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Government paves the way for super-long gilts

The Government has given the green light on the issuance of gilts with maturities in excess of 50 years.

In the last Budget, Chancellor George Osborne announced plans for the Debt Management Office to test market appetite for the “super-long gilts”.

Following the consultation, the Government says issuance of these super-long gilts could represent cost-effective financing for the exchequer.

The Government will remove the current maturity cap on gilt issuance which was set at approximately 50 years and anticipates that in 2013/14 the Debt Management Office will look to launch new issuance in the 50 to 60-year range, subject to demand and market conditions.

Yellowtail Financial Planning managing director Dennis Hall says: “It will not be a great success or raise as much money as the Government hopes. The longer the period of the gilt the greater the uncertainty so investors will see it as high risk. We would not buy such long-term gilts.”


Eurozone finance ministers agree to single bank regulator

Eurozone finance ministers have agreed a plan to hand power to a single bank supervisor in Frankfurt, according to the FT. According to the paper, finance ministers have agreed to plans for the European Central Bank to begin direct supervision of up to 200 eurozone lenders in early 2014. The reform would require individual governments […]

Hargreaves chief exec Gorham sells £3.35m stake

Hargreaves Lansdown chief executive Ian Gorham has sold 750,000 shares in the company worth £3.35m. Gorham (pictured) sold the shares at the end of a three-year lock-in period in the company’s joint share ownership plan and has already reinvested almost half of the return back into Hargreaves Lansdown, purchasing 225,000 shares at 714.8p per share. […]


Govt reviewing Pension Protection Fund compensation cap

The Government is reviewing the structure of the Pension Protection Fund compensation cap to reflect how long an employee has worked for a company. The PPF is a lifeboat fund for members of defined-benefit pension schemes whose sponsoring employer has gone bust. Currently if an individual’s employer fails before they reached retirement age, they will […]

Tony Lanning

Henderson multi-manager Tony Lanning to exit for JPMAM

Henderson director of multi-asset Tony Lanning is leaving the firm in January to join JPMorgan Asset Management to run its new multi-manager venture. Head of multi-asset Bill McQuaker will take over as lead manager of the multi-manager absolute return fund. A Henderson spokesman says: “Since joining Henderson in April 2011, Lanning has been a valued […]


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