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Friends purchase of R&SA investment arm cleared by DTI

The Department of Trade and Industry has cleared the takeover of Royal & Sun Alliance&#39s fund management arm by Friends Ivory & Sime.

The referral was a routine matter and the decision by the DTI to clear the deal will come as no surprise.

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Black & White is aiming for 300 advisers with takeovers

National broker the Black & White Mortgage Company says it is on track to boost its number of advisers to 300 from 200 by the end of the year through the acquisition of two smaller rivals.The firm, which was launched two years ago in Staffordshire, says it is set to top the £2bn business mark […]

&#39Aifa alternative to DPS could bring big savings&#39

Aifa&#39s alternative proposal to the FSA&#39s defined-payment system would result in one-off savings to the industry of £30m and subsequent savings of £24m a year, according to a cost-benefit analysis.The CBA, carried out by consultancy Charles River Associates on behalf of Aifa and IFAP, says within the first three years of introduction, Aifa&#39s alternative, called […]

MLIM appoints manager to property team

Merrill Lynch Investment Managers has announced Marcus Sperber is joining its property team as a fund manager.Sperber, former head of property development at property specialists Ashtenne, has worked in the property market for 15 years and is a qualified chartered surveyor.MLIM property team director Adam Kerr says: “Marcus joins us as the management of our […]

Pru announces new business figures and FAR

Prudential has reversed current trends by announcing healthy new business figures for the first half of the year and a free asset ratio of 11 per cent for its UK life fund.Its FAR at the end of 2001 was12.2 per cent. Prudential has not reinsured or taken advantage of future profits. It says is has […]

Is volatility dead? No, sell credit

There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]

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