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EMX saved after rights issue fails to raise £6m

The failure of online fund trading platform EMX to raise £6m in a rights issue has led to six fund managers stepping in and save the company&#39s future development.

Threadneedle, Fidelity, M&G, Scottish Widows, Standard Life and Invesco said they would come to the rescue of the project if it failed to raise £6m through the rights issue The companies will fund the initial investment needed and may be asked to come up with more money.

The rights issue, which was aiming to raise £8.5m, closed on March 28 with EMX refusing to say how short it was of the minimum £6m. The company says £6m is needed to fund it for a year and it is in discussions with a number of providers looking to sign deals.

Threadneedle head of e-business Phil Goffin believes EMX will need £10m over the medium term to develop.

EMX acting chief executive Phil Wise says: “We were not surprised by the result of the rights issue. The initial opinions we received from people is that they want to see EMX succeed but were not willing to take a stake at this time.”

Goffin says: “The six members are very intent on moving EMX forward. We are excited about it fulfilling its place in the marketplace.”


Experts say there&#39s still no decision on exit penalties

Pension experts claim the issue of exit penalties incurred when switching from group personal pensions to stakeholder has not been resolved by the Government and regulators despite the introduction of stakeholder this week. They also claim last month&#39s final regulations contained an extra admin burden for providers but the Government did not consult the industry. […]

Scottish Legal Life – 5 Year Guaranteed Investment Bond – 2001 Issue 2

Monday, 2nd April 2001.Type: Guaranteed unit-linked bond.Aim: Growth by investing in Scottish Legal Life higher yield fund.Minimum investment: £3,000.Fund links: Scottish Legal Life higher yield fund.Allocation rates: Investments up to £5,000 – 100 per cent, £5,001-£9,999 – 102 per cent, £10,000-£19,999 – 103 per cent, £20,000-£49,999 – 104 per cent, £50,000-£99,999 – 105 per cent, […]


Is IFA commission under threat? Commission is under regulatory scrutiny with the second stage of polarisation and Paul Myners&#39 suggested retail investment review. There are mounting pressures on commission-based advice. What is behind these changes and what strategies should advisers be using? The commission-based advice market is under pressure from three main directions. The internet […]

Adding equities to the asset equation

We concluded last week&#39s discussion by examining the merits of investing in commercial property as a core part of an investment portfolio. We compared the benefits of property against the alternative asset classes we have already considered. It now remains for us to add the final asset class – equities – to this series of […]


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