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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.”


Baring raises charges on three funds

Baring Asset Management is following Credit Suisse and Threadneedle and raising charges on three funds from 1.25 per cent to 1.5 per cent. The funds are the Japan growth trust, Korea trust and Eastern trust.

Independent view – Len Warwick

You know life is not perfect when you go to the bathroom and the plumber has fitted the new WC so that the seat will not stay up.

Welcome to The Brunner Investment Trust PLC

Welcome to the latest update for The Brunner Investment Trust PLC from the trust’s portfolio manager Lucy Macdonald. Market Review Global equities ratcheted higher throughout February, buoyed by optimism about global growth and corporate earnings. All regions advanced, although Japan tended to lag many other markets. In sector terms, healthcare, information technology, consumer staples and […]


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