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Ex-ScotAm chief set to be Aifa and IFAP liaison

Former Scottish Amicable chief executive Roy Nicholson is widely tipped to be taking up a newly created position as liaison between Aifa and IFA Promotion.

The move has rekindled speculation of a possible merger of the two bodies to form a more powerful and cost-effective IFA industry body targeting trade and consumers.

Last August, Money Marketing reported Aifa director general Paul Smee had got backing from the board to pursue discussions with IFAP about a working relationship which would be likely to result in Smee becoming head of a merged organisation.

The discussions followed the resignation of IFAP chief executive Ann-Marie Martyn last May, which many in the industry believed put IFAP&#39s future in jeopardy.

Nicholson retired from ScotAm, one of the key supporters of both organisations, at the end of last year. Industry sources say his role could initially be connected to a joint venture they believe is being negotiated between IFAP and Aifa, resulting in a merger.

Aifa public affairs director Tracey Mullins says: “We cannot comment on this matter.”

IFAP chief executive David Elms says: “I have no information on any such suggestion.”

Syndaxi Financial Planning director Robert Reid says: “It looks like they are trying to put IFAP and Aifa in one place. The easiest way to bridge a gap is a merger.”


ACM sets its sights on Europe

Alliance Capital Management has introduced the European value portfolio, one of the three new funds. The other two are the ACM American value portfolio and the ACM global value portfolio.Registered in Luxemburg, the European value portfolio is a Ucits and is aimed at experienced investors who are willing to invest in a high risk fund […]

Merrill Lynch Investment Managers – MST World Financials

Tuesday, 24 April 2001.Type: Sicav.Aim: Growth by investing in companies with substantial interests in the financial sector.Minimum investment: $5,000.Place of registration: Luxemburg.Investment split: US 70 per cent, Europe 15 per cent, Japan 5 per cent, Canada 5 per cent, other 5 per cent.Isa link: No.Charges: Initial up to 5 per cent, annual 1.75 per cent.Commission: […]

Principality fixes its new mortgage at 5.45 %

The Principality Building Society has brought in the 5.45 per cent three-year fixed rate mortgage.Aimed at first time buyers and remortgagers, the mortgage has a fixed rate of 5.45 per cent for the first three years for loans of up to 75 per cent of valuation. After the fixed rate period the mortgage reverts to […]

Tracker funds can seriously damage your wealth

Manipulation of past performance figures to suit one&#39s argument is common enough among service providers but Virgin&#39s Andrew Stronach is clutching at straws when he claims that “since September last year only one fund in the UK all companies sector is currently in the black” (Money Marketing, April 12).No one investing in the all companies […]


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