View more on these topics

Henderson and Artemis back Inter-Alliance share issue

Fund firms Artemis and Henderson have joined HBOS in heading a group of institutional investors placing £15m in a new share issue from national IFA Inter-Alliance.

Henderson is placing £2.6m for a 14 per cent stake in the firm while HBOS and Artemis are both paying £1.5m for 8 per cent stakes, with the remaining £9.4m coming from a range of institutional investors.

Chairman and chief executive Keith Carby is investing £125,000 and distribution director Philip Lockyer is investing £75,000 in the firm.

The rescue package for the firm – which sees the issue of three quarters of a billion new shares at 2p each – was approved on Monday by 94 per cent of Inter-Alliance&#39s existing shareholders who will see their stakes diluted by 83 per cent.

Carby says the fact that City institutions are prepared to put money into the firm as a pure investment is a vindication of the firm&#39s strategy.

He says: “We are obviously delighted at this time when cash is king to have this level of financial strength behind us. All the institutions that have come in are serious about making a profit and that shows we are on the right track.”

Numis analyst Justin Bates says: “Private investor activity is picking up and this could help with profitability but margins still have to improve.”

Recommended

New Star spotlights global financials fund

New Star Investment Funds has made the New Star global financials fund available to retail investors and is promoting the fund alongside two others as part of its triple growth package. The global financials fund holds between 40 and 50 stocks and started life in December 2001 as an institutional fund, the WorldInvest global wealth […]

Dunbar pushes life plan to IFAs

Zurich is aggressively promoting its Allied Dunbar protection range to IFAs following the sale of its Zurich Life subsidiary last week.IFAs claim that since the sale they have been contacted by Allied Dunbar broker consultants pushing the Dunbar-branded High Cover plan.The plan is a combined life and critical-illness product with annually reviewable premiums that has […]

Parents not saving for university costs – AITC

The Association of Investment Trust Companies&#39 latest research shows that 41 per cent of parents are not saving any money towards their children&#39s university education.

Job&#39s worth

Reading Professor Jackman&#39s comments on education in your July 31 edition, one can only assume that he is no more in touch with reality in his new post than he was at the FSA.You can have all the degree courses you like but youngsters are not going to bother to sign up for them unless […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com