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Edinburgh Fund Managers profits plunge

Edinburgh Fund Managers&#39 funds under management fell to £6.6bn from £7.3bn as profits plunged by 31 per cent.

Pre-tax profits have fallen to £11.7m from £16.9m as the fund manager was hit by the continuing turmoil in emerging markets

It was further hit by Bank of Scotland&#39s decision to switch 40 per cent of its £1.1bn fund to index tracking specialist Legal & General. EFM still manages the remaining £700m of the fund.

EFM also lost £300m worth of funds in the break-up of its Dunedin Worldwide Investment Trust.

Despite the results, EFM remains upbeat about its future and is committed to remaining independent and is extending its links with life offices in a bid to boost distribution channels.


Virgin warns on low savings rates

Virgin is hoping to attract business to its Virgin One account by warning that saving account rates have hit the lowest level for 125 years.The lender says the average no-notice savings rate is currently 1.92 per cent, at a time when inflation is running at 2.4 per cent. It argues that the purchasing power of […]

Tilney welcomes end of Peps

Tilney Investment Management chairman is welcoming the imminent demise of Peps.Chairman John Mitchell believes Peps have been oversold to the wrong group of people especially in the run up to their death.Mitchell says: &#34The figures are quite simple – any income tax relief will frequently be absorbed by the management charges, so a Pep is […]

PMI group holds seminar for IFAs

The private medical insurance industry working party is holding a seminar for IFAs to discuss ways forward in the wake of a critical Office of Fair Trading report.It will cover the provision of healthcare in general, private medical insurance, critical-illness cover and income protection.The meeting will be held on Tuesday, April 27 at the London […]

Axa Sun Life launches ISA range

Axa Sun Life has revealed its range of ISAs including the option to have no initial charge on its funds.The life office has divided its ISAs into an &#39A&#39 class range with up front charges and a &#39B&#39 class range with no up front charges.The &#39A&#39 class shares have an upfront charge of 3.5 per […]


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