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GMAC holds back on sub-prime

GMAC says it will not withdraw completely from the sub-prime mortgage sector despite only having a couple of products available.

Money Marketing understands the firm has withdrawn its marketing allowance and will not have a budget for its non-conforming range until the securitisation market recovers but the company refuses to comment on this.

In November last year, pioneering non-conforming lender Kensington decided to withdraw from the sub-prime market and refocus on prime mortgages due to the liquidity crunch.

GMAC corporate relations director Julie Gaskin says: “We do not want to withdraw from the sector completely. It is easier to turn the tap on and off. We are trying to do it strategically for that reason.”

Em Financial managing director Roger Morris says: “GMAC is not really offering any sub-prime products at the moment but I do not think that means we will not see them do sub-prime again. You know there is a tactical reason behind it.”

Regulatory Alliance of Mortgage Packagers managing director John Rice says: “GMAC has reduced its LTVs down to about 75 per cent and is only playing in a very limited way. It does not want to advertise in the non-conforming market as it does not want to write the business.”


Threadneedle acquires Invesco Perpetual’s £470m DC pension business

Threadneedle has signed an agreement with Invesco Perpetual to acquire its full service defined contribution pension business with total assets of £470m. Threadneedle first launched its DC product in 2001 and manages pension funds for over 100 clients with total assets of around £1.3 billion. Threadneedle says it intends to grow its DC business and […]

Petty cash

Do you know the joke about a guy staying in a hotel who tries to get rid of all the little bars of courtesy soap in favour of his own preferred larger size and it all goes horribly wrong, with notes being sent back and forth to managers and maids, as sarcasm turns into temper tantrums? If not, take a look at

Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.


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