Swiss Re has revealed it will listen to any offers for the open GE Life businesses it bought two weeks ago as the retirement specialist’s chief executive Scott Dolfi is to quit in the fallout from the acquisition.Swiss Re’s main driver for buying GE Life is widely seen as a move to add the closed former National Mutual fund to its book of closed funds, Admin Re, while the open impaired life, equity release and drawdown businesses were not seen as core. GE Life will reassure advisers that it is open for business as usual in a briefing note to be sent out this week but IFAs are concerned if they place business with a unit which is sold off, service may slip or an application may not go through. Swiss Re has not decided whether to replace Dolfi. After the £465m sale gets regulatory approval, GE Life will be rebranded and will form part of Swiss Re’s Admin Re UK operation, which is headed by Jonathan Yates. Swiss Re head of communications Tim Dickenson says: “We have no immediate plans to proactively sell the ongoing new business but we would be willing to discuss any approaches made by potential buyers committed to continuing the successful development of the GE Life new business operation.” Dolfi says: “I am not staying with GE Life once the sale is complete. I am sure it will continue to go from strength to strength with its new parent.” Informed Choice managing director Nick Bamford says: “We need assurances the company will be kept going as it is.”
Private investors bought £2.6bn of equities in August and September marking a reversal of the heavy selling of shares in the first half of 2006.Figures from Capita show that August and September are the first time private investors have increased holdings in equities since the beginning of the year.Between February and July this year, investors […]
GE Life is leading industry- wide calls for advisers to defy Government pressure and continue to advise all suitable clients to take out Asps. Fears that the Government will spoil or scrap Asps were confirmed last week when Treasury Economic Secretary Ed Balls said changes will be included in the next pre-Budget report. The Government […]
The far-reaching effects of the shift from defined benefit to defined contribution schemes
Falcon parent Sumus has announced the appointment of Andrew Snowball as non-executive director.Snowball will remain as commercial director of Financial Services Advice & Support Limited, which was acquired by Sumus in September for £2m.Snowball says: “Becoming part of the Sumus group was a major strategic step for FSAS and I am delighted to be invited […]
Macroeconomic matters are less significant for stockpickers, says fund manager Philip Wolstencroft. The companies in his portfolio are growing reliably and stand at a 20 per cent discount to the market.
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