View more on these topics

Friends to build up offshore with two R&SA buys

Friends Provident has bought two of Royal & Sun Alliance&#39s offshore businesses in a deal worth £133m, giving it the ability to sell offshore bonds to UK-based investors.

The deal includes Isle of Man-based R&SA International Financial Services and Luxemburg-based Sicav provider R&SA Investment Management.

Friends has an international arm in Guernsey that sells to overseas investors but the R&SA Isle of Man deal allows it to sell multi-currency offshore bonds back to the UK. Friends plans to expand the Isle of Man base to include a with-profits fund. It also wants to use R&SA&#39s Hong Kong base to get a foothold in the Far East. The R&SA name will disappear.

The move follows the £240m acquisition of R&SA Investment Managers by Friends Ivory & Sime last month, in which Friends has a majority stake.

Friends director of international operations Adrian Nurse says: “We have acquired a well respected company and our products and capabilities complement each other. We want to introduce with-profits in to the Isle of Man and develop multi-currency products, which up to now we have not had.”


Generalists could face delegating investment business

General practitioner IFAs may be pressed in to referring their investment business to manager of manager firms as a result of the Sandler review, according to influential analyst Ned Cazalet. Cazalet, principal of Cazalet Financial Consulting, says the Sandler team is getting industry feedback suggesting that generalist IFAs do not have the time or resources […]

Protection warning over 50-year loans

Proposals for 50-year mortgages been criticised by life companies. They say savings on 50-year loans would be minimal as protection policies would be very expensive if available at all for such terms. The concept was floated last week by Charcol, drawing comparisons with Japan where astronomical property prices led to mortgage terms of up to […]

Julian Gibbs

The recent rise in price in gold from a low of around $252 an ounce to over $320 at the present time is due to a number of factors. First, most investors have been disappointed by the recent performance of shares and are seeking an alternative investment. Second, political uncertainty throughout the world means there […]

Scottish Mutual chief quits in Abbey National restructure

Scottish Mutual chief executive Graham Pottinger is quitting the Abbey National group after a restructuring of its long-term savings and wealth management businesses. Abbey National is bringing all its intermediary businesses in to one group, ready for depolarisation. Pottinger will not be directly replaced. Abbey&#39s life division finance director David Wallace will take over running […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm