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Em chief denies it is the end for packagers

Em financial managing dir-ector Roger Morris has dismissed warnings that the closure of Lehman Brothers’ two UK subsidiaries, SPML and Preferred, could signal the final blow for the majority of packagers.

The Mortgage Practit-ioner sole trader Danny Lovey believes last week’s news will be the last straw for many packagers.

He says: “I think we will see more than just one or two disappear. SPML and Preferred were two of the main lenders for the packaging market so it is going to be a huge blow.”

But Morris argues that every part of the mortgage market is suffering the same. He says: “We are all in this mess together. It was first a sub-prime problem but this has now spread to every part of the market.”

He says Future Mortgages’ decision to cut maximum loan to values to 80 per cent on its prime mortgage range will have more of an impact on the market than the closure of SPML and Preferred.

“Any other specialist lender could disappear from the market but it would not have as much impact. It will be interesting to see how many lenders follow Future’s move,” he says.

Lehman Brothers says the last date for applications to be received is May 1.


RBS cuts up to 200 jobs

Royal Bank of Scotland has cut up to 200 jobs in its corporate banking division.The job cuts will hit its mortgage-backed securities division, leveraged loans and property finance.It is understood staff were told this week.

BNY Mellon appoints Gartmore’s Paul Feeney

BNY Mellon Asset Management has appointed former Gartmore head of distribution Paul Feeney. As BNY Mellon head of distribution for international business, Feeney will be responsible for wholesale sales and client services in the UK, Europe and Latin America and will lead the distribution and development of the firm’s onshore and offshore fund ranges. Feeney […]

New Star books a passage to India

New Star chairman John Duffield says setting up a joint venture with India’s biggest private company could save it up to 15 years groundwork in the Indian market.Tata Group has a 140-year lineage dating back five generations to its founder Jamshedji Tata in 1868. It now has operations across 85 countries, with 98 companies across […]

Facts of life

Until now, the Pensions Bill currently passing through the House of Commons has mainly been about two things.


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