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Gartmore chief execs withdraw their resignations

Gartmore has announced its two chief executives have reneged on their plans to resign from the fund manager according to the Financial Times.

Andrew Brown and David Watts both tendered their resignations in the aftermath of parent company NatWest&#39s proposals to buy Legal & General.

The withdrawal of their resignations has raised speculation that Gartmore&#39s senior executives are ready to organise a management buy-out.

The FT says senior managers have confirmed that it has been approached with offers from venture capitalists, although it predicts they will face tough competition from US investment banks and even UK life assurers.


Lambeth Building Society launches fixed rate bond

Lambeth Simply Postal the direct subsidiary of Lambeth Building Society is offering investors a four year bond fixed at 6.5 per cent gross.The bond which matures on June 1, 2003, has a minimum investment of £500 and a maximum of £200,000.On maturity of the bond the funds are not automatically repaid but remain subject to […]

European governments could diffuse pensions time bomb

European governments could put an end to the pensions time bomb by raising the retirement age to 69 by the 2030 according to a report by Merrill Lynch.The research based on computer modelling warns governments that if they fail to take action and benefits are not cut, contributions would have to double within 40 years.The […]

Lenders accused of launching mediocre products

Lenders stand accused of launching mediocre products to avoid being swamped by business in case the millennium bug causes chaos.Mortgage brokers believe some lenders have deliberately stacked their mortgage ranges with moderately priced, unattractive deals.They are aiming to keep sales low, avoiding having to process high volumes of business at the end of the year […]

Consumers Association names and shames lenders

The Consumers Association has named and shamed the top ten worst offenders for mortgage scams.The ten which have received most complaints over their practises are in descending order Halifax, Abbey National, Northern Rock, Woolwich, Nationwide, NatWest, Alliance & Leicester, Bristol & West, Bradford & Bingley and Barclays.The most complaints received concerned excessive redemption penalties, these […]


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