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Iimia in 6m loss

Iimia made a 6.3m loss in the second half of 2004 after writing off Exeter Fund Managers.

The fund firm says it is time to move on from the split-cap issue and is planning further acquisitions and an expansion into new classes of managed assets.

But in its results’ statement this week, Iimia admits that resolving the splits’ issue has taken a considerable amount of its cash and time.

After the merger of Iimia and Exeter Investment Group last year, Exeter Fund Managers was placed into administration as it became clear that it did not have sufficient funds to cope with claims arising from the split-cap debacle.

Iimia has also had to pay Exeter Asset Managers’ 1m contribution to Fund Distribution, the company set up to administer industry compensation to splits’ investors.

Chairman William Long says: “We have deliberately preserved a higher level of infrastructure than would be immediately necessary for a group of this size. This will enable us to consolidate the recent acquisitions and deal with further ones.”

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