: Domestic backdrop & China impact

By Rob Burnett, Head of European Equities In recent weeks equities have been buffeted by two shocks occurring at the same time: China’s devaluation of the renminbi and the prospect of the US Federal Reserve (Fed) raising interest rates. The market is not comfortable with the Fed raising rates at the same time that China […]

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