General Electric has left the US sub-prime mortgage market, selling subsidiary WMC Mortgage Securities. Staff numbers have fallen from 1,200 to 700 this year. US mortgage lender Alliance Bancorp has gone bankrupt after the sub-prime downturn.
Dr Marius Barnard has called on the protection industry to “resurge” long-term care insurance, claiming “it is the product of the future”.At the Protection Review dinner in London last week, Dr Barnard, the architect of critical-illness cover and one of the pioneers of heart transplant surgery, said due to Britain’s aging population, long-term care will […]
BDO Stoy Hayward Investment Management is starting a fund focusing on highend residential property in central London.The Hyde Park fund will be unregulated and run in conjunction with the firm’s Dublin arm, Simpson Xavier. It will invest in residential properties in Westminster, the West End, Kensington and Chelsea and part of Camden.With a minimum investment […]
Scottish Widows Investment Partnership is looking to boost sales into continental European with the launch of a Luxemburg-based Sicav.Eight funds will be placed in the Sicav initially, with all being offered in euro and dollar denominations.Head of distribution Simon Wombwell says: “Offering a Sicav structure will further increase the availability of Swip’s funds throughout continental […]
AlphaSimplex Group believes that the most robust investment products are those that adapt to changing market conditions. Alex Healey, portfolio manager of the ASG Managed Futures Fund, talks about how holding “long” and “short” positions in alternative investments, to match market trends, can create opportunities in both up and down markets.
Around 2000 customers could be due compensation after the Financial Services Compensation Scheme declared mini-bond manager Independent Portfolio Managers in default. London-based IPM promoted two mini-bonds which have lost customers millions, according to the lifeboat fund. While the FSCS says it does not yet know how much redress could be due, many customers already have claims against […]
The UK is free to unilaterally revoke the notification of its intention to withdraw from the EU the European Court of Justice has ruled today. An emergency judgment given a day before a critical vote in parliament on prime minister Theresa May’s Brexit deal says the UK can stop Brexit without consulting any other […]
The Organisation for Economic Co-operation and Development claims behavioural biases and low levels of financial knowledge are undermining people’s ability to make appropriate decisions for their retirement. The OECD’s Pensions Outlook 2018 says automatic features, default options and simple information and choice could combat the lack of financial literacy. The OECD’s view is that automatic enrolment […]