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HBOS mortgage business shines in 2006

HBOS has revealed a dramatic increase in mortgage lending over the first six months of the year.

Its estimated gross market share increased to 22 per cent, from 21 per cent over the same period last year – with the figures up from 27.6bn to 35.3bn. The mortgage book grew by 10.3bn, representing an estimated net lending market share of 21 per cent, up from 14 per cent last year.

The growth in its home loan business came despite the potentially destabilising departure of a number of senior executives suring the second half of last year.

Group profit before tax rose by 17 per cent to 2.65bn, with underlying profit before tax increasing by 13 per cent to 2.6bn.

Chief executive Andy Hornby says: We remain confident about the long term growth potential of our retail business where our multi-branded sales and distribution model will allow us to deliver further market share gains and continued improvements in efficiency ratios.


Control engineering

North was launched a year ago in response to what appeared to be a growing need among intermediaries and small asset management companies within the UK. That need revolved around the outsourcing of the investment management function of their businesses. As director of multi-manager investment at a big UK retail asset management company, this was an arena in which I plied my trade. However, for the bigger intermediary firms, it appeared that the multi-manager approach just was not flexible enough to accommodate the demands of their business model.

FOS seeks role with chasers

The Financial Ombudsman Service has put itself forward to handle complaints againstclaim management companies and solicitors. It tabled a proposal to the Government following the publication in May of the Legal Services Bill, which will create a new regulator for the legal profession, the Legal Services Board, and a complaint-handling body, the Office of Legal […]

97% of investors vote to split Fidelity special sits

Fidelity has received resounding backing to split its special situations fund in two. A special meeting saw an unprecedented 88,000 or 36 per cent of unitholders take part in the voting process, with 97 per cent voting in favour of splitting the £6.5n fund in two. One fund will continue with the current mandate and […]

Mortgage plc enters prime buy to let market

Mortgages plc, the UK lender and subsidiary of Merrill Lynch, has today entered the prime buy to let market by launching a range of products which includes prime buy to let and ‘house to let’ options.


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