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General Motors finance subsidiary buys Private Label

GMAC-RFC, a mortgage subsidiary of US car giant General Motors&#39 financing company, has beefed up its UK distribution with the acquisition of Private Label.

Private Label will now be backed by a global finance company with assets of around US$110bn as it embarks on a growth strategy that includes boosting its services to IFAs.

Private Label chairman Stephen Knight says: &#34Private Label&#39s ambition is to become the largest originator of mortgage loans in the UK, using the American definition of originator, namely a company that specialises in generating loans for the balance sheets of others.&#34

Knight says the company will now take over loans &#39post completion&#39 to add to the current &#39at offer&#39 service.

As part of the growth strategy the company wants to speed up the delivery of mortgage offers and completions to IFAs.


PIA fines 20 more IFAs over pensions review

The PIA has fined 20 small IFAs a total of £76,000 for pension review failures.The firms are being disciplined for failing to take all reasonable steps to meet the December 1997 deadline for completing 90 per cent of their most urgent cases.The regulator which has issued fines totalling over £500,000 in the last five months […]

IFAs get access to leisure and sports fund

Swiss Investment banking house Svecia Group is launching its Global Sports Fund into the IFA market.The fund invests in companies which derive a high proportion of their earnings from sport and leisure activities such as Nike, Adidas and BSKYB.Chief executive Henrik Johnsson says: &#34Unlike other narrowly focused sports investment vehicles launched in the past, this […]

Japan: the Land of the Rising Dividends

By George Boyd-Bowman, Fund Manager at Neptune Many Western investors have long bemoaned the lack of a true dividend culture in Japan, claiming the corporate culture is not tilted in favour of shareholders. Yet today, in the Land of the Rising Sun, we see a fresh impetus to focus on shareholder returns, which is leading […]


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