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GE Capital gives up chase for Equitable

GE Capital has abandoned its attempt to buy Equitable Life. GE Capital had made an improved offer to Equitable, after the mutual had reached an agreement worth up to £1bn with Halifax last Monday.

The GE Capital offer was worth £1.5bn, £400m of which consisted of a loan. The balance would have been made up of several conditional payments over five years.

Equitable preferred Halifax&#39s £1bn bid as it guaranteed £500m up front and a further £500m payment depending on an agreement being reached with policyholders and sales targets being hit.


L&G launches software package

Legal & General is launching a software system which will allow advisers to sell several products for only one plan charge. Available on compact disk, Protection Choices will enable advisers to offer a range of different products on one application form, with no duplication of personal details. L&G mortgage and protection director Richard Verdin says: […]

Portfolio looks to managed recovery

Portfolio Fund Management’s managed recovery fund is a unit trust fund of funds aimed at two types of investor. First, there is the cautious investor, who is looking for a low risk haven in the event that the British economy gets stormy. Second is the investor who is overweight in technology and who wants to […]

Zero worship

The highly volatile markets of the past year have highlighted the importance of risk management. While searching for a safe haven, many investors will probably look at gilts. But although gilts are relatively risk-free, they provide investors with little else. In contrast, zero-dividend preference shares have similar risk characteristics to gilts but provide returns between […]

IFAs not in clover as ABI rolls over on polarisation

Equity income was back in favour last month. Bill Mott&#39s Credit Suisse monthly income and Neil Woodford&#39s Perpetual income funds are in the top 10 for the first time in over a year. Mott&#39s fund returned 26.23 per cent for the year to the end of January, while Woodford&#39s returned 25.84 per cent. The investment […]


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