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Ex-New Star property merger approved

Shareholders have approved the merger of the Aviva Investors international property fund, formerly the Henderson international property fund, into Aviva’s European and Asia Pacific property funds.

 In August, Aviva became the investment manager and authorised corporate director of the Henderson international property fund and proposed to combine its assets with those held in its existing European property and Asia Pacific property funds.

Its shareholders have today approved the merger, which is expected to complete on January 21. The fund will then close and investors will instead receive holdings in each of the other two funds.

John Clougherty, the chief executive of Aviva Investors UK Funds, says the remaining two funds will be larger and more diversified as a result, which should hopefully prove attractive to new investors and increase their scale.


Hawksmoor sees value of equities

Multi-manager Hawksmoor sees equities as the most attractive asset class and says many of its underlying equity fund managers are more enthusiastic than normal about the prospects for their funds.

FSA faces fight to alter Cobs for drawdown

Suffolk Life says the FSA may struggle to amend its conduct of business sourcebook in time for the introduction of the new pension drawdown regime in April 2011. Last week, the Government confirmed details of proposals which will end compulsory annuitisation at age 75. The plans include the introduction of capped and flexible drawdown, subject […]

GMAC-RFC taking loanbook admin in house

GMAC-RFC will transfer the administration of its mortgage assets from third-party servicer HML to an in-house servicing team in the second quarter of next year, as revealed in this week’s Money Marketing. HML currently services the firm’s UK mortgage book, worth around £3.6bn, but it will be brought in house from April 13, 2011. The […]


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