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Friends places shares worth 10 per cent to fund takeover

Friends Provident has placed ordinary shares worth 10 per cent of its existing share capital to fund its takeover of fund manager F&C, formerly Foreign & Colonial.

In a stock exchange announcement this morning, the life office has placed 172,405,671 shares. It follows its announcement also today that Isis, the fund manager it owns 67 per cent of has purchased a 51 per cent stake in F&C.

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92 jobs to go in Royal London restructure

Royal London is making 92 staff redundant at its Wilmslow, Edinburgh and London offices as part of the restructure that sees its direct sale force close. Roughly two thirds of the job losses will be in Wilmslow with around a third in Edinburgh and a handful in London says the mutual. Royal London group chief […]

A consumer&#39s view

The proposals for Sandler stakeholder products – that providers should be able to charge 1.5 per cent management fee for the first 10 years, 1 per cent thereafter – are a typical Government compromise which will solve nothing. Part of the problem is that there is a fundamental conflict in what the Government is trying […]

BBB makes £4.9m loss

Berkeley Berry Birch made an operating loss of £4.9m in the year to March 31 after turning a profit in February and March this year.BBB&#39s preliminary results show that the group&#39s turnover increased from £53.7m to £66.5m, with its financial advisory, insurance and network divisions all increasing their turnovers. Productivity per adviser also went up […]

DWP calls for advice in workplace where there is no pension

All employees should be given access to advice on pensions if no pension contribution is offered says secretary of state for works and pensions Andrew Smith. Launching a new pensions information pack for employers, Smith said the DWP had launched a pilot with six IFAs offering advice to employees who are not offered a contribution […]

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