F&C Asset Management made a loss of 29.2m in the first half of this year after seeing significant institutional outflows.The firm lost 2.83m in the same period last year. Funds under management at June 30 were 107bn compared with 131bn at the start of the year despite strong retail market inflows which increased by 158 per cent. The majority of the outflows were down to Resolution Life taking back 20.1bn of funds to run them in house. F&C also lost the management contracts of emerging markets and Latin American investment trusts and the firm is braced in the next quarter for the loss of two more institutional mandates for Dutch pension funds with combined assets of 2.5bn. Despite the outflows, the group’s investment management fees were only slightly down at 130.7m compared with 131.1m. The group says its profits were hit by an impairment charge of 44.8m relating to the loss of Resolution and other business and says the charge is due to accounts reporting adjustments under international financial reporting standards. Communications direc- tor Jason Hollands says: “We saw 76m retail inflows in quarter one, which should be a peak for all asset managers because of the tax year end, but 89m in the second quarter despite the recent market volatility.” Parent company Friends Provident’s total life and pension new business rose by 53 per cent to 89m from 58m while the firm’s total net margins improved from 2.7 per cent to 2.9 per cent.
An IFA firm says it is taking court proceedings against network Kilminster Financial Management, claiming it is owed over 10,000 in renewal commission. AM&A Investment & Pension Planning managing director David Marks says he left KFM in February to become directly regulated and claims that despite repeated requests, KFM has failed to supply novation agreements […]
I read with great interest the article, Providers are in A-Day meltdown (Money Marketing, August 3). I have great sympathy for the likes of Mr. Jacob and his clients but the news comes as no surprise to many of us in the pension industry. This is yet another instance of poor standards of administration meted […]
Promotions in the general insurance and sub-prime mortgage sectors are still not up to standard, says the FSA. A report evaluated nearly 1,000 financial promotions to gauge progress over the past two years. Investment promotions which fell below standard dropped to 32 per cent from 52 per cent in 2004. Equity-release and lifetime mortgage promotions […]
The Bank of England’s decision to raise interest rates by a quarter of a point to 4.75 per cent caught the markets by surprise. The monetary policy committee says last week’s move is in response to its expectation that inflation will remain above the 2 per cent target for at least the short term. This […]
The final stages of a sell-off can be the most interesting, says Simon Edelsten, manager of the Global Select Fund. It is not a matter of calling the ‘bottom’. Instead, investors should focus on selected stocks’ prospects over the longer term.
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HM Revenue & Customs has published guidance on how new income tax bands in Scotland will affect pension schemes and their members. The note is a response to the Scottish Government’s confirmation it will introduce five income tax bands for 2018/19. Pension savers in Scotland currently receive pension tax relief at their marginal rate but […]
SimplyBiz Group is considering an initial public offering of £150m on the London Stock Exchange. According to a Reuters report, the potential float could value the company between £140m and £155m and is expected to raise £30m of new money. SimplyBiz joint group chief executive Matt Timmins confirms the business has recently appointed Zeus Capital as […]
Brewin Dolphin has been ranked the preferred DFM in a Money Marketing survey of advisers and paraplanners, well ahead of the next most favoured, Quilter Cheviot. Thirty-three per cent of respondents listed the business as their preferred DFM, followed by 10.2 per cent responding in favour of Quilter Cheviot. LGT Vestra, Brooks Macdonald and Parmenion […]