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Discount deals put Portal into fund top five

Money Portal, the company set up to buy discount brokerages, has acquired Willis Owen and HCF Partnership as part of its plan to become the leading distributor of UK retail funds.

In the first in a series of purchases which will see the company make three further acquisitions worth £20m by March, Money Portal has paid an undisclosed sum for the two brokerages, which will con- duct direct-offer discount business only.

The deal has been struck by Money Portal managing director Richard Craven, who was previously a partner with HCF. He believes the acquisitions propel Money Portal into the top five UK retail fund distributors, with around £750m under management. He hopes to have topped the £2bn mark by the end of the year.

After finding that seeking backing in the UK was like “getting blood from a stone,” Craven raised cash for the deal in the US, where he is trying to persuade companies to design funds based on absolute returns rather than relative returns.

He says: “Investment returns are at the top of everyone&#39s minds, especially when they see their hard-earned funds dwindled away by fund managers with no vision, no courage and no performance. We are going to highlight bad performance, name and shame fund houses and encourage investors to vote with their feet.”

Hargreaves Lansdown investment manager Ben Yearsley says: “It might be able to buy £2bn under management but that does not mean it will be able to sell any funds. But we welcome the competition.”


Who&#39s to blame?

Those of you who have run the gauntlet of renewing professional indemnity cover will be only too aware that the environment in which IFAs operate has changed dramatically.A report published in December 2002 by the Actuaries working party found that the UK pays out far more in compensation claims than other European countries, running up […]

Mortgages plc in loan design deal for regional societies

Mortgages plc is setting up an initiative aimed at helping regional building societies compete with bigger lenders.The scheme, called Mutual Co-Operative, will work with a group of societies to design products and criteria, agree the terms and volumes of business, sell the mortgages over a set period and pass tranches of assets on to the […]

Trust firm in warning on FSA exec plans

The FSA&#39s proposals to update the corporate governance of investment trusts in the wake of the split-cap debacle will not have the desired effect, warns Trust Associates.The company says the proposals set out in CP164 on listing and conduct of business rules are well intentioned but will be counterproductive as many established practices which have […]

Time to get the transfers

As a former tied agent of Canada Life I have many clients who hold policies with Canada Life.In the 10 years since I left Canada Life to become independent, it has frustrated me no end that Canada Life have steadfastly refused to switch these policies into my agency for client servicing and renewals.The reason given […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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